What is a numbered account
A numbered account is an account that is offered by Swiss banks to the majority of their clients. For convenience of both the banker and the customer, the account will have a codename attached to it, which enhances the confidentiality of the account.
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Numbered accounts explained
A numbered account is a type of bank account whereby the name of the account holder remains confidential, and the account holder identifies his account by means of a code word known only by the account holder and the bank. This information will only be made available to a small number of people within the bank, in order to enhance the privacy of the account.
The purpose of a numbered bank account is to provide the account holder with a greater degree of privacy, as their personal details, including their name, do not appear on any bank statements. In addition, the customers’ name does not appear on the banks computer system. The purpose of this is to augment the privacy of the account, particularly in cases where bank statements become lost or stolen.
Numbered accounts have are considered by some as a way to avoid paying taxes and to conceal one’s funds from anyone who would potentially try to take the funds from the owner. Nevertheless following the imposition of a 15% withholding income on interest earned by EU residents, the tax benefits appear to have been reduced.
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