Question 1

Do I need to visit Switzerland or Singapore in person to open the account?

Accepted Answer

In most cases, no. The days of mandatory physical meetings are largely behind us. Modern private banking has adapted to a digital-first world. We facilitate secure video identification procedures and courier hard-copy documents directly to the compliance teams. However, an exception exists: For highly complex commercial corporate structures or specific "high-risk" jurisdictions, a bank may request a physical meeting. If this happens, we will coordinate the logistics to ensure your trip is efficient.

Question 2

What documents qualify as "Source of Funds"?

Accepted Answer

This is the most critical part of the application and the most common reason for delays. Banks don't just want to know what you do; they need to trace the origin of the specific money you are depositing. "Savings" is not a valid source of funds. Instead, you must provide:
Property: Sale deeds or rental agreements.
Business: Dividend vouchers, board resolutions, or audited company accounts.
Inheritance: Official legal documentation or wills.
Investments: Portfolio statements showing liquidation of assets. We will review these documents before sending them to the bank to ensure they tell a clear, compliant story.

Question 3

What are the tax implications of having a non-resident bank account?

Accepted Answer

The tax implications of a non-resident bank account depend heavily on your tax residency and the specific laws of your home country. Here are the key points to understand:
Tax Residency: Generally, you are obligated to report your worldwide income and potentially pay taxes in your country of tax residence, regardless of where your bank accounts are held.
Withholding Taxes: Some countries, like Switzerland, may impose a withholding tax on interest income earned in your account. This tax can be partially or fully reclaimed depending on tax treaties between your home country and Switzerland.
Dividends: Tax treatment of dividends from shares often depends on Double Taxation Agreements (DTAs) between the issuing company's country and your tax residency. However, dividends from US stocks may not be covered by standard treaties, potentially leading to a complex tax return process.
Important: The tax implications of non-resident banking can be complex. It's crucial to consult a qualified tax advisor in your home country to ensure you understand your reporting obligations and potential tax liabilities.

BMA Business Solutions can connect you with tax specialists to ensure compliance and maximize the benefits of your non-resident account.

Question 4

Will my home country know about this account?

Accepted Answer

Transparency is the global standard. Most premier jurisdictions (including Switzerland, Singapore, Liechtenstein, and Monaco) participate in the Common Reporting Standard (CRS). This means they automatically exchange financial data with tax authorities in your country of residence. Our advice: We strictly advise against using offshore accounts for tax evasion. The value of these jurisdictions lies in asset protection, currency stability, and investment diversity, not secrecy from tax authorities.

Question 5

How long does the process actually take?

Accepted Answer

If a consultant promises you a Swiss bank account in 24 hours, they are likely misleading you. Realistically, once we submit a complete file:
Private Individual Accounts: 2 to 4 weeks.
Corporate/Commercial Accounts: 4 to 8 weeks. Timelines depend heavily on how quickly you can provide requested documents. We chase the banks daily to keep this timeline as tight as possible.

Question 6

I was rejected by a Swiss bank in the past. Can BMA still help?

Accepted Answer

Yes. A rejection often stems from how a profile was presented, rather than the profile itself. Perhaps the compliance officer didn't understand your local business structure, or the Source of Funds wasn't clear. We conduct a "pre-check." If we see red flags that make an account impossible, we will tell you upfront so you don't waste money. If we see a path forward, we will reframe your application to align with the bank's risk appetite.

Question 7

Is my money safe? (Deposit Insurance & Asset Protection)

Accepted Answer

Security is the primary reason our clients choose these jurisdictions. It is vital to distinguish between Cash Deposits and Invested Securities, as they are treated differently under banking law.
1. Cash Protection (Deposit Insurance) In the unlikely event of a bank failure, your liquid cash balances are protected by national insurance schemes up to specific limits:
Switzerland (esisuisse): Protected up to CHF 100,000 per client, per bank.
Liechtenstein (EAS): Protected up to CHF 100,000 per client, per bank (same standard as Switzerland).
Monaco (FGDR): Protected up to €100,000 per client, per bank (aligned with French/EU standards).
Singapore (SDIC): Protected up to SGD 100,000 per depositor, per Scheme member.
2. Securities Protection (The "Segregated Assets" Advantage) For High-Net-Worth individuals, this is often the most important protection. Your securities portfolio (stocks, bonds, ETFs, precious metals) is legally classified as "segregated assets" (Sondervermögen).
What this means: These assets belong to you, not the bank. They are held "off-balance sheet."
In case of bankruptcy: Your securities fall completely outside the bankruptcy estate ("out of concourse mass"). They cannot be used to pay the bank's debts. Instead, you retain full ownership, and your portfolio is simply transferred to a custodian at another bank of your choice.

Jurisdiction	Minimum Account Size	USD Interest (1-Yr Deposit)	EUR Interest (1-Yr Deposit)
Switzerland	$500,000	4.25%	2.0%
Liechtenstein	$500,000	4.25%	2.0%
Singapore	$2,000,000	4.0%	1.5%
Monaco	$3,000,000	4.0%	2.0%

Navigating Non-Resident Banking: Expert Guidance & Solutions

Why the Right Banking Partner Matters

Tailored Banking for High-Net-Worth Individuals

Commercial Banking for Global Business

Premier Jurisdictions: Where We Operate

Switzerland: The Gold Standard

Strategic Alternatives

Financial Requirements at a Glance

Your Roadmap to Account Opening

1. Personal Consultation & Strategy

2. Commitment & Prepayment

3. The Paperwork Sprint

4. Strategic Bank Selection

5. Application & Execution

Transparent Fee Structure

Private Banking (Deposits up to CHF 5 Million)

Ultra-High-Net-Worth (Deposits Over CHF 5 Million)

Commercial & Corporate Accounts

Correspondent Banking for Regional Institutions

Ready to Secure Your Assets?

Frequently Asked Questions: Navigating Non-Resident Banking

Do I need to visit Switzerland or Singapore in person to open the account?

What documents qualify as “Source of Funds”?

What are the tax implications of having a non-resident bank account?

Will my home country know about this account?

How long does the process actually take?

I was rejected by a Swiss bank in the past. Can BMA still help?

Is my money safe? (Deposit Insurance & Asset Protection)

Related publications

Opening a Swiss Bank Account from the UK: A Comprehensive Guide for 2025

Experience Sharing: Opening a Bank Account in Switzerland

How to Open a Swiss Bank Account as a foreigner: Your Insider’s Guide for 2025

The Ultimate Guide to Swiss Bank Accounts for UK Expats: Navigating Tax and Residency Rules

The Ultimate Guide: How to Open a Swiss Bank Account for Free in 2024

Swiss Banking: Your Passport to Financial Security as a Cyprus EU Citizen