In this article, we’re sharing how to open an offshore bank account in Switzerland for foreign non-resident individuals and entities.
This article is based on our team’s experience helping members from around the world successfully open accounts offshore in Switzerland. This includes opening offshore accounts for individuals, companies, and wealth management entities both in person and remotely.
In the following sections, we’ll break down your offshore banking options in Switzerland, including who can open a Swiss bank account, the benefits of offshore banking in Switzerland, and the key reasons why you might want to consider banking here in the first place.
If you want access to our free series on banking in Switzerland, click the link above and unlock our team’s expert take on Swiss banks, Switzerland banking requirements, personal and business banking in Switzerland, and much more.
You can also use the table of contents and jump to the section that matches your offshore banking needs in Switzerland below.
Table of Contents
- Open an Offshore Bank Account in Switzerland
- Who Can Open an Offshore Bank Account in Switzerland?
- Benefits of Offshore Banking in Switzerland?
- Frequently Asked Switzerland Banking Questions
- Ready to Open an Offshore Bank Account?
Open an Offshore Bank Account in Switzerland
An offshore bank account in Switzerland can be opened by foreign non-resident individuals and entities. To open accounts successfully in Switzerland, applicants will need to select suitable Swiss banks, complete AML and KYC procedures, and make a qualifying deposit.
Unlike a number of other offshore banking jurisdictions, Switzerland has both strong banking regulations and a number of non-resident options to choose from. That said, opening accounts in Switzerland is not for everyone. In order to qualify for a Swiss bank account, applicants will need to make a qualifying deposit, often between USD 500,000 and USD 3,000,000.
Of course, regardless of the level of deposit you’re looking to make, there are personal financing concerns and risks to banking in Switzerland that you need to consider. Likewise, if you don’t select the right bank, the deposit charges and costs of banking in Switzerland can be high and account opening can be challenging.
However, if you can successfully navigate the Swiss account opening process, you’ll be able to unlock a banking jurisdiction that offers a layer of financial privacy through international banking. Of course, privacy is just one of the many wealth-related advantages and Switzerland banking benefits you can access when opening offshore accounts in the country.
Like other offshore jurisdictions, the international financial solutions and banking services offered in Switzerland are supplemented by a wide range of Swiss service providers. The non-banking services available in Switzerland include offshore company formation, estate planning, investment management, and much more.
This combination of services and remote opening makes Switzerland a suitable jurisdiction for anyone seeking related banking services. With this in mind, let’s look at who can open an offshore bank account in Switzerland in the next section of the article.
Who Can Open an Offshore Bank Account in Switzerland?
An offshore bank account in Switzerland is typically opened by foreign non-residents seeking private banking and wealth management. That said, it is possible for individuals with lower deposits to bank here.
In fact, in certain instances, accounts can be opened with as little as USD 10,000. However, whether an applicant will be approved for an account comes down to their ability to meet account protocols and Switzerland banking requirements imposed by each bank.
In short, both foreign non-resident individuals and foreign entities are eligible to open offshore bank accounts in Switzerland. This includes individuals and entities with existing ties to Switzerland, planned future ties to Switzerland, and no ties to Switzerland whatsoever.
Of course, individuals with residency in sanctioned countries or countries that are generally considered blacklisted are not usually able to bank in Switzerland. Likewise, citizens of these countries regardless of their residency may struggle to open accounts with Swiss banks.
Similarly, foreign non-resident entities that are registered in or operate from sanctioned or blacklisted countries will not be able to open an offshore bank account in Switzerland.
Not surprisingly, there are important nuances when opening offshore bank accounts in Switzerland for each client type. With this in mind, let’s explore offshore bank accounts in Switzerland for individuals, companies, and wealth management entities below, starting with Switzerland bank accounts for individuals.
Switzerland Offshore Bank Account for Individuals
Foreign non-resident individuals can open offshore bank accounts in Switzerland. That said, not all financial banking companies, including the list of banks operating in Switzerland, will accept foreign non-residents. In fact, there are a number of Swiss banks that only cater to domestic residents, making them irrelevant to foreign nationals living outside of Switzerland.
Additionally, while a few of the dominant financial companies, including the largest banks in Switzerland do accept foreign non-residents, they tend to be more challenging to access.
With this in mind, selecting the right Swiss banks to apply to is an important first step toward offshore banking in the country. This is especially true if you want to open an offshore bank account in Switzerland with a lower deposit amount.
In short, the notable financial providers and best banks in Switzerland are different for each applicant seeking Swiss offshore accounts. But generally speaking, individuals seeking a jurisdiction with the following characteristics might want to consider opening in Switzerland.
Why Open a Switzerland Offshore Bank Account as an Individual?
- Economically and politically stable jurisdiction
- Strong banking reputation
- Stable and well-managed banks
- Access to sophisticated banking products and services
- Access to a wide range of international investments
- Experienced bankers who understand foreign client needs
If you’re interested in personalized financial solutions, specifically Switzerland personal banking services, you can click this link to access our free guide now. On the other hand, if you are looking for a Switzerland bank account for companies, the following section will be relevant to you.
Switzerland Offshore Bank Account for Companies
Foreign companies can open an offshore bank account in Switzerland. However, companies generally have fewer Swiss banks to choose from than individuals.
Additionally, most Swiss banks ask companies to demonstrate their ties to Switzerland before opening accounts. For example, “ties” can include commercial relationships with Swiss suppliers, Swiss customers, Swiss contractors, or Switzerland-based employees.
In other words, does your company have a clear reason to open a Switzerland bank account, a requirement to dispatch funds digitally and send money to Switzerland, or other justification for needing to bank in the country?
That said, Switzerland ties do not necessarily need to be commercial. Instead, it is possible for the company to have a local Swiss shareholder, director, or other non-commercial connection to Switzerland. Likewise, if you have a need to transact in the Swiss Franc, the currency of Switzerland, this could be enough to open accounts at certain (not all) Swiss banks.
Of course, applicants also need to select Swiss banks that offer the services their companies require and deposits their companies can afford.
All things considered, companies seeking a banking jurisdiction with the following characteristics might want to consider opening offshore accounts in Switzerland.
Why Open a Switzerland Offshore Bank Account for a Foreign Company?
- Will consider opening for high-risk companies
- Compliance can assess complex business structures
- Access to treasury management services
- Merchant services and cross-border support
- Support for financial obligations in Switzerland
- All of the characteristics mentioned for individual accounts
If you’re interested in accessing corporate financial aid with Switzerland business banking as an offshore entity, you can click this link to access our free guide now.
On the other hand, if you are looking for a Switzerland bank account for wealth management purposes, the following will be relevant to you.
Switzerland Offshore Bank Account for Wealth Management
Individuals looking for a European jurisdiction to access wealth management services for themselves directly or a wealth management entity might want to consider opening an offshore account in Switzerland.
Not surprisingly, as one of the foremost offshore banking jurisdictions, Swiss banks do offer wealth management to both individuals and entities. This includes wealth management entities from Switzerland and abroad.
Of course, opening offshore bank accounts in Switzerland for private banking and wealth management purposes does require higher deposits. In the case of Switzerland, this usually means depositing between USD 500,000 and USD 3,000,000.
Applicants seeking private banking and wealth management with the following characteristics might want to consider opening an offshore account in Switzerland.
Why Open a Switzerland Offshore Bank Account for Wealth Management?
- Access to sophisticated private banking products
- Access to world-class wealth management solutions
- Estate planning and tax advisory services
- Experienced private bankers who understand your needs
- Wide range of international investment options
- And much more
If you’re interested in accessing tailored financial planning with private banking in Switzerland, you can click this link to access our free guide now.
Alternatively, if you are interested in exploring the benefits of offshore banking in Switzerland, continue reading to see why Switzerland might be worth exploring further.
Benefits of Offshore Banking in Switzerland?
The benefits of offshore banking in Switzerland are similar to those available in other offshore banking jurisdictions. These benefits include remote opening, multi-currency accounts, online account management, and of course access to private banking and wealth management solutions.
That said, there a number of unique benefits to offer clients who want to bank overseas and open offshore accounts in Switzerland specifically. These unique Swiss banking benefits include access to financially sound banks, financial security, and acceptance of clients from the Unlucky Passport Club.
Here is a closer look at the offshore banking benefits you can unlock in Switzerland as a foreign non-resident.
Benefits of Offshore Banking in Switzerland
- Access to world-class financial institutions
- Safety and security of your funds in a reputable jurisdiction
- Diversification into a stable economy and political environment
- Access to sophisticated private banking and wealth management
- Able to accept high-risk and complex clients
- Accepting clients from the Unlucky Passport Club
- Experienced bankers who understand foreign clients
- And more
Frequently Asked Switzerland Banking Questions
Below are a few of the most common questions we receive about opening offshore accounts in Switzerland. If you have further questions you would like answered, don’t hesitate to contact us directly.
Can a Non-Swiss Resident Open a Bank Account in Switzerland?
Yes, a non-Swiss resident can open a bank account in Switzerland. That said, non-residents of Switzerland need to apply with banks that cater to foreign residents. Additionally, they need to meet the account opening requirements, make a qualifying deposit, and have a suitable client profile. In most cases, non-Swiss residents can open accounts in Switzerland 100% remotely.
Why Do People Have Offshore Bank Accounts in Switzerland?
People have offshore bank accounts in Switzerland because Swiss banks are well-established, stable, and highly reputable. Swiss banks also offer access to sophisticated private banking and wealth management solutions and understand the needs of foreign clients. That said, banks in Switzerland also have strict account opening requirements and require high account opening deposits.
How Much Money Do You Need to Have a Swiss Bank Account?
To open a Swiss bank account, most applicants need to be prepared to make an initial deposit between USD 500,000 and USD 3,000,000. That said, the type of bank account, client profile, and the bank where the account is being opened will influence the opening requirements.
Ready to Open an Offshore Bank Account?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
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And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
Use this link to see how GlobalBanks Insider can help you successfully open accounts.
