Requirements to Open a Swiss Bank Account

Swiss bank accounts are notorious for secrecy and protecting the identity of their account holders. They are governed by the Swiss Banking Act of 1934 which strictly prohibits banks from sharing customer information with third parties. Opening a Swiss account may sound “cloak and dagger,” but it is not limited to celebrities, multi-millionaires or out of work dictators. Anyone with a verifiable source of income and required identification can be an account holder.

Documents Required

Certain documents are needed in compliance with Swiss anti-money laundering laws and all information is privileged and confidential. You will need to supply the bank with personal information such as your name, address (country of residence) and date of birth. A passport showing where you are a citizen is necessary, as well as proof of how you make a living. This can be in the form of tax returns, employment contracts and bank statements. You will also need to show proof of where your initial and subsequent deposits will be originating.

Opening in Person vs. Mail

For the infamous “numbered accounts,” most Swiss banks require them to be opened in person. You will need a $100,000 initial deposit. These particular accounts have numbers or a code word associated with them; however, they are not completely anonymous. There are a few select bank representatives who are privy to the client information belonging to the numbered account. You will need to set an appointment to open your account and bring all required proof with you. It takes a few hours to open an account and from there you will have an assigned representative who will handle your account and banking needs exclusively.

There are standard-issue Swiss accounts which can be opened in person or via mail. The initial deposit is as low as $3,500 but all requirements for opening this type of account are the same as a numbered account.  If you decide to open this account by mail, you will need to fill out an application and fax it to your bank. Many banks will have applications online for you to down load.

The bank will mail you (they will not email or fax) documents for you to sign. You will need to have all mailed documents and a copy of your passport notarized by a notary public. Once the bank receives the information (via mail) from you, they will open your account in approximately 3 to 5 days.  Upon opening, you will have a representative who will exclusively service your account.