How to Open a Bank Account in Liechtenstein

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.

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:

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.

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