There can be absolutely no doubt that Switzerland today still stands as the world’s best and largest all-round offshore banking and asset protection haven. Switzerland certainly has a reputation to protect – and we are not talking about Rolexes or chocolates!
Around one-quarter of global assets managed offshore in the entire world are managed in Swiss banks – and that is not including the assets that Swiss banks manage in other financial centres like New York, London and Singapore. A recent report by Deloitte, for example, shows how Switzerland clearly eclipses competing havens like Hong Kong, Singapore, Panama or the Caribbean.
Swiss banks beat their competitors not just in respect of pure assets under management numbers (AUM) but also in areas such as dynamism, competitiveness, and adoption of modern technologies such as fintech and blockchain.
In this article we list International Wealth’s top 10 Swiss banks that will open accounts for offshore clients – and in most cases these days, you don’t even have to travel to Switzerland since accounts can be opened remotely.
But hasn’t it become impossible to open a Swiss Bank Account?
First, let’s dispel a myth: some people think it is no longer possible to open a Swiss bank account! This idea is actually ridiculous – how could Switzerland continue to manage a quarter of the entire world’s offshore wealth if they were not opening new accounts?
We understand, however, how this misconception arose. Swiss banking compliance has indeed become very strict, so Swiss banks are rejecting a lot of run-of-the-mill clients. Demand for Swiss bank accounts is so huge at a global level that Swiss banks can well afford to be picky. It is very unlikely that you could just walk in (whether literally or virtually) to a Swiss bank these days and open an account. Most business comes through word of mouth and trusted referrers, particularly External Asset Managers.
Cost of Opening a Swiss Bank Account
Swiss banking is not necessarily the cheapest option. It is a premium quality option. Switzerland’s reputation speaks for itself. But the Swiss are also good negotiators. The good news is that rather than costing extra for the client, our clients typically save money on their Swiss bank accounts because we know how to recommend the best Swiss bank negotiate the best fees with the bank based on your background. Even though we charge an up-front fee for account opening, we welcome almost all comparisons. If you are already the client of a Swiss private bank, you can ask us to help you with a comparison to see