Info About - Swiss Banking, Swiss Offshore Bank Accounts, Swiss Private Banking, Wealth Management and Money Managers

General Information about Swiss Banking

The Swiss Parliament passed the Banking Law of 1934, which solidified the rules of secrecy and criminalizes violation of it. The secrecy provisions were not included in the first draft of the law, which mainly concerned administrative matters such as bank supervision. Some bank accounts are afforded an extra degree of privacy. Information concerning such accounts, known as numbered accounts, is restricted to senior bank officers, rather than being accessible to all the employees of a bank. However, the information required to open such an account is no different from that of an ordinary account; completely anonymous accounts are prohibited by law. Should a criminal investigation take place, law enforcement has access to information related to a numbered account in the same way it has access to information about any other account.

Private banking is a term which refers to major institutional banks which offer financial services to private individuals. These banks would normally have two distinct divisions - private banking, and corporate banking.

Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over $500,000 . An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients.The word "private" also alludes to bank secrecy and minimizing taxes via careful allocation of assets. An offshore private bank account may be used for this purpose.

Why open a Swiss Bank Account?