What is a numbered account

A numbered account is a checking account or securities account in the name of the bank by a customer number or password is replaced. A number relationship is not anonymous and is different either in law or from a tax point of a normal banking relationship. The only difference is that the owner only a limited number of bank employees is known and the customer's name does not appear on bank statements and bank statements, etc..The identification process must nevertheless proceed to completion.

Switzerland fights against the overrating of their currency

 

The Swiss National Bank (SNB) says on the currency speculators who have driven the Franks again in the height of the fight: The Federal Reserve put on Tuesday set a minimum rate of 1.20 francs per euro.


With unlimited foreign exchange purchases by the monetary authorities want to prevent SNB President Philipp Hildebrand that the Euro falls below this level.

This should be spoiled, especially the financial speculators. Than was previously expected that a new pushwould result in the euro debt crisis and adverse economic data from the U.S. to escape an insecure investors in the Swiss franc and thus to an appreciation of the Swiss currency. Then the speculators could sell previously purchased francs at a profit.

How secure is my money if a swiss bank becomes bankrupt?

How secure is my money if a swiss bank becomes bankrupt?

In the Swiss bankruptcy law deposits with banks and securities dealers are since 22 December 2008 to theamount of CHF 100'000 (previously: CHF 30,000) per person in the second Privileged class. They are settled before the majority of the other unsecured claims. In order to ensure, with probability verging on certainty, that these amounts be paid to customers.

Swiss bankin: The Swiss Currency

Swiss franc is the official currency in:
- The Switzerland
- Liechtenstein
- Büsingen on the Upper Rhine (Germany)
- Campione d'Italia (Italy)
Banknotes were first issue of Business and Cantonal, 1907, the newly formed Swiss National Bank (SNB) as a central bank the sole right to issue bank notes (note monopoly). Immediately introduced the first series (interim notes) was still based on designs from abroad, complemented by Swiss emblem. 1909 Orell Füssli trialbanknotes printed for the SNB, which were prepared based on domestic and imported drafts of several printfrom 1911 by the National Bank as a second series. In the 1970s, with the sixth series of the security printingdivision of Orell Füssli sole printer of all Swiss banknotes.
Liechtenstein has never banknotes issued in Swiss francs and is based on the current Switzerland-Liechtenstein Currency Treaty no right. 2009 and 2010, foreign securities were purchased, the key rate waslowered in 2011 and increases the money supply. In September 2011, the SNB decided finally a minimum rate for the euro-Swiss franc.

Berner Kantonalbank - investment in Bern

The Berner Kantonalbank (BCBE), is a Cantonal Bank of Bern in Switzerland founded in 1834.
Its current name comes from the merger in 1991 of the Berne Cantonal Bank and the Fund's mortgage canton ofBern.
Cantonal Bank of Berne was founded to bring the capital of the state available to the trade, industry and crafts.In addition to actual credit transactions, negotiation and placement of debt assumed increasing importance inthe 1870s. The financing of the railways was given to the Cantonal Bank. It also contribute to other largecompanies that were interested in the canton of Bern, as the construction of power plants or the creation of the Sugar Refinery of Aarberg.
The expansion of branch network has helped to Strengthen relations with the economic activity of the Jura. The 1 st July 1858, the branch of St. Imier which opened as the first auxiliary seat in the same year opened the branch of Biel.

SIX Swiss Exchange and banking in Zurich

The SIX Swiss Exchange (SWX Swiss Exchange until September 2008) is the Swiss Stock Exchange and was created in May 1995 through the merger of three exchanges, Geneva, Basel and Zurich in the Swiss Stock Exchange Association, the Swiss public exchange among the four official names. The SMI-trade since then only subject to Swiss regulation and supervision by the Swiss Financial Market Supervisory Authority (FINMA).The pricing of default values ​​are in Swiss blue-chip segment.
The new regulatory regime (based on Swiss law) since 4 Valid and in May 2009 stated, "Transitional RuleBook for Blue Chip Trading." Exchange participants of SIX Swiss Exchange, which are domiciled outside of Switzerland must, for "Off order book" transactions to create a trade on a Datamonitor report to the FSA or byappropriate regulatory authorities of EU Member State.

The banking secrecy in Switzerland is loosened

 
In March 2009, Switzerland were again under international pressure: Banking secrecy is eased. Switzerland will adopt the OECD standards on information exchange in tax matters and is now ready to provide, under certain conditions, even for tax assistance. The basis for this form renegotiated double taxation agreement.

Bad news for the swiss central bank

Philipp Hildebrand, who was at his inauguration in early 2010 at 46 the youngest president in the history of theSwiss National Bank (SNB) was, for weeks in the criticism. Kashya his wife, a former hedge fund manager, bought from the family account in August 2011 for 400,000 francs U.S. dollars.

The Swiss franc was then compared to the dollar at a high level, there are many unsettled investors had fled to the Swiss currency. Three weeks later, in September, the National Bank a minimum fixed exchange rate of the franc against the euro. Thereupon, the franc lost its value.

Deposit Protection in Switzerland

Deposit Protection in Switzerland
Article 37h principle
1
 The banks provide for the protection of privileged deposits in accordance with Article 37a
Paragraph 1 with offices in Switzerland. Banks that have such deposits are required for this purpose of self-regulation of banks
anzuschliessen.132
2
 Self-regulation is subject to approval by the SFBC.
3
 Self-regulation is approved if they:
 
128
 By No.. I of the Federal Act of 18 March 2011 (protection of deposits), in force
First Sept 2011 (AS 2011 3919; BBl 2010 3993).
129
 SR 281.1
130
 SR 291
131
 Originally 36th before Art Wording according to Sec. I of the Federal Act of 3 Oct 2003, in force since
First July 2004 (AS 2004 2767; BBl 2002 8060).
132
 Wording according to Sec. I of the Federal Act of 18 March 2011 (protection of deposits), in force
First Sept 2011 (AS 2011 3919; BBl 2010 3993). Banks and savings banks. BG
23
952.0
a.133
 the payment of insured deposits within 20 working days of receipt
Communication concerning the guarantee arrangement of measures under Article 26, paragraph 1 letter e-h or bankruptcy under Articles 33-37g;
b.134
 a maximum amount of 6 billion francs for the overall outstanding contribution obligations provided for;
c. ensures that each bank holds for half of their obligations to contribute permanently liquid assets that exceed the statutory liquidity.
4
 The Federal Council may adjust the amount under paragraph 3 letter b, if
special circumstances so require.
5
 Not self-sufficient to the requirements in paragraphs 1-3 above
regulated by the Federal deposit insurance in an ordinance. He called
namely the support of deposit insurance and specifies the contributions of the banks.
Article 37i135 release the deposit insurance
1
 FINMA has a measure of protection under Article 26 paragraph 1 letter e-h
or arranged bankruptcy under Article 33, it shall notify the institution of deposit insurance and informed him about the need for services for the payment of insured deposits.
2
 The institution of deposit insurance is the appropriate amount within
20 working days after receipt of the notification by the SFBC in the arrangement
designated investigating officer, liquidator or bankruptcy restructuring officer available.
3
 In the case of protective measures FINMA can postpone the release,
as long as:
a. reasonable expectation that the protective measure within a short period
is canceled, or
b. the insured deposits of the protective device are not affected.
4
 The period under paragraph 2 shall be interrupted if and as long as the arrangement of a
Measure of protection or bankruptcy is not enforceable.

Savings Tax Agreement between Switzerland and the EU

 
In the European Union (EU), since 1989, efforts to unify the tax recognition of interest income within their territory. To prevent taxpayers from EU countries, the Directive on financial assets at places outside the EU deal, the EU is interested in cooperation with certain third countries. This also includes Switzerland.
The taxation of savings income dossier is part of the second tranche of bilateral treaties between Switzerlandand the EU, on 26 October 2004 in Luxembourg by the EU and Switzerland were signed. These are the firstEntered into force in July 2005.
Accordingly, on all interest payments, the one situated on the territory of Switzerland paying agent - such as abank - provide a natural person resident for tax purposes in an EU member country, a tax of initially 15 percent,from July 2008, 20 percent from July 2011 35 per cent deducted. The proceeds of the tax retention to 75 percentof the EU or its Member States. The tax is analogous to the withholding tax deducted automatically from the bank and delivered periodically as a collective amount the federal government.
This is to ensure, in most cases, that the proposed EU regulation can not be circumvented by Switzerland andthe Swiss legal system and banking secrecy are safeguarded. In practice, the EU countries do not receive the expected amounts from the EU withholding tax, there are not many financial products under the withholding tax, such dividends.

Swiss bank secrecy

"The bank customer has a right to protect its economic privacy, the Bank has therefore the duty of all factsrelating to their customers to maintain confidentiality."
Defined by the Swiss Bankers Association's bank secrecy. Banking secrecy is a professional secret, not only the employees of a bank are subjected, but also organs, officers or liquidators of a bank, study or rehabilitationofficer of the Banking Commission, and organs, or employee of an approved auditor. Banking secrecy is enshrined in the Federal Law on Banks and Savings Banks (Banking Act, Banking Act) in Article 47. The Banking Law provides the basis for a permit to operate as a bank. This requires due diligence in the context ofregulatory and civil law duties of care, as well as the secrecy before. A provision for banking supervision is theso-called warranty article: "The permit will be issued if, (...) which enjoy with the administration andmanagement of the bank entrusted people a good reputation and guarantee of a proper business." (Art. 3paragraph 2 item c BA)

How are swiss banks regulated?

Article 18
1
  The banks, financial groups and financial conglomerates appoint an approved
Auditors with annual audit. This checks to see if they:
a. his behalf, the applicable provisions store (audit), and
b. comply with regulatory requirements (regulatory test).
2
  Owns a bank, a financial group or financial conglomerate an internal
Revision, they must submit their reports by the auditors. Duplication in the examination should be avoided.
3
  The Federal Council shall issue implementing regulations on the content and conduct of the examination, theform of reporting and the requirements for
Audit firm. It may authorize the FINMA, the Regulations Governing
to adopt technical matters

The protection of your money in Switzerland

 

the FINMA10
  may require the operator of a system under Article 19 of the National Bank Act of 3 October 200 311
  the Banking Act and make it a
Banking license issued.
2
  It shall give its banking license on the condition that both the licensing requirements of this Act as well asestablished by the National Bank expanded disclosure requirements and minimum requirements are metcontinuously.
3
  You can free a system operator from certain provisions of the law and order reductions or tightening, to wearhis special operations and risk situation;

Call money in Switzerland

Some days money accounts for private clients in Switzerland there is not only to customers with at least CHF 100,000 the opportunity to put their money than overnight with an attractive interest rate. The interest rates on call money in Switzerland compared to the daily allowance in Germany almost immediately.

Is banking in Belize an alternative to banking in Switzerland ?

Legal basis for establishing an offshore bank in Belize is the "International Banking Act, Chapter 267 (Revised Edition 2003)", which by anyone such a bank, which is referred to in the Act as "international bank", based on appropriate licensing by the Central Bank of Belize can be established. For a few years ago are already some offshore banks operating in Belize, offering their services any international buyers from the English speaking countries.
The offshore banking legislation in Belize is very modern, as evaluated in this case by the Belizean government, the international offshore law and from this a contemporary national law was created.

On the basis of the "International Banking Act" may be established as offshore banks so-called Class "A" banks and so-called Class "B" banks.
, A Class "A" bank is essentially an ordinary bank, acting banker's business on an international level.

A Class "B" to Belize Bank is a banking law, which may indeed normal banking transactions, but no lead deposits to the general public as well as cash or bank drafts must exhibit. In that regard, the legislature an activity to a Class "B" bank from exclusively at international level. Moreover, the scope of activity of a Class "B" bank in the banking license by the Central Bank of Belize concrete, but also be limited.
Offshore banks in Belize pay no taxes, no restrictions on dividends or profits or revenues. Offshore banks in Belize are subject to no control or regulation with respect to monetary and foreign exchange transactions.
To be granted a banking license is valid indefinitely and may be revoked by the Central Bank of Belize on the sole ground that the bank violated the relevant restrictions or conditions imposed in the license issued to the Bank Act or as such.

Swiss National Council plans new laws for investment banking in Switzerland

The revision of the Banking Act, which currently advises the National Council has received Thursday for one aspect. By becoming aware of the case of a UBS investment banker who has put in circumventing internal controls, managing $ 2.3 billion in the sand, takes the criticism in the Investment Banking Department.According wanted the SP National Councillor Susanne Leutenegger Oberholzer bring this aspect in the debateon Monday afternoon and submit an application. This has prevented the National Council.

Benefits and definition of offshore banking

An offshore bank is a bank that has an office in a place where the tax burden and / or regulatory pressure is lowest. Famous places where this type of bank has been tax havens like Switzerland , the Channel Islands and the Cayman Islands .

An offshore bank is a bank outside the country of residence of the account, usually in a tax haven (or load port) is located where financial and legal benefits apply. These benefits typically include one or more of the following.

a high degree of privacy (see also bank secrecy, a principle created by the Swiss Banking Act of 1934)

less restrictive legal regulation

little or no taxation (ie tax havens )

easy access to deposits (at least in terms of regulation)

protection against local political or financial instability

While the term in the Channel Islands "offshore", "off shore" of Britain comes, and most offshore banks in the island nations are located, the term in a figurative sense to such banks regardless of location ( Switzerland , Luxembourg and Andorra in particular are landlocked) to pay.

UBS AG

One of the most important banking institutes in Switzerland is the UBS. With a worldwide network of approximately 180 offices, UBS manages a total of more than 3.27 trillion francs.

More infos on their accounts here https://www.ubs.com

deposit account in Switzerland

For a fixed deposit account in Switzerland for example, it is necessary that at least 100,000 of savers invested CHF - an investment amount, which is impressive, especially compared to the required minimum investment inGermany in fixed deposit accounts. The running time is money in Swiss fixed a maximum of one month andbegins in a week - which means that a fixed deposit account in Switzerland is not the medium or even long-term investment. The call money or call money, as it is called in Switzerland, above all, even a minimum investment of 500,000 CHF is required, and no, that would open up about the return on any benefits to a German savings account.

Privacy of banking in Switzerland

Swiss bank secrecy does not protect private banking information. The protection provided by Swiss law is similar to confidentiality protections between doctors and patients or between lawyers and their clients. The Swiss government considers the right to privacy as a fundamental principle that must be protected by all countries.
While secrecy is protected, in practice all bank accounts are linked to an identified individual, and a prosecutor or a judge may issue an "exclusion order" to allow access and law enforcement to relevant information a criminal investigation.

large banks in switzerland

 

The two big banks UBS and Credit Suisse are the largest banking groups in Switzerland and among the largest in the world. They occur as a global universal banks. Unlike many foreign institutions, they are even in thedomestic retail banking across the country, the heaviest, although mainly the regional Raiffeisen banks havethe cantonal banks and a higher market share. Over time, both UBS and Credit Suisse took over quite a number of traditional banks and resolved in their own companies or to specialized units reorganized and incorporated.