Then, governments and tax authorities around the world rolled out their own version of FATCA, called CRS in 2014. Not surprisingly, the US retaliated and rolled out the big guns… information sharing, US-style.įATCA was introduced in 2010. UBS got busted for helping Americans evade taxes with anonymous bank accounts in 2007. End result? The owner wouldn’t pay taxes on their account in Switzerland, and the money would grow over time.īasically, in the era of banking secrecy (yes, that era is now over), the thinking was: money that no one knew about wasn’t taxable. If the owner didn’t declare the account, it was nearly impossible for tax authorities to find out that it existed. It was the account holder’s responsibility to report the account to the appropriate tax authorities. It was up to the client.īut, here’s where things get interesting, or dodgy, depending on who you are: Like any account, the money could either sit there and do nothing.
Traditionally, the account holder’s name and code number were written on an index card, then it would be placed in the bank’s safe, let’s say somewhere in Switzerland, and it would only be accessible to the banker and his boss. People often confuse anonymous accounts with the standard offshore bank account, they are very different. The name of the client is only accessible to the client and a small circle of senior staff at the bank. If you’d like to get a head start on account opening as a non-resident then download our FREE Non-Resident Banking Starter Guide right now! What is an Anonymous Bank Account?Īn anonymous bank account also referred to as a “numbered account,” is a bank account where the identity of the account holder is replaced with a multi-digit number or code. We’ll also explain where things get dodgy, what to watch out for, and how you can unlock the same benefits of an anonymous bank account without crossing the line. In this article, we’ll explain what anonymous bank accounts are, why people want them, and the different types of anonymous accounts that exist today. And, poof… in seconds you had an anonymous bank account that couldn’t tie back to you. People would set up a company with bearer shares and have their lawyer open a corporate account for the company. The bank didn’t know who the ultimate beneficial owner (UBO) was. Up until the 1990s Swiss numbered accounts were synonymous with anonymous bank accounts. Many people have used anonymous bank accounts throughout history to protect their nest egg from corrupt governments, illegal seizures, or confiscation in their home countries.
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