How to Open a Swiss Bank Account as a U.S. Citizen

Can a U.S. Citizen Open a Swiss Bank Account?

Any U.S. citizen can legally open a bank account in Switzerland. Swiss law does not prohibit Americans from banking in Switzerland.

Swiss banks do have discretion to accept or reject clients. Swiss banks must adhere to strict regulations for cross-border accounts, so some banks choose not to offer services to U.S. persons to avoid the additional compliance burden. Many global Swiss banks stopped taking U.S. customers after the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010.

In general, having a Swiss account is fully legal for U.S. citizens as long as you properly disclose it to U.S. authorities and pay any applicable taxes. You cannot use a Swiss bank to hide money from the U.S. government or evade taxes.

Modern Swiss banking is very transparent to regulators. Under FATCA, Swiss banks are required to report directly to the IRS the information of U.S. account holders. In fact, Swiss banks will require you to sign IRS forms and even waive your rights under Swiss privacy law to allow this reporting.

U.S. citizens are also required to self-report their foreign accounts to the Treasury Department annually. This means filing an FBAR (FinCEN Form 114) for aggregate foreign balances over $10,000, and potentially an IRS Form 8938 (FATCA report) if your foreign assets exceed certain thresholds.

In short, Swiss accounts are not anonymous or exempt from U.S. oversight. Tax authorities will be aware of your account.

What remains is a degree of financial privacy from public view or private litigants. Swiss bank secrecy law still prevents banks from disclosing client details to third parties, but this privacy does not extend to hiding assets from lawful investigations or tax enforcement.

Bank Policies and Restrictions

Even if legally allowed, individual banks maintain their own eligibility criteria. A Swiss bank can decline to accept a prospective client for various reasons.

For example, banks will reject customers who pose reputational risks (such as politically exposed persons with potential corruption risks) or if the bank has any doubts about the origin of the funds.

U.S. citizens are often subjected to enhanced due diligence. Some smaller or regional Swiss banks simply do not accept U.S. residents due to the compliance costs and reporting requirements.

Others might only accept U.S. clients who meet high minimum balance requirements or who use certain account structures (like a trust or corporate entity).

Being eligible on paper doesn’t guarantee any bank will open an account for you. You’ll need to find a bank that is prepared to handle U.S. customers and comply with all relevant regulations.

Requirements and Documentation

Opening a Swiss bank account as a non-resident involves extensive documentation and due diligence. Swiss banks are renowned for their strict “Know Your Customer” (KYC) procedures. Here are the typical requirements and documents you should be prepared to provide:

• Proof of Identity: A valid passport is required for identification purposes. Swiss banks scrutinize ID documents very carefully. A simple driver’s license won’t suffice.
• Proof of Address: You’ll need to provide documents that verify your residential address, such as a recent utility bill or financial statement.
• Evidence of Income & Source of Funds: Swiss banks will require an explanation and proof of the source of your funds. This can include tax returns, pay stubs, business sale agreements, investment statements, or bank references to demonstrate the lawful source of the funds you plan to deposit.
• Beneficial Ownership Declaration: You must declare whether you are the beneficial owner of the assets going into the account. If you were opening on behalf of a company, trust, or someone else, that must be disclosed.
• FATCA and Tax Forms: U.S. citizens will complete IRS Form W-9 (providing their tax ID number and confirming their U.S. tax status) so that the bank can report their account to the IRS.
• Other Due Diligence: Depending on the bank, you may be required to provide personal or professional reference letters, or a letter from your current bank. Some banks conduct a brief video interview or require a “selfie” video/photo to verify your identity matches your passport. All clients are screened against international sanctions and anti-money-laundering databases as well.

Swiss banks perform even more extensive background checks. They may ask about the nature of your business or employment, the purpose of the account, and expected transaction activity.

Minimum Deposit Requirements

Many Swiss banks catering to international clients require a significant initial deposit or minimum balance. Typical minimums range from approximately $250,000 to $1 million, depending on the bank and the type of account.

Some banks set even higher minimums in the millions for U.S. clients. These high minimums reflect that Swiss banks target wealthy individuals for cross-border accounts.

Certain retail banks and fintech platforms in Switzerland offer accounts to non-residents with modest sums. Accounts with lower minimums may come with limited services or higher fees.

How to Open a Swiss Bank Account

Not all Swiss banks will accommodate U.S. clients, so start by identifying banks that do. Look for banks with an international clientele or dedicated U.S. desks.

Major Swiss banks, such as UBS (which acquired Credit Suisse in 2020) and large private banks, have experience serving Americans. Some regional or cantonal banks also work with U.S. persons, but you’ll need to verify their policies.

If you only need a personal checking or savings account for everyday banking or travel, a “current account” (Giro account) in CHF or multi-currency may be suitable. For investment or wealth management, you may open a private banking account or a brokerage account to hold stocks, bonds, and other securities.

Some banks offer numbered accounts or enhanced privacy features (although numbered accounts still require disclosure of your identity to the bank internally).

Ensure the bank you choose offers the specific account type you wish to open. For example, some Swiss banks require wealth management if you are bringing very large sums, whereas others allow simple deposit accounts for holding cash.

Many Swiss banks today offer remote account opening services to non-residents. You would fill out an application form and then upload or send your identification documents.

Some American clients choose to travel to Switzerland to open the account in person at a bank branch. An in-person opening can sometimes expedite the due diligence process, as bank staff can verify your originals on the spot.

Alternatively, certain big banks (like UBS) have representative offices or affiliates in the U.S.

After you pass due diligence, the final step is to fund the account by sending the required initial deposit. This first deposit generally must originate from an account in your name. Swiss banks typically do not accept third-party deposits to open an account.

Costs

Unlike many U.S. banks that offer free checking, Swiss banks charge monthly or annual account fees.

For non-resident personal accounts, you may incur fees ranging from CHF 5 to CHF 30 per month for standard account packages. These fees cover basic account management and online banking.

Some banks will reduce or waive fees if you meet certain criteria (like holding a high balance or additional products with the bank).

Swiss banks also charge per transaction or for specific services:

• Wire Transfers: Sending or receiving international wires will incur fees, typically ranging from CHF 5 to CHF 20 or more, depending on the amount and destination.
• Custody or Asset Management Fees: If you open an investment account, there may be an annual custody fee on your holdings. Actively managed portfolios have management fees.
• Currency Exchange Rates: Holding multiple currencies is a benefit of Swiss accounts; however, converting between currencies in your account may incur a small spread or fee.

Asset Protection Benefits and Limitations

Aside from routine finance, one reason Americans consider Swiss bank accounts is asset protection. Placing funds in a Swiss account can make it harder for U.S. creditors or litigants to reach your money.

A Swiss bank account is outside U.S. jurisdiction, meaning a creditor with a U.S. court judgment cannot simply garnish or freeze your Swiss account as easily as a domestic account. U.S. state courts have authority over banks operating within their state, but a Swiss bank is not subject to direct U.S. court orders.

For example, if someone wins a judgment against you in a Florida court, that court can issue a writ of garnishment to seize funds in your Florida bank account. It cannot send a writ of garnishment to a bank in Switzerland. Swiss banks will ignore foreign court orders unless they are also sanctioned by a Swiss court.

To reach your Swiss-based assets, a creditor would likely have to domesticate the U.S. judgment in Switzerland and pursue legal action there, which is a difficult, time-consuming, and often not generally feasible process.

This extra hurdle and cost discourages all but the most determined creditors. In practice, few creditors will attempt to pursue funds offshore unless the amounts are substantial.

However, a Swiss bank account does not make you “judgment-proof” on its own. Courts in some states can issue a turnover order requiring you to repatriate the funds to pay a creditor.

Essentially, the court can order you, as the account owner, to use your power to transfer the money back to the U.S. Failure to comply with a turnover order can result in contempt of court, which may lead to fines or even imprisonment.

So, while the Swiss bank won’t hand over your money to a U.S. creditor, you, as the debtor, might be legally compelled to do so. While you gain delay and negotiation power, a determined creditor can apply pressure via the courts.

To truly maximize protection, consider combining a Swiss account with an offshore trust structure. If your Swiss account is held in the name of an offshore trust rather than directly by you, your personal control is reduced, and it becomes exceedingly hard for U.S. courts to enforce turnover orders.

For example, if a Cook Islands trust owns your Swiss account, and a U.S. judge orders you to repatriate the money, you could honestly say, “I don’t have the authority; the trustee (in the Cook Islands) would have to comply, and they are not under U.S. jurisdiction.”

The foreign trustee is unlikely to comply with a U.S. judgment, and U.S. judges have no authority to enforce a judgment against a foreign trustee.

This strategy makes it nearly impossible for a U.S. court to force repatriation of the funds. In short, a well-structured offshore trust, coupled with a Swiss account, can help protect assets from creditors while still ensuring compliance with U.S. laws.

Do You Need an Attorney to Open a Swiss Account?

You do not need an attorney to simply open a Swiss bank account. It’s a banking procedure, and you can approach the bank as an individual client.

Many Americans handle the process on their own or directly with the bank’s guidance. The application and compliance steps can be completed by you, and Swiss banks are accustomed to walking clients through the requirements.

If your primary reason for a Swiss account is to protect assets from potential lawsuits or creditors, an asset protection attorney can advise on the best way to hold that account to maximize legal protection. They can coordinate the setup of trusts or entities that might be needed. We often help clients integrate foreign accounts into an offshore trust strategy.

A CPA can explain your U.S. reporting obligations and ensure you understand how to stay compliant each year.

About the Author

Gideon Alper is a nationally recognized expert in asset protection planning. He has been quoted by major media publications as a leading authority in Florida asset protection and offshore trust formation. Gideon graduated with honors from Emory University Law School and has been practicing law for over 15 years.

Gideon and the Alper Law firm have advised thousands of clients about how to protect their assets from creditors.