Many thanks!
Hi folks, I was wondering if someone might know where I could rent a safety deposit box in Zurich without having to have a bank account at the same place?
Option 1... Just walk into one of the big banks of Bahnhofstrasse and ask. Just be aware that they will probably still ask you for lots of identification and signatures etc, just so that they can cover themselves against the remotest possibility of eg illegal activities/money laundering/sponsoring terrorism/usw. You may as well go for a bank account at the same time...
Are you resident in Switzerland?
Option 2... find a good friend who has got a safe.
Option 3... liquidate any commodities that you might be locking up, and use ETFs instead.
Bubbles thanks for the advice - I'll Google Map to find Bahnhofstrasse. And good question: I'm not a Swiss resident. So I take as a given I'll need ID in quadruplicate, fingerprinting, retinal biometric scans, and probably a colonoscopy for good measure. As long as they stop short of a cranial implant GPS tracker I'll be O.K. with it (although I sincerely hope the colonoscopy comes with appropriate sedative).
Option 2 is out as none of my friends are the type of characters you should trust. But on the positive side, they sure know how to have a good time.
And I already own ETFs. More good advice there.
Does anyone know of a good English online yellow pages where I could search for "big banks Bahnhofstrasse" and give them a jingle?
With directories.ch you can search using English.
That's exactly what I was looking for, Marie. I'll even try a number or two today (Saturday), but don't expect any of the places to be open on the weekend.
The website has a "call for free" service that's really cool sounding. Apparently you enter your home phone number and it will call you and the business number at the same time! It doesn't work for me since I'm outside Switzerland, but it's a neat idea anyway.
It looks like I'll be taking a trip to Geneva instead. There's a non-bank vault company there called Safes Fidelity. I called them up for information. A description of the construction and the security systems at their facility gives me confidence, as well as the fact that they've been in business for 25 years.
But as I try to perform my due diligence, I am not finding much information on the web considering they've been in business for so long. Granted there are some German websites, and my German is non-existent, but these sites look like nothing more than directory / information listings.
Has anyone ever heard of Safes Fidelity, perhaps having used them before? Does anyone have any suggestions as to how I could find out if they've ever been robbed? Perhaps I could contact the Geneva police department?
I would feel very uncomfortable keeping my valuables at an unknown place. Also there is no confidentiality at a non-Bank.
Maybe you can entrust your stuff to a reputable Swiss law firm. At least you would benefit from client confidentiality
Anyone - have you ever used Safes Fidelity in Geneva? Can you recommend a path to deeper due diligence than a phone call to the place itself? I'm having a heck of a time finding insurance for box contents. If I could find an "all risk" policy then I wouldn't be so concerned, but as a foreign resident I'm not having much luck finding a willing insurer. The place itself doesn't offer it.
I've managed to locate only one other private vault company, but it's in Vienna. I would prefer to do my business in Switzerland, but I should at least call to find out whether the vault company offers contents insurance. It may be my only option unless I can find more guidance...
Thank you Goldtop. I'm in a different situation. It's not the privacy I'm worried about as I'm not doing anything that makes me a bit nervous about others finding out. Security is my main concern. As you suggest perhaps I can call attorneys offices in Switz, but that would not alleviate my concerns about storage security. How will they ensure valuables are protected?
I would say a bank safe deposit box was the cheapest and safest bet.
I think I pay about CHF32 per annum for a ream of A4 paper sized box but then I am only a poor guy.
Has anyone found any other safety deposit box repositories in Geneva or Zurich? I think the independant ones are better than those with a bank. My searches on the phone list came up negative. Are they just referred to as "safes"? Any info appreciated, Regards
You pay a price according to the size of box you want. Most boxes have draws which you can remove and simply slide your stuff in and out off giving you more room. I think the standard fee in Zuger Bank (Zug) is 70 CHF a year. All of the big banks, UBS, Credit Suisse, Zurich Cantonal Bank will have safe deposit rooms of boxes. You do yourself no favors by using a company that is not protected by banking secrecy laws.
You will need formal identification with photos, and you will need it each time you want to access your box. Take care to read the small print, Zug Kantonal Bank do not charge for access; but others may... will rapidly put you off having a SDB if you have to keep paying to access it.
What advantages do you see for "independent ones"?
The independant facilities do not require a bank account to open. Maintaining a bank account to have a safety deposit box is probably more expensive as a foreigner. I was quoted a price of 2K USD yearly to keep an account open independant of funds within. Also, the term "private banking" really does not apply at all anymore.
reduced paperwork?
some people hate paperwork, you know...
Sorry I need ask. Why do you need a safe deposit box overseas; and why are you so worried about there being a record of your ownership...
All sounds a little fishy to me...
Please do post here when you have found reputable "independent facilities".
Bit of a morbid question.
But what happens to the contents of your safety deposit box in your name at death?
I understand that the safety deposit box can only be kept in one name though you can have two authorised key holders.
I have a Swiss Limited Company (SA) but is it correct that a Limited Company cannot open a Safe Deposit Box?
my cellar not reputable enough for you, Goldtop ?
In the event of your death, your safe (or its contents, actually) becomes, like all your other assets, a part of your estate - to be disposed of as per your recorded will, or otherwise as per the inheritance laws of the jurisdiction.
A Limited company is a legal 'person' and enjoys all the rights thereof.
No reason why a limited co cannot lease and operate a safe deposit vault, just as it can own a car or a house.
The question of "why" is reasonable. There is nothing "fishy" about it. The reason is same as why some perfectly healthy people buy insurance, it's just in case. The other reason is I hate the idea of "big brother" knowing everything and having the potential absolute total control of my financial interests. Having alittle money somewhere secure away from the big bad government is a good thing. There are no laws against this. You are supposed to report assets over 10K USD held outside. Calamity does occur and having some protection is argueable.