Unlike ‘anonymous’ accounts, which these days are illegal in Switzerland (read more about this below), the ‘numbered’ ones are allowed, but there are strict rules and conditions attached to them.
You may be thinking: all accounts in Swiss banks have a number, so that’s the deal?
That is correct: the vast majority of accounts have both a number AND a name attached to them.
However, some only have numbers, with an alphanumeric code in the place where the holder's name should be.
Why is that?
For reasons that are known only to them, some clients opt for an extra layer of privacy, lowering the risk of unauthorised access to the account.
This means, basically, that the only people who can access the information in your numbered account — besides yourself — are select bank employees, as well as Swiss tax and financial authorities.
According to the Moneyland consumer platform, “your identity is not available to most bank employees, and the bank has to get your express permission before sharing your identity with third parties.”
This system is not, however, foolproof.
That’s because when you make transfers from a Swiss numbered account to banks abroad, your Swiss bank is required to share your actual identity with the foreign institution.
“However, your Swiss bank has to get your explicit approval before making a transaction which involves sharing your identity,” Moneyland noted.
‘Numbered’ doesn’t mean ‘illegal’
It is no wonder that, in many people’s minds, ‘numbered’ and ‘anonymous’ are one and the same.
Mostly it is because in years past many banks in Switzerland offered such accounts to wealthy people (as well as to foreign dictators) who wanted to hide their often illicit money in the safety of Swiss financial institutions.
This image is still perpetrated in spy and crime movies which invariably feature a character wearing a black suit in a Zurich bank, who obediently stashes their ill-begotten cash in an underground vault.
In reality, however, fact and fiction don’t converge.
Since the mid-1990s, Switzerland has undertaken major efforts to ‘clean up’ the tarnished image of its banks, passing a number of laws that mandate transparency in financial dealings, along with cooperation with foreign governments in catching tax evaders.
This means that a foreign individual, whether residing in Switzerland or abroad, can no longer hide assets in a Swiss bank and hope their own country wouldn’t find out about it.
Swiss banks automatically submit information related to the customer’s account (numbered or not) to the Swiss Federal Tax Administration. This office then passes it on to the tax authority of the country where the person has tax residence.
All this proves that anonymous accounts are no longer permissible.
As for numbered accounts, they are subject to the exact same due diligence, regulatory compliance, and anti-money-laundering obligations as all other Swiss bank accounts.
How can you open a numbered account in Switzerland?
If you are Swiss national or a a foreigner residing in Switzerland, the answer is 'yes.'
However, numbered bank accounts can only be opened in person at a branch office of a bank which offers this service, according to Moneyland.
“The procedure is similar to that for opening a regular Swiss bank account. However, depending on the bank, the requirements for establishing a numbered banking relationship may differ from those for opening a regular bank account.”
If you are interested, contact your bank and ask how to go about this.
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