You can open a bank account in Lichtenstein as a resident or a non-resident. Opening a bank account in Liechtenstein as a non-resident comes with a set of rules that are meant to prevent money laundering. You can open an offshore personal or business account in Liechtenstein. Liechtenstein has similar private banking legislations to Switzerland. You can seek legal help from lawyers when opening a bank account in Liechtenstein in case you want to understand the banking legislation better.
Documents needed to open a Bank Account in Liechtenstein
- A copy of ID or passport
- Proof of address and utility bill
- Contact details like email address
- Income statements
How to Open a Bank Account in Liechtenstein as a Non Resident
You can open a bank account in Liechtenstein as a non-resident, but you need to make a large initial deposit. You will also be paying fees to maintain the bank account. Many banks will require you to invest a certain amount in the bank’s investment products before you can open a bank account with them. The amount varies from one bank to the other. Not all banks offer services to foreigners. Therefore, before opening a bank account in Liechtenstein, you need to first carefully select the best bank for you. It is best that you first call a bank before you can open an account with them.
Open a Virtual Bank Account in Liechtenstein as an Alternative
You can open online bank account in Liechtenstein as an alternative. When you open a virtual bank account in Liechtenstein, you also get a European IBAN that you can use to send and receive money in the EU. You can also send money abroad to over 200 countries in over 30 currencies. You can open a virtual bank account with the following digital banks:
You can open an online bank account in Liechtenstein using N26. The bank offers Euro IBAN, N26 personal account and N26 business account, supports all SEPA transfers. Its international money transfer service is provided in partnership with Wise money transfer, one of the cheapest and fastest money transfer services in the world. It takes only 8 minutes to sign up for N26 account. Once you sign up, you can order a contactless debit MasterCard and start making contactless payments.
Wise, fomerly TransferWise
You can also use Wise to open a virtual bank account in Liechtenstein. When you open Wise account, you will get Euro IBAN and you can use it to make SEPA payments. You are allowed to open a personal account or business account. You can hold, send, receive and spend money in different currencies using Wise multicurrency account. Wise uses real exchange rates for currency conversion.
Revolut is a crypto friendly bank that offers multi-currency accounts in 28 currencies, IBAN for personal accounts and business accounts, virtual cards, money transfer services and crypto trading.
Revolut’s key products and services include prepaid debit cards, currency exchange, peer to peer payments, withdrawals in over 120 currencies and transfer money directly in over 29 currencies. You can buy cryptocurrencies such as Bitcoin and altcoins such as Ethereum. However you cannot transfer them to an external wallet, you can only exchange them for fiat money inside Revolut app.
Dukascopy is an online bank that offers a multicurrency account with IBAN and forex trading. It is a crypto friendly bank that supports cryptocurrency CFDs trading, trading and payments with Dukascoin (first regulated and licenced crypto in Switzerland), and crypto investment.
Monese is a British online bank that accepts customers from many countries including Liechtenstein. You have to be a resident of the EEA or the UK. It offers a multicurrency digital bank with IBAN and supports SEPA payments. You can open EUR or GBP personal, joint or business accounts with Monese. Monese accounts works with contactless payments like Google Pay, Apple Pay and PayPal.
Best Banks to Open an Account in Liechtenstein
If you want to open a bank account in Liechtenstein, you need to consider the fees and deposits required. It is because you need to make an initial deposit before opening a bank account. The deposit varies from one bank to the other. The following are some of traditional Liechtensteinian banks you can use to open an account.
- Raiffeisen Privatbank. This is a bank you can use to open a private account in Liechtenstein. The bank offers traditional investment and portfolio management options. It has a wide network of branches and ATMs around Liechtenstein. It also has excellent customer support.
- Banque Havilland. This is a family bank that focuses mainly focuses on customers with high net worth. It also works with private investor groups. Some of the services the account offers include credit cards, foreign exchange and asset management options.
- VP Bank. It is a bank that will help you manage your investment from your fingerprints. You can open an online bank account in Liechtenstein using VP Bank. You can also open a personal or a business account with VP Bank. You will be getting investment, real estate, and wealth planning advice when you open an account. It comes with three banking packages; Basic, Comfort and Premium.
- Volksbank. You can easily open a private bank account with Volksbank. It offers excellent features like insurance, business loans, mortgages, current accounts and savings accounts. It is the best bank if you are seeking to open a normal bank account.
- Liechtenstein Landesbank. It is a retail bank you can use to open a regular bank account. They offer retirement accounts, basic accounts, and mortgages. This is the best bank for students and young people due to its favorable rates, gift vouchers and high-interest rates.
Summary on Opening a Bank Account in Liechtenstein
Before opening a bank account in Liechtenstein, it is best that you consider services offered by banks, how much you can deposit, the number of monthly transactions you will be making and how much you plan to invest in the bank. If you are a non-resident, you too can open a bank account in Liechtenstein, but you will need to make an initial deposit or invest in a bank’s investment products before you can be allowed to open an account.