Banking in Liechtenstein – Opening a bank account Liechtenstein has been known for its private banking sector. It shares two sides of the coin as it is loved by its depositors because of its strict confidentially rules, but is criticized by others because of its code of secrecy. The region is governed by a unique civil law jurisdiction, but with is excellent tax-saving possibilities; it remains one of the premier destinations of any holding and investment management companies. The European Union has won in convincing Liechtenstein to implement a withholding tax on savings paid to citizens of its member states. Some feared it would cause a decline with the support it will gain from its existing clients, but this has not even made any impact at all. It still enjoys a successful private banking sector and it remains to be trusted by its existing investors and depositors. At present, it maintains full freedom of services in the entire European Economic Area allowing anyone using the Swiss franc to offer financial products within the European Union. Of course we grab the opportunity here to note that a Cyprus Bank Account is always available to you through our Firm in a few days with minimum formalities. For more details on how to open a Cyprus Bank Account follow this link. No minimum deposit terms, visa card, multi currency account at no extra cost.
Some of the Advantages of a Liechtenstein Bank Account are:
You can open a bank account without having to visit the bank.
Formalities required are restricted to the minimum.
There are no minimum initial deposit requirements.
Confidentiality of a Liechtenstein offshore bank account is high.
You can get a debit card valid all over the world, digipass, and multi currency account.
There are not taxes on the interest earned and many more.
The European Union has won in convincing Liechtenstein to implement a withholding tax on savings paid to citizens of its member states. Some feared it would cause a decline with the support it will gain from its existing clients, but this has not even made any impact at all. It still enjoys a successful private banking sector and it remains to be trusted by its existing investors and depositors. At present, it maintains full freedom of services in the entire European Economic Area allowing anyone using the Swiss franc to offer financial products within the European Union. Statistical Figure of Liechtenstein Banks Cross-Border Assets Under Management.
Banking in Liechtenstein – Opening a Bank Account
The country has an average core capital of no less than 15%, which reached 17.8% in the year 2010. It holds more than twice the expected capital resources for those listed under Base II and is already qualified to be categorized as part of the elite Base III group. While other banks requested aid during a financial crisis, Liechtenstein Banks remain sufficient because it stays close to its long tradition of maintaining wealth management and private banking rather than venturing in risky investment outside its jurisdiction. Therefore, it is the ideal banking partner for anyone searching for long term financial relationships.
Opening a Bank Account
Banking in Liechtenstein – Opening a bank account: Liechtenstein may be a small financial center, but it has years of experience making it highly knowledgeable in all aspects pertaining to private banking and wealth management. This is one of its fundamental strengths supported by the pool of graduates from the University of Liechtenstein and the Institute for Financial Services that trains potential financial experts utilizing the best forms of research and teaching facilities and methods. Due to this, the Swiss Bankers Association decided to establish a Center for Young Professionals Banking (CYP) in the region that aims to nurture the young banking talents of the country through a non-academic education approach.
Modern EU Compliance of Liechtenstein Bank
Banking in Liechtenstein – Opening a bank account: In compliance with the requirements of the EU, Liechtenstein Bank has implemented 99.5% of their directives and this was attested by the EFTA Surveillance Agency. The IMF also stands by this claim by stating that Liechtenstein has fulfilled high standards of financial market supervision as well as anti-money-laundering measures. It is in full support of the Third EU Money Laundering Directive and condemns terrorist financing and any forms of money laundering acts. In defense of allegations thrown against the banking sector of the country, it performs reliable legal assistance in terms of providing a solution to criminal matters by withdrawing any protection for criminal machinations.