Can Non-Residents Open Bank Accounts in Switzerland?

In general, non-residents can open bank accounts in Switzerland, given certain conditions. The key requirement is often a minimum opening deposit, typically around 50,000 to 100,000 Swiss Francs. This condition is just one of several steps to consider when opening a Swiss bank account as a non-resident.

The Process Explained

The process is often straightforward and can be summarized in a few key points:

History of Funds: Demonstrating a proven history of financial contributions is essential. Passport: Having a valid passport is crucial for identification. Proof of Address: Providing a copy of an invoice from an energy company or council (telephone or electricity) acts as a reliable address proof. Non-Sanctioned Individuals: Avoiding blacklisted entities such as individuals from sanctioned countries (US, Iran, North Korea, Cuba, Russia), or politically exposed persons (PEPs) and radicals is also mandatory.

If you are a politically exposed person (PEP), you can expect more detailed scrutiny. Radicals might find their applications outright refused. If the origin of your financial history is unclear, your application is likely to be rejected. The ultimate judgment often reduces to whether the bankers trust you and are comfortable accepting you as a new client. It's important to note that Switzerland adheres to OECD guidelines and shares tax information with your home country.

Challenges for Swiss Citizens Living Abroad

For Swiss citizens who have moved abroad, the process can be more challenging. Despite the simple answer generally being "yes," many will find it difficult to open a Swiss bank account, especially if there are concerns about the origin of funds. In my experience, it's nearly impossible to maintain a Swiss bank account if you're living abroad due to these complexities.

Despite these challenges, for those with substantial funds, there's likely no issue. However, I personally found that Swiss banks often handle foreign customers more favorably than local residents. This raises questions about the integrity of the system and, as a result, I decided to leave Switzerland for more transparent practices.

Reputable Agencies for Non-Residents

RTRSupports Limited is one such agency that can assist non-residents in opening Swiss bank accounts. The process is straightforward and requires the following documents:

ID Proof: A valid passport is required. Residency Status: A visa or other proof of current residency status. Proof of Address: A copy of your electricity or phone bill verifying your current address. Proof of Income: Non-residents can provide proof of income, substantial deposit, or a letter from their employer to demonstrate solvency.

The company registration process has been notably efficient and user-friendly. Every member is supportive, and I sincerely recommend using RTRSupports Limited for your needs.

Recent Regulatory Changes and the Credit Suisse Merger

The Swiss bank landscape has been through significant changes recently. A long-standing aversion to revealing information about tax evasion has finally been addressed. This change came after the UBS Group AG purchased Credit Suisse Group AG for more than 3 billion Swiss Francs in a rushed deal in March 2023. This marks the first megamerger of systemically important global banks since the 2008 financial crisis.

The merger was driven by global regulators' concerns that a Credit Suisse collapse could have wide-reaching repercussions. The Swiss government provided more than 9 billion Swiss Francs to back up potential losses, and the Swiss National Bank provided over 100 billion Swiss Francs in liquidity to facilitate the deal. Regulators were particularly concerned about Credit Suisse's deteriorating financial outlook, with potential daily outflows reaching up to 10 billion Swiss Francs.

Morally, the Swiss banking system has a long history of systemic risk. Old habits die hard, and Credit Suisse's actions over the years underscore this. However, the recent changes promise a more transparent and globally cooperative approach to banking practices.