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Swiss bank account for Americans: considerations

Expert cross border wealth management and international asset protection for US citizens and expats.

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Discretionary Portfolio Management

Designed for clients who want their assets holistically managed by the investment manager, but who do not wish to be involved in their management

Portfolio Advisory

The portfolio advisory service is designed for clients who would like their account to be holistically managed but still wish to be involved in every investment decision.

Hold Only

The hold-only service is for clients who do not want discretionary portfolio management or advisory. It applies only to accounts holding cash, precious metals, and commodities, with no securities included. No advisory services or risk monitoring are provided. Clients are solely responsible for asset allocation and all investment decisions.

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Access to a Swiss bank account for Americans

A Swiss bank account for Americans is available through financial institutions that accept U.S. persons and have the processes required to service them. Not every Swiss bank does so. Serving U.S. clients involves requirements that differ from those associated with many other international clients, including obligations arising from the implementation of the Foreign Account Tax Compliance Act (FATCA). As a result, an American considering a banking relationship in Switzerland first needs to identify an institution that accepts U.S. persons and offers the type of relationship required. The intended use of the account is also relevant. Requirements can differ depending on whether the client needs transactional banking, currency accounts, custody for financial assets, or an account supporting an investment-management relationship.

Swiss bank account for Americans: first steps

Banks establish their own onboarding criteria and conduct due diligence before accepting a new client. When applying for a Swiss bank account for Americans, prospective clients can generally expect to provide identification, proof of residence, tax-residency information, and a U.S. taxpayer identification number. Banks will also request information concerning the source of funds and the source of wealth. Additional documentation may be required depending on the circumstances and complexity of the assets involved. The bank will assess this information according to its own regulatory obligations and client-acceptance policies. Acceptance by one institution therefore does not imply that another Swiss bank will apply identical requirements or make the same decision.

Investing with your Swiss bank account for Americans

Where a Swiss bank account for Americans is intended to hold an investment portfolio, the banking relationship is only one part of the arrangement. The custodian bank holds securities and cash, settles investment transactions, and provides account reporting. Investment decisions can remain with the client or be supported by a separate investment advisor. For U.S. persons, the investment universe requires particular consideration. Certain non-U.S. investment vehicles can have U.S. tax or reporting implications, including investments potentially subject to Passive Foreign Investment Company (PFIC) rules. The fact that an investment is available through a Swiss financial institution does not therefore determine whether it is appropriate for a particular U.S. investor.

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Swiss bank account for Americans: management

Kaiser Partner Financial Advisors Ltd. is a Zurich-based investment advisor registered with the SEC and focused on U.S. persons. It works with specialist custodian banks in Switzerland and Liechtenstein and can assist clients in selecting a suitable custodian bank. For clients using a Swiss bank account for Americans to hold investments, Kaiser Partner Financial Advisors Ltd. offers different investment relationships. With Portfolio Advisory, the client receives investment recommendations and retains responsibility for approving transactions. Discretionary Portfolio Management allows portfolio decisions to be implemented within agreed objectives and risk parameters. Hold Only does not include investment advice or portfolio risk monitoring, leaving investment decisions with the client. In each case, the assets remain with the custodian bank.

Swiss bank accounts for Americans change over time

Once a banking and investment relationship has been established, the requirements associated with the account continue. Banks may request updated client information as part of their ongoing due diligence procedures. Changes in tax residence, contact details, or other relevant circumstances may therefore need to be communicated to the institution. Where the Swiss bank account for Americans holds a managed or advised investment portfolio, the portfolio itself can also require periodic review. Asset allocation, market exposure, currencies, liquidity requirements, and individual investments can be assessed against the agreed strategy. For Americans, maintaining a Swiss banking relationship therefore involves two distinct areas: meeting the requirements of the custodian bank and, where investment management is involved, ensuring that the portfolio continues to reflect the agreed investment objectives while taking relevant U.S. considerations into account. If you expect your financial life to remain global for decades, please feel free to get in touch with us.