GSL / Offshore and International Law / Offshore Banking / VP Bank (Schweiz) AG

How to open a bank account in VP Bank (Schweiz) AG

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

January, 1996

Last contact

October, 2022

Last update

October, 2022
  • the bank opens savings (investment) accounts;
  • an account can be opened without leaving Switzerland, a bank representative regularly visits Moscow;
  • Requirements for the minimum account balance - USD 1,000,000;
  • the term for opening an account - case by case (check with the consultant);
  • the bank is interested in purchasing investment products or portfolio management services by the client;
  • 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;
  • The Bank has a branch in Singapore where you can open a savings and private checking account with a minimum balance of USD 1,000,000.

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 (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, demonstrating flexibility and professionalism, but at all times staying within the limits of strict European banking regulations and its own corporate policy.

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

GSL rating
Beginning of cooperation
January, 1996
Last contact
October, 2022
Last update
October, 2022
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General information and rating

Not rated
Global rating
97
Countrywide rating
3
Countrywide rating of the head bank
978
Global rating of the head bank
Year of foundation
1956
History
The head VP Bank was founded on 6 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). VP Bank (Schweiz) AG was founded in May 1998
Personnel
The bank has over 750 staff in eight branches around the world. Besides, VP Bank has a Russian Desk with a significant number of Russian-speaking staff. The bank also speaks other languages such as English, German, French, Italian, Spanish, Czech, and Slovak
Bank’s shareholders
VPB Finanz Holding AG (Switzerland) - 100%
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.
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    Minimum requirements

    1 000 000
    Minimum balance, €
    10
    Transactions permitted per month
    300 000
    Initial deposit of funds, €
    3
    Deadline for the initial deposit, month
    Minimum balance, €
    For savings and checking accounts, the minimum balance is USD 1,000,000
    Transactions permitted per month
    5-10 per month (depending on the average balance of account, purpose of payment etc)
    Initial deposit of funds, €
    Initial payment - from 300,000 USD with the prospect of increasing savings to a million and more
    Deadline for the initial deposit, month
    The initial installment should be paid within the next months after the account is opened.
    How fast payments are executed
    Same-day. For payments in currencies other than EUR, CHF or USD, add three days

    Tariffs and services

    20
    Outcoming transfer, €
    0
    Incoming transfer, €
    0
    Account maintenance, €/year
    800
    Payment limit for credit cards, €/day
    Outcoming transfer, €
    CHF 8 for payments made via internet banking and CHF 20 for payments made through a bank’s officer. Plus correspondent bank fees
    Incoming transfer, €
    The bank does not charge any fees on incoming transfers
    Account maintenance, €/year
    Maintenance fee for the main account, for example in EUR, is free of charge. Maintenance fee for any additional subaccount, for example in USD, is CHF 60 per year and is debited from the account quarterly (i.e. CHF 15 per quarter)
    Payment limit for credit cards, €/day
    The minimum monthly credit card limit can be any amount, but not less than CHF 10 000. The client can either spend it in one go making purchases or ‘spread’ it over the entire month. However, the issuing bank sets a CHF 1000 limit on ATM withdrawals
    Funds to be blocked for CC issue, €
    The balance of account should always be twice as large as the monthly card limit, i.e., for the payment limit of CHF 10 000 the amount blocked in the account will be CHF 20 000, plus the money to be spent
    Distant access to the account
    The account can be operated online via a programme provided to the client on a CD or downloadable from the bank’s official website. For protection of payments the bank uses a three-level security system, including the Digipass with individual code card that generates passwords
    Financial products
    Trading accounts, deposits, loans, credit line, financial banking products
    Credit/debit cards
    Visa, Master Card, American Express. The mandatory condition for applying for a credit card is the balance of account of at least CHF 100 000, or an equivalent in another currency

    Account opening procedure

    Days to open for incoming transfers
    case by case
    Days to open for outcoming transfers
    case by case
    References
    Necessary
    Purpose of the account
    Savings & current
    Visit to the bank
    Not required, but befor the account opening Bank shell meet the client for the identification. VP Bank officers visit Moscow every month. Besides, it is always possible to contact the bank on the phone
    Required
    Passport, bank forms. 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
    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
    The business description is put together by GSL and is relatively detailed. VP Bank does not open accounts to US individuals or companies

    Banks of Switzerland

    Bank
    The cost of opening an account, $
    Global rating
    Countrywide rating
    GSL rating
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