Although aimed at the rich, there are a number of points - such as negotiating fees - for all.
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Interesting indeed, I think I once watched another video by this author. As for minimum deposits, are rules simply stricter for non-residents or those are special kind of investment accounts, say with JB? What is he talking about when saying it was possible to negotiate 500k down to 100k as a minimum deposit? A question coming from a non-rich =)
5M for a non-resident account is common, although some banks may let you open the account with 1M.
I think he addressed that. If you can show the bank that you have the potential to grow that 100k to 5,000k they would be interested. If you are only going to park it, then forget about it.
I mean, yes, he addressed this point, but as a resident I can open an account in most banks with zero balance so I am wondering if he meant meeting stricter rules for non-residents, or special investment accounts with high entry bars (like the ones at JB)? As I was surprised by his reasoning overall (probably since I never had this money and hence these issues) =)
Yes there are much stricter rules for non-residents. And that is what he was talking about. Non-resident punters that want a Swiss bank account.
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It also applies to fees banks charge for residents. I had a “Mandate” investment account with the ZKB. They charged fees at 1.3% and consequently made more money out of my money than I did.
I had a meeting and said I was very unhappy with them and was going to close the account. They offered fees at 0.8%. I still closed the account, as I said they should have offered that from the start…
Interesting, so far I’ve managed to open 3 accounts with no fees whatsoever (BCV - Current & Savings, MB - Savings, ZGKB - Savings).
(But you mention an investment account, I guess it’s a different story as profits are higher)
Now the next step is to tell them “I am moving abroad” or “I am moving to the USA” and see what happens… $$$ fees or outright account closure…
Yeah I see your point, so I guess we have a great privilege. BTW I’ve read somewhere PF would allow keeping your account when moving abroad but I’ve never had a reason to proof check that.
“If you have the right profile…” 
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There are different client segments, Wealth Management, with high net and ultra high net clients, and then there’s every normal Joe with Personal Banking and even Corporate Clients such as institutional clients, every bank in Switzerland’s offers services to different types of clients.
For Wealth Management obviously there are rules on assets, and if you are non-CH domiciled or have ties with the US then it becomes more difficult. This minimum deposit rule is only for non-CH domiciled persons, and the amount depends on a case-by-case basis, based on your country of domicile, your income, assets etc. If you are CH domiciled the minimum amount is 0.
Due to AEOI (Automatic Exchange of Information) implemented since 1-2 decades ago there is really no more secrecy left now even for numbered accounts, this was something of the past.
That sounds like an AI answer.
If you are with a wealth management team and non US, there are lots of options.
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I work in a CH bank, so you can count on me knowing much as AI would at least in the CH banking sector.
There are options true, but they are very limited, and trust me it is a pain for both the client and a headache for the bank to onboard US clients, clients domiciled in US, or clients who have residency in US more than 183 calendar days/yr (e.g. Green card holders), basically people subjected to US taxation laws. This is due to extra documentation, KYC, AML and other policies, background checks that are required for the bank to conduct, it adds additional overhead costs, without much benefit to the bank itself. The US taxation is one the main issues that causes this, and that is why CH banks don’t really want US clients.
Is it the fact that the USA makes its citizens file taxes, or is it FATCA compliance and the FBAR that’s the bigger headache? I suspect it’s the latter as I had no problem opening a bank account when I arrived here pre-FATCA. It probably doesn’t help that Swiss banks were notorious for helping rich Americans hide money from Uncle Sam.
We also had no problem opening a account pre-FATCA.
In 2009 we had to provide a signed I.R.S. Form W-9, Request for Taxpayer Identification Number and Certification, to our bank if we wanted to stay as a customer.
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