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UBS under pressure from the US government has announced they will no longer allow American residents to have bank accounts in switzerland.
They’ve gone even farther, they’re rolling over on their clients and providing the IRS with a list of the offshore clients who are US resident.
Yes, a “secret”/private Swiss bank is turning in their US customers for tax evasion.
Forgive my bigotry, but how Swiss(at least Swiss banks)….
Article: http://www.nytimes.com/2008/07/18/business/worldbusiness/18ubs.html?_r=1&ref=business&oref=slogin
Mark Branson, chief financial officer of the UBS global wealth management group, told a Senate subcommittee that the company would provide banking or securities services to United States residents only through companies licensed in this country and that it would help the federal government identify American citizens engaging in tax fraud.
You have a link for this to read the whole story? Why am I not surprised! Time to dig a hole and hide the cash in can like my ancestors did.
Hey Bonustreak,
Digging a hole in the back is pretty silly.Just look for a mattress you don’t use or for one in the trash heap and put the money under the mattress! :roflmao:
Fred that is a great idea , but what happens when the mattress is too stuff?I have pain in my neck from overstuff mine hahaha.
Get yourself a nice fireproof safe and a dolly to roll it to the car in case you need to escape quickly.I dont trust offshore banks , any money im putting in a bank I pay the tax on ,sleep better at night that way.I learned something new today. After that IndyMac Bank blunder last week in California, I did a little research and found out if you have over 100K in a particular account at your bank, you can just name your family members as beneficiaries and each one of them will be fdic protected up to $100K if your bank goes under. So if your sporting a pile of money in one account, you can protect it for more than the standard $100K fdic insurance with just a few simple steps. I think there is some kind of cd that covers you up to $50Mil too, but I am not all that savvy with this financial stuff. Im sure there are probably a lot of options, but for the novice financial people like me, this is pretty good info to know.
Wonder how this will effect Swiss banking?
that was their whole claim to fame: no tell banking.
If I was hiding money there, I’d be pulling it out. whether i lived in states or not.
S.
@bb1webs 169256 wrote:
Wonder how this will effect Swiss banking?
that was their whole claim to fame: no tell banking.
If I was hiding money there, I’d be pulling it out. whether i lived in states or not.
S.
Yeah bb1webs, I would have to agree with you. I bet most people already did or have been trying too. After watching a special on the news it was interesting how they moved the money through multiple banks. Sure wouldn’t want to have my name on that list… :sarcasm:
Brad
I remember reading about this, not sure where…
Many years ago swiss banks started up the old deposit box thing because countries stopped their residents from having swiss bank accounts, you could get a note of authority and a key to a safety deposit box, the note granting you sole access. Whoever had the note and the key (you could have more than one note/key) could access the box…it wasn’t a registered account. That exonerated the banks from responsibility and also ensured anonymity, but obviously it had its flaws – like being murdered for the key! They eventually had to stop that too I think (not sure why) but those people already with SDBs were honoured the agreements. These were often then sold for good prices on the black market.
There you go a bit of history that I can’t vouch for
The mattress is probably a better option these days.I just need to reply here
I am Swiss and even used to work in Swiss banks once upon a time.
What exactly is this famous Swiss bank Secret: Most countries don’t make a difference between tax evasion and tax fraud, but Switzerland does. We don’t care about tax evasion. Any country could knock on our doors and tell this citizen is hiding 5 Million $ in a Swiss bank. Switzerland says: Sorry, not our problem, if you can’t prove he does tax fraud, we will protect his privacy. Every rich person, every drug cartel, every dictator has money in a Swiss bank. Once I was reading that every third Dollar of the global money lies in Swiss banks. I am not sure that true, it seems too much, but it is a lot. UBS is or at least was the biggest private investment bank.
The pressure is mounting from all sites. European Community is trying for years to break through the bank secret, because they are losing billions of tax money. This is one of the main reasons why Switzerland is not part of the European Community.
UBS had to sell out a few US customers to the IRS, because they simple don’t want to lose the US market.
I will guarantee Switzerland will fight like bulls for as long as possible for the Swiss bank secret.
I am not saying it’s good or bad, just the way it is. At the end of the day i am neutral :bigsmile:
aloha
just don’t keep more then 100k in any one bank in any one name.250k for IRA accounts.
FDIC figures if you have over 100k in an account then you dont need the insurance as much as someone with less.
only the amount over 100k is not covered.
@surfsup 170065 wrote:
aloha
just don’t keep more then 100k in any one bank in any one name.250k for IRA accounts.
FDIC figures if you have over 100k in an account then you dont need the insurance as much as someone with less.
only the amount over 100k is not covered.
thats in US. there is the other side of the world, try not to forget.
The 100k insurance limit is a bummer. Wish I had that problem. I like to enjoy my money while I’m alive so I’m not a huge saver. LOL
I’ve always had several bank accounts at different banks and investments just incase something goes wrong with one of them.
If you have 90k in a bank that ‘goes under’ or have a problem then I’m sure the funds will be tied up for some amount of time so if that is all you have and it’s at one bank it could cause problems.
I’m surprised that the Swiss bank situation didn’t occur sooner than now and it will be interesting to see how this all work out down the road.
I see some companies online right now that could provide some tax free income if set up correctly. I figure its only time tell someone does it.
I am not really into paying for a war i never wanted.I am sad to see the decline in how the usa is percieved by people overseas.
It was not that long ago that being an american overseas was almost always a cool thing to be, and you did not have to defend (or not) stupid politicial decisions.
@surfsup 170079 wrote:
I am not really into paying for a war i never wanted.
I am sad to see the decline in how the usa is percieved by people overseas.
It was not that long ago that being an american overseas was almost always a cool thing to be, and you did not have to defend (or not) stupid politicial decisions.
I was going to touch on that subject and decided against it, but you are correct on all three of those points.
I just hope the US don’t ‘manufacture’ a reason to bully the Swiss folks in to giving up the info. that is so desparatly needed.
Back in the day it was cool while traveling outside the States on vacation to say “I’m from the USA”, but that is not the case today. I’ve personally witnessed a couple people vent their ‘dis-pleasure’ of the US. The last time was in London at CAP Euro during a taxi ride.
