ENTRUST US WITH YOUR CASE

Private Banking Abroad: Switzerland, Liechtenstein, Luxembourg, Dubai, Monaco

ENTRUST US WITH YOUR CASE

We will select the appropriate jurisdiction and private bank based on your assets and tax residence, prepare the documentation regarding the source of funds, and guide you through the account opening process.

Private Banking: does a foreign account make sense?

Managing wealth that exceeds several hundred thousand euros is an entirely different discipline from maintaining an ordinary personal account. This is no longer merely about safely storing funds and executing transfers. In that situation you need:

comprehensive tax planning,
family wealth management and an investment strategy calibrated to your risk profile,
succession planning,
corporate structures that protect your assets.

Standard retail banking, even in its “premium” incarnation, simply does not offer this.

Here begins the world of private banking and foreign bank accounts. It is not a product one “purchases” by completing an online form. It is a long-term relationship with an institution that will come to know your financial circumstances more intimately than you do yourself, anticipate threats you have not yet imagined, and open doors to opportunities whose existence you never suspected.

Is Private Banking for you?

Quick check:

✓ Assets exceeding 500,000 euros

✓ A need for professional tax planning

✓ Business or family succession under consideration

✓ A search for international diversification

✓ Interest in alternative investments

If you ticked three or more, private banking may be your solution.

Where to open a foreign account?

The Geography of Private Banking

Global financial wealth grew by 10.7% in 2025, to 333 trillion dollars, and cross-border wealth, meaning money held outside the owner’s country of residence, reached 15.7 trillion dollars (BCG Global Wealth Report 2026). This is no niche sector: it is a formidable financial apparatus serving the world’s wealthiest individuals. But not all markets are created equal. Around 90% of new cross-border money flows into the ten largest centres.

The United States is the world’s largest wealth management market, yet as a centre for cross-border money it ranks only fourth, with roughly 1.6 trillion dollars. Is an American private bank the right choice for a European client? Not necessarily. FATCA requirements, banks’ reluctance towards non-residents, U.S. estate tax on assets situated in the United States and, above all, cultural differences in the philosophy of wealth management make it a suboptimal solution for most Polish clients.

Europe, in this geography, means first of all an unshakeable triad: Switzerland, Liechtenstein and Luxembourg. Here beats the heart of European private banking. And not without reason.

Swiss bank accounts remain number one in Europe. Banks operating in Switzerland manage assets worth more than 10 trillion Swiss francs, and as a centre of cross-border wealth the country is second in the world only to Hong Kong. In 2025 cross-border wealth booked in Switzerland grew by 7.6%, to around 2.9 trillion dollars, and in turbulent times the country still draws capital in search of a safe haven. More significantly: nearly half of the assets managed by banks in Switzerland belong to foreign clients. Swiss banks know how to serve an international clientele; they grasp the specifics of cross-border tax structures and have deep experience with complex corporate arrangements.

Liechtenstein is a smaller market, but no less sophisticated: banks in the principality manage client assets of 538 billion francs (consolidated basis, 2025 figures), and as an EEA member it combines access to the European single market with the stability of the Swiss franc and a triple-A rating. The principality specialises in family offices and family foundation structures (Stiftung), offering solutions for the most demanding clients.

Luxembourg is Europe’s capital of investment funds and holding structures. If your wealth management strategy requires exposure to alternative assets, private equity or complex structured instruments, Luxembourg is the natural choice.

Singapore and Hong Kong are Asia’s private banking centres, together managing around 5 trillion dollars of cross-border wealth. In 2025 Hong Kong overtook Switzerland for the first time as the world’s largest centre for cross-border money. Singapore holds fourth place in the GFCI, Hong Kong third. Both markets are expected to grow by around 9% a year until 2030, but for a European client they bring additional complexity: time zone differences, cultural distinctions in the approach to business and the need to understand local regulations. Hong Kong, like Monaco, also appears on Poland’s list of jurisdictions applying harmful tax competition.

Dubai is a rising player: ninth place in the Global Financial Centres Index, with cross-border wealth in the Emirates growing by 11% in 2025, one of the fastest rates among the large centres. The tax advantages for those who move their residence there are undeniably attractive, but is it wise to build a long-term wealth management strategy in a jurisdiction still establishing its position on the global financial map? That is a question each client must answer.

Monaco is private banking for the very wealthiest: around twenty-five banks serving both residents of the principality and clients from abroad, with high entry thresholds. For a client from Poland it carries one important caveat: Monaco appears on Poland’s list of jurisdictions applying harmful tax competition (regulations of the Minister of Finance of 18 December 2024), so a Polish taxpayer’s interest in a Monegasque company or foundation calls for an analysis of the controlled foreign company (CFC) rules, and transactions with Monegasque entities may trigger transfer pricing documentation obligations from as little as 500,000 zlotys a year. A private bank account in Monaco is not, by itself, a controlled foreign company.

We describe further options on our page devoted to offshore banking.