Swiss Bank Secrecy is Dead for Americans: FATCA requires all Swiss banks to report US account holder information to the IRS. The era of secret Swiss accounts ended in 2014. All legitimate Swiss banks now comply with US reporting requirements—there is no privacy from the IRS.
Banking Overview
Switzerland remains the world's premier wealth management center, managing approximately $2.4 trillion in cross-border assets. While bank secrecy no longer applies to Americans, Swiss banks still offer stability, expertise, and sophisticated services.
Why Swiss Banking Still Matters
- Stability: Swiss franc is a safe-haven currency
- Expertise: Centuries of wealth management experience
- Diversification: Assets outside US legal jurisdiction
- Multi-currency: Easy management of CHF, EUR, USD, GBP
- Investment access: Global markets and products unavailable in US
Many Banks Reject Americans: Due to FATCA compliance costs, many Swiss banks simply refuse US clients. Others require substantial minimum balances (often CHF 500,000+ / ~$560,000+ USD). Finding a bank willing to work with Americans can be challenging.
Types of Swiss Banks
Cantonal Banks (Kantonalbanken)
State-guaranteed regional banks. Generally most accessible for everyday banking. Many accept US residents with Swiss permits.
| ZKB (Zurich) |
Largest cantonal bank, accepts some US clients |
| BCGE (Geneva) |
French-speaking region |
| BCV (Vaud) |
Lake Geneva region |
| Basler KB |
Basel region |
Big Banks (Grossbanken)
Major international operations. More likely to have FATCA infrastructure for US clients.
- UBS: Largest Swiss bank, extensive US client experience (post-2009 settlement)
- Credit Suisse (now UBS): Merged into UBS in 2023
Private Banks
Focus on wealth management for high-net-worth individuals. Typically require CHF 1-5 million (~$1.12-5.6 million USD) minimum.
- Julius Bär
- Pictet
- Lombard Odier
- Vontobel
- EFG International
Opening an Account as an American
With Swiss Residence Permit
Americans with B or C permits can open basic accounts at most banks:
- Choose a bank (cantonal banks often easiest)
- Schedule appointment at branch
- Bring required documents (see below)
- Complete W-9 form for FATCA
- Account typically active within 1-2 weeks
Required Documents
- Valid US passport
- Swiss residence permit (B or C)
- Proof of Swiss address
- Proof of employment or income source
- W-9 form (tax identification)
- Social Security Number
Without Swiss Residence
Much more difficult. Most banks won't accept non-resident Americans. Options:
- Private banks: With CHF 1M+ (~$1.12M+ USD) and extensive due diligence
- Specialized services: Some banks maintain US-client desks
- Through asset manager: Introduce via established relationship
FATCA and Reporting Requirements
What Swiss Banks Report to IRS
Under FATCA (Foreign Account Tax Compliance Act), Swiss banks automatically report:
- Account holder name and address
- US taxpayer identification number
- Account number
- Account balance (end of year)
- Gross interest, dividends, and other income
- Gross proceeds from sales
Your Reporting Obligations
- FBAR (FinCEN 114): If aggregate foreign accounts exceed $10,000 at any point
- Form 8938: If foreign assets exceed $50,000 (single) or $100,000 (married) on last day, or $75,000/$150,000 at any point during year
- Schedule B: Check box indicating foreign account
- Form 3520: If receiving foreign gifts over $100,000
Penalties are Severe: Willful FBAR violations: up to $100,000 or 50% of account balance per violation. FATCA violations: up to $50,000. Criminal penalties possible for willful non-compliance. Do not attempt to hide Swiss accounts.
Private Banking Services
For those with significant assets (typically CHF 1M+ / ~$1.12M+ USD), Swiss private banking offers:
Investment Services
- Discretionary portfolio management
- Advisory mandates
- Access to hedge funds, PE
- Structured products
- Multi-currency portfolios
Additional Services
- Tax planning coordination
- Trust and estate services
- Art and collectibles management
- Real estate advisory
- Family office services
Typical Fee Structure
| Service |
Typical Fee |
| Custody/safekeeping |
0.1-0.3% annually |
| Advisory mandate |
0.5-1.0% annually |
| Discretionary management |
1.0-1.5% annually |
| Transaction fees |
0.2-1.0% per trade |
Everyday Banking
Account Types
- Privatkonto: Standard checking account
- Sparkonto: Savings account (limited withdrawals)
- Lohnkonto: Salary account
- Freizügigkeitskonto: Pension transfer account
Banking Costs
| Service |
Typical Cost |
| Monthly account fee |
CHF 3-10 (~$3.35-11 USD) |
| Debit card |
CHF 40-80/year (~$45-90 USD) |
| Credit card |
CHF 100-250/year (~$112-280 USD) |
| ATM withdrawal (own bank) |
Free |
| ATM withdrawal (other bank) |
CHF 2-5 (~$2.25-5.60 USD) |
| International transfer |
CHF 15-40 (~$17-45 USD) |
Digital Banking
- Most banks offer robust online/mobile banking
- TWINT (Swiss mobile payment) widely accepted
- Contactless payments standard
- E-banking in English usually available at major banks
Investment Restrictions for Americans
Even with a Swiss account, Americans face investment limitations:
- PFICs: Most non-US mutual funds and ETFs are Passive Foreign Investment Companies with punitive US tax treatment
- US-compliant only: Generally limited to US-domiciled funds and individual securities
- No European funds: UCITS funds typically off-limits due to PFIC rules
- Reporting burden: Each PFIC requires extensive Form 8621 reporting
Practical Solution
Most Americans in Switzerland invest through US-domiciled securities and ETFs within their Swiss accounts, or maintain separate US brokerage accounts for investments.
Keep US Banking: Maintain at least one US bank account and credit card. Some expenses (US taxes, US-based subscriptions, etc.) are much easier to pay from US accounts. US credit history is difficult to rebuild if lost.
Cryptocurrency in Switzerland
"Crypto Valley" in Zug has made Switzerland a cryptocurrency hub:
- Regulation: Relatively clear regulatory framework under FINMA
- Banking: Some banks (Seba, Sygnum) offer crypto services
- Taxation: Crypto treated as wealth for wealth tax; trading gains may be tax-free if not professional
- US implications: Still fully taxable for US citizens regardless of Swiss treatment
Disclaimer: This information is for educational purposes only and does not constitute financial, tax, or legal advice. Banking regulations and FATCA requirements are complex. Consult with qualified professionals before opening Swiss accounts or making investment decisions. Information current as of January 2026.