Swiss bank in Moscow

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Many believe that a Swiss bank may be of interest only to millionaires, officials or criminals who need to hide their illegally obtained we alth. Or famous and public figures who do not want to advertise their income for one reason or another. But in fact, every adult can open an account in one of the banks in Switzerland.

What you need to open a Swiss bank account

More recently, Russian citizens could make a deposit in a Swiss bank only after receiving special permission from the Central Bank. The only exceptions were those citizens who temporarily resided abroad. But since 2003, Russians have been able to open an account in Swiss banks, regardless of where they live. Since this year, the instruction of the Central Bank No. 100-I “On the accounts of resident individuals in banks outside the Russian Federation” began to work. According to it, they have the right to open accounts in foreign banks or branches located onterritories of states included in the Organization for Economic Cooperation and Development.

In June 2004, a new law on currency regulation came into force, thanks to which Russian citizens got the opportunity to use the depositary services of banks in other countries. It is worth noting that you can open an account in a Swiss bank and keep money on it only after obtaining permission from the tax office at your place of residence.

For what purposes can a Swiss bank account be used

According to instructions No. 100-I, a bank account in foreign countries can be opened to save money. For purposes related to the implementation of entrepreneurial activities and for servicing business, you can only use the services of banks in the Russian Federation.

How to open a bank account in Switzerland

This can be done by any individual or entity. Your account will be serviced in almost any currency in the world, although many prefer the euro, US dollar, Swiss franc or British pound. In some banking institutions, an account can be opened by mail. The bank will send you all required receipts and conditions. Essentially, the processes for opening an account in person or by mail are almost identical. The only difference is that when you open an account by mail, you need to first certify the copies of documents provided to the bank by a notary.

Sample list of data you need to provide to open an account in Switzerland

A Swiss bank requires the following information from its potential depositors:

1. Personal data of the client, namely last name, first name, fatherland, residential address, place and date of birth, nationality.
2. Data on occupation.
3. Copies of the first four pages of the passport.
4. Copies of recent utility bills showing your name. Receipts should also be notarized.
5. Documents confirming the source of funds in the account.

Where can I open an account in Switzerland

The Swiss bank offers its customers a wide range of services, while fully guaranteeing confidentiality. Each banking institution, however, has its own characteristics of opening an account. First of all, you need to decide for what purpose you open it. Choosing which bank to give preference to, in any case, you will have to balance between the possibility of trust account management and confidentiality.

Banks in this country are guided by fairly strict rules regarding the procedure for opening accounts. If the Swiss bank you have chosen has a branch or subsidiary in Russia, then you are better off contacting these institutions. If there is no representative office of this bank in Russia, then you need to contact the bank of Switzerland directly, which will guide the further direction of your actions.

How much does it cost to open an account with a Swiss bank

To keep money in Swissbank, enough 350-550 dollars plus the amount of the initial deposit. Commissions of banks in this country are quite acceptable, and the interest in Swiss banks is usually higher than in other countries. Accounts opened under the trust management system annually bring to their owner from 8 to 15% of profit. For the convenience of control, many banks use technological innovations, in particular, investment strategies and Internet banking.

Quite often, when opening an account, a minimum deposit threshold of one hundred to two hundred thousand dollars is set. But there are also banks that are ready to open active accounts with much smaller amounts. This also applies to bank charges and payments. The larger the deposit, the more flexible the bank offers regarding requirements and minimum restrictions. It is worth noting that any financial institution located in Switzerland that pays dividends and interest is required by law to withhold income tax at a rate of 35%.

The tax is paid at the place of receipt of funds. Citizens of foreign countries have the right to claim compensation for the tax they paid if the country in which they are located has concluded an agreement with Switzerland on the avoidance of double taxation.

For what reasons can you be denied opening an account

In most cases, a Swiss bank in Moscow accepts applications for opening an account, but there is a separate category of clients who are still denied. For example, a banking institution may not allowopen an account for persons who, as customers, may adversely affect the reputation of the bank. Also, opening an account may be refused in case of doubts about the veracity of information about the origin of the potential client's funds. The legislation of this country prohibits banks from accepting funds if they know or even only assume that the money was obtained illegally or criminally. In many private banks, a recommendation or a special invitation from a current client is required to open a depository account.

Private Banking

Private Banking is available to individuals who hold exceptionally large assets in a Swiss bank. This service is called private because customers receive a personalized, higher level of service than that provided in a mass retail establishment. As a rule, Private Banking is available to people who plan to make a deposit of one million dollars, but there are also private financial institutions that provide this service to customers who invest more modest amounts - 50-100 thousand dollars. Private Banking services include advisory information on the specifics of asset management, including investments and their planning, and various tax measures. Many private financial institutions refuse to work with people without a special invitation from a person who is already their client. It is worth noting,that investment services are also offered by retail Swiss banks, but they are often quite far from the level noted in the service of private financial institutions.