Switzerland is famous for its impressive banking system and legendary privacy policies that banks provide to their customers. Switzerland is not included in the European Union and it stays one of the few European countries, which do not use the euro.
Switzerland is considered as one of the most expensive countries in the world to live in. Although, the salaries here are high enough, a particular amount is needed every month in order to cover the rents and mandatory health insurance.
Before you travel or completely move to Switzerland, it is important to have a basic knowledge regarding the economy and banking system at the very least. When it comes to personal finance, one should be ready for pricey accommodations and expensive healthcare.
The Swiss franc is consistently ranked as one of the world’s safest currencies. It is often named a “hard currency”. In other words, a currency that will not dramatically decrease or regain in worth.
Roughly 860 various coins of assorted values, using different financial systems were functional in Switzerland up until 1798. This is due to the fact that separate cantons, cities, and even abbeys were making their own coins and applying their own currency systems individually.
Between 1798 and 1803, the Helvetic Republic tried to create a national currency based on one of the local cantonal currencies — the Berne thaler. However, later the Swiss Federal Constitution of 1848 announced that the only organization allowed to produce money in Switzerland should be the federal government. This decision played a great role in the birth of the Swiss Franc.
The Swiss franc is the sixth-most traded currency in the world, although it is being used only in Switzerland, the Campione d’Italia, and Liechtenstein. The Swiss Franc is often bought in case of economic unsteadiness. Whenever Switzerland becomes stricken with economic problems, it is an ordinary action for banks to suggest negative interest costs to ensure that Switzerland comes out the other side of the crisis.
Here are coming good news! Swiss banks are happy to hold accounts of foreign residents as well. Each bank will put the limit of minimum amount you need to have on your account. The account can be opened in Swiss francs or any other currency the given bank suggests. It will be a pleasure for us to be your financial consultant in Switzerland.
For opening a bank account, you do not need to go to Switzerland in person. You can simply send the necessary documents like passport, documents proving the origin of the funds (Example: salary statements, income from the sales etc.). Due to some political embargos, some banks may have restrictions as per nationality of the client.
When the account is created, you can be sure that your privacy is under heavy protection, as it is illegal for banks to reveal any information about the customer’s account. However, there are certain circumstances, when banks need to cooperate with foreign authorities to crack down tax evasion. Besides certain “Cantonal Banks” enjoy the state guarantee, which means that Switzerland as a state guarantees your deposits.
If you have decided to open an account, turn to us and we will be glad to assist you with any advice and assistance that you may need be it the role financial advisor or investment advisor or anything else.