A safe deposit in Switzerland or Liechtenstein?
Whether you plan to store jewellery, coins or other valuables, you’ll find a bank-independent safe deposit box in Switzerland or Liechtenstein very convenient. But which country should you choose? Generally speaking, there is not a vast difference between a bank-independent safe deposit box in Liechtenstein or one in Switzerland. However, there is one small but important distinction as regards legal status: Liechtenstein is a member of the European Economic Area (EEA), which means it is obliged to adopt EU law in certain areas – an obligation which does not apply to Switzerland. In addition to this, storage in a bank safe deposit box facility is not recommended for anyone who values discretion.
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Please note: safe deposit boxes held in Liechtenstein banks must be registered
Liechtenstein bank safe deposit box services are subject to regulations monitored by the Principality’s Financial Market Authority (FMA), and safe deposit box registers play a pivotal role in these arrangements. However, independent safe deposit box providers such as Swiss Gold Safe are not affected and thus do not have to maintain a safe deposit box registry.
Put plainly, this means the following rules apply to any safe deposit box held at a Liechtenstein bank:
1. Mandatory safe deposit box registers: Liechtenstein banks are legally obliged to keep a safe deposit box register. This records information about specific safe deposit boxes, their users, and the contracts associated with each arrangement. As the controlling authority, the domestic authorities have direct electronic access to the data contained in these registers.
2. User identification: Before implementing safe deposit box arrangements, banks must verify and document the identity of all users. This process relies upon relevant anti-money-laundering regulations and know-your-client (KYC) protocols to determine the prospective user’s identity and thus ensure that no illegal activity takes place.
3. Additional banking obligations: Banks are responsible for maintaining the confidentiality of data held in their safe deposit box registers, and for ensuring no unauthorized persons can gain access to this data.
4. FMA monitoring: The Financial Market Authority is responsible for monitoring compliance with the rules and regulations regarding safe deposit box services offered by Liechtenstein banks. It checks whether the banks are fulfilling their obligation to maintain safe deposit box registers, and whether appropriate control mechanisms are in place.
In view of this legislation, anyone who values discretion and wishes to maintain maximum privacy should avoid using a bank safe deposit box in Liechtenstein. Private safe deposit box providers such as Swiss Gold Safe are not affected by this regulation regarding a registry and thus are not required to create and maintain safe deposit box registers.
We will be happy to answer any questions you may have about these regulations and what options are available for safe deposit box arrangements that guarantee full discretion.
Private storage providers in Liechtenstein offer more privacy
Private storage providers in Liechtenstein – such as Swiss Gold Safe (Liechtenstein) Ltd – represent a reliable, well-proven alternative to a bank safe deposit box. As already mentioned, they are not subject to above mentioned regulations, and thus not obliged to allow direct access to their client data.
Of course, a private storage company is naturally still subject to the Due Diligence Act, a measure designed to curb organised crime, money laundering, and the financing of terrorism. In Liechtenstein, this is largely addressed via EU legislation, and because Liechtenstein is a member of the EEA, any subsequent modifications introduced by the EU will also apply in Liechtenstein. However, as the following section explains, the situation is very different in Switzerland.
Liechtenstein storage providers are thus required to determine all beneficial owners and the Liechtenstein Financial Market Authority will check whether the Due Diligence Provisions are being correctly applied. However, one fact remains unchanged: Only Liechtenstein private safe deposit providers have knowledge of the relevant client data. They are obliged to collect the data, but are not required to pass this information on to the authorities.
Storage options outside the EU and EEA offer even more discretion
For some clients, the EU regulations applicable to Swiss Gold Safe (Liechtenstein) Ltd are not sufficiently discreet. In such circumstances, a well-proven solution for these clients is to secure storage facilities outside EU and EEA jurisdiction. Naturally, this must also be a safe country, which is why independent Switzerland is so often the go-to recommendation. Here, investors from around the world have the opportunity to rent bank-independent safe deposit boxes. For example, Swiss Gold Safe Ltd have a modern, bank-independent ultra-secure safe deposit facility in Altdorf, in the canton of Uri. As explained below, this option is a far better choice than storing your valuable assets in any safe deposit box facilities provided by Swiss banks.
Swiss bank safe deposit boxes are linked to bank accounts
In Switzerland, safe deposit box users are expected to manage safe deposit boxes for themselves, which at least means a bank won’t automatically know what your safe deposit box contains. However, it’s worth noting that banks generally expect a safe deposit box to be linked to an active bank account. Although there is no legal obligation to do so, this stipulation has become standard practice for most Swiss financial institutions. By linking each safe deposit box to a bank account, any bank will automatically have access to extensive customer information. Nevertheless, you can avoid this infringement of privacy simply by opting for a privately-managed, bank-independent safe deposit box.
Bank-independent safe deposit box providers have no obligation to provide information
That’s why your assets and personal data will be held safe and secure with a bank-independent safe deposit box provider in Switzerland such as Swiss Gold Safe Ltd. As a specialist company, Swiss Gold Safe only offers safe storage – thus you will not be asked to open a new bank account. So, unlike a bank safe deposit facility, you will not be required to manage an account, nor will you be charged the usual fees associated with such arrangements.
Furthermore, clients who value discretion will be pleased to hear Swiss Gold Safe Ltd is not subject to any mandatory automatic exchange of information, nor is it obliged to comply with US FATCA (Foreign Account Tax Compliance Act) regulations.
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What are the similarities between safe deposit box arrangements in Switzerland and Liechtenstein?
As mentioned above, the greatest difference is that Liechtenstein banks must maintain a safe deposit box register. That’s why many investors consider Switzerland to be such a safe haven for gold. Apart from that issue, the two countries have a great deal in common.
Swiss Gold Safe safe deposit box facilities in Switzerland and Liechtenstein are totally independent of banks, and precious metal dealers. And because transactions involve the presence of only one client at a time, the arrangements offer maximum discretion aligned with the strictest standards of high security.
All safe deposit boxes are accessible throughout the year during regular office hours, and are also available outside of these times by prior arrangement.
All safe deposit facilities are easily accessible both by car and by public transport, regardless of the season.
To ensure absolute discretion, access to safe deposit boxes is always by appointment.
In addition, the safe deposit box rental includes a basic insurance with a sum insured of CHF 25,000. This amount can also be increased to meet individual requirements. We will be very happy to answer any further questions you may have about safe deposit box insurance.
It should be mentioned that, even in Switzerland, any guarantee of anonymity has its limits: For instance, the contractual partner and all persons with authorised access must necessarily be identified and recorded.
For additional safety, Swiss Gold Safe facilities are also equipped with emergency power generators to ensure continuous operation in the event of a blackout or power shortage.
Taken together, these safe deposit box services offer clients a secure and convenient way to store documents and valuable assets with no worries about security and confidentiality.
Pricing is based on the size you choose
The cost of a safe deposit box will depend on its size. So, the bigger the safe deposit box the more expensive it will be. You can find the exact size and price for each type of safe deposit box we offer by clicking on the above link to our safe deposit box pages.
Payment options: Both our Liechtenstein and Switzerland locations accept a bank transfer in EUR to an account in Germany, or a CHF transfer to an account in Liechtenstein or in Switzerland. Domestic and foreign clients can also make a cash deposit using a payment slip at any Swiss or Liechtenstein post office. BTC and ETH cryptocurrencies or stablecoins are also accepted, and cash payments in CHF, EUR or USD can be made at our office in Switzerland.
Expropriation is virtually impossible in Switzerland and Liechtenstein
Any comparison of the risks posed by emergency law and expropriation reveals just how safe gold and other precious metals are in Switzerland and Liechtenstein. Thus clients in both these countries can expect robust protection of an individual’s property rights.
Locations outside metropolitan areas add an extra layer of security
For safe deposit boxes, security is a very important matter – which is why we only ever indicate the approximate location of our safe deposit box systems. Those in Switzerland are located in Altdorf, in the canton of Uri, while those in Liechtenstein are in Schaan. At all locations, our safe deposit box systems are always situated outside urban centres. This additional precaution is designed to guarantee maximum security and optimal privacy.
Conclusion: Both Switzerland and Liechtenstein are recommended – Switzerland is particularly advantageous
- Switzerland and Liechtenstein both offer high-quality safe deposit facilities.
- Your valuable assets can be safely stored in either country.
- All safe deposit box systems are located outside of metropolitan areas and easily accessible.
- However, there is one important difference with regard to the legal situation: Liechtenstein is a member of the EEA (European Economic Area), which is why its banks are obliged to register all safe deposit boxes. But this does not apply to private providers such as Swiss Gold Safe.
- A bank safe deposit box in Switzerland is often actually linked to a bank account, which means banks then hold detailed customer data.
- A bank account is not required to rent a bank-independent safe deposit box.
- One further tip: A safe deposit box in Switzerland with a reputable, private provider is particularly recommended, because client data is optimally protected and there is no safe deposit box register.