India has ranked 74th in terms of money stashed by its residents in Switzerland-based banks. As per the Swiss National Bank's latest statistics, India accounts for about 0.07 percent of all aggregate funds parked in Swiss banks.
However, despite Switzerland's reputation as a 'tax haven', most of these funds are likely to be legitimate and not necessarily black money. Surprisingly, opening a Swiss bank account is not that much different from opening a standard bank account. You have to fill out forms and provide documentation that proves who you are and what you do.
However, due to some special circumstances regarding privacy, the level of scrutiny over providing official documentation of your identity is more strict. The main benefits of Swiss bank accounts include low levels of financial risk and high levels of privacy.
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Nonresidents of Switzerland must be at least 18 years old to open a Swiss bank account, and that's about the only restriction. Account-holders can choose their currency-most choose to hold their funds in Swiss francs, U.S. dollars, Euro, or British Pound Sterling.
There's usually no minimum balance required to open an account, but once an account holder deposits funds, there is typically a minimum balance requirement, which varies according to the bank. The Swiss banks, which are also tax havens, are very stable since they do not issue commercial loans.
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