Swiss bank acct?

aj3001

Whats the advantage of having a swiss bank account? What makes them so great?

Kinnairdy

Having oodles of money to put in it:cool:
The common conception is you do not have to pay Tax but I don't think it is that simple, hopefully some of the Money Experts will be along to give you a detailed reply.

USSparky

The most important questions are "how do you get one?" and "how do I prove that I am 3734473189446....44632?".

Sparky

bengal-stripe

Switzerland participates in the EU savings directive (although not a member of the EU). Since 2004 participating countries, report the interest paid to non-residents residing in an other EU country to the tax authorities of his/her home country, to stop tax evasion.
http://www.prager-dreifuss.com/pdf/EUSavingsDirectiveSwitzerland.pdf

The big exception Switzerland (and Austria and Luxemburg) have won, they do not report by name. Other countries will report that ‘Mr Joe Bloggs of anytown UK’ got paid xxx EUR in interest. Switzerland will report that ‘a resident of the UK’ got paid xxx CHF. The monies get deducted at source, and after the Swiss have taken a share, get transferred to the appropriate EU government.

The days of numbered accounts are over with anti-money laundering legislation in place everywhere. Oh, yes they expect quite a high deposit from non-residents with something like 100k CHF (42k GBP) usually considered the minimum.