Open a Non-Resident Bank Account in Switzerland, Singapore, UAE, Monaco, Liechtenstein

Open a Non-Resident Bank Account with Ease

Are you a non-resident looking to open a bank account in Switzerland, Singapore, UAE, Monaco, or Liechtenstein? BMA Business Solutions is your trusted partner in navigating the complexities of international banking.

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Expert-Led International Banking Solutions for High-Net-Worth Individuals and Corporations

At BMA Business Solutions, we are a Swiss consulting firm founded by wealth management experts, dedicated to providing exclusive access to premium banking solutions. Our deep understanding of the financial landscape and extensive network allow us to offer unparalleled support to high-net-worth individuals (HNWIs) and international corporations.

Tailored Solutions for Your Unique Needs

High-Net-Worth Specialization: We understand the complexities that come with significant assets. Our personalized approach ensures your banking experience is optimized to meet your individual needs.
Streamlined Commercial Banking: Expanding globally? We simplify the process of opening foreign bank accounts for non-resident companies, facilitating international payments and unlocking new business opportunities.
Transparent Communication: We believe in open and honest dialogue. You can expect clear communication and regular updates throughout your entire journey with us.

Global Banking, Personalized Solutions

Why Choose Us?

With our Swiss wealth management heritage, we are the perfect partner for navigating international banking. Our strong local connections and deep expertise in top financial centers like Switzerland, Singapore, UAE, Monaco, and Liechtenstein allow us to streamline the account opening process. We’ll work with you to understand your specific needs and goals, then match you with the jurisdiction and banking solutions that best align with your unique situation.

Your Success is Our Priority

Whether you’re a high-net-worth individual or a corporation expanding globally, we’re committed to helping you optimize your international banking experience. Let’s discuss your financial goals and explore the best jurisdiction for your needs. Contact us for a personalized consultation.

Let’s discuss your financial goals and explore the best jurisdiction for your needs. Contact us for a consultation.

Popular Jurisdictions for Non-Resident Bank Accounts: Where We Can Guide You

Switzerland: A classic choice for its financial stability, strict banking privacy, and strong Swiss Franc.
Liechtenstein: Offers high confidentiality, robust asset protection, and a well-regulated banking sector.
Monaco: Attracts high-net-worth individuals with its tax-friendly policies, luxurious lifestyle, and secure banking.
Dubai: A growing financial center with tax advantages, modern infrastructure, and a focus on innovation.

While policies vary between banks, here’s a general overview of typical minimum account sizes for non-resident accounts in these popular jurisdictions:

Country	Minimum Account	USD %	Euro %
Switzerland	$ 500,000	5.25%	3.5%
Singapore	$ 2,000,000	5.5%	2.5%
Monaco	$ 3,000,000	5.5%	3%
Liechtenstein	$ 500,000	5.75%	2.85%

Minimum account size and average interest rates for one-year deposits for non-resident individuals in selected countries as 1.01.2024

Contact us to determine the best jurisdiction for your non-resident banking needs.

Your Path to Open a Non-Resident Bank Account: How We Work

Personalized Planning: Our journey begins with a comprehensive consultation to understand your financial goals, preferred jurisdictions, and any unique requirements that you may have.
Prepayment: To ensure you receive our dedicated support, we ask for a 10% prepayment. This upfront payment helps us give your case the priority it deserves, allows us to do comprehensive research, and ensures you receive the best advice possible. Please understand that due to the custom nature of our services, this prepayment is non-refundable.
Streamlined Documentation: Our team will guide you step-by-step through gathering the necessary documentation. This may include proof of identity, source of funds, and residency documents.
Expert Bank Selection: We’ll carefully analyze your needs and objectives to recommend the most suitable banks offering non-resident accounts. Our recommendations consider your priorities and preferences for the best possible fit.
Application and Ongoing Support: We’ll assist with completing all application forms thoroughly and proactively manage communication with the chosen bank. We’ll stay by your side throughout the due diligence process to ensure a smooth and successful experience.
Timeline: The process of opening a non-resident bank account typically takes several weeks. Our team will keep you informed of the progress and timelines throughout.

Benefits of Working with Us

Tailored Strategy: Receive personalized solutions aligned with your specific financial needs.
Time Savings: Our expertise and efficiency minimize hassle and maximize your time.
Experience and Connections: Benefit from our Swiss wealth management roots and network of reputable international banks.

Ready to unlock global financial opportunities for non-resident clients? Contact us to start your journey.

Costs of Opening a Non-Resident Bank Account with BMA Business Solutions

Opening a non-resident bank account with BMA Business Solutions involves various costs, which depend on factors like your financial profile, the chosen jurisdiction, and the complexity of your application. For citizens of reputable European countries with a clear and well-documented history of wealth, the account opening process might be straightforward. However, for clients living in high-risk jurisdictions or running complex businesses, the process can be much more challenging and potentially costly.

To help you plan your non-resident banking journey, here’s a clear breakdown of our fee structure.

Private Bank Accounts for Individual Clients (Deposits up to CHF 5 Million)

Our introduction and consultation fee from CHF 500 to CHF 2,000. This includes:

Know Your Client (KYC) Preparation: We’ll guide you through the KYC process, ensuring all documentation is completed accurately and efficiently.
Preliminary Checks: We’ll conduct preliminary checks to ensure a smooth account opening process.
Tailored Banking Advice: We’ll discuss your financial goals and recommend the most suitable bank and jurisdiction for your needs.

Additional Considerations

In some instances, additional due diligence might be required. This may apply if:

Your country of residence has a Corruption Perception Index (CPI) score below 50. (Lower scores indicate higher perceived corruption risk.)
You currently hold, or have previously held, a significant government position.
You’ve held a senior leadership role at a major international organization or a large global company.

For these situations, the introductory cost may increase to a maximum of CHF 10,000. We’ll always be upfront about any potential adjustments before proceeding.

Account Opening for High Net Worth Individuals (HNWI) with Deposits Over CHF 5 Million

Pricing for Standard Cases: Starting from CHF 0. This means that in standard scenarios, the service can be offered free of charge.*
Complex Cases: In instances where the client is from a high-risk country (as indicated by a Corruption Perception Index score below 50), holds or has held a significant official position, or has been in a senior role at an international organization or a major global company, the introduction cost may increase to as much as CHF 10,000.

These costs reflect the expertise and resources required to navigate the diverse regulatory landscapes of these countries, ensuring compliance and smooth account opening procedures. BMA Business Solutions offers tailored services to meet the specific needs of individual clients and HNWIs, ensuring a bespoke approach to international banking.

*Client should provide with copy of the bank statement from his current bank, that he/she has sifficent amount of funds to be deposited.

Opening a Commercial Bank Account for Non-Resident Companies

Can startups still open corporate bank accounts in Switzerland and Europe despite today’s strict financial regulations?

Gone are the days when opening a business bank account was a breeze. Over the past decade, this process has become more intricate and time-consuming. Any mistakes or delays can harm both businesses and banks, putting their future relationships at risk.

Today’s global climate, defined by stringent sanctions and anti-money laundering regulations, has made banks extremely cautious. Startups often face additional hurdles because they are seen as higher risk due to their lack of financial history. Banks must rigorously monitor compliance to avoid hefty fines or reputational damage, but this vigilance can create significant obstacles for new businesses trying to open accounts.

This is where BMA Business Solutions comes in. As an independent advisory firm, we specialize in helping businesses navigate these complexities. Our team of banking, legal, and compliance experts brings unparalleled experience from major financial institutions and audit firms, ensuring you receive the guidance needed to successfully open and manage your accounts.

We simplify the corporate account opening process across Switzerland, handling the due diligence banks demand. Let us manage your account, so you can manage your startup.

Commercial Bank Account Opening Fee

Standard Fee: CHF 5,000 (Covers basic requirements and standard procedures for commercial account setup)
Complex Cases: Fees may be higher for companies with intricate structures, high-volume transactions, or operations in heavily regulated industries. We provide personalized quotes based on your specific circumstances.

Explanation: Our fees reflect the specialized services required for commercial accounts, including compliance navigation and support for complex financial transactions.

Correspondent banking for regional banks and EMI

BMA Business Solutions empowers regional banks and Electronic Money Institutions (EMIs) from areas like Central Asia, Eastern Europe, the Middle East, and Latin America to navigate the global financial landscape. We specialize in establishing correspondent banking relationships that streamline cross-border payments, currency exchange, and compliance within complex regulatory environments.

Our Approach:

Partnerships with Global Banks: We foster connections with leading banks to enhance your international payment capabilities.
Tailored Solutions: We understand the nuances of fragmented banking systems and offer customized strategies for cross-border payment efficiency.
Regulatory Expertise: We help you navigate foreign exchange and compliance requirements for seamless international transactions.

Benefits:

By partnering with BMA Business Solutions, regional banks and EMIs gain a competitive edge in the global marketplace, offering streamlined international transactions and unlocking new avenues for growth.

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Frequently Asked Questions (FAQs)

What are the specific eligibility requirements to open a non-resident bank account?

While eligibility criteria can vary between banks and jurisdictions, here are the general requirements you’ll likely encounter:
Age: You must be at least 18 years old.
Source of Wealth: You’ll need to provide clear documentation proving the legitimate origin of your funds. This helps banks comply with anti-money laundering regulations.
Sanctions Compliance: You cannot be on any sanctions lists or be a citizen of a sanctioned country. Banks have strict obligations to screen clients against these lists.
Other Factors: Some banks may have additional requirements based on your residency, nationality, or the type of account you wish to open.
Important: BMA Business Solutions specializes in navigating the complexities of non-resident banking. We can advise you on the specific eligibility requirements for your chosen bank and jurisdiction, ensuring a seamless application process.

What are the typical fees associated with non-resident bank accounts?

The fees for non-resident bank accounts can vary depending on the bank, jurisdiction, and your specific circumstances. Here’s a breakdown of the common types of fees you might encounter:
Account Opening Fee: Some banks charge an initial fee to set up your account. However, many banks, particularly for individual accounts, may waive this fee.
Account Maintenance Fee: This is a recurring fee, often charged annually, to cover the bank’s administrative costs of maintaining your account. Expect this fee to range from approximately 200 CHF to 3000 CHF per year.
Account Administration Fee: Certain banks may charge an administration fee, which can vary depending on your country of residence. This fee can range from 0 to 2000 CHF per year.

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

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.

How does BMA Business Solutions ensure compliance with international banking regulations?

We maintain a rigorous approach to compliance, ensuring that all documentation and processes adhere to international standards.

Are there additional services available after the account is opened?

Absolutely. We offer ongoing support and advisory services to help you manage and optimize your international banking arrangements.