GSL / Offshore and International Law / Offshore Banking / VP Bank Liechtenstein

How to open a bank account in VP Bank Liechtenstein

Beginning of cooperation Last contact Last update
November, 1996 December, 2021 March, 2021

GSL reference about the bank

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Primary requirements:
- the bank opens savings (deposit) accounts;
- an account can be opened without leaving the GSL office (a bank representative regularly visits Moscow);
- minimum balance - 1,000,000 EUR;
- the term for opening an account - case by case (check with the consultant);
- at present the Bank does not process payments to Latvian banks: the correspondent bank in dollars does not work with Latvian banks due to the increased risk.
Our cooperation began at the end of 1996, and not with the head (Liechtenstein) office, but with the then just newly-opened British Virgin Islands branch, that is to say, long before a representative office opened in Moscow.
The following years saw our joint conferences and seminars in Liechtenstein and Moscow, bank accounts opened in Zurich, Liechtenstein and Singapore, joint legal projects, publishing of books and many many more. The bank has always been ready to cooperate, showing flexibility and professionalism, but at all times staying within the limits of strict European banking regulations and its own corporate policy. The bank obviously does not handle commercial operations of its clients, but if you have, for example, something to trade at the London Commodity Exchange, the bank will willingly enroll you and your business on the list of its lucky ones.
The bank currently rejects payments made to Latvian banks as its correspondent bank for USD transfers does not work with Latvian banks due to high risk

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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
    978 3 A-
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    Year of foundation 1956
    History The bank was founded in April 1956 as Verwaltungs- und Privat-Bank Anstalt. It was later converted into a limited liability company in December 1962, and in 1974 it became Liechtenstein’s first public company, listed on the Swiss Stock Exchange (since 1983). The bank has 10 offices all over the world (Switzerland, Liechtenstein, Luxembourg, Germany, Hong Kong, Singapore, British Virgin Islands, and a representative office in Moscow)
    Personnel The bank has over 700 staff who speak Russian, English, German, French, Italian, Spanish, Hungarian, Czech, and Slovak
    Bank’s shareholders The bank’s major shareholders are two charitable societies: Foundation named after Guido Feger, Commercial Councilor to the Princely House - Stiftung Fürstlicher Kommerzienrat Guido Feger (Vaduz, Liechtenstein), which owns 48,4% of shares, and Martin Hilti Company - U.M.M. Hilti Stiftung (Schaan, Liechtenstein), which owns 10,6% of shares. The rest of the shares are traded at the stock exchange
    Confidentiality 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
    1 000 000 No restrictions 1 000 000 3 No restrictions
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    Minimum balance, € The minimum balance is EUR 1 000 000, provided there is a substantial turnover in the account
    Transactions permitted per month There are no restrictions as to the number of transfers per month, however the bank imposes a CHF 20 000 per month limit (or equivalent amount) on cash withdrawals
    Initial deposit of funds, € There are no restrictions as to the initial deposit
    Minimum turnover, €/year There are no restrictions as to the minimum turnover
    How fast payments are executed Depending on the urgency of payment, the value date is the same day or the next following day

    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, €
    20 0 150 N/A N/A
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    Outcoming transfer, € Payments with payment instruction – free of charge; payments without payment instruction and by phone – EUR 3
    Incoming transfer, € The bank does not charge any fees on incoming transfers
    Distant access to the account By phone and fax. Free-of-charge Internet banking system. Private banker – ‘personally known’ system
    Financial products Securities trading and forex trading; fiduciary deposits; asset management, investment advice, tailor-made asset engineering with capital guarantee; custodial bank services; secured loans, bank guarantees, letters of credit
    Credit/debit cards The bank offers two types of bank cards: Maestro and VP Bank ATM Card. There is no annual maintenance fee for a VP Bank ATM Card, or any fee for cash withdrawals or making payments. The annual fee for Maestro is EUR 20, the charge for payments made abroad is EUR 1, the charge for cash withdrawal at another bank is EUR 3.5

    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 & current
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    Visit to the bank No visit to the bank is required
    Required Passports. For corporate accounts also: notarized and apostilled corporate documents (extract from the trade register, articles, list of directors with their specimen signatures, and other documents depending on the jurisdiction where the company is incorporated)
    Types of accounts Personal; Corporate; Savings; Current
    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 Relatively detailed: in addition to the description of the business, the origin of funds needs to be disclosed
    Need a consultation from a specialist?

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