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GSL rating
Beginning of cooperation
May, 2014
Last contact
April, 2024
Last update
October, 2023
the bank opens savings (deposit) accounts;
to open an account, you need to travel to London or, if you are better off with a banker, to some European country;
the minimum balance on the account is from EUR 1 000 000;
the term for opening an account – case by case (check with the consultant)
EFG Private Bank Limited is a UK division of EFG International, a banking group which is headquartered in Zurich, Switzerland and operates in around 30 locations worldwide, including Hong Kong, Singapore, Monaco, Luxembourg, Liechtenstein, Guernsey, Jersey etc)
Personnel
The bank has over 2300 staff. There are English-speaking officers
Bank’s shareholders
The bank’s major shareholder is EFG Bank European Financial Group (EFG Group) - 56%. The shares in EFG International are listed on the SIX Swiss Exchange
Confidentiality
Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.
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Minimum requirements
1 000 000
Minimum balance, €
8
Transactions permitted per month
1 000 000
Initial deposit of funds, €
1
Deadline for the initial deposit, month
Minimum balance, €
The minimum balance is EUR 1 000 000. Preferably 3 000 000 - 5 000 000 EUR with subsequent investment
Transactions permitted per month
The account cannot be used as a transactional one, but 2 or 3 transactions per week are permitted if the nature of transactions is clear
Initial deposit of funds, €
The initial deposit equals the minimum balance
Deadline for the initial deposit, month
Within one month of the account being opened
How fast payments are executed
The value date is normally the second day
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Tariffs and services
70
Outcoming transfer, €
0
Incoming transfer, €
200
Account maintenance, €/year
N/A
Payment limit for credit cards, €/day
Incoming transfer, €
No fee is charged on incoming transfers
Distant access to the account
eBanking
Financial products
The bank offers asset management, fiduciary services and loans
Credit/debit cards
American Express, MasterCard
Account opening procedure
Days to open for incoming transfers
Case by case
Days to open for outcoming transfers
Case by case
References
Not necessary
Purpose of the account
Savings
Visit to the bank
Account opening process requires a visit to either London or, if agreed with the banker, any other European country
Required
Passport and standard set of corporate documents. Both the company and its beneficial owner also need to produce a tax return covering the last three years
Types of accounts
Savings
Chances to open an account
Predictable
Business description
The bank asks to disclose the origin of wealth of the beneficial owner, which information the bank will then check through its own channels
Major advantages of doing business in the UK. Time frame for setting up business in the UK. Company incorporation. Administration of the company. Fees.
The current corporate (Companies Act 2006) and tax (Taxes Management Act 1970) legislation requires a UK company to annually file its tax return and accounts with...
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