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Posted: 8/23/2009 1:49:09 AM By: He Who Laughs Last Careful... Our Swiss "basher" friend who keeps leaving hit pieces on Switzerland is bound to get offended by your post for (gasp) quoting a real news source!
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Posted: 8/22/2009 12:17:42 PM By: Link oooops, I forgot the link:
http://www.thedeal.com/dealscape/2009/08/swiss_banking_secrecy_lives_on.php
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Joined: 10/12/2010
Posts: 5779
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Posted: 8/22/2009 12:12:31 PM By: Nothing changed here "it looks as though the Swiss bank will be taking a relatively small hit that will be felt more in reputation than anything else and that Switzerland's controversial, albeit cherished, banking secrecy will remain intact, according to Reuters."
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Posted: 8/24/2009 8:57:17 AM By: knightmare3000 I personally have Swiss bank accounts and accounts in other countries. the days of hiding money and not reporting it are over. for most civilized countires ( UK, Canada,US, EU) the reporting is intense. now it is theoretically possible for a drug dealer ( living in Columbia)) or a Russian mob type ( living CIS,Belarus,etc) to get an account at a dubious location ( e.g. Montenegro, Latvia,Malta,Cyprus) and launder the money to another locale( e.g. Dominica,BVI,Belize) but they can not hide it forever. first the bank might rip them off and second rival drug gangs/criminals usually bump them off before they could use the money. or, like Khordakovsky , they get into trouble with political rivals (e.g. Putin) and eventually go to jail for a long time. so forget the myth that you can hide a stash anywher. most banks know they can get a substantial reward for reporting suspected money laundering . the Swiss can get up to 30% of the account. so they would turn you in right away. Look at the whistleblower in the Caymans recently that divulged accounts to German authorities or in Liechtensten. it is just too hard to hide money anymore
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Posted: 8/23/2009 5:10:24 PM By: sam johnson What do you know about Swiss banking. From what I hear you are just a cheep reporter who cant get a job with anyone. I also heard you like young boys. Is it true?
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Posted: 8/23/2009 10:23:22 AM By: Expenses and Bureaucracy High Too The famous Swiss bureaucracy and their high fees are not going to change anytime soon.
Why bother with the Swiss banks now that they offer no advantages over other banks that are more flexible and often much less expensive?
And of course they don't have the reputation for selling out their clients.
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Posted: 8/24/2009 12:17:46 PM By: Florida Property The worse thing you can do right now is to buy property in Florida:
http://www.time.com/time/business/article/0,8599,1907198,00.html
http://www.ccfj.net/condounpaidfeesforecl.html
http://www.houstontriallawyerblog.com/2009/05/articles/insurance-litigation/floridas-hurricane-insurance-situation-looks-dismal/
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Posted: 8/24/2009 10:12:04 AM By: Exactly "it is just too hard to hide money anymore"
Exactly. That's why most people should just hire a really good planner and keep the money safe at home. Avoid all the expense of overseas accounts, paying expensive foreign trustee fees, paying for shell companies, paying exorbitant expenses, filing a bunch of forms with the IRS that creates a great big paper trial, and all while risking somebody offshore embezzling your money from you.
Cost-benefit analysis says to just keep your money in your own home country and be done with it. Especially for the United States, where protecting money is as easy as buying life insurance or an annuity in Florida, Texas, and some of the other states that protect them, plus their growth is tax-free too and they have no external costs! And if you don't like life insurance or annuities, then property in Florida is currently cheap and protected.
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Posted: 8/26/2009 6:45:27 AM By: Just ridiculous... "But even if one wanted to keep money offshore, Switzerland wouldn't be the place to do it"
Yep, I guess that is why more than one third of all offshore money goes to Switzerland...
http://www.offshorelegal.org/offshore-banking/swiss-switzerland-offshore-banking/banking-in-switzerland.html
Some bashers never stop to make fools of themselves with their ridiculous statements...ha, ha, ha...
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Posted: 8/25/2009 7:55:03 PM By: Efficient Dynamics "Yep, that will make you really happy when the insurance company goes bankrupt..."
Yeah, that happens so often. But even if one wanted to keep money offshore, Switzerland wouldn't be the place to do it. Many other jurisdictions are more accessible, less expensive, more friendly, and most importantly more flexible.
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Posted: 8/25/2009 1:04:26 PM By: Offshore Atty Knightmare, I strongly disagree with your last post. Barry Engel's firm is not known for promoting insurance strategies but is best known for his work on offshore asset protection trusts. Those who criticize (read: compete with) Barry Engel tend to advocate insurance strategies in lieu of asset protection trusts. Then there are those attorneys who use offshore trusts and domestic or foreign insurance strategies at the same time; this latter crowd seeks to maximize bankruptcy exemptions or avail themselves of state protections for insurance products. As facetious as it may sound to some, life insurance and annuities with cash value are exempt in many states from the reach of creditors.
I don't really care to get into the mix regarding Florida property and other strategies, nor am I here to promote Mr. Engel. I just want to set the record straight because this board sometimes gets carried away with anonymous, unfair hits to various professionals who advocate legitimate planning techniques.
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Posted: 8/25/2009 12:07:54 PM By: knightmare3000 it sounds like someone wants to sell insurance products. most of those seminars like Barry Engle,esq of Englewood,COLO. do just that,. however as far as comprehensive financial planning they may want to look to a good quality tax lawyer.things like family limited partnerships,trusts,etc can also protect from civil suits. also good offshore lawyers can lower taxes on a large family run company and also help with estate planning like inheritance and who runs the business after death,etc. so don't totally forget good tax lawyers,.
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Posted: 8/24/2009 3:16:00 PM By: Bankrupt "But if you don't like buying real estate, then there are always life insurance and annuities -- totally protected from creditors, without the hassles, bureaucracy, and high expense"
Yep, that will make you really happy when the insurance company goes bankrupt...
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Posted: 8/24/2009 1:02:09 PM By: Maybe It's all relative. If today you buy a house that was worth $4 million two years ago but is now selling for $1.5 million, and in a couple of years it bounces back to $4 million, then you're not going to care if you paid an extra $50,000 in taxes and insurance in the meantime.
But if you don't like buying real estate, then there are always life insurance and annuities -- totally protected from creditors, without the hassles, bureaucracy, and high expense of dealing with the Swiss and creating some elaborate offshore structure to protect it.
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Posted: 8/26/2009 11:04:26 AM By: Hey Nazi You just described why the money goes to the US. Well done...
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Posted: 8/26/2009 8:23:29 AM By: Seig Heil "I guess that is why more than one third of all offshore money goes to Switzerland"
(1) Illegal drugs;
(2) Money laundering;
(3) Government embezzlement from development nations.
Oh, and whatever Nazi money is still sitting there!
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