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Swiss Bank Accounts
There are two important pieces of information to consider when opening a Swiss bank account to achieve financial privacy, asset protection and lawsuit protection:
1. You should establish an offshore company and hold the account in the name of your offshore company name rather than your personal name.
2. The bank should not have a bank branch in the country where you live.
Why should you establish an offshore company and hold the account in your company name rather than your personal name?
Wire transfers, check deposits, etc. leave electronic and/or paper trails. If someone held the account in his or her own name, the transactions would leave trails right back to himself or herself. Whereas, when the account is held in the name of a privately owned company, and wire transfers and checks are sent in the company name, the chance of finding the human being behind the transaction is substantially lessened. This is especially the case when the company is formed in a private jurisdiction such as the Caribbean island of Nevis.
Why should the bank not have a branch in the country in which you live?
If your foreign bank has branches in the United States, for example and you live in the US, the court in which you are being sued could force the US branch to reveal normally secret information about your foreign account. There have been cases where US civil, tax and criminal courts have forced local US branches to reveal information or forfeit assets of the depositors. Whereas, when there is no US bank branch, that option is taken off of the table for your enemies-at-law.
So, that is why it is best to establish bank accounts that do not have branches back home. Credit Suisse and UBS may be well-known. However, for the US, UK or Canadian customer, there are much better choices in order to achieve maximum protection of assets. For recommended choices, call 1-800-830-1055 or +1-661-253-3303 and ask for a free consultation.
It goes without saying that it is essential to comply with US and international laws, including, but not limited to, securities and tax laws. Our company will not knowingly assist individuals who intend to evade taxes or utilize our services for illicit activity. So, this discussion assumes that the reader is utilizing the services exclusively for legal means.
When banking in Switzerland you will find a wide variety of investment options. The most profitable is the “managed” bank account. The managed account will tend to give you your best rate of return on your money. The bank conservatively invests your money in securities, bonds and interest-bearing vehicles. The very conservative bank investing tendencies of the Swiss provide substantial safety. While, at the same time the bank account will often show an annual 8-15% return in the long-term. Naturally, with the managed account, the bank does not guarantee a specific return. The plus side is that your overall long-term return is typically quite respectable.
Swiss banks also offer the standard interest-bearing accounts and CDs. These typically produce a very low rate of interest, as is typical in other countries of the world. Therefore, the managed account is the most h2ly recommended type of account offered by Swiss financial institutions.
Swiss Bank Account – Privacy
For decades, the Swiss have polished the image of their banking industry. Swiss banks are some of the h2est and safest in the world. The Swiss also take bank privacy and secrecy very seriously.
Naturally, to keep a reputable image, the Swiss will not accept bank accounts to launder the proceeds of criminal activity. Therefore the Swiss have a test to determine if Bank activity shall be revealed to an outside government. If someone has been convicted of a crime in the US, for example and the US government requests information about a bank in Swiss territory, the case will be brought before a Swiss court. If the crime for which the US courts have convicted the individual is also a crime according the Swiss law, the information may then be revealed.
In Switzerland, tax evasion is not a crime. Therefore, if an individual is solely convicted of a tax crime in one’s country of residence, the bank on Swiss soil will not be obligated to reveal information.
In spite of this, it is recommended in the h2est terms to obey the law of the land where you are legally obligated to pay taxes. The purpose of this article is to offer helpful hints and information about the financial strength and privacy of banking in Switzerland. It is not meant by any stretch of the imagination to give advice about avoiding taxes that are legally due. People in the US, UK and Canada are taxed on their worldwide income.
If one’s tax returns in the US are subpoenaed, attorney Dr. Arnold S. Goldstein asserts, the taxpayer may refuse to reveal his or her returns by invoking his 5th amendment privilege. Therefore, being honest on one’s tax returns does not need to jeopardize the strength of one’s civil asset protection desires.
– More tips and hints
Many institutions in Switzerland require a minimum opening balance of US $500,000 to US $2.5 million (as of this writing that is about UK£300,000 or €420,000 to UK£1.4 million or €2.1 million). However, if one has less than this available, there are institutions that will accept lower initial deposits. Some will want to see that there is potential for the balance to grow to the minimum amounts. Moreover, setting up an account here is not a quick in and out type of transaction. The banks desire a very h2, long-term relationship. They like to know their customers and tailor their investment strategies to best suit the customer’s long-term financial growth objectives.
Companies Incorporated has been in business since 1977
. Our executives have visited Switzerland on numerous occasions and have h2 relationships with many financial institutions based in Geneva and Zurich.
For more free information or to open an account in Switzerland, call 1-800-830-1055 or +1-661-253-3303.
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