Banco Santander International SA 

The following regulation information applies to Banco Santander International SA and its branch in Bahamas except when mandatory Bahamian regulation or law shall prevail.

Who are we?

Banco Santander International SA offers personalized private banking services for high-net-worth clients. It has more than 200 employees and two locations in Switzerland, it obtained its banking license in 1988 and is, as a Swiss bank, supervised by the Swiss Financial Market Supervisory Authority (FINMA), whose primary objective is to protect investors and ensure the solvency and quality of the service of the Swiss financial system. More information

Banco Santander International SA has its registered office at 5-7 rue Ami-Levrier, 1201 Geneva. It has offices in Geneva and Zurich, a branch in the Bahamas, and a representative office in the Dominican Republic.

Financial Regulations

The Swiss financial market benefits from solid regulations that aim to protect investors with transparency and processes designed to reinforce investor trust. Banco Santander International SA is committed to ensuring that its processes, products, and services comply with the Swiss regulatory framework and our client’s country of residence. We invite you to learn about some of these regulations and understand their impact on our value proposition. 

ESISUISSE Depositor Protection

Are my deposits protected under the deposit insurance esisuisse?

Yes, like any bank and any securities firm in Switzerland, Banco Santander International SA is required to sign the Self-regulation “Agreement between esisuisse and its members.” This means clients’ deposits are protected up to a maximum of CHF 100,000 per client. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at www.esisuisse.ch/en

The Swiss Federal Act on Financial Services (FinSA)

The Swiss Federal Act on Financial Services (FinSA), and the corresponding ordinance took effect in January 2020. However, most of their provisions are subject to a two-year transition period, meaning that the full implementation must be completed by December 31, 2021 at the latest.

The FinSA seeks to strengthen the protection of the investors, and establish a level playing field for the financial service providers with standards comparable to those implemented in the current European regulatory framework by adopting new rules of conduct.

Whenever applicable, Santander Private Banking International SA, is committed to complying with FinSA's main obligations, particularly concerning the documentation and information obligation, the appropriateness and suitability checks to be conducted or ensuring the best execution principle depending on the classification of our clients while serving them.

Our clients’ satisfaction is our priority. However, in case of need, every client can request a mediation by the Swiss Banking Ombudsman. This procedure is confidential, free of charge, fair, and impartial. Below follows their contact information

Commercial Entities (Substance Requirements) Act (Bahamas Branch)

The Act requires certain entities incorporated, registered, or continued under Bahamian law to demonstrate “economic substance” in The Bahamas. This is accomplished by submitting an annual filing to the Minister of Finance. It is imperative to note that this filing is separate and apart from other filings made on the entity’s behalf to the Registrar General’s Department. Economic substance reporting under this Act must be completed within nine months of the entity’s fiscal year-end. This Act places the obligation to comply with economic substance reporting on the entity itself. For an included entity to demonstrate substantial economic presence in The Bahamas, it must show that core income-generating activities are conducted in The Bahamas and that are managed and controlled in The Bahamas. Failure to comply with the annual reporting requirement exposes an entity to fines and possible striking off.

Multinational Entities Financial Reporting Act (Bahamas Branch)

The Act provides for the country-by-country reporting of profit or losses attributed to entities incorporate or resident within The Bahamas that are a part of a multinational entities group (MNE).

Filing Obligation: The ultimate parent of an MNE Group that is resident in The Bahamas must file with the Minister of Finance (“the Authority”) a country-by-country report concerning its reporting fiscal year on or before twelve months after the last day of the reporting fiscal year of the MNE Group. The Country-by-Country Report must be filed in the prescribed form and must contain the following information:

• Aggregate information relating to the amount of revenue, profit (or loss) before income tax, income tax paid, income tax accrued, stated capital, accumulated earnings, number of employees, and tangible assets other than cash or cash equivalents concerning each jurisdiction in which the MNE Group operates and
• An identification of each constituent entity of the MNE Group setting out the jurisdiction of tax residence of such constituent entity and, where different from such jurisdiction of tax residence, the jurisdiction under the laws of which such constituent entity is organized and the nature of the main business activity or activities of such constituent entity.

Notification Obligation: Any constituent entity that is resident in The Bahamas must notify the Authority of whether it is the ultimate parent entity or the surrogate parent entity no later than the last day of the reporting fiscal year of the MNE Group except that such notification must be filed by 31st May, 2019 which respect to the reporting fiscal year of the MNE Group that began during 2018. Where a constituent entity that is resident in The Bahamas is not the ultimate parent entity nor the surrogate parent entity, it must notify the Minister of Finance of the identity and tax residence of the reporting entity no later that the last day of the reporting fiscal year of such MNE Group.