Switzerland is a great place for opening an online offshore banking account thanks to its great banking ecosystem.
Offshore banks are banks that operate outside the borders of the country where their depositors are located, and provide their depositors (those who deposit money in the bank) with advantages such as taxes, keeping their information confidential, and high-interest payments, but cannot provide the guarantees of an ordinary deposit bank while providing these.
How to Do Offshore Banking in Switzerland?
Offshore banking in Switzerland is a type of banking that aims to make funds obtained from abroad available outside the country.
Offshore banking in Switzerland is not covered by the legal regulations regarding other banks in the country. Apart from some privileges, Offshore banking in Switzerland cannot collect deposits in the countries where they are located, and the services they provide are in foreign currencies.
Offshore banks in Switzerland generally operate with low political risk and are defined as tax havens. These banks generally operate like deposit banks but are subject to different conditions.
The advantages of Offshore Banking in Switzerland can be listed as follows:
- Subject to low or no taxes.
- The depositor's information is confidential and outside the state's knowledge.
- It allows easy and fast transactions without being hindered by bureaucracy.
- It provides relatively more reliable deposit accumulation opportunities for citizens of countries that do not have a fixed political conjuncture.
- It promises high interest to depositors.
- In some cases, it provides more favorable credit opportunities than deposit banks.
- The bank does not need to make a provision for deposits with central banks.
- They do not pay insurance fund premiums.
How to Open an Offshore Banking Account in Switzerland?
Opening a bank account in Switzerland as a German or Austrian citizen is relatively easy. There is also a counterpart to the “Regular Account” in Switzerland, it just has a different name. We'll get to that later on whether that makes sense.
You then need to make sure whether you have to be present to open the offshore account in Switzerland or whether it can be done online and what documents and information are required to open the offshore bank account.
Possible documents include proof of identity, proof of address, or even a business plan. However, such requirements vary from country to country and bank to bank.
First of all, it is completely legal to invest money abroad, including in Switzerland. However, national and international embargoes against certain countries, which of course do not include Switzerland, must be taken into account.
However, since Switzerland is not part of the EU, certain reporting obligations under the Foreign Trade Act (AWG) or the Foreign Trade Ordinance (AWV) as well as customs reporting obligations must be observed.
Which Bank is the Best to Do Offshore Banking in Switzerland?
An offshore account in Switzerland can be particularly interesting if you deposit large sums there and use an independent asset manager. If you have any further questions on this topic, we would be happy to assist you with a personal consultation.
You can also find out more about residency in Switzerland, companies in Switzerland, and taxes in Switzerland, which are much lower compared to other European countries in terms of offshore banking.
If you just want to protect yourself from currency risks, you can of course still open an offshore account in Switzerland if you don't mind the costs. However, other alternatives may be more attractive.
You can contact Jetonbank right now and apply for an offshore bank account in Switzerland for both individuals and businesses, thanks to the digital banking tools offered by Jetonbank.
At Jetonbank, we provide the digital banking tools and applications needed by investors and customers who want to open an offshore bank account in Switzerland.
For the most advanced offshore banking solutions you need, Jetonbank, which is experienced in Switzerland's banking regulations, offers applications via mobile application.
If you plan to avoid the tax regulations of the country you live in and want to protect your assets safely within the banking regulations of another country, you can easily open an offshore bank account in Switzerland through Jetonbank.
How to Do Offshore Banking in Switzerland Remotely?
All processes can be done online and remotely in offshore banking in Switzerland. There are many reasons why citizens of many other countries are thinking about opening an offshore account in Switzerland.
Some think that this way they can protect their money from the domestic tax authorities, others from private creditors. Others want to reduce their currency risk and yet others simply think that an online offshore Swiss account is safer.
Countries such as Switzerland, where there are no taxes or exchange controls other than a fixed annual fee, are preferred.
Bringing money into Switzerland is not a problem, but natural and legal persons resident in Germany must report payments of more than EUR 12,500 that they make to or receive from a foreigner to any German Bank.
This means that pure account transfers are exempt from the reporting requirement. Anyone who transfers money from a domestic account to a foreign account that belongs to the same person does not have to report it initially.
Can a Foreigner Open an Offshore Banking Account in Switzerland?
A foreigner can open an offshore banking account in Switzerland completely online. Offshore banking centers are divided into two: registration and functional centers.
Registration centers are financial centers where international banks operate with a small number of branches, in some cases without opening any branches, and where they keep accounting records and transfer the credit and bond operations they carry out in other financial centers due to tax advantages.
For example, if a German living in Germany uses the money in his Swiss account to buy goods and services in Switzerland that cost at least EUR 12,500 each, this would have to be reported, regardless of the currency.
In reality, however, the latter transactions are not traceable by the German authorities. We leave it up to your imagination what this means for the punishment of such violations of the reporting requirement.
