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The myths surrounding Swiss bank accounts

Despite what many people may think, you do not have to be a millionaire or even just rich to open Swiss bank accounts. According to the Swiss Bankers Association, your average Swiss bank account holder is more likely to be a solicitor or computer engineer than a rich and famous movie star. These days a Swiss bank account can be opened with as little as £4,000, meaning people from all walks of life have the option to own one.

Bankers in Switzerland are amongst the best in the world. Meaning they know what a good investment looks like. People are often of the opinion that money ferreted away in Swiss bank accounts does not earn interest, when this is not the case at all. Through investments, purchasing and the stock market, the financial managers in Switzerland are more than equipped to ensure your money grows. If the thought of travelling to Switzerland to open an account has put you off than you have fell foul of yet another myth. Swiss bank accounts can be opened without the account holder ever stepping foot in the country. Rigorous checks are first carried out to confirm your identity to prevent fraudulent activity. After this, the application can be completed either via the internet or through the mail.

Swiss bank accounts are no longer completely anonymous . In order to comply with money laundering and tax evasion laws, Swiss banks had to make their bank accounts identifiable to the authorities. However, rather than having a name on your account, you will be given a number and that is the only form of identification you get, making them much more private than your average bank account in the UK. It has to be said that Swiss bank accounts can no longer be used to evade your country's taxes. Although Switzerland does not enforce laws of it's own regarding this, it has to make available to the authorities, any information relating to an account if fraudulent or criminal activity is suspected.

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