Switzerland: Forgotten bank accounts

14.03.2013

Parliament of Switzerland had set the maturity date for collection of "forgotten" funds from the Swiss bank accounts during the latest national assembly meeting.

According to the approved legislation, the bank account might be liquidated, if the owner of the bank account or his direct successors do not exercise their right to collect their assets within 50 years. After succeeding 12 years all the remaining funds will be added to the Swiss Federal Budget. 

Currently, the combined value of the unclaimed assets in the Swiss banks is more than 600 millions of Swiss Francs (636 millions US Dollars).