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Opening a Swiss bank account as non-Resident | Offshore Banking in Switzerland | Finance & Banking - YouTube
Channel: FBE Capital
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today we take a look at swiss banking
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and all the benefits you can enjoy when
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opening a bank account in switzerland
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now in the past years the swiss banking
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system has undergone some major changes
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that now reduce the power of its banking
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secrecy laws however the banking system
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in switzerland still has some great
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benefits
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and especially if you are looking for an
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offshore bank with unfettered access to
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the us
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and the eu market then this is
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definitely the way to go
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the main benefits of a swiss bank
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account the first major benefit from
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having your money in a swiss bank
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account
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is the financial security and stability
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this is not just limited to the banking
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system
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but to the swiss economy as a whole the
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swiss debt to gdp ratio has been
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hovering between 38 and 42
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for the past 10 years now compare this
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to the debt to gdp ratio of germany and
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australia
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at 68 and 76 while canada the uk
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and the united states are also passing
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the 100 percent with the us hitting a
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whooping
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136 percent combine this with a strict
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banking laws concerning capital
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requirements and emphasis on safe
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banking practices
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and the very stable swiss franc and you
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can rest assured that your money will be
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safe
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whenever you need it another security
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feature of a swiss bank account is the
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protection against litigation
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nowadays the automatic exchange of
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information and other international
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standards
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have made switzerland very transparent
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when it comes to tax evasion
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however this does not apply to cases
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where there is no crime involved and the
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legal proceedings are just about getting
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a payday
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such as with civil suits so a swiss bank
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account will make it very difficult
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for a foreign company or individual to
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get hold of your assets
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the second benefit of holding a swiss
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bank account is the option to choose the
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currency for your swiss account
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now if you choose to have your funds in
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swiss francs you will receive a small
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annual interest on the account
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however you will then also have to pay a
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swiss withholding tax
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on the funds that you have when you
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choose a foreign currency the
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withholding tax is not applied
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and since you are living in another
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country you then also avoid paying the
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currency conversion fees when doing
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transactions
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next to this you can still get some
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interest on the account by placing it in
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a mutual fund
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a money market fund would be ideal for
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this specific situation
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so check out the mutual fund video on
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this channel to learn more about how
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mutual funds work i will link it in the
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top right corner over here
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and in the comment section down below
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you can still get a numbered account at
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some private banks in switzerland
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of course this is no longer suitable if
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your sole purpose was to evade taxes
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with these
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since even these accounts will have to
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be reported to the automated exchange of
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information system
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however numbered accounts can do more
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than just keep the tax man away
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another benefit of numbered accounts is
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anonymous wire transfers
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where your name will not show up on the
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recipient's account it will only show
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the name of the bank
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and this could be ideal in situations
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where you want to support a
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controversial cause
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anonymously or you want to invest in
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industries that carry a lot of public
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scrutiny and outrage
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now you will be required to deposit a
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higher minimum amount
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and keep a higher minimum account
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balance in addition you will also have
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higher annual costs for maintaining this
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account before we continue
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please like and subscribe to the channel
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for more finance and banking information
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when doing business across europe and in
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the united states it can be a great help
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to have a swiss bank account
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most companies will assume that the
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individual or the company has passed the
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strict due diligence process that is now
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in place and they will have no reason to
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doubt the legitimacy of the funds
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when dealing with negotiable instruments
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such as a ladder of credit
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the bank's reputation will matter even
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more and this will make securing a deal
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much easier and speed the process up a
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lot
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switzerland does not apply in
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inheritance tax on foreign held accounts
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so passing on your funds to your errors
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can be completed without any losses
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it will be up to your heirs to declare
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their received inheritance in their home
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country
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asset protection from unlawful seizure
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so depending on where you live in the
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world you could be dealing with an
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organization or a governmental
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institution
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that abuses the local laws and
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jurisdiction in many instances this
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leads to unlawful seizures of your
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assets
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so if you live in one of these regions
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and you are critical of the government
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or have an exotic lifestyle or are
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involved in politics
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you are probably better off placing your
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assets offshore switzerland is the
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safest place in the world for this
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specific purpose
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since the government itself has
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prohibited by law to share information
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with other organizations or governmental
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institutions
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only under extreme circumstances when
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there is clear indication of a specific
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crime
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then will it be able to access the
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account information this is more secure
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than in other western countries
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since these have all continuous access
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to the client accounts and can freeze
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these with little to no evidence
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this all means that the swiss government
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will never force their banks to
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collaborate
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with a fraudulent international request
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to freeze or seize assets
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especially in cases where the alleged
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crime is not a criminal offence in
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switzerland
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choosing the right bank a very important
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thing to consider when you choose a
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swiss bank is that you do not choose one
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that is located in your own country
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since you will lose all of the main
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benefits if you choose a local branch of
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a swiss bank local banks have to follow
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local laws which means no stringent
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capital requirements
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loser solvency rules less privacy
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protection and no unlawful seizure or
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litigation protection
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so it's always best to deal with the
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actual head office in switzerland itself
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for more on the best banks in
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switzerland have a look at this top 5
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swiss banks video
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here in the top corner and i'll also
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link it down below in the comments if
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you are opening an account and also want
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to use it for foreign investments then a
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private bank is the best way to go
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however these will typically require a
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deposit of one million dollars and up
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for lower deposits in the fifty thousand
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a hundred thousand dollar region
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you can still open accounts at any of
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the other commercial banks
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now even though some banks will accept
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minimum deposits as low as ten thousand
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dollars i would really not recommend
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going that low
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in fact depositing much lower amounts
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than fifty thousand dollars hardly makes
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it worth your trouble
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since all these nice swiss banking
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services come at a cost for simple
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international transfers you will be
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paying three to five dollars and for
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checks this goes up to ten dollars
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you'll also be paying a hefty annual
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maintenance fee which is based on how
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active you use the account as you can
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see it makes more sense to transfer
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large funds a few times per year
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and invest those in safe low-risk
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products like treasury bills or money
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market funds
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this way the growth of your account will
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outweigh the costs opening the account
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so the best way to open an offshore
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account is in person since this gives
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you the highest level of privacy and no
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paper trail of emails phone calls wire
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transfers etc
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since this might not be practical for
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most people you can also open your swiss
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bank account online now in the past this
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would have been easy and fast however
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due to the new regulation and the
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anti-money laundering laws
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you will need to send over a lot of
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documentation first up is verifying your
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identity this consists of authenticated
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copies of your passport
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and the confirmation of your field of
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work and income this includes your tax
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returns and documents of the companies
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you own
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if your work activities require any
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licenses these will also need to be
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included
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now secondly you must provide proof of
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origin so if you are transferring large
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funds from sold assets
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these will need to be specified and you
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will need to show proof that you
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actually own these assets before the
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sale if all the funds are coming from
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dividend income
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from the company you own you will be
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required to show proof of ownership
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and annual reports and proof of the
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funds in the company account the third
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base of information is about
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your place of residence and your intent
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this will include all of your personal
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information about where you
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live a company with an official
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government ladder or utilities bill
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to show proof of address next to this
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you also need to specify your intent
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with the funds once your swiss bank
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account is created
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after the bank goes through all the
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information and approves you they will
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set up your account and you can begin to
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transfer
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you should know that the account holder
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must be 18 years of age so you can't
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create an account in the name of your
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children they would have to go through
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the entire process
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themselves now you know how to open a
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bank account in switzerland in the next
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videos i'll take a look at the swiss
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banking privacy laws
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and the history of swiss banking so for
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now please like and subscribe to the
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channel for more finance and banking
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information
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take care
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