Switzerland is not on any black lists for lack of banking compliance, it does not have any anonymous bank accounts in place, it has double taxation agreements in place, and its Federal Department of Finance even welcomed the decisions of the G20 nations to strengthen the stability of financial markets through the introduction of among other things, measures to tighten banking regulations. So what other myths can we dispel about offshore bank accounts in Switzerland…?

You don’t actually have to be a multimillionaire to have a Swiss bank account, anyone can open an account in theory, as long as they comply with the given bank’s ‘know your customer’ due diligence checks for example. People often choose Switzerland as it is considered a politically and economically safe jurisdiction, and if an account holder works abroad in a less than stable nation or earns a wage in a less than stable currency, it can make sense to place one’s banking in a secure jurisdiction.

Depending on which bank and which account you choose, minimum opening balances can be very reasonable, and some accounts don’t even have a requirement for an account holder to maintain a minimum balance once an account is open. So you see, banking in Switzerland can be like banking anywhere else! People just choose the jurisdiction for its security and stability, its reputation and its account offerings.

In the past it was assumed that a bank account in Switzerland was used for one thing only – hiding money. As a result such funds would surely earn no interest and be non investable – again, the truth is a long way from this. Money banked in Switzerland can earn interest, it can be invested, it can be saved, easily accessed, withdrawn and it can even reside in an account on which there are no day-to-day fees. In other words – as boring as it may seem, a Swiss offshore bank account is just like any other offshore bank account!

And finally, a numbered account is NOT anonymous! Yes, you can have a numbered account in Switzerland – this means that your account has a number instead of a name. However, think about it, this number has to relate to someone ultimately doesn’t it, particularly in this day and age of greater transparency and cracking down on money laundering etc. So whilst a numbered account will allow you privacy when you’re carrying out transactions because only a very few select people know the name associated with the account, it will not ‘protect’ anyone in any way if they are attempting to misuse their account.

So, Swiss offshore banking can no longer be thought of as the seedy, dodgy secret of criminals – rather Switzerland’s excellent reputation as a financial centre of stability and privacy means that it maintains a strong presence on the global stage when it comes to winning business from those who want to manage their money through one of the most respected offshore jurisdictions in the world.

source: www.shelteroffshore.com