How to Open an Account with VP Bank (Schweiz) AG

Parameter;Details

Year of foundation;1998 (VP Bank AG Switzerland) History;The parent VP Bank was founded in 1956 as Verwaltungs- und Privat-Bank Anstalt. It became the first publicly listed company in Liechtenstein in 1974. Shares have traded on the Swiss Stock Exchange since 1983. The group has 10 offices globally. VP Bank (Schweiz) AG was founded in 1998. Assets under management: CHF 43 billion (2017) Staff;Over 730 employees across 8 branches. The Russian Desk has numerous Russian-speaking employees. Other languages spoken include English, German, French, Italian, Spanish, Czech, Slovak Shareholders;100% owned by VPB Finanz Holding AG (Switzerland) Confidentiality;Legal assistance and double tax treaties with Russia are in place, strict AML compliance, active member of OECD, FATF, Basel Committee, Egmont Group

Parameter;Details

Minimum balance (€);USD 1,000,000 for both savings and current accounts Monthly transaction volume;5–10 per month depending on average balance, purpose of payments, and other factors Initial deposit (€);From USD 300,000 with an expectation to reach USD 1,000,000+ Deposit timeframe;To be transferred within the following few months after account opening Payment execution speed;Same-day transfers for CHF, EUR, USD, +3 days for other currencies

Parameter;Details

Outgoing transfer (€50,000);CHF 8 via e-banking. CHF 20 via bank operator. +Correspondent bank fees. For current accounts: 0.5% (min. 5 CHF, max. 500 CHF) Incoming transfer (€50,000);No fees charged for incoming transfers Annual account maintenance (€);Main account (e.g., EUR): free. Each additional subaccount: CHF 60/year (CHF 15/quarter). Current account opening fee: CHF 2,000, management: CHF 1,000/year Credit card daily/monthly limit (€);Minimum monthly credit card limit: CHF 10,000 (spendable in one day or over the month). ATM withdrawal limit: CHF 1,000/day Credit card insurance coverage (€);Account must hold 2x the monthly limit. For a CHF 10,000 limit, at least CHF 20,000 must be blocked on the account Account management;Managed online via VP Bank software (available via disc or website). Uses 3-level security with Digipass and individual code card Banking products;Current accounts, deposits, loans, credit lines, full range of financial instruments Credit cards;Visa, MasterCard, American Express. Minimum balance of CHF 100,000 required for issuing a card

Parameter;Details

Visit to bank required;Yes — a personal meeting with the client is mandatory Required documents;Passport, bank forms. For legal entities: notarized and apostilled company documents (extract from trade register, articles of association, list of directors with signatures, etc.) Account types;Savings, Current Due Diligence & Procedure;Account can be opened without entering the country Probability of account opening;Calculable Business description;Drafted by GSL staff, should be sufficiently detailed. VP Bank has restrictions on account openings for US persons (individuals or entities)