Foreigners can open a bank account in Liechtenstein for personal or business purposes, either as a resident or a non-resident. However, non-residents face stricter regulations, designed to prevent money laundering. Similar to Swiss private banking, Liechtenstein is also a major center for private banking, a type of wealth management service that is tailored to the needs of high-net-worth individuals and families. Private banks typically offer a wide range of services, including investment management, estate planning, and tax advice.
- 1 Is a Liechtenstein Bank Account Right for You?
- 2 Documents needed to open a Bank Account in Liechtenstein
- 3 How to Open a Bank Account in Liechtenstein as a Non Resident
- 4 Open a Virtual Bank Account in Liechtenstein as an Alternative
- 5 Best Banks to Open an Account in Liechtenstein
- 6 Summary on Opening a Bank Account in Liechtenstein for Non Resident
- 7 Read More
Is a Liechtenstein Bank Account Right for You?
Liechtenstein is a popular destination for international banking, due to its strong financial reputation, strict anti-money laundering laws, and low tax environment. However, we advise you to consider the following factors before deciding whether a Liechtenstein bank account is right for you:
- Minimum deposit requirements: Liechtenstein banks typically have high minimum deposit requirements, ranging from CHF 25,000 to CHF 1 million or more.
- Fees: Liechtenstein banks also charge a variety of fees, such as account maintenance fees, transaction fees, and currency exchange fees.
- Reporting requirements: Liechtenstein is a member of the Schengen Area, which means that banks are required to report suspicious activity to the authorities.
- Privacy: Liechtenstein has strict privacy laws, but banks may still be required to share information with law enforcement or other government agencies in certain circumstances.
A Liechtenstein bank account may be right for you if you:
- Are a high-net-worth individual or family
- Have a business that operates internationally
- Need to protect your assets from political or economic instability
- Value confidentiality and security
Documents needed to open a Bank Account in Liechtenstein
Documents needed to open a bank account in Liechtenstein may vary depending on the bank and your residency status. The following documents are typically required:
- Valid passport
- Proof of address, such as a recent utility bill or bank statement from your home country
- Proof of income, such as a recent pay stub or tax return
- Reference from your existing financial institution
- Criminal record certificate (for non-EU residents)
Some banks may also require additional documents, such as a business plan or a letter of explanation explaining why you are opening an account in Liechtenstein.
How to Open a Bank Account in Liechtenstein as a Non Resident
To open a bank account for non-resident in the country, you need to make a large initial deposit. For the majority of the banks, you will also be paying fees to maintain the account. There are banks that 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, though. 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 also open an online bank account in Liechtenstein as an alternative. When you open a virtual bank account in Liechtenstein with European neobanks, you also get a multicurrency account and European IBAN that you can use to send and receive money in the EU. You can also send money abroad. You can open a virtual bank account with the following digital banks:
N26 is a European digital bank that offers online bank accounts to anyone who legally resides in Liechtenstein or any other EU country. To open an N26 account, you will only need a valid EU ID and any address based in Europe. You can open your account in minutes through the N26 app.
The bank offers Euro IBAN, N26 personal account and N26 business account, supports all SEPA transfers. Your bank account is protected up to €100,000. 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.
Wise, formerly TransferWise
Wise is a money service provider that offers free online accounts with European IBAN and SEPA support. This means that you can hold and convert foreign currencies, and send low-cost international bank transfers from your Wise account. It is a good option for people who need to send or receive money internationally on a regular basis. It offers competitive exchange rates and low fees. Wise also offers a variety of other features, such as multicurrency account, allowing you can hold and manage multiple currencies in your Wise account. This makes it easy to send and receive money in different currencies without having to pay conversion fees.
You are allowed to open a personal account or business account.
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.
The complete set of features on the Dukascopy account is available exclusively for individuals aged 18 and above. You can open an account from anywhere in the world, except if you are a resident of these countries or regions: Abkhazia, Afghanistan, Belarus, Crimea, Cuba, Comoros, Donetsk People’s Republic, Iran, Japan, Luhansk People’s Republic, Myanmar, Nagorny Karobakh, North Korea, Somalia, South Ossetia, South Sudan, Sudan, Syria, Russian Federation, Transnistria, United States of America, Venezuela, Yemen.
Monese is a British online bank that accepts residents of the UK and most of the EU. 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, as well as online wallets such as PayPal.
Bunq is a Dutch online bank that is open to all citizens of the European Union and the European Economic Area (EEA). You can open a Bunq account online in a few minutes, as long as you have the required documents, such as your passport. The basic account costs €2.99 per month. You can open a personal or business account.
A Bunq account gives you an International Bank Account Number (IBAN) that you can use in all EU/EEA countries. Non-EEA nationals with an EU or EEA residence permit can also open an account, but fewer IDs will be accepted. The best option is to use your passport or residence permit. Bunq’s website and customer service are available in Dutch, French, English, Spanish, German, and Italian.
Best Banks to Open an Account in Liechtenstein
Apart from the European online banks listed above, you can also consider banks based in Liechtenstein. However, opening a bank account as a non-resident with a traditional Liechtensteinian bank is not as easy as with a European virtual bank. Typically, you will need to make an initial deposit, which varies from bank to bank. Here are some traditional Liechtensteinian banks where you can 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 using VP Bank. You can also open a personal or a business account. Furthermore, 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 for Non Resident
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.