Why do Swiss banks attract the world's wealthy? Beyond tax benefits, uncover the full process of obt

Switzerland’s banking industry enjoys a high reputation in the global financial field, with a long history and outstanding reputation, especially in protecting customer privacy. The reason why global tycoons prefer Switzerland’s banks is not just because of tax avoidance. Switzerland’s services cover a wide range, from asset management to personalized financial planning, providing a range of high-end services. This article will introduce the key factors that attract global tycoons to Switzerland’s banks, and provide a detailed analysis of the conditions and entire process of opening a bank card.

The attractiveness of Switzerland’s banks

• Privacy protection

The reason why Swiss banks are able to attract global tycoons is primarily due to their strong protection of privacy. Switzerland has a long history of bank secrecy laws, which began with the 1934 Switzerland Banking Act, which strictly prohibits bank staff from disclosing customer information unless ordered by a court in a criminal case. Although privacy protection has declined in recent years due to related pressures, given its long history, it is still a good choice for the wealthy to protect their personal wealth and privacy.

• Tax avoidance strategies

Tax avoidance is one of the important reasons why Swiss banks attract global tycoons. Switzerland’s tax policies are relatively relaxed, especially for foreign residents and international companies. Clients can optimize their tax burden through legal financial instruments and investment structures. Switzerland’s bankers and financial advisors have rich experience in international tax planning and can help clients minimize tax expenses within the legal scope. This tax avoidance advantage is extremely attractive to tycoons who want to protect their wealth and reduce tax expenses.

• Political and economic stability

Switzerland’s political neutrality and economic stability are another key factor. As a country that has remained neutral for a long time, Switzerland provides a stable haven for capital and capital owners. Here, assets are less likely to be affected by political turmoil. In addition, Switzerland’s currency, the Swiss franc, is also one of the most stable currencies in the world, which further enhances its attractiveness as a financial safe haven.

• Premium Client Server

The Client Server of Switzerland Bank is known for its professionalism and high standards. Bank employees usually receive strict training and can provide multilingual services to ensure that they can meet the needs of global customers. In addition, Switzerland Bank usually provides highly customized services, including wealth management, exclusive Investment Advice, and personalized banking services, designed entirely according to the specific needs of customers.

• Diversified Financial Services

Switzerland Bank offers a wide range of financial products, from traditional savings and checking accounts to complex derivatives and portfolio management. Wealthy clients can take advantage of the diversified services provided by Switzerland Bank to diversify investment risks and optimize tax strategies. This comprehensive Financial Services meets the needs of different wealthy individuals for asset management and growth.

If you have cross-border remittance or investment needs after opening an account in Switzerland, BiyaPay is a good choice. It has low remittance fees, no limit on the amount, same-day remittance and arrival, and provides investment services for US stocks, Hong Kong stocks, options, and digital currency. You can bind an offshore account for direct investment, or use it as a deposit and withdrawal tool to deposit funds to other securities firms for investment and enjoy more convenient services.

Processing conditions

To apply for a Switzerland bank card, certain conditions must be met, including basic conditions, identity verification, and proof of funds.

Basic conditions :

• Applicants must be at least 18 years old, and certain types of bank cards may require a higher age.
• Although foreigners can also apply for a Switzerland bank card, certain card types may require applicants to have a fixed address or permanent residency in Switzerland.

Authentication :

• Applicants need to provide a valid passport or ID card as identity verification.
• Need to provide recent utility bills, lease contracts, or bank statements as proof of address.
• Some banks may require an employment contract or other form of proof of employment, especially when applying for a credit card.

Proof of funds :

• Some bank cards may require applicants to maintain a certain amount of money in their account.
• Need to provide payslips or tax receipts from the past few months to prove a stable source of income.
• For large credit cards or private banking services, banks may require proof of assets such as property certificates, stocks, or other investment proofs.

Processing flow

The process of applying for a Switzerland bank card is relatively simple, but certain steps need to be followed. The following is the detailed application process.

Select bank and card type :

• Choose the appropriate bank and card type according to your needs, such as the different types of bank cards offered by UBS and Credit Suisse in Switzerland.

Prepare the required documents :

• Prepare proof of identity (passport or ID card), proof of address (utility bill or lease contract), proof of income (payslip or tax bill), etc.

Submit an application :

• Go to the bank in person to handle it, or apply online through the bank’s official website. Some banks provide agency handling services.

Waiting for review and approval :

• Banks review applicants’ identity, financial status, and credit history, which can take anywhere from a few days to a few weeks.

Account opening and card collection :

• After the review is approved, the bank notifies the applicant to open an account and collect the bank card, which can be mailed or collected at the branch.

Summary

Switzerland Bank has successfully attracted many wealthy people around the world with its good privacy protection, political and economic stability, high-quality Client Server, and diversified Financial Services. These factors work together to make Switzerland Bank the preferred destination for global wealthy asset management.

After opening an account and applying for a card at Switzerland Bank according to the above process, you can enjoy the high-quality service there. I wish you all the best!