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• How to Open a Bank Account in Switzerland
• Best banks in Switzerland
• What is the Tax System in Switzerland?
• What is the Income Tax in Switzerland?

Opening a bank account in Switzerland as a non-resident is relatively easy, and often even simpler if you do it before arriving in the country.

To open a bank account in Switzerland, you mainly need to show verified documents proving your identity. These documents usually need to be submitted in person, although some banks may allow you to start the process online or by mail. Still, it’s generally faster and more straightforward to open an account in person.

It’s wise to open your Swiss bank account before arriving. This is because one of the trickiest requirements for opening a bank account is the need for a mailing address. But in Switzerland, you also often need a Swiss bank account to sign a lease on an apartment or house. This can create a frustrating loop: you need an address to open a bank account, but you need a bank account to get an address. Opening your account from abroad can save you this hassle, though it may take 1–4 weeks for the account to become active.

Required documents to open a bank account as non-resident

You must be 18 years or older to open a Swiss bank account. Beyond that, documents may vary slightly by bank, but typically you’ll need to provide copies of the following:

• your passport
• proof of residence
• proof of where your money comes from (bank statements, employee contract, and/or pay slips)

Due to Switzerland’s anti-money-laundering laws, you may also be asked to write a letter explaining your financial status or provide extra documents such as utility bills, Swiss visa status, tax returns, and housing contract. All documents will require an apostille seal.

It’s possible to open a Swiss bank account online as a non-resident, but many banks require you to contact them first. Requirements vary from bank to bank.

What ss a numbered account?

A numbered account uses numbers instead of your name to verify your identity. Sometimes called “anonymous”, these accounts have the highest maintenance fees, averaging over 1,000–2,000 CHF (1,020–2,040 USD) per year. Note that when opening a numbered account, you need to go to the bank in person.

Other Swiss banking info

• Most Swiss banks do not require a minimum deposit to open an account, but you may need to keep a minimum balance and pay a monthly banking fee for maintenance. Fees are generally low, around 5 CHF (5 USD) per month.
• There are completely fee-free accounts: every account comes with either monthly or annual maintenance fees, which vary by bank.
• When opening an account in person, you may be offered a numbered account first. Check the fees carefully before deciding.

If you plan on staying in one canton while in Switzerland, it is worth looking into banks that are local to that canton. However, if you want the option to move from canton to canton, you should look into banks that are represented throughout the entire country. There are also plenty of international banks in Switzerland, and nearly every bank has an online banking option.

Some of the best banks in Switzerland are:

• Post Finance
• UBS
• Swiss Raiffeisen

Best online banks in Switzerland

• Zürcher Kantonalbank
• Swiss Raiffeisen
• CIM Banque

Best savings account in Switzerland

For banks with lower interest rates for savings accounts, look at cantonal banks rather that national ones.

Anyone planning to stay in Switzerland for more than 90 days will need to understand the tax system. If you're working in Switzerland, taxes usually start within 30 days of arrival. The Swiss tax system can be complex because the 26 cantons and nearly 2,200 municipalities each levy their own taxes, including income, inheritance, wealth, property gains, and more.

Types of taxes in Switzerland

To understand the types of taxes in Switzerland, it is helpful to understand the four levels of taxation first:

• Federal: Governed by the Federal Constitution.
• Canton: Governed by the specific canton.
• Municipal: Governed by the city or town where you live.
• Church: Levied on members of the three national churches: Christian Catholic, Roman Catholic, and Protestant.

Cantonal and municipal taxes differ from canton to canton. Expats should consult their for specific information regarding their taxes.

Switzerland sometimes gets a reputation for being income-tax-free, but this isn’t true for foreign workers. As a foreigner, your taxes are usually deducted directly from your paycheck. Tax rates vary from canton to canton, and also depend on municipality, household status, and other factors.

The Swiss government bases the rate of tax you owe on your salary plus other additional elements, like monthly rent, childcare, and educational costs. Very wealthy expats may have the option to choose to pay a lumpsum income tax, depending on the canton

Expats are also taxed on household level, rather than just individually. This simplifies matters for households and the government, and it also typically results in lower taxes, especially for wealthy families. However, this option isn’t available to all expats, so it’s best to consult a tax expert before planning your move.

What is the average income tax rate?

The average income tax rate varies depending on your canton and municipality. Federal tax is the same across Switzerland, but cantonal and municipal taxes can significantly change your total tax rate. Sample of income tax brackets in Switzerland (as of 2025)

These are general examples and may not represent every canton. Taxable income brackets are for single taxpayers without deductions.

Note: These are federal rates only. Cantonal and municipal taxes are added on top, which is why total rates often range from 20–40%, depending on where you live.

Other taxes expats should know

• Value Added Tax (VAT): Standard rate is 8.1%, with reduced rates of 2.6% for essentials like food, medicine, and books.
• Stamp Duties: Applied on certain financial transactions and share transfers.
• Withholding Tax: 35% on certain income types, including dividends, interest, and lottery winnings.
• Customs Duties: Taxes on imported goods, based on type and value.
• Special Consumption Taxes: Applied on specific goods like alcohol, tobacco, and fuel.

These taxes are less relevant for daily income but are important to know, especially if you own property, import goods, or invest.

Taxes for self-employed individuals in Switzerland

Self-employed individuals pay federal, cantonal, and municipal taxes, similar to employees. They also handle social security contributions (AHV/IV/EO) and manage their own pension and insurance plans. Tax obligations can vary depending on whether the business is a sole proprietorship, partnership, or limited liability company, and by canton.