How Swiss Bank Accounts Work

This is simple question, "How Swiss Bank Accounts Work" and its simple answer can be given. It works like any other bank works. Only difference is its more security and privacy. It does not tell any your personal financial information to any other. You can also open your account in more than 400 banks of Swiss banks list.

Following points will be helpful for you to understand the working of swiss bank accounts.

1. International Privacy

Swiss laws are more strict. Swiss bank can not tell account holder's private information to any one or any Govt. because its privacy is its quality. You just go to hospital and doctor diagnose you and keep your health history. He will not share it with any third party. Like this, Swiss bank works.

2. Lowest Risk of Loss of Deposited Money

a) You generally listen the news of bank robbery. There is very less chance in swiss banks.
b) Currency value of Switzerland is very strong. So, there is less change of loss of your currency due to currency fluctuations.
c) For Swiss banks safety, there are strict laws.
d) It has reserved big Gold against deposited money. So, you can get back your money at any cost at anytime.

3.  Commitment Against Crime

If any country's law and court has proved the crime against any person or any company, Swiss banks will support to Govt. official to divulge the information but it will be conditional. For example, a person or Gang who has contracted for killing some innocent people. He can not deposit it in Swiss bank. Because swiss bank is against to promote crime. Swiss federal commission helps you for providing mutual assistance for stopping crime through swiss bank.

4. Taxation 

Every resident has to pay 35% tax on the interest on the deposit money in Swiss bank. There is not tax for NRI's earned interest on Swiss Bank Deposit.

5. Type of Accounts

You can open three types of accounts in Swiss Banks. One is current account. It is simple bank account which you or businessman opens in own country. Second is number account, if you want to hide your real name. Third account is dormant account. If the person who write the next authority after his death as nomination in closed envelop and gives to swiss bank. After his death, swiss bank will give the person whose name is in closed envelop. For opening any type of account, you have to the proof of documents which will tell from where you have obtained money. It may be from your business, job or sale of your investments.

Related : Where is Indian Black Money?






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Accounting Education: How Swiss Bank Accounts Work
How Swiss Bank Accounts Work
Accounting Education
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