Swiss Bank Account

Discussion in 'Retail Brokers' started by Rearden Metal, Feb 20, 2004.

  1. I'm reading a book on financial privacy, which said that Swiss banks will not reveal any details of one's Swiss bank account to the U.S. authorities, unless the U.S. government presents detailed evidence before a Swiss magistrate that the account holder has committed a serious crime.(Not just tax evasion, but something along the lines of drug smuggling, kidnapping, etc...) The book was written pre-9/11, however, so I'd like to know if this is still the case.

    Also, Does anyone here have a particular Swiss bank they've had good experiences with, and would like to recommend? Thanx in advance.
  2. cant go wrong with julius baer
  3. the most interesting swiss accounts are the so called "numbered" accounts. no name what so ever is associated with the account. the account owner is given a number--- any one with the "number" can access the account. if you lose the "number" you are out of luck. however, they provide total and absolute privacy.

    i am not sure if these accounts still exist.


  4. kind of like the bourne identity thing
  5. You have to declare on your tax return if you have a foreign bank account. Tax evasion in CH is not the severe crime as it is in the US. That said, a Swiss bank safe deposit box is not a bank account.
  6. There are about 1,000 banking institutions in Switzerland. The oldest of them are Julius Baer and Vontobel Geneve. Numbered accounts still exist, however the identity of the beneficial account owner has to be known by one or more of the bank staff. Also citizens of certain countries are prohibited from opening accounts (each bank lists the countries that prohibit foreign account holders). The minimum for opening a numbered account at Vontobel is $250,000 US, and there is a setup fee (currency translation, administrative paperwork, etc). Hope this helps. Best Regards, Steve46
  7. Babak


    marketsurfer, those don't exist anymore (not for quite some time). But I've heard they may be still available in Austria, not sure though. Things are continuously tightened so if you can get in a good one, you should do so in the hope of being grandfathered.

  8. thanks for the info, steve.

  9. Lichtenstein has greater privacy.
    #10     Feb 21, 2004