Opening a bank account in Liechtenstein can be appealing due to the country’s stable economy, banking privacy, and secure financial system. However, due to international financial regulations (e.g., anti-money laundering laws), Liechtenstein banks follow strict Know Your Customer (KYC) policies, especially for non-residents. Here’s a step-by-step guide on how to open a bank account in Liechtenstein:
Step 1: Choose a Bank
Liechtenstein has several reputable banks, both private and commercial. Some of the leading banks include:
- LGT Bank (owned by the royal family)
- VP Bank
- Liechtensteinische Landesbank (LLB)
- Kaiser Partner Privatbank
Each bank offers different services, from standard accounts to private banking for high-net-worth individuals. Select a bank based on your needs (e.g., personal savings vs. investment accounts).
Step 2: Prepare the Required Documents
Banks in Liechtenstein usually require the following documents:
- Proof of Identity: Passport or national ID
- Proof of Residence: Utility bill, lease agreement, or bank statement with your address
- Proof of Income/Wealth Source: Employment letter, tax returns, or business documents
- Banking Reference Letter (optional but helpful): From your existing bank
- KYC Questionnaire: Some banks may ask for a questionnaire detailing your income sources, nature of business, or financial objectives.
For companies, additional documents like incorporation papers, the business plan, and details of beneficial ownership may be required.
Step 3: Contact the Bank
- In-Person Visit: Some banks require you to visit a branch in Liechtenstein to verify your identity.
- Remote Application: Certain banks may allow the account to be initiated remotely (via phone, email, or video call), though you’ll likely need to send original documents by post or courier.
Step 4: Account Type and Deposit Requirements
Liechtenstein banks may have high minimum deposit requirements, especially for private banking. For example:
- Standard accounts: EUR 5,000 to EUR 50,000 minimum deposit
- Private banking accounts: EUR 250,000 or higher, depending on the bank
Make sure to clarify these requirements in advance.
Step 5: Compliance and Screening
The bank will conduct a due diligence process, which could involve:
- Background checks: To ensure compliance with anti-money laundering (AML) regulations
- Sanctions screening: If you are from a restricted country or politically exposed
This process may take several days to a few weeks.
Step 6: Account Approval
Once your application is approved and your initial deposit is made, the bank will activate your account. You will receive your IBAN, debit/credit card (if applicable), and online banking details.
Additional Tips
- Legal and Tax Advice: It’s advisable to consult a lawyer or financial advisor, especially if you’re opening the account for wealth management or business purposes.
- Language: While banks generally communicate in English, it’s helpful if you speak German.
- Ongoing Compliance: Be prepared for occasional requests to update your KYC information.
Liechtenstein banks offer world-class financial services, but the process can be rigorous, especially for non-residents. Prepare thoroughly to ensure a smooth application process.