How do I Open a Swiss Bank Account?

Bank confidentiality for clients means that the bank fulfills an obligation to remain silent about all matters of the clients. This is also a power of the customer, because they are the owners of the data and information that is being protected. The bank confidentiality system protects the personal rights of customers. It is comparable to other professional confidentiality systems, such as doctors and lawyers' confidentiality systems. The protection of private rights is the basis of Swiss law and is clearly stipulated in the Federal Constitution (see Article 31 of the Federal Constitution).

Swiss bank secrecy

Bank confidentiality for clients means that the bank fulfills an obligation to remain silent about all matters of the clients. This is also a power of the customer, because they are the owners of the data and information that is being protected. The bank confidentiality system protects the personal rights of customers. It and other professional secrecy systems,

Swiss bank secrecy

For hundreds of years,

Any country is responsible for their proprietary tax system and reasonable tax burden. Any government must understand that a growing tax load will weaken the attractiveness of a country and cause tax evasion under the pretext of overload. Therefore, taxation is not a problem of rationalization, but a trend of tax competition. Bank secrecy systems do not hinder this goal.

Swiss Banking Security Law

Banking "confidentiality for depositors" is a common rule, but if it goes too far, it will go the other way. In the European Commission's ongoing fight against fraud, many cases are directly related to Swiss banks. The European Commission's Anti-Private Corruption Commission believes that the Swiss bank's secrecy system has become an obstacle to investigation, but for Switzerland, the banking secrecy system is an important support point for the entire national economy.

Arm can't twist thigh

Although Switzerland is a small country, its position in the global economic and trade system cannot be underestimated.

Like the principle of confidentiality of lawyers or doctors for clients, the Swiss financial industry also strictly implements the same rules of the game. The Bank Secrecy Law formulated in 1934 has been implemented at no discount among banks of all sizes in Switzerland. It can be said that Has become the foundation of the Swiss financial industry.

In the 1930s, when the German fascist forces ravaged Europe, almost all German citizens were forced to transfer their deposits in Swiss banks to German banks due to the force of the Nazi regime, which made many Swiss banks almost run Trend. In order to avoid such a huge loss of deposits again, the Swiss government enacted the first Western law on bank secrecy in 1934, requiring all financial practitioners, whether senior managers or ordinary employees, Agree not to disclose any information related to your business. Anyone who violates the confidentiality law will face a fine of 60,000 Swiss francs or even 6 years in prison. The decree also stipulates that the Swiss government does not provide information about its bank accounts unless the depositor is involved in a criminal case and is prosecuted abroad.

During World War II, due to the special neutral status of Switzerland, Switzerland became the main place for gold trading between Nazi Germany and other countries. Countries all bought and sold gold to the Swiss Central Bank in exchange for hard currency Swiss francs. The Swiss National Bank didn't ask the origin of gold at all, and blindly made huge difference from it. It is said that at the time, 90% of the gold transactions of the Imperial Bank of Nazi Germany were conducted through the Swiss National Bank. A considerable part of the huge property plundered by the Nazis through the war also exists in Swiss banks.

Before the end of the Second World War, the savvy Swiss saw that the Nazis were exhausted and froze German accounts. In 1945, the Allies demanded that Switzerland return Nazi Germany's estimated value of more than $ 500 million in Swiss banks in Swiss banks. However, Switzerland and the Allies have talked about denying that there is so much Nazi gold. Due to the ensuing war between the United States and the Soviet Union, the Cold War began. The West not only needed Switzerland to maintain a neutral stance, but also needed help from Switzerland in the post-war reconstruction of Europe. Therefore, it left the issue of Nazi gold intact and accepted about 60 million US dollars in repayment And ended.

This incident is a major victory for Swiss banks in defending their own interests after the implementation of the bank secrecy law in Switzerland. As a result, the bank secrecy law has become an important magic weapon for the Swiss banking industry to attract foreign assets. Numerous foreign politicians, even gang leaders, have stored assets of unknown or legitimate origin in Swiss banks, thus avoiding the eyes and ears of their tax authorities. The Swiss Association of Private Bankers announced in January that Switzerland controls one-third of the world's private property, with a total value of around CHF 3.7 trillion.