The mysterious Swiss banks: The legend begins
The infamous Swiss banks have had a science fiction like attraction for most people. The Swiss banks have had an enigmatic attraction to them. All of us have heard of the famous Swiss banks in Hollywood movies, fiction novels and TV shows.
Most of the people are of the opinion that people who are corrupt, criminals, Hollywood celebrities, millionaires and billionaires have access to the established Swiss banks. In reality, every man and woman can make a Swiss bank account. It is no rocket science.
Also, opening an account in a Swiss bank is similar to opening an account anywhere in the world. You have to fill out a form and provide all the necessary paperwork necessary for proving your identity. The level of privacy and secrecy is high guarded and the access to critical documents is more strict and hard as compared to conventional banks.
The legend of the Swiss banks
For those who don’t know, people open a Swiss bank account for maintaining secrecy and withholding tons of money (legal/illegal) from the authorities. Also, the financial risks are minimum and security is maximum. It’s the ultimate win-win combination.
Switzerland has one of the most vibrant and healthy economy in the world and haven’t not waged a war since 1815. They are instrumental in providing the strongest customers satisfaction and protection. The money transactions are guarded jealously and religiously.
The aristocrats who fled French revolution found these banks a paradise for safeguarding their wealth. Thus, started the long tradition for which, Swiss banks are world famous for.
The banking laws in Switzerland are very harsh and client confidentiality is guarded as a religious relic. The employees and officers are forbidden to divulge information regarding money and names to the external world at large. All governments have no power over the Swiss banks.
In case of illegal money problems, for instance money laundering, bankruptcy, tax evasion and bank fraud, the banks have to cooperate with the country’s government.
The citizens of Switzerland will need to pay the tax of 35 percent on their bank interest. For the foreign account holders, there is no tax deduction. Not until, they are investing in a Swiss company. Also, not if you are member of EU.
A foreign citizen must be 18 years old for opening a Swiss bank account. The account can deal in American dollars, Swiss francs, Pound sterling and Euros. These currencies are mostly dealt in.
Also, there is zero balance required for making an account.
So, all in all, as we have seen, the account opening procedure is relatively easy and straightforward. So in case if you become rich, open an account in Switzerland and relive the tradition.