What if CIM Bank is no longer an option? Do you have any backup plan?

Having two offices - in Geneva and Lugano - CIM Bank is particularly popular with CIS entrepreneurs seeking to open an account with a Swiss bank. And the reason for that is quite simple: opening an account with this provider of individual and corporate banking services allows them to safely and conveniently manage their funds. However, the bank’s clients have been receiving emails lately, notifying them of a possible closure of their accounts. So, what is happening with CIM Bank? Is it the right time to open a non-resident account with CIM Bank? What is the situation like in the Swiss banking sector?

Why is opening a corporate account with CIM Bank such a popular option?

Being a member of the Swiss Stock Exchange, CIM Bank is supervised by FINMA, the country’s number one financial regulator. CIM Bank is also a full member of the Swiss Bankers Association (the SBA).

It should be noted that a large number of non-residents already have accounts with CIM Bank, and just as many of them are considering opening a corporate account with CIM Bank.

Why does it make sense to open an account with CIM Bank of Switzerland?

  • 24/7 Internet banking available anywhere in the world;
  • VISA and MasterCard accepted;
  • International bank transfers (Swift);
  • Asset management;
  • Online trading platforms for bonds, stocks, options, futures, forex and binary options;
  • Foreign exchange trading.

Unlike other Swiss banks, which require their clients to deposit in excess of EUR 300,000 to be able to use their accounts, using an account with CIM Bank requires depositing as little as EUR 10,000.

Why would clients want to close an account with CIM Bank?

Recently, a number of CIM Bank clients have been receiving emails notifying them of the likelihood of their accounts being closed. Why is that? Because the bank has put in place new requirements whereby its non-resident clients must confirm their activities (the so-called ‘subsistence requirement’). Failure to do so may result in their accounts being canceled. To avoid having to close an account for a resident company with CIM Bank, all non-resident clients are required to provide evidence that their company has a Swiss-registered office and employs local personnel. Also, they have to submit all their company’s financial statements to the relevant authorities. That is precisely why non-Swiss clients of the bank are now searching for information on an alternative to CIM Bank.

In light of the recent events, asking yourself a question, “Where should I transfer a bank account from CIM Bank?” makes all the sense in the world. If you are currently looking for alternatives to CIM Bank, our experts can assist you with finding one. They can also provide you with advice on where to open an account for CIM Bank clients.

ConclusioN

Swiss banking institutions are well known for their reliability and confidentiality. And that is precisely why people wishing to open an account with a Swiss bank chose CIM Bank. However, Swiss legislation, like that of many other countries, is changing, and with it are changing rules for providing banking services. Ongoing globalization is causing financial institutions to increasingly require their clients to provide confirmation of subsistence. Nowadays, there are hardly any banks in the world that have not put in place such requirements.

Our experts are continuing to monitor the situation and will be providing you with updates on the latest developments in the Swiss banking sector. If you want to open an account for a non-resident company abroad or are looking for alternatives to CIM Bank, please do not hesitate to contact our company.