Strategies for Protecting Wealth
by Darrell Aviss

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Swiss Bank Accounts

If normal Swiss bank accounts are not secret enough, the Swiss have allowed an added layer of secrecy with the so-called numbered account. No other element of Swiss banking has given rise to so much folklore. All bank accounts in Switzerland, like everywhere else, are assigned account numbers. By special request, some banks will agree to replace an account name on bank records with a special code number. The number (or a series of letters and digits) is the only way a bank clerk can identify the account. There is no doubt that customers do enjoy the added confidence that numbered accounts provide. A numbered Swiss account is considered the ultimate secret available to the owners of wealth. Bank accounts are easily opened by mail, but those banks that do offer numbered accounts will most likely require a personal visit by the prospective customer.

In addition, Swiss lawyers are permitted to establish special fiduciary accounts (called Form B accounts) for unnamed clients. Lawyers opening such accounts for their clients must declare that withholding the account holder’s identity is absolutely necessary to execute other, legal business for the client. In other words, such accounts may not be opened by lawyers merely to conceal the owner’s identity from the bank.

Within the array of services that Swiss banks offer is a broad selection of bank accounts. Some types of accounts are very similar to those customarily offered by domestic banks; other types are nonexistent in many domestic banking systems, and might be considered unusual or even outrageous to many bankers.

Swiss bank accounts can include Current Accounts, Private Accounts, Savings Accounts, and even Managed Accounts that provide instant access to investment opportunities. Investors use them to buy stocks, bonds, currencies, and precious metals traded anywhere in the world. Their fees are competitive, and they offer expert investment advice.