The vast majority of Russians, considering where to invest their money, first of all turn their eyes to the banks of Cyprus and Switzerland. But it’s not so simple: in Cyprus they haven’t been friends with finances recently, and Switzerland is setting out the amount of payment for servicing an account that is unbearable for the vast majority of our fellow citizens.
Therefore, banks of more friendly countries - Denmark, Germany and Austria are more popular. Let's take a closer look at the financial institutions of the latter. Austria is a country with a banking history of more than two hundred years.
When choosing a bank for the contribution of your money, you should pay attention primarily to the reliability rating, assets and history of the institution. The older the bank, the more stable it is, for example, the National Bank of Austria was founded in 1816. No less rich is the story of another bank we know - Erste Bank. It originates in 1819. During this time, the bank has gained a reputation as a modern, dynamically developing institution.
Another familiar bank deserves special mention - Raiffeisen Zentralbank Österreich, which is Austria's third largest banking group. The Banker magazine included him in the second hundred largest banks of the world. In addition, the Raiffeisen group is constantly expanding: it owns subsidiary banks in fifteen countries of Eastern Europe.
Our "foreign" banks
Starting to talk about foreign banks, it should first be mentioned that the vast majority of those offices that you see from the window have nothing to do with foreign financial institutions. Formally, these are CIS legal entities. So even if you have an account with Raiffeisenbank at the corner, this does not make you the owner of a foreign account. This is a completely understandable situation, since opening an account in an Austrian bank very difficult.
Those who are more or less familiar with this country, it is known that in order to open an account with a local bank, you must submit a package of documents, in the list of which is Meldezettel - local registration. Thus, for those who do not have housing there, Austrian banks are closed.
Fortunately, we live in the twenty-first century, when any task becomes feasible. If you want and the ability to find the right company, you can open an account.
Austrian banking system
Austrian banking system based on generally accepted banking principles. Over its bicentennial history, a solid foundation of financial activity has formed. Investments can be made in any hard currency at competitive interest rates. Currency conversion is very widely used, which allows the investor to play on the difference in interest rates.
Austrian banks are strictly controlled by the Federal Banking Commission. This body instantly reacts to unusual or unjustified actions regarding the opening of accounts. Austrian banks are unattractive for criminal elements, because traditionally they are very reluctant to agree to an immediate account closure.
Bank secrecy
When you open an account, a financial institution will register your name and surname, passport number and citizenship. All this information is confidential and protected by bank secrecy law. The laws of the country strictly protect bank secrecy, allowing international investors to conduct business in a secret and confidential mode. All these factors make Austria a very attractive country for wealthy customers, because, in addition to pleasant financial conditions, it is also one of the most beautiful countries on earth.
But back to the law.The specificity of Austrian law is such that the main priority here is the interests of the client. Serious punishments for bank employees of any level are provided for disclosing bank secrets. There are only two cases when it is possible to transfer information about the contribution to a third party, these are:
- Written statement of a bank client.
- A court request in connection with a criminal investigation.
An interesting feature: tax evasion is not the basis for the disclosure of account information. Austrian banks, unlike the financial institutions of the rest of the world, seek to maximize their bank secrecy provisions.
Investor groups
To ensure maximum protection of deposits, Austrian banks divide all their customers into two categories. Each of which has its own rights:
- Deviseninlaender is the first category that includes Austrian citizens and residents with relevant documents. The law restricts their vital interests strictly in Austria.
- Devisenauslaender is the second group that includes all the guests of the country who are soon returning to their place of permanent residence. Without exception, all foreigners arriving in the country on a tourist visa for a period of less than three months fall into this category automatically.
It should also be noted that Austrian banks protect their customers' deposits - they are required to insure them. This rule applies to all deposits of both groups of investors, regardless of who they are made by, a resident or guest of the country.