Banking in Kuwait

As a new landmark on Kuwait City’s skyline, the Central Bank of Kuwait will be a symbol of the country’s significant economic power in the 21st century.

Following an invitation-only competition, the Central Bank of Kuwait selected HOK to design its new headquarters in Kuwait City.

The triangular, truncated pyramid tower is intersected by a podium that contains reception and banking halls, conference facilities, dining and banquet rooms, and a museum.

The two stone walls of the southern, city-facing tower reduce energy consumption by functioning as a heat sink to absorb the harsh Kuwaiti sun during the day and use the stored heat to keep away the cold at night.

An all-glass northern elevation protects the interior from solar gain while providing panoramic views across the Arabian Gulf. At night, the top of the building will glow like a beacon.

List of all the Banks and financial institutions in Kuwait http://bankingin.com/kuwait.html 

Frequently Asked Questions (FAQ) by customers of banks, investment companies, and finance companies supervised by the Central Bank of Kuwait (CBK).

 Consumer and Installment Loans

What are the maximum limits for consumer and installment loans:
The maximum limit for consumer loans equals 15 times customer’s net monthly salary or continuous monthly income, up to KD 15 thousand. The maximum limit of installment loans allowed is KD 70 thousand including any consumer loan granted. 

What is the maximum limit of the monthly installment:
The maximum limit of the monthly installment shall not exceed 40% of employee’s (30% of pensioner’s) net salary or continuous monthly income. 

What is the consumer/installment loan term:
Consumer loan term is five years, renewable for one year maximum in case of non-performing loan. Installment loan term is fifteen years, renewable for 3 years maximum in case of non-performing loan. 

Is a bank customer entitled to borrow money in order to make payments of an existing loan from a different bank:
According to CBK’s regulations, banks should ensure that loans are used for the purpose specified, such as purchasing consumer and durable goods, education or medical expenses, in case of consumer loans. And for the purchase/restoration of private housing in case of installment loans. Loans cannot be used for payment of an existing loan from another bank. 

Is it permissible to combine the salaries of spouses:
Merging of customers salaries of first degree kinship including spouses, and sponsorship between spouses is not permissible for installment loans only according to CBK’s regulations issued on 8-6-2004. 

Does the bank have the right to reject customer’s loan application? What is the role of the Central Bank of Kuwait in this regard:
Loan-granting decision is delegated to the lender and is based on the credit study conducted. The Central Bank of Kuwait has no role in this respect. 

Credit Cards

What is the maximum limit of credit cards:
The maximum installment amount allowed, resulting from the usage of a credit card, shall not exceed ten times custmer's net salary or continuous monthly income, subjected to a maximum limit of KD 10 thousand. 

What is the allowed repayment period of debit balances:
Repayment period of debit balances resulting from the use of credit cards shall not exceed one year, non-renewable. 

Is a bank entitled to cancel a credit card without referring to the customer:
Cancelling a credit card is subject to the terms and conditions mentioned in the contract signed between the bank and the customer, not to the CBK's regulations. 

What is the maximum limit for the monthly installment of a credit card:
Total installments deducted from customer's account in settlement of debit balance resulting from the credit cards, including repayment of the installments of consumer installment loans - finance transactions - whether through the bank issuing the credit card or other creditor parties, shall not exceed 40% of employee's (30% of pensioner's) net salary or continuous monthly income. 

Interest Rates

What is the maximum limit of interest rate on customer and installment loans:
The interest rate on these loans is 3% above the Central Bank's discount rate (Attachment includes a statement of changes in discount rates during previous years). 

Is it permissible to deduct the interest in advance:
It is not permissible to deduct the interest in advance for consumer or installment loans, effective 30-3-2008 according to CBK's regulations issued on 24-3-2008. 

How is the interest on consumer and installment loans computed (Is it fixed or variable):
Consumer loans are granted according to a fixed interest rate (change of interest rates does not affect existing loan's interest rate) according to CBK's regulations issued on 24-3-2008. However, fixed interest rate applied to installment loans is reviewed and adjusted upward/downward every five years by no more than 2%. For example, a customer installment loan granted at 5% interest rate, shall be affected by only 2% of any interest rate increase (e.g. 10%) made at the end of the first five years of loan payment, i.e. the new interest rate shall not exceed 7%. 

Fees and Commissions

Is a bank entitled to charge fees:
Banks are obliged to adhere to the list of fees and commissions approved by the CBK. Customers are usually made aware of this list. 

Are fees and commissions standardized in all banks:
There are no binding regulations for banks to apply standardized fees or commissions, as these vary according to the nature of the customer service provided. Fees are approved by the CBK based on a relevant study to ensure that fees charged correspond to the actual services provided to the customer. 

Is a customer entitled to redeem the insurance payments:
For loans granted prior to the issuance of the Central Bank of Kuwait regulations on 24-1-2007 concerning insurance fees on consumer and installment loans, the recovery/non-recovery of insurance payments vary from one bank to another in accordance with the insurance agreement signed between the bank and the insurance company on one side, and the customer and the bank on the other. For loans granted after that date, repayment of insurance amount shall be made on a monthly basis. In case of early loan repayments, the customer shall be exempted from the remaining installments. 

What is the maximum limit of insurance fees borne by the customer:
According to CBK's regulations issued on 24-1-2007, insurance fees shall be paid equally (50% each) by the bank and the borrower provided that the amount of insurance fees borne by the customer does not exceed a maximum of 2% of the loan amount. The bank shall bear the remaining percentage which shall be no less than the percentage borne by the customer. 

More About The New Banknotes

CBK provides a range of information to help the public learn more about the new sixth issue banknotes. The below materials are available:

• Watch the video of the new sixth issue, available in English and Arabic:

        

6 things you should know before opening a Swiss bank account

A veil of secrecy is normally associated with Swiss banks, thanks to the way they have been depicted in Hollywood movies and novels. Men or women in black suits are shown as escorting the ‘account holder’ to his safety vault or seeking details of their ‘numbered accounts’. India got a reality check of Swiss Bank operations when names of seven Indians were disclosed by the government as having ‘black money’ accounts in these banks. The Supreme Court has now asked the government to disclose all names and details of 700 account holders.

Though Swiss banks also operate as regular banks, it is the associated confidentiality  that have made them popular. A stringent code of secrecy is not something new for Swiss banks. These banks have been holding on to their secrets for over 300 years. The Great Council of Geneva, in 1713, established regulations that required bankers to keep registers of their clients but prohibited them from sharing the information with anyone except the client unless the City Council agreed with the need to divulge such information. In fact, in Switzerland it is a criminal offence on the part of a banker to reveal client information.


This code of secrecy made Switzerland a safe haven for unaccounted-for funds. Earlier, no questions were asked on the source of money or other forms of wealth (gold, jewellery, paintings among others) that entered Switzerland.But with terrorism, corruption and tax evasion on the rise, Swiss authorities (with some serious nudging from various countries) have now started rejecting those accounts which they suspect have illegal roots.

In case you are fascinated with the media coverage of names disclosed having a swiss bank account and desire to have one, here are 6 things you need to know before you make that trip to Switzerland.

1) Who can open an account

Any individual over the age of 18 is allowed to open a Swiss Bank account. However, the bank has the right to reject a ‘politically exposed’ person or if the bank suspects that the money stems from an illegal activity. If the origin of money is questionable or if its origin goes against Swiss regulations, the bank can reject the account. Strict money laundering laws have made scrutiny of money origins and subsequent deposits a high priority.

2) Can a resident Indian open a swiss bank account?

Under the new Liberalised Remittance Scheme, an Indian can open an account but with a ceiling for the financial year. However, for the purpose of conducting business such an account is permitted under the Foreign Exchange Management Act (FEMA). Further, there is an exception for a NRI who later becomes a resident Indian to continue holding his international bank account for unlimited time and there is no cap on the money that can be maintained in such accounts. Pradeep Burman of Dabur, whose name appeared in the black money list has argued that his Swiss bank account is operational from the time when he was a non-resident Indian.

3) How does one select the right Swiss bank?

There are nearly 400 banks in Switzerland with the top two – UBS and Credit Suisse Group --accounting for nearly half the balance sheet of all banks. Depending on one’s need for secrecy and end use, an individual has a choice to select from a big bank, regional or a private bank. In case you do not want to disclose your account details easily, choose a bank which does not have a branch in your country. Bank branches have to follow the law of the country in which the branch is located and not where the head office of the bank is located.

4) What type of accounts provides the most secrecy?

If secrecy is the only reason for you to open an account in Switzerland, then go in for a ‘numbered account’. All interaction with the account is through the account number. Very few people in the bank will know the name behind the numbered account. But such accounts are not easily provided. An individual wanting to possess a 'numbered account' has to be physically present while opening the account and personal details provided with an initial deposit of at least $100,000.

5) Accessing your money

Unless you want to be tracked down, do not accept a credit/debit card or a cheque facility on your account. Bank transfers, the kind which is shown in movies can also be tracked as the receiving bank normally requires details of the origin of money. The best way to operate the account is by using traveller’s cheques.

6) Closing your account

You can close your account any time without any restrictions or cost.

But before you book your flight to Switzerland, it is important that you know the colour of your money as per Indian government norms. Money used to be either white (accounted and tax duly paid) or black (tax evaded). But now government has defined a new colour – red - for the money found in Swiss accounts. Red money is one where the source is not known – it can be bribes, commissions in foreign currency, or drug or blood money. While black money is by and large only a tax evasion issue if one is able to prove the source or generation of income, red money is a completely different ball game. Needless to say, it is a serious criminal offence.

How to add funds to Saxo Bank Account?

How do I fund my account?

Funding instructions differ according to where your account is held. Please select one of the below to find the instructions specific to your account:
Saxo Banque, Saxo Capital Markets South Africa, Saxo Capital Markets Agente de Valores, Saxo Capital Markets Pte Ltd, Saxo Capital Markets Australia Pty Ltd, Saxo Capital Markets UK Limited, Saxo Capital Markets HK Limited, Saxo Capital Markets Menkul Degerler A.S

To fund your Saxo Bank A/S account please see the options below:

Credit or debit card (where applicable)

The Card Payments module is accessible from SaxoTrader and SaxoWebTrader under theAccount menu item, by clicking on Credit / Debit Card Deposit.

Card payments are credited to your trading account at Saxo Bank with immediate effect, making them much faster than a normal bank transfer.

If you are a new client wishing to make your first deposit (to activate your account), then card payments will only be available once your card has been approved by our Onboarding staff. Once approved you will be able to fund and recieve your login instructions.

Note: The Credit /  Debit Card Deposit module is not available to all clients. Please clickhere, and select "How to fund with Credit and Debit Cards" for more information.


Bank transfer

You can transfer funds to your account in Saxo using a bank transfer. You will generally need the following information to make a transfer to your Saxo account, and the funds will usually arrive within 2-5 business days:
 

1. Your Saxo IBAN (International Bank Account Number): Your account(s) with Saxo each have an IBAN number. You can see your IBAN account number(s) in the Account Overviewsection of your Saxo Trading platform, or by logging in to your reporting platform WebConnect here.
    
2. Saxo's SWIFT code: SAXODKKK
    
3. Account Name/Beneficiary: Your Full Name

If your transferring bank requires further information (such as Intermediary Bank details), then our Standard Settlement Instructions can be found here

Note: You can only transfer funds to your Saxo account from an account held in the same name. Third-party transfers will not be accepted.

Transfers in DKK from a Danish Bank

Please use following details:
Reg. nr.:          1149
Account no. : the last ten digits of your IBAN

Note: Danish clients should not use "straksoverførsel" as this will result in a rejected transfer.

Stock transfer

Transfer your stock portfolio to Saxo and use it for collateral trading. To transfer stocks to your account, we require information about your current portfolio, as well as where they are currently held. To submit a stock transfer request, please click the following link, login with Saxo User ID and password, then follow the instructions

Select Stock Transfer

Note: Stock transfer can take some time to process, as the request needs to also be processed by your current protfolio holder when Saxo contacts them on your behalf.

http://help.saxobank.com/customer/portal/articles/1499669-how-do-i-fund-my-account-

Why U.S. Tax Evaders Can No Longer Count on Swiss Secrecy

Switzerland's oldest private bank, Wegelin & Co., had survived three centuries of upheaval on the continent, including Napoleon's invasion of the country and two World Wars. But its illustrious history was brought to an end last month by an unlikely source: a U.S. government desperate to track down tax evaders.

In early February, in a move that rattled Switzerland's financial industry, the U.S. Department of Justice indicted Wegelin on charges of helping wealthy Americans hide $1.2 billion from U.S. tax authorities. As the first foreign bank in history to be indicted by the U.S. government, the ruined Wegelin was quickly sold to a former rival, Raiffeisen Group. But the Obama Administration was just getting started — it also ramped up the pressure on 11 more Swiss financial institutions to hand over their American clients' names. Now it looks like U.S. authorities might get their wish.

On March 4, the Swiss parliament approved an amendment to the country's existing tax accord with the U.S., which, when ratified by the U.S. Senate, will give the American government unprecedented access to accounts held by its citizens in Switzerland. While the existing agreement has long allowed the release of tax information in cases of proven wrongdoing, various stumbling blocks, like different interpretations of tax evasion under Swiss and American laws, often slowed or even halted the process. (Evasion is a civil, not a criminal, offense in Switzerland.)
The amended treaty will now allow U.S. authorities to identify American tax evaders who exhibit certain "behavioral patterns" more easily. That includes stashing undeclared money in banks, "dummy" corporations, trusts and foundations created specifically to hide these assets. The new treaty will also allow U.S. authorities to request information from foreign banks that don't do business on American soil but have U.S. clients. Banks and account holders who are found to be hiding undeclared U.S. assets will be forced to pay a substantial fine to the American government.

"This is a strike at the heart of the Swiss banking sector and a major breakthrough for the U.S.," says Teodoro Cocca, an adjunct professor at the Swiss Finance Institute, a private foundation created by Switzerland's banking and finance community in cooperation with leading Swiss universities. Cocca warns that the pressure on Switzerland, which has long prided itself on its banking-secrecy rules, will now increase dramatically if other countries "also demand the same exchange of information rights."
The U.S. Department of Justice has been tightening its grip on Switzerland since 2008, when an investigation revealed that the country's biggest bank, UBS, helped rich Americans hide billions in undisclosed offshore accounts. To avoid criminal charges, UBS paid a $780 million fine and released the names of 250 clients suspected of tax evasion.

Both the Swiss government and Swiss Bankers Association welcomed the new treaty, hoping it will finally end the long-running tax dispute with the U.S. But not everyone in Switzerland is happy about it. The right-wing Swiss People's Party (SVP) argues that the agreement is a breach of constitutional privacy rights and a brazen attempt by a cash-strapped U.S. government eager to fill its coffers with tax revenue. "Americans disregard rights of others just to be able to pay off their huge debt," the party claims on its website, adding that American authorities are "hypocrites" for pressuring Swiss banks while thousands of "dummy" companies set up in Delaware are helping U.S. corporations evade taxes in their own country.

Switzerland is the world's largest offshore-banking center, with $2.1 trillion in foreign money under management, but the Swiss believe their country's reputation as a haven for illicit funds is unjustified. Legislation passed in 1998 made money laundering illegal, while other laws require that any suspicious deposits be reported to the authorities. Last year, another new law was passed allowing the government to confiscate funds deposited in Switzerland by plundering dictators and return the money to the country of origin. And numbered anonymous Swiss bank accounts are a myth — the law requires that all financial institutions identify their customers and ensure that deposits come from legitimate sources.

Some Swiss banks worry that the new treaty will make the country's financial sector less attractive to overseas clients. But experts say this is an unlikely scenario. "The future competitiveness of Swiss banks doesn't depend solely on secrecy," says Stéphane Garelli, an economist and director of the World Competitiveness Center at the International Institute for Management Development in Lausanne. "Switzerland offers other advantages — a stable democracy with transparent arbitration and justice procedures — which may not be the case of certain emerging competitors, especially in Asia." Martin Naville, head of the Zurich-based Swiss-American Chamber of Commerce, agrees. He says Swiss banks still offer "more discretion, professionalism and security, within tax compliant and legal bounds, than financial institutions in many other countries."

While the long-term impact of the new treaty remains unknown, the U.S. government has made at least a couple things clear: Swiss banks will have to change the ways they operate if they want to stay on Washington's good side, and Americans hoping to hide their wealth in Switzerland can certainly no longer bank on secrecy.

By Helena Bachmann / Geneva Time Magazine

The Myth (or Legend) of Anonymous Swiss Bank Accounts vs the Reality of US Banking Privacy

Anyone who has watched movies or TV in the last 40 years KNOWS that Swiss bank accounts are totally anonymous, provide untraceable transactions to the most despicable of criminals, and that Swiss Bankers are humorless drones that only need your bank account number and your password. Thank goodness for our friends in Hollywood because otherwise we might get the wrong impression! Not surprisingly Hollywood got it wrong again.

In 1934, following a series of scandals where damaging and embarrassing private information about bank clients were released to French investigators, the Swiss government enacted the 'Banking Act' which codified strict rules regarding the disclosure of private client information. The idea that Swiss bankers did not know, or perhaps even more chilling didn't want to know, their clients, or that they issued totally anonymous bank accounts makes for a good plot twist in a mystery novel or movie, but really never existed. Swiss Bankers were always required to share information about criminal acts and tax fraud. Only under Swiss law failing to disclose income was not considered tax fraud, but rather tax evasion. Acts of tax evasion were not serious enough to share with the authorities.
Well this has all changed. Swiss bankers now share just about everything and anything about their clients, the Swiss distinction between tax fraud and tax evasion has been removed, and what little "anonymity" that may have existed is now dead.

Don't get me wrong! I am sure Swiss banks are still great places to put your money, and provide many legal and ethical ways of assisting their clients, but they no longer provide even a smidgen of the mythical all encompassing privacy shield that Swiss bankers encouraged people to believe, and Hollywood sold like a pack of cigarettes.

It is my considered opinion that some of the best banking privacy in the world is now found in the United States of America. As long as you are not "laundering money" (the vague definition does cover a lot of ground) or supporting national security threats, the US provides some of the most strictly ENFORCED privacy rules around. Notice my emphasis on the word ENFORCED.

There are many jurisdictions that have such amazingly draconian bank privacy laws that you wonder why anyone would ever take the risk of becoming a banker in those countries. I am thinking of one small country where even a minor disclosure released through mistake can result in jail time and fines for the banker, at least under the terms of its laws. Wow! That must mean that your money and your information is safe! Well let us look at how often these laws are enforced. After all no one is perfect. In the country I am thinking of there has never been, to my knowledge, a single banker prosecuted under the draconian bank privacy laws. Not even a slap-on-the-wrist or a probated sentence. Either bankers in that country never make mistakes, or the laws are never enforced. What good are bank privacy laws that are not enforced?

In the USA on the other hand bank privacy laws are enforced (to the chagrin of most of my banker friends) by a bevy of alphabet soup Federal, State and Local agencies whose only reason to exist is to enforce various consumer protection laws, banking disclosure rules and credit protection regulations. In addition to all the government agencies looking to enforce these rules (and levy punitive fines that go to fund their activities), the laws themselves almost always give the victim the right to sue the bank in civil court with punitive damages and attorney's fees awarded. I know a lawyer who specializes in class-action law suits against banks who violate these consumer protection rules.
In addition most states have enacted Deceptive Trade Practices Acts which provide treble damages plus attorney's fees to the victim of any Deceptive Act, disclosure of prohibited information being among them.

Because of these consumer protection laws combined with vigorous government enforcement along with civil court remedies for victims, US Banking has become some of the most private in the world in spite of the rather sinister reputation of the Patriot Act.

Swiss Business Guide

Swiss Airports

Switzerland has 8 major airports commonly used by tourists.

Geneva International Airport (GVA)

Geneva International Airport is located about 5km NW of Geneva. There is one terminal, divided into Swiss and French sectors. There is a train and bus station at the airport for transportation into Geneva. Long distance buses are available on the lower level; many destinations are seasonal. Hotel shuttles are also found on the lower level. All trains stop at Geneva-Cornavin station in the city center.

Basel-Mulhouse-Freiburg Airport / EuroAirport (MLH)

The airport with many names is actually located in France. A bus can take you to the Basel train station, as well as to Mulhouse, France and Freiburg, Germany. There is no train service.

Bern Airport / Bern - Belp (BRN)

The Bern airport is located 6km southeast of Bern. The White Airport bus takes you between the airport and the central train station of Bern.

Sion Airport (SIR)

Sion Airport is located 2.5 km from Sion. Bus #1 takes you to the bus station in Sion, which is near the train station. The Matterhorn, Zermatt and ski areas to the south are served by Matterhorn Gottard Bahn.

Zurich Airport (ZRH)

Zurich Airport offers both a train and bus service into the city center. Rail lines S2 and S16 trains take you to Zurich's main rail station in about 10 minutes.

St. Gallen - Altenrhein Airport (ACH)

St. Gallen Airport is located near Lake Constance, near the intersection of Switzerland, Austria and Germany. The bus station is in front of the airport. Buses timed to the arrival of Austrian Air flights are available to Vienna. There is no railway station at the airport, but the railway stations of Rorschach and Rheineck are only 5 minutes from the airport.


Samedan - Engadin Airport (SMV)

Engadin airport is 5km from St. Moritz. The Engadin Bus takes you all over the valley, including the towns of Samedan, St Moritz, Celerina, Bernina & Pontresina.

Lugano - Agno Airport (LUG)

Shuttle busses stop just outside the terminal and run to the train station in Lugano. The FLP train Lugano-Ponte Tresa stops at Agno station which is 15 minutes walk to the airport.

Swiss Flight Information

Switzerland Introduction
Switzerland is a federal republic and is officially known as the Swiss Confederation. The total area is 41,295 sq km. Switzerland is divided in to 26 Cantons and every Canton and every community has a different taxation system.

Population of Switzerland 
The estimated population is 7.3 million.

Political Structure
The two dominant principles of the Swiss Constitution are federalism and democracy. The Constitution provides that the Cantons shall exercise all powers of government not delegated to the Federal Government. The three major sectors of the Swiss National government are the Federal Council, the Federal Assembly and the Federal Tribunal. The executive body is the seven-man collegiate Federal Council, which is elected for a four-year term by the national legislature.

Infrastructure and Econom of Switzerland
Switzerland has a prosperous and stable modern economy with a per capita GDP approximately 10% higher than other Western European countries.

Swiss Languages 
Switzerland is one of the most multilingual countries in Europe. German, French, Italian and Romansh, a Rhaeto-Romance offshoot of Latin, are the official recognised languages.

Swiss Currency
Swiss Franc (CHF)

Exchange Control
None.

Type of Law
Civil Law.

Principal Corporate Legislation
Schweizerisches Obligationenrecht (Swiss Code of Obligations).
Bundesgesetz über Schuldbetreibung und Konkurs (Swiss Federal law on Debt Collection and Bankruptcy).
Bundesgesetz über die direkte Bundessteuer (Federal Law on Direct Taxation).
Bundesgesetz über die Banken und Sparkassen (Swiss Federal Act on Banks and Savings Associations).
Bundesgesetz über die Anlagefonds (Federal Act on open ended Investment Companies).
Bundesgesetz über die Internationale Privatrecht (Federal Act on Private International Law).

Company Information 

Procedure to Incorporate Submission to the Commercial Register of the following documentation:

1. Public Deed of Incorporation executed before a Notary Public.
Articles of Incorporation.
2. Confirmation by a Bank that the share capital is held in an account.
   Consent to act forms signed by the proposed directors.
3. Declaration of the applicants.
4. Application to the Commercial Register covering the above documentation, and including the notarised signature of the person appointed to represent the company.

Restrictions on Trading
Unless suitably licensed a company incorporated in Switzerland cannot undertake the business of banking, insurance, assurance, reinsurance, fund management, collective investment schemes or any other activity that would suggest an association with the banking or finance industries.

Powers of Company
A company incorporated in Switzerland has the same powers as a natural person.

Language of Legislation and Corporate Documents 
Swiss official languages, but foreign language translations can be obtained. 

Registered Office Required?
Yes, must be maintained in the Canton of incorporation.

Name Restrictions
A name that is identical or similar to an existing name. A major name that is known to exist elsewhere. A name that may imply government patronage. A name that in the opinion of the Registrar may be considered undesirable.

Language of Name
The name of a body corporate or trust entity may use any language using the Latin alphabet, but the Public Registry may require a translation in to an official Swiss language.

Names Requiring Consent or Licence
Bank, building society, savings, insurance, assurance, reinsurance, fund management, investment fund, Switzerland, state, country, municipality, principality, Red Cross and their foreign language equivalents.

Suffixes to Denote Limited Liability
Gesellschaft mit beschränkter Haftung – GmbH or Société à Responsibilité Limité – SARL or Limited Liability Company - LLC

Disclosure of Beneficial Owner to Authorities
Information is available in the commercial register. Bank character references on the beneficial owners must be provided to the local representatives/trust management company.

Taxation
The Cantons have preserved many of the rights they held as sovereign political bodies. Nevertheless, the constitution delegates considerable authority to the Federal Government, including the power to conclude treaties and alliances, to levy taxes and to regulate foreign trade. However, each Canton has its own taxation. There are many Cantons with favourable taxation levels and some Cantons with higher unemployment rates or small populations (mountain regions) have particularly low levels of taxation. 

Financial Statement Requirements
Companies are required to keep financial records. Although there is no requirement to file Financial Statements at the Registry, they must be presented to the Shareholders and filed with the Tax Authorities.

Directors/Managers
Minimum of one who must be a Swiss citizen and resident in Switzerland. If more than one is appointed the majority must be Swiss citizens and resident in Switzerland. Corporate directors are not permitted.

Company Secretary
There is no requirement under Swiss Law for a company secretary to be appointed.

Anonymous Swiss Bank Accounts

Anonymous Bank Accounts are No Longer Available

Information about Swiss Banking on this website is for reference purposes only.

Swiss Banking Act of 1934

Bank secrecy was invented by the 1934 Swiss Banking Act following a public scandal in France, when MP Fabien Alberty denounced tax evasion by eminent French personalities, including politicians, judges, industrialists, church dignitaries and directors of newspapers, who were hiding their money in Switzerland. He called these men of "a particularly ticklish patriotism", who "probably are unaware that the money they deposit abroad is lent by Switzerland to Germany". The Peugeot brothers and Fransois Coty, of the famous perfume family, were on his list. Since then, Swiss banks have acquired world-wide celebrity due to their numbered bank accounts, which critics such as ATTAC NGO alleged only help legalized tax evasion, money laundering and more generally the underground economy. Under the principle of bank secrecy, privacy is statutorily enforced, with Swiss law strictly limiting any information shared with third parties, including tax authorities, foreign governments or even Swiss authorities, except when requested by a Swiss judge's subpoena[citation needed]. However anonymous banking is not strictly true as a term as all Swiss bank accounts, including numbered bank accounts, are linked to an identified individual under Swiss banking law. This law only permits a bank to share information with others in cases of severe criminal acts, such as identifying a terrorist's bank account[citation needed]. Any bank employee violating a client's privacy is punished quite severely by law. Many offshore banks, located in places such as in the Cayman Islands and Panama, also have strict privacy laws.

Reasons people used to use these features.

There are a number of reasons to use banking privacy:

* To hide it from friends, spouse or other family members.

* To hide it from the employer. (Many employers restrict the ability of their staff to trade shares to prevent conflicts of interest).

* To store embezzled money.

* To launder money.

* To prevent confiscation of money, e.g. in the case of potential bankruptcy.

* Tax evasion (banking secrecy extends to tax agencies being refused permission to examine accounts).

* Tax resistance (by libertarians, or others, who oppose the institution collecting the tax).

* Protection from over-bearing or corrupt local government agencies.
* Protection from litigation.

* For any other reason which requires no-one being able to identify the amount of money you have or have earned/acquired.

* Privacy from press or publicity. Many newspapers annually publish "rich lists", which are list of the richest people in a country or an area. Many factors including the size of an individual's bank balance can be taken into account in drawing conclusions as to the size of his wealth.

* Protection from criminals. In some countries, criminal gangs can access information on bank customers. This might interest criminals, such as kidnappers, extortionists, or identity thieves.

* Protection from solicitation. This might include charities, venture capitalists seeking seed money, family members, beggars, or investment salesmen.

* Simply for privacy. The possession of liquid wealth attracts publicity, which is not always welcome.

Anonymous Bank Account Switzerland - Swiss Anonymous Bank Accounts - Anonymous Banks - Anonymous Banking - Anonymous Offshore Banking - Private Banking

Berne Banks and Berne Financial Centres

List of Swiss Banks in Bern

Baloise Bank SoBa
Kramgasse 2
Bern - CH 3011
Switzerland
SWIFT/BIC: KBSOCH22XXX, Official SWIFT/BIC Reference

Bank Coop AG

Bern - CH 3001
Switzerland
SWIFT/BIC: COOPCHBB30A, Official SWIFT/BIC Reference

Bank Coop AG
Ryfflihof
Bern - CH 3011
Switzerland
SWIFT/BIC: COOPCHBB30A, Official SWIFT/BIC Reference

Bank EEK
Amthausgasse 14/Marktgasse 19
Bern - CH 3000
Switzerland
SWIFT/BIC: EEKBCH22XXX, Official SWIFT/BIC Reference

Bank Julius Bär & Co AG
Spitalgasse 35
Bern - CH 3001
Switzerland
SWIFT/BIC: BAERCHZZXXX, Official SWIFT/BIC Reference
URL: #

Berner Kantonalbank

Bern - CH 3001
Switzerland
SWIFT/BIC: KBBECH22XXX, Official SWIFT/BIC Reference

Berner Kantonalbank
Altstadt
Bern - CH 3011
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
Breitenrain
Bern - CH 3014
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
Bümpliz
Bern - CH 3018
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
Eigerplatz
Bern - CH 3007
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
Inselspital
Bern - CH 3010
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
Schwanengasse
Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Berner Kantonalbank
BEKB/BCBE net
Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Burgerliche Ersparniskasse Bern
Marktgasse 37
Bern - CH 3001
Switzerland
SWIFT/BIC: RBABCH22XXX, Official SWIFT/BIC Reference
URL: #

CREDIT SUISSE
Bundesplatz 2
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30A, Official SWIFT/BIC Reference

CREDIT SUISSE
Bünpliz, Rehhagstrasse 2
Bern - CH 3018
Switzerland
SWIFT/BIC: CRESCHZZ30B, Official SWIFT/BIC Reference

CREDIT SUISSE
Bundesplatz 2
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30A, Official SWIFT/BIC Reference

CREDIT SUISSE
Bundesplatz 2
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30A, Official SWIFT/BIC Reference

CREDIT SUISSE
Bundesplatz 2
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30R, Official SWIFT/BIC Reference

CREDIT SUISSE
Bahnhof
Bern - CH 3011
Switzerland
SWIFT/BIC: CRESCHZZ30R, Official SWIFT/BIC Reference

CREDIT SUISSE
Loeb-Spitalgasse
Bern - CH 3011
Switzerland
SWIFT/BIC: CRESCHZZ30R, Official SWIFT/BIC Reference

CREDIT SUISSE
Führung PRK
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30R, Official SWIFT/BIC Reference

CREDIT SUISSE
Bundesplatz 2
Bern - CH 3001
Switzerland
SWIFT/BIC: CRESCHZZ30S, Official SWIFT/BIC Reference

DC Bank Deposito-Cassa der Stadt Bern
Kochergasse 6
Bern - CH 3000
Switzerland
SWIFT/BIC: RBABCH22365, Official SWIFT/BIC Reference
URL: #

Ehinger & Armand von Ernst AG
Bundesgasse 30
Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference
URL: #

GE Capital Bank
Schwanengasse 1
Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference
URL: http://www.gemoney.ch/

MIGROSBANK

Bern - CH 3001
Switzerland
SWIFT/BIC: MIGRCHZZ30A, Official SWIFT/BIC Reference

Privatbank Von Graffenried AG

Bern - CH 3000
Switzerland
SWIFT/BIC: GRAFCH22XXX, Official SWIFT/BIC Reference
URL: #

Raiffeisenbank Bern
Waisenhausplatz 26
Bern - CH 3000
Switzerland
SWIFT/BIC: RAIFCH22XXX, Official SWIFT/BIC Reference

RBA-Zentralbank
Lagerhausweg 10
Bern - CH 3001
Switzerland
SWIFT/BIC: RBABCH22XXX, Official SWIFT/BIC Reference
URL: #

Schweizerische Nationalbank
Bundesplatz 1
Bern - CH 3003
Switzerland
SWIFT/BIC: SNBZCHZZXXX, Official SWIFT/BIC Reference

Schweizerische Nationalbank
Bundesverw. / Bundesplatz 1
Bern - CH 3003
Switzerland
SWIFT/BIC: SNBZCHZZXXX, Official SWIFT/BIC Reference

Schweizerische Nationalbank (Swiss)
Bundesplatz 1, Postfach
Bern - CH 3003
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

UBS AG
Bubenbergplatz 3
Bern - CH 3000
Switzerland
SWIFT/BIC: UBSWCHZH30A, Official SWIFT/BIC Reference

UBS AG
Bümpliz, Bottigenstrasse 2
Bern - CH 3018
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

UBS AG
Länggassstrasse 29
Bern - CH 3000
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

UBS AG
Bärenplatz 8
Bern - CH 3000
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

UBS AG
Breitenrainstrasse 10
Bern - CH 3000
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

UBS AG

Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Valiant Bank
Bundesplatz 4
Bern - CH 3001
Switzerland
SWIFT/BIC: VABECH22XXX, Official SWIFT/BIC Reference

Valiant Bank
Bethlehemstrasse 1
Bern - CH 3027
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Valiant Bank
Breitenrainplatz 33
Bern - CH 3014
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Valiant Bank
Kirchenfeld
Bern - CH 3005
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Valiant Bank
Bottigenstrasse 9
Bern - CH 3018
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

Valiant Bank
Bahnhofplatz 7
Bern - CH 3001
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference

VALIANT PRIVATBANK AG
Bundesplatz 4
Bern - CH 3001
Switzerland
SWIFT/BIC: VBBECH22XXX, Official SWIFT/BIC Reference
URL: #

WIR Bank
Helvetiastrasse 35
Bern - CH 3000
Switzerland
SWIFT/BIC:, Official SWIFT/BIC Reference
URL: http://www.wir.ch/

Valiant Bank

Valiant Bank AG is a commercial bank which engages in retail and lending activities and offers a range of financial products to its customers. The company was founded in 1997 and based in Bern, Switzerland. Valiant Bank AG operates as a subsidiary of Valiant Holding AG.

Valiant Bank, the largest regional bank in Switzerland Official Website: https://www.valiant.ch/

Founded in 1997

Telefon:	031 320 91 11
E-Mail:	info@valiant.ch
Address:	Valiant Bank AG Bundesplatz 4 Postfach 3001 Bern	Valiant Holding AG c/o Valiant Bank Pilatusstr. 39 6300 Luzern

BC-Nummer	6300
BIC	VABECH22XXX

9 of the World's Most Ridiculously Secure Safes and Vaults

1. FORT KNOX

Plan on breaking into Fort Knox? First, climb the four surrounding fences—two of which are electric—and then sneak past the armed sentinels lining the perimeter. Be sure to avoid the video cameras. Don’t waste time trying to blast through the granite walls—they are four feet thick and held together by 750 tons of reinforcing steel. If you get past the armed guards inside, plus the maze of locked doors, you’ll probably be stopped by the 22-ton vault door. Don’t despair. The vault can be opened, but only if you find all the staff members who know a small slice of the combination (you’ll need all of them, since nobody knows the whole thing.) Once you get inside the vault, you’ll have to break into the smaller vaults tucked inside, then you can start taking the 5000 tons of gold bullion stored in there. And do be careful when you leave: 30,000 soldiers from Fort Knox’s military camp will be anxiously awaiting you outside.

2. SVALBARD GLOBAL SEED VAULT

If Armageddon happens soon, any hope of bringing the world’s crops back is buried 390 feet under a Nordic mountain. The Svalbard Global Seed Vault on the island of Spitsbergen currently houses over 500,000 of the world’s plant species. The vault is 620 miles south of the North Pole and safeguarded by hundreds of miles of ocean, plus a couple thousand polar bears. It’s so deep, it’s resistant to a nuclear holocaust, not to mention severe earthquakes. It also sits 430 feet above sea level, safe from any possible sea-level rise. The three seed vaults lay behind four heavy steel doors. As long as the keys aren’t hidden under a doormat, our seeds should be safe from Doomsday.

3. CHEYENNE MOUNTAIN

Cheyenne Mountain redefines the phrase “job security.” Employees work behind two 25-ton doors, which can withstand a 30-megaton blast. To put that into perspective, Fat Man—the bomb dropped on Nagasaki—would have to explode 1429 times to crack the entrance. The offices there are buried 2000 feet into the mountain’s granite, so far that air has to be pumped inside. That air, however, is the cleanest in the world. It is processed by a state-of-the-art system of chemical, biological, and nuclear filters. It’s no wonder why Cheyenne hosted the US Missile Warning Center and NORAD during the Cold War.

4. IRON MOUNTAIN

What do the charred remains of Flight 93, the original photo of Einstein sticking out his tongue, and Edison’s patent for the light bulb have in common? They’re all stowed under Iron Mountain. 200 feet below the ground, this retired limestone mine houses 1.7 million square feet worth of vaults. The US government is the biggest tenant, and the identities of 95% of vault owners are confidential. We do know that Warner Brothers, the Smithsonian Institution, and Corbis all have vaults there. Thousands of historic master recordings, photo negatives, and original film reels live here. Iron Mountain is also home to Room 48, a data center backing up some of America’s biggest companies. Two waves of armed guards protect the entrance, and it’s said they inspect guests so thoroughly that even the TSA would be embarrassed.

5. FEDERAL RESERVE BANK OF NEW YORK

Blocks away from the panic of Wall Street, 25% of the world’s gold rests. At New York’s Federal Reserve Bank, over $270 billion of gold bullion hides in a sunken three-story bunker. Most of the gold, however, isn’t American; foreign nations own 98% of the stock. But that’s because they trust the Fed vault. After all, it’s 80 feet below ground, surrounded by solid rock from all sides, and surveyed by a fleet of expert marksmen. And to top it off, the 540,000 bars of gold are locked behind a 90-ton steel door.

6. GRANITE MOUNTAIN

Since 1965, Granite Mountain has safeguarded the Mormon Church’s genealogical library. The library is buried 600 feet beneath the mountain, where it contains 3.5 billion images—from census records to immigration papers—on microfilm. The documents were acquired through agreements with archives, libraries, and churches from over 100 countries. The archivists there duplicate and digitize old documents, which have been made public at websites like familysearch.com and ancestry.com. The facility is naturally climate controlled, but is also protected by armed guards and a 14-ton, nuclear-blast-resistant door. Chances are, somewhere inside, there’s a record with your name on it.

7. TEIKOKU BANK, HIROSHIMA

When the Enola Gay dropped Little Boy on Hiroshima, the city and its people were obliterated. But downtown, just a football field away from ground zero, the vault at Teikoku Bank sat undamaged. The exterior was fried but the interior was pristine. Mosler, the company that built the safe, saw the incident as a great marketing opportunity. For the next decade, it exploited the tragedy to boast about the quality of its products. Safe? Certainly. Tactful? Not so much.

8. BANK OF ENGLAND GOLD VAULT

It looks like something straight out of Indiana Jones: the UK’s largest gold vault—second in the world to the Fed in New York—stores 4,600 5152 tons of gold. The bombproof door is unlocked via a sophisticated voice recognition system, aided by multiple three-foot-long keys. (Last I checked, they can’t be duplicated at Lowes.) The bank won’t say how heavy the door is or how deep down the vault is buried, but we do know it has more floor space than London’s Tower 42, a 47-story building.

9. BAHNHOF AND WIKILEAKS IN STOCKHOLM

The US State Department probably isn’t very fond of this safe house. Buried 100 feet beneath the streets of Stockholm, this old nuclear bunker is the gadfly of all data centers. That’s because the facility, owned by the Swedish internet provider Bahnhof, famously shelters the servers for WikiLeaks. Julian Assange’s most precious computers hide in this data bunker. Tucked behind a 1.5-foot steel door and driven by back-up generators that can go for weeks, WikiLeaks will keep breathing as long as it’s here.