GSL / Offshore and International Law / Offshore Banking / Incognito Bank (Switzerland) 003

How to open a bank account in Incognito Bank (Switzerland) 003

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November, 2005 December, 2021 April, 2021

GSL reference about the bank

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Primary requirements:
- savings (investment) accounts;
- an account can be opened without leaving Switzerland, but a meeting with a banker who regularly visits Moscow is required;
- minimum account balance - from 5,000,000 CHF;
- the term for opening an account - case by case (check with the consultant).
On arrival at Geneva Airport, you will see a billboard advertising simultaneously FOUR banks. Brands rarely cooperate to collectively promote the services, and in the banking sector such cases are almost exceptional. I think I can follow this route and give a collective reference to these banks. The first question which comes to mind is ‘What do they have in common?’ The answer will characterize them all together and each one individually. They are: Bordier & Cie, Lombard Odier Darier Hentsch & Cie, Mirabaud & Cie, and Pictet & Cie.
The first thing that attracts your notice is ‘Cie’ at the end each name which is almost never found among typical abbreviations indicating the type of entity (Ltd, Corp, LLC, LLP, SA, AG, GmBH, NV, NB, KFT, RT, AB, OY, etc). It is no surprise because ‘Cie indicates a legal form which provides for an unlimited liability of partners for the company’s debts. This is the reason why such suffix is so rarely used and also one more argument in favour of the bank’s reliability and stability.
Speaking of reliability: this word nowadays makes you smile a bitter smile, but your brows may lift in surprise when you hear the dates of foundation of these financial institutions: 1844, 1796, 1819, and 1805.
You need not be too shrewd to guess the ‘acceptance threshold’ – it is somewhat higher than is offered by world-famous Swiss brands (UBS and CreditSwiss) and ranges between 4 000 000 – 5 000 000 CHF.
And lastly, these banks’ employees normally have undergone ‘training’ (or ‘school’, whichever you prefer) in more ‘celebrated’ fellow banks which head the TOP-list of the Swiss banking system.

As of 1 January 2014, this private bank was transformed into a société anonyme and disclosed the size of its assets (CHF 126 billion) 

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    Bank's characteristics

    General information and rating

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    Global rating Countrywide rating Countrywide rating of the head bank Global rating of the head bank Credit rating
    Not rated 78 N/R
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    Year of foundation 1819
    History The Bank was founded in 1819. It is one of Switzerland's oldest banks and at the present time it has 12 offices worldwide (Montreal, London, Paris, Luxemburg, Hong Kong, Perth, Dubai, Geneva, Zurich, Basel, Madrid, Barcelona). Since 1931 it has been a member of Swiss Private Bankers Association and the co-founder of the Geneva Private Bankers Association. In 1857 it became one of the founders of Switzerland's first ever securities exchange in Geneva. Today it is a member of the SIX Swiss Exchange
    Personnel The Bank employs about 650 employees around the world, 50% of whom are located in Switzerland, the rest - in foreign branches of the Bank. Russian-speaking staff are represented in the offices of Zurich (more than five people) and Geneva
    Bank’s shareholders The bank used to be a partnership with unlimited liability of their own wealth and was owned by seven partners, two of whom are descended from the founder family (2012). As of 1 January 2014, this private bank was transformed into a société anonyme. Changes took place in the bank’s Board of Directors as well
    Confidentiality Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed; Active member of OECD, FATF, Basel Commitee, Egmont Group etc.

    Minimum requirements

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    Minimum balance, € Transactions permitted per month Initial deposit of funds, € Deadline for the initial deposit, month Minimum turnover, €/year
    5 000 000 No restrictions 1 000 000 6
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    Minimum balance, € CHF 5 000 000. Generally looking for larger portfolios to manage on a discretionary basis
    Transactions permitted per month No restrictions, but transactions have to be justified for due diligence purposes and should not be "in&out". The overall purpose of savings and investment is important
    Initial deposit of funds, € CHF 1 000 000 with additions to the CHF 5 000 000 within a year.
    Deadline for the initial deposit, month Within a few months of the opening, max 6 months
    How fast payments are executed Same day if investments and international correspondent banks permit

    Tariffs and services

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    Outcoming transfer, € Incoming transfer, € Account maintenance, €/year Payment limit for credit cards, €/day Funds to be blocked for CC issue, €
    30 0 1 200 2 500 2 500
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    Outcoming transfer, € Fixed charges of approx. CHF 30 - 50 (25 - 41 EUR)
    Incoming transfer, € Incoming transfer is free of charge
    Account maintenance, €/year Minimum fee of CHF 1500 per annum (≈ 1241 EUR), percentage fees as per fee schedule, flat all-in fees negotiable above CHF 10 000 000 (≈ 8 275 880 EUR)
    Payment limit for credit cards, €/day No specific max. limit. Depends on the balance in the portfolio of investments
    Funds to be blocked for CC issue, € The Bank issues a Guarantee to the card company. The portfolio of savings and investments have to cover the Guarantee
    Distant access to the account "Read only" access on internet basis with personal codes
    Financial products Personalised Portfolio Management with six different standard portfolio strategies that can be adapted to the personal requirements with restrictions and favorite themes, Direct Investments in Equities, Bonds, Commodities, as well as Traditional Funds, Hedge Funds, Funds of Hedge Funds, Personalised Fund Selection, Lombard loans, Guarantees, Trusts, Foundations, Personal Companies. There is a specialised fund analysis department keeping track of more than 500 funds and investing in about 100 of the best quartile
    Credit/debit cards Visa, Mastercard, Amex, Maestro, Swiss Travelers
    Hold mail Possible

    Account opening procedure

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    Days to open for incoming transfers Days to open for outcoming transfers References Business description Purpose of the account
    case by case case by case Not necessary Detailed Savings
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    Visit to the bank A personal meeting necessary. This can take place either at the bank’s offices in Zurich or Geneva. In addition, the bank has a practice of visiting clients in their country of residence by invitation either in advance of the account opening. Visits to Moscow once a month
    Required Copy of passport; completed set of due diligence documents depending on each specific case (for example, bank reference, company’s annual financial statements, sale or commission agreement, etc)
    Types of accounts Personal; Corporate; Savings
    Opening procedure and Due Diligence It is possible to open an account without visiting the country where the bank is located
    Chances to open an account Predictable
    Business description Written and certified proof of the origin of the funds must be provided. These are: legal documents (contracts, etc.), bank statements, confirmation certified by a lawyer, auditor or accountant. A documentary form of confirmation of the origin of funds can always be negotiated with the banker
     
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