There is a common misconception that people who cannot store their unaccounted wealth in their own country open accounts in Swiss banks. Even though this may be true to an extent, Swiss banks are well known for their sophisticated and discreet banking services.
Many of the rich and famous like film stars, business entrepreneurs, top government officials, presidents, etc, are reputed to have Swiss bank accounts. Then again, it is also said one need not be a multi-millionaire to open a Swiss bank account.
Brief Background of the Swiss Banking System
One of the most prosperous and economically advanced nations, Switzerland has the world’s largest gross domestic product (GDP). There are nearly 400 banks in Switzerland, which range from the “Two Big Banks”, to smaller banks, serving single communities or selective clients. Considered as the world’s largest offshore financial center, the Swiss banking sector is renowned for its privacy, stability and protection of their customer’s information and assets. The Federal Banking Commission (FBC) regulates these banks.
Opening a Swiss Account
Often freely available, a Swiss bank account provides total confidentiality, strict privacy, and is tax-free. However, certain documents are required as proof to open a Swiss account. For example, people who are not residents of Switzerland need to furnish their passports, along with a passport size photograph. Depending on the profession, a current bank statement would be required to determine the client’s current financial condition. Along with this, certain personal information, like the date of birth, country of origin, etc., is also required.
A useful feature of Swiss banking is that it can also be done via correspondence as long as the customers follow bank rules and regulations. The bank and customer could interact through the Internet, telephone or snail mail.
However, a drawback of Swiss banking is that non-residents are expected to pay a hefty amount as deposit, and, the smaller accounts are more expensive to maintain. There is a clause especially for US citizens wherein they are expected to refrain from making any business transaction through their Swiss accounts, to keep their account privacy intact.
Deposit
A security deposit is needed in case the customer wants to obtain a credit card. Approximately 1.5 to 2 times the monthly credit limit is demanded, depending on the bank the customer chooses. This deposit is returned when the customer decides to discontinue the credit card, and has paid all outstanding bills.
Confidentiality
There are legends about mysterious numbered accounts in Swiss banks. Some high security bank accounts are given pseudonyms or special names instead of issuing them in the name of the customer, to preserve the anonymity of the customer. This number or name is used wherever the customer is referred. Moreover, even bank employees are expected to respect the customer’s privacy, the failure of which could land them in prison for several months.
However, Swiss banks, being very particular about preventing money laundering, crosscheck the authenticity of the information provided by the customer. If, during the scrutiny, the bank finds the information of a potential or existing customer connected to some criminal activity, a Swiss judge or prosecutor issues a lifting order. These investigations could include international criminal investigation for tax fraud, insider trading, or the infamous terrorist financing of recent times.
Closing of an Account
Despite a few negative notions about Swiss banking, closing an account is said to be easier than expected. No financial penalty is demanded, and neither is the money held hostage, like it is done in other off shore banking.
To conclude, the secrecy and discreet nature of Swiss banking makes them convenient and dependable. This not only helps customers to save money, but also is a viable means of attaining economic superiority in the business world and society as a whole.
Joe Kenny writes for the Credit Card Guide, offering the latest UK credit cards, visit today for introductory 0% balance transfers and start clearing credit card debt today.Visit today: http://www.cardguide.co.uk/
Article Source: http://EzineArticles.com/?expert=Joseph_Kenny
Thursday, August 28, 2008
Wednesday, August 27, 2008
Forex Brokers in Switzerland
A broker is a financial center that holds and manages your money and provides you with graphical interface software so you can access the markets. They have become popular with those individuals that want to place their funds in a secure account.
Many misconceptions have been found with how Swiss accounts work. Many believe what they see in the movies. Only millionaires, government officials, or celebrities are allowed to hold Swiss accounts. This is far from true as any average person can hold an account under Swiss law
Forex brokers in Switzerland abide by the same laws as regular bank accounts hold.
Advantages of Accounts in Switzerland:
Privacy -
The Swiss law forbids any bankers/brokers to disclose any information on your account without your consent. If somehow your information is leaked without your permission, Swiss financial managers can be prisoned for 6 months and be fines 50,000 Swiss francs.
Low Risk -
Your main purpose probably for trading forex is to build your wealth. What good is your wealth if it isn't protected. Swiss law passed the Swiss Banking Act to insure confidence to all depositors that hold their funds in a Swiss account. It guarantees that if the bank fails, depositors will receive their legal claims immediately.
Most of the residents that are not from the native country of Switzerland want to hold Swiss accounts for their large investments. Usually the more investments options you want the more the require account balance you need.
Forex brokers that are located in Switzerland offer a big advantage for an investor over United States or other offshore based financial centers. Remember though that holding a Swiss account usually requires you to hold a larger account. Earnings from forex though should easily account
for this as they can be really substantial.
Many traders are placing their funds in Swiss accounts for better protection and privacy. Forex brokers in Switzerland is something to think about when deciding where hold your trading funds. If you would like more on forex brokers, check out http://www.ForexTrading101.info
Article Source: http://EzineArticles.com/?expert=Adam_Hefner
Many misconceptions have been found with how Swiss accounts work. Many believe what they see in the movies. Only millionaires, government officials, or celebrities are allowed to hold Swiss accounts. This is far from true as any average person can hold an account under Swiss law
Forex brokers in Switzerland abide by the same laws as regular bank accounts hold.
Advantages of Accounts in Switzerland:
Privacy -
The Swiss law forbids any bankers/brokers to disclose any information on your account without your consent. If somehow your information is leaked without your permission, Swiss financial managers can be prisoned for 6 months and be fines 50,000 Swiss francs.
Low Risk -
Your main purpose probably for trading forex is to build your wealth. What good is your wealth if it isn't protected. Swiss law passed the Swiss Banking Act to insure confidence to all depositors that hold their funds in a Swiss account. It guarantees that if the bank fails, depositors will receive their legal claims immediately.
Most of the residents that are not from the native country of Switzerland want to hold Swiss accounts for their large investments. Usually the more investments options you want the more the require account balance you need.
Forex brokers that are located in Switzerland offer a big advantage for an investor over United States or other offshore based financial centers. Remember though that holding a Swiss account usually requires you to hold a larger account. Earnings from forex though should easily account
for this as they can be really substantial.
Many traders are placing their funds in Swiss accounts for better protection and privacy. Forex brokers in Switzerland is something to think about when deciding where hold your trading funds. If you would like more on forex brokers, check out http://www.ForexTrading101.info
Article Source: http://EzineArticles.com/?expert=Adam_Hefner
Sunday, August 17, 2008
Untraceable Banking
Swiss banking has a lot of benefits, one of which is that customers enjoy untraceable banking when they have a Swiss bank account. Some people are hesitant to open a Swiss bank account even though they have a lot of benefits because of the myths attached. We see these accounts portrayed in the movies as belonging to criminals and other shady characters. That, however, is not the thing that one should focus on when considering these types of accounts. Yes, the customers do enjoy untraceable banking, but this can benefit everyone because this means that there are strict privacy laws in place.
Privacy Laws
Swiss bank account customers know that when they have an account through one of these banks, there information is kept in the strictest confidence. This not only means that there is untraceable banking, but that customers can relax knowing that other people, even businesses and governments can’t access the information, even for an investigation. The Swiss take these privacy laws very seriously and cases that are brought to court nearly always rule in favor of privacy. In fact, violating the privacy laws has been considered a criminal offense.
Using Your Swiss Bank Account
A benefit of untraceable banking is that you can use it without worrying about who is watching you. For example, people who have a lot of money can be targets for people who are looking to do something fraudulent. If they try to do something like that against a Swiss bank account member, it is considered a violation of the privacy laws, which are strict to begin with. The extremely wealthy know that no matter how visible their money is, people can’t access their information which makes their lives more secure.
Besides all the benefits to having a Swiss bank account, there is nothing mysterious about it. The bank has locations and you can make deposits and withdraw money just like any other bank. In other words, the functioning is the same but the level of security and the tax benefits are what set it apart.
Opening a Swiss Bank Account
Opening a Swiss bank account, then, is worth it. It isn’t just for the wealthy. All can benefit. You don’t need a lot of money to open them. And they embrace foreign bankers. So if you are thinking of opening a Swiss bank account, the fact that you will enjoy untraceable banking is just one of its benefits.
Privacy Laws
Swiss bank account customers know that when they have an account through one of these banks, there information is kept in the strictest confidence. This not only means that there is untraceable banking, but that customers can relax knowing that other people, even businesses and governments can’t access the information, even for an investigation. The Swiss take these privacy laws very seriously and cases that are brought to court nearly always rule in favor of privacy. In fact, violating the privacy laws has been considered a criminal offense.
Using Your Swiss Bank Account
A benefit of untraceable banking is that you can use it without worrying about who is watching you. For example, people who have a lot of money can be targets for people who are looking to do something fraudulent. If they try to do something like that against a Swiss bank account member, it is considered a violation of the privacy laws, which are strict to begin with. The extremely wealthy know that no matter how visible their money is, people can’t access their information which makes their lives more secure.
Besides all the benefits to having a Swiss bank account, there is nothing mysterious about it. The bank has locations and you can make deposits and withdraw money just like any other bank. In other words, the functioning is the same but the level of security and the tax benefits are what set it apart.
Opening a Swiss Bank Account
Opening a Swiss bank account, then, is worth it. It isn’t just for the wealthy. All can benefit. You don’t need a lot of money to open them. And they embrace foreign bankers. So if you are thinking of opening a Swiss bank account, the fact that you will enjoy untraceable banking is just one of its benefits.
Saturday, August 16, 2008
Non-taxable Banking
There are many reasons for having a Swiss bank account. One very important reasons is that those who have an account with a Swiss bank enjoy non-taxable banking. There are a lot of benefits to having a bank account in Switzerland. In general they are very secure because Switzerland has strict privacy laws and they offer non-taxable banking. Usually most of us don’t realize how much of a burden getting taxed on our banking activities really could be.
With Swiss banking, there is a certain tax that does apply, but usually it is only to Swiss customers. Foreign bankers do not get this tax. So even though there are a lot of benefits to Swiss banking including non-taxable banking, there is a tax that can apply if you are a Swiss national. When you initially open your account, it is worthwhile to enquire about this to make sure you aren’t eligible for the tax.
Residents of the US are also subject to taxes concerning their Swiss bank account but only if they use their Swiss account to make investments within the United States. So, if non-taxable banking is what you desire, you need to be careful that you don’t use your Swiss bank account for domestic investing. If you wish to invest in foreign and European markets, then your Swiss bank account will enjoy non-taxable banking.
If you decide you want to open a Swiss bank account and you do not live in the United States or Switzerland, you may want to do some research to see what kinds of taxes you are subjected to, if any. Non-taxable banking with Swiss bank accounts does apply, you just need to understand under which situations it is relevant. Not everyone will be eligible for these tax benefits.
So if you are thinking of opening a Swiss bank account, there are plenty of benefits that apply in certain situations. If your main motivator for opening up these kinds of accounts is that you will enjoy non-taxable banking, investigate the matter to make sure that really is the case. For example, in the United States, individuals with a Swiss bank account will not be taxed by the IRS unless they use the bank account to make investments in the U.S. If you do foreign investing there is nothing to worry about.
With Swiss banking, there is a certain tax that does apply, but usually it is only to Swiss customers. Foreign bankers do not get this tax. So even though there are a lot of benefits to Swiss banking including non-taxable banking, there is a tax that can apply if you are a Swiss national. When you initially open your account, it is worthwhile to enquire about this to make sure you aren’t eligible for the tax.
Residents of the US are also subject to taxes concerning their Swiss bank account but only if they use their Swiss account to make investments within the United States. So, if non-taxable banking is what you desire, you need to be careful that you don’t use your Swiss bank account for domestic investing. If you wish to invest in foreign and European markets, then your Swiss bank account will enjoy non-taxable banking.
If you decide you want to open a Swiss bank account and you do not live in the United States or Switzerland, you may want to do some research to see what kinds of taxes you are subjected to, if any. Non-taxable banking with Swiss bank accounts does apply, you just need to understand under which situations it is relevant. Not everyone will be eligible for these tax benefits.
So if you are thinking of opening a Swiss bank account, there are plenty of benefits that apply in certain situations. If your main motivator for opening up these kinds of accounts is that you will enjoy non-taxable banking, investigate the matter to make sure that really is the case. For example, in the United States, individuals with a Swiss bank account will not be taxed by the IRS unless they use the bank account to make investments in the U.S. If you do foreign investing there is nothing to worry about.
Friday, August 15, 2008
Benefits of Offshore Banking
There are a lot of benefits of offshore banking which is the reason why people decide they want to open a Swiss bank account. Some may think that offshore banking is just for the extremely wealthy or the criminals and mob bosses. These two schools of thought, however, just perpetuate a line of thinking that is just untrue. They are myths. Offshore banking is safe and legal. Not only that, but it can also help diversify your portfolio.
Tax Benefits
One of the benefits of offshore banking, particularly if you have a Swiss bank account, is that you can have some tax benefits. If you live in the United States and have a bank account in Switzerland, you don’t need to report to the IRS unless you are using the Swiss bank account to make investments in the United States. So, if you have a diversified portfolio and invest in foreign markets, you can use the Swiss bank account to fund your oversees investments. Use a domestic account to handle domestic investments. This will help you maximize the tax break you can get.
Privacy Laws
Another of the important benefits to offshore banking, especially if you have a Swiss bank account, is that the privacy laws for Swiss banking are really strict. They prevent people, even government officials doing an investigation, from accessing information about your account. This is extremely beneficial if you are the type of person who values your privacy. This is an asset because it will prevent people from considering you as a fraud target.
Easy to Open
Another of the benefits of offshore banking are that the accounts are remarkably easy to open. You don’t need that much money to deposit in order to start the account which makes them really accessible. And just like any other bank, there are a variety of account types that you can choose from. This makes offshore banking not only accessible to the wealthy but to people of every income level.
So, if you are considering all the benefits of offshore banking, you will realize that it is a worthwhile activity for everyone, not just the wealthy. There are tax benefits and privacy laws as well as several account types. Once you decide what you want to do it is just a matter of making the initial deposit and starting the account.
Tax Benefits
One of the benefits of offshore banking, particularly if you have a Swiss bank account, is that you can have some tax benefits. If you live in the United States and have a bank account in Switzerland, you don’t need to report to the IRS unless you are using the Swiss bank account to make investments in the United States. So, if you have a diversified portfolio and invest in foreign markets, you can use the Swiss bank account to fund your oversees investments. Use a domestic account to handle domestic investments. This will help you maximize the tax break you can get.
Privacy Laws
Another of the important benefits to offshore banking, especially if you have a Swiss bank account, is that the privacy laws for Swiss banking are really strict. They prevent people, even government officials doing an investigation, from accessing information about your account. This is extremely beneficial if you are the type of person who values your privacy. This is an asset because it will prevent people from considering you as a fraud target.
Easy to Open
Another of the benefits of offshore banking are that the accounts are remarkably easy to open. You don’t need that much money to deposit in order to start the account which makes them really accessible. And just like any other bank, there are a variety of account types that you can choose from. This makes offshore banking not only accessible to the wealthy but to people of every income level.
So, if you are considering all the benefits of offshore banking, you will realize that it is a worthwhile activity for everyone, not just the wealthy. There are tax benefits and privacy laws as well as several account types. Once you decide what you want to do it is just a matter of making the initial deposit and starting the account.
Thursday, August 14, 2008
Opening a Swiss Bank Account
The romance of opening a Swiss bank account has been made legendary by its perception in the media and in Hollywood. When we watch the movies, occasionally someone, such as a professional thief, will have a Swiss bank account because it is a safe way to keep their money hidden from the rest of the world. Knowing this, most of us don’t realize that opening a Swiss bank account is not just reserved for people who have something to hide. All can benefit from opening a Swiss bank account, not just the wealthy or the dishonest.
So how do you go about opening a Swiss bank account? Don’t let the fact that the bank is in a foreign country discourage you. Most Swiss banks actually welcome foreign bankers and the regulations for who can have a bank account in Switzerland are not all that strict. Knowing that, it helps to understand that there is a serious asset to having a bank account in Switzerland. They have strict laws in place that prevent multiple people from accessing your accounts. That makes Swiss bank accounts extra private.
The first thing you need to do when opening a Swiss bank account is to locate the bank that you would like to do business with and found out what you need to do in order to have an account with them. Banks to check include The Swiss Credit Bank (Zurich), The Union Bank of Switzerland, The Bank Leu (AG) (Zurich), The Swiss Bank Corporation (Basel), and The Swiss Volksbank (Bern). It is possible to go about opening a Swiss bank account by mail. However, this would mean that you may need to send some money or a check over the mail and that isn’t always reliable. To initially open the account, it is better to show up at the bank in person, especially if your initial deposit is rather large.
Swiss bank accounts are desirable for not only the wealthy, but for everyone, especially if they are concerned with privacy. Before starting the account, check into the regulations and rules to make sure you are completing the process correctly. When it comes to opening a Swiss bank account, it is best to do it in person if it is for large amounts.
So how do you go about opening a Swiss bank account? Don’t let the fact that the bank is in a foreign country discourage you. Most Swiss banks actually welcome foreign bankers and the regulations for who can have a bank account in Switzerland are not all that strict. Knowing that, it helps to understand that there is a serious asset to having a bank account in Switzerland. They have strict laws in place that prevent multiple people from accessing your accounts. That makes Swiss bank accounts extra private.
The first thing you need to do when opening a Swiss bank account is to locate the bank that you would like to do business with and found out what you need to do in order to have an account with them. Banks to check include The Swiss Credit Bank (Zurich), The Union Bank of Switzerland, The Bank Leu (AG) (Zurich), The Swiss Bank Corporation (Basel), and The Swiss Volksbank (Bern). It is possible to go about opening a Swiss bank account by mail. However, this would mean that you may need to send some money or a check over the mail and that isn’t always reliable. To initially open the account, it is better to show up at the bank in person, especially if your initial deposit is rather large.
Swiss bank accounts are desirable for not only the wealthy, but for everyone, especially if they are concerned with privacy. Before starting the account, check into the regulations and rules to make sure you are completing the process correctly. When it comes to opening a Swiss bank account, it is best to do it in person if it is for large amounts.
Wednesday, August 13, 2008
Swiss Bank Account
There is a certain allure to the concept of having a Swiss bank account. To some, it is a status symbol. To others, it is a necessity. What makes a Swiss bank account so great and why are so many wealthy people opening bank accounts in this country? Switzerland has a booming economy and is a great place to live. There are a lot of things about that country that are desirable. Some feel that having a Swiss bank account is one of those desirable things that have come out of Switzerland.
There are a lot of benefits to having a Swiss bank account, and some of these benefits make them desirable for people, especially the wealthy. First, if you are moving to Switzerland it is obviously a good thing to get a bank account before you go. It can help make the move so much easier. Also, if you trade currencies, a Swiss bank account is a good idea. The Swiss Frank is one of those currencies that are commonly traded. Getting a bank account in that country can help make better and more profitable trades.
In summary, Swiss bank accounts are very private, people who have a Swiss bank account enjoy the benefits of not getting taxed, and they are a safe banking option. If you are the type of person who values your privacy when it comes to your finances, getting a bank account in Switzerland is a good thing. Plus, there are obvious benefits to not getting taxed on your money and knowing that your money is secure is also a positive thing. In the United States, for example, your money is only insured for up to a certain amount. The rules may be a little different in Switzerland.
Setting up your own Swiss bank account is easier than it seems, especially now that there are firms in place that can help you out. There are companies out there who specialize in helping people open a Swiss bank account. You can either use one of these firms or open the account on your own. This shouldn’t be a problem, especially if you live in Switzerland. If you want to enhance your investing and enjoy tax free and very private banking, opening up your own Swiss bank account is a worthwhile thing.
There are a lot of benefits to having a Swiss bank account, and some of these benefits make them desirable for people, especially the wealthy. First, if you are moving to Switzerland it is obviously a good thing to get a bank account before you go. It can help make the move so much easier. Also, if you trade currencies, a Swiss bank account is a good idea. The Swiss Frank is one of those currencies that are commonly traded. Getting a bank account in that country can help make better and more profitable trades.
In summary, Swiss bank accounts are very private, people who have a Swiss bank account enjoy the benefits of not getting taxed, and they are a safe banking option. If you are the type of person who values your privacy when it comes to your finances, getting a bank account in Switzerland is a good thing. Plus, there are obvious benefits to not getting taxed on your money and knowing that your money is secure is also a positive thing. In the United States, for example, your money is only insured for up to a certain amount. The rules may be a little different in Switzerland.
Setting up your own Swiss bank account is easier than it seems, especially now that there are firms in place that can help you out. There are companies out there who specialize in helping people open a Swiss bank account. You can either use one of these firms or open the account on your own. This shouldn’t be a problem, especially if you live in Switzerland. If you want to enhance your investing and enjoy tax free and very private banking, opening up your own Swiss bank account is a worthwhile thing.
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