| There is a common misconception that
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| | accounts are more expensive to maintain.
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| people who cannot store their unaccounted
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| | There is a clause especially for US
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| wealth in their own country open accounts
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| | citizens wherein they are expected to
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| in Swiss banks. Even though this may be
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| | refrain from making any business
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| true to an extent, Swiss banks are well
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| | transaction through their Swiss accounts,
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| known for their sophisticated and
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| | to keep their account privacy intact.
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| discreet banking services.
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| | Deposit
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| Many of the rich and famous like film
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| | A security deposit is needed in case the
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| stars, business entrepreneurs, top
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| | customer wants to obtain a credit card.
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| government officials, presidents, etc,
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| | Approximately 1.5 to 2 times the monthly
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| are reputed to have Swiss bank accounts.
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| | credit limit is demanded, depending on
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| Then again, it is also said one need not
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| | the bank the customer chooses. This
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| be a multi-millionaire to open a Swiss
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| | deposit is returned when the customer
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| bank account.
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| | decides to discontinue the credit card,
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| Brief Background of the Swiss Banking
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| | and has paid all outstanding bills.
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| System
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| | Confidentiality
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| One of the most prosperous and
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| | There are legends about mysterious
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| economically advanced nations,
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| | numbered accounts in Swiss banks. Some
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| Switzerland has the world's largest gross
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| | high security bank accounts are given
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| domestic product (GDP). There are nearly
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| | pseudonyms or special names instead of
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| 400 banks in Switzerland, which range
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| | issuing them in the name of the customer,
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| from the "Two Big Banks", to smaller
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| | to preserve the anonymity of the
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| banks, serving single communities or
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| | customer. This number or name is used
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| selective clients. Considered as the
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| | wherever the customer is referred.
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| world's largest offshore financial
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| | Moreover, even bank employees are
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| center, the Swiss banking sector is
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| | expected to respect the customer's
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| renowned for its privacy, stability and
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| | privacy, the failure of which could land
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| protection of their customer's
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| | them in prison for several months.
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| information and assets. The Federal
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| | However, Swiss banks, being very
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| Banking Commission (FBC) regulates these
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| | particular about preventing money
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| banks.
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| | laundering, crosscheck the authenticity
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| Opening a Swiss Account
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| | of the information provided by the
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| Often freely available, a Swiss bank
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| | customer. If, during the scrutiny, the
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| account provides total confidentiality,
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| | bank finds the information of a potential
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| strict privacy, and is tax-free. However,
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| | or existing customer connected to some
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| certain documents are required as proof
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| | criminal activity, a Swiss judge or
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| to open a Swiss account. For example,
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| | prosecutor issues a lifting order. These
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| people who are not residents of
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| | investigations could include
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| Switzerland need to furnish their
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| | international criminal investigation for
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| passports, along with a passport size
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| | tax fraud, insider trading, or the
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| photograph. Depending on the profession,
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| | infamous terrorist financing of recent
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| a current bank statement would be
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| | times.
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| required to determine the client's
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| | Closing of an Account
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| current financial condition. Along with
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| | Despite a few negative notions about
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| this, certain personal information, like
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| | Swiss banking, closing an account is said
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| the date of birth, country of origin,
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| | to be easier than expected. No financial
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| etc., is also required.
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| | penalty is demanded, and neither is the
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| A useful feature of Swiss banking is that
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| | money held hostage, like it is done in
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| it can also be done via correspondence as
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| | other off shore banking.
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| long as the customers follow bank rules
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| | To conclude, the secrecy and discreet
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| and regulations. The bank and customer
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| | nature of Swiss banking makes them
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| could interact through the Internet,
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| | convenient and dependable. This not only
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| telephone or snail mail.
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| | helps customers to save money, but also
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| However, a drawback of Swiss banking is
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| | is a viable means of attaining economic
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| that non-residents are expected to pay a
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| | superiority in the business world and
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| hefty amount as deposit, and, the smaller
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| | society as a whole.
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