How do you open a bank account in Switzerland for asset management?
Opening a bank account in Switzerland for asset management is very simple; in Switzerland there are, in fact, several banks that specialise exclusively in investing clients’ money in order to guarantee the best possible return (private banking).
The client has both the option to delegate the management of the assets to the Swiss bank in full (choosing only the objective of the investment), and the option to choose autonomously (preferably, however, with the assistance of the bank’s asset managers), which investments to make, in which markets, sectors or currencies.
What are the costs and timeframes of opening and managing a bank account in Switzerland?
The costs of opening and managing a bank account in Switzerland vary from one bank to another; normally within the sphere of asset management, the bank applies a percentage (withholding tax) to the assets managed, in addition to receiving fixed commissions on the investment operations carried out. This percentage is usually not fixed and may be the subject of negotiations with the bank itself.
What are the advantages of opening a bank account in Switzerland?
The advantages of opening a bank account in Switzerland may be summarised as follows:
- the reliability, professionalism and competence of Swiss banking institutions in asset management;
- bank secrecy (only for third-party individuals or legal entities, excluding, therefore, the tax authorities);
- for persons not resident in Switzerland, geographical differentiation of their assets which, in certain cases and under certain circumstances, allows the non-seizure (mainly for administrative fines, taxes or duties) of such assets by foreign tax authorities (however, the obligation to declare to the tax authorities of the country of residence is always carried out).
Our firm offers legal and tax advice in choosing the Swiss bank according to the needs of the client.