Comments on: Swiss Banks: Privacy Or Piracy?

By: matt

matt — Thu, 14 Jan 2010 16:38:43 +0000

I want to incorporate a business indentity offshore. I need to know the best place to do it with the most secrecy and security. Any info may be useful.

By: auditor09

auditor09 — Tue, 03 Nov 2009 06:20:00 +0000

I agree with GAZ…I had just a general savings account with a cantonal bank. The US Govt. has no bargaining power (or as I like to call it bullying power) in this situation as long as they do not have any ties with the US (branches or significant investments). What I do not agree with is the IRS & Congress making out that anyone who has a “secret” account is a crook. My account was a numbered savings account for privacy reasons. Privacy is the word I like most. I put already taxed funds into my Swiss savings account for safety reasons (even with the crappy interest rate) and privacy. I do not trust our banks…look how many have failed this year in the US. How many have failed in Switzerland?????

If you want a listing of Swiss Banks to research go here:

http://www.swconsult.ch

As always…be honest and pay your taxes if you owe them.

By: Gaz

Gaz — Sat, 24 Oct 2009 20:47:25 +0000

Switzerland is not the best location for your assets, Swiss bank accounts are expensive to operate and are high profile targets. And as some commentators have suggested over the years, ¨Swiss banking is like Swiss cheese – full of holes¨. Swiss numbered accounts with no one knowing your name (even the bank) do not exist except in the wet dreams of the screen writers guild. Most people get their impressions of Swiss banking from Hollywood and Swiss banking as portrayed by the movies is complete bullshit.

Simply speaking, IRS cannot pressure a Swiss bank that does not do business within the USA as they have nothing to bargain with. So, some simple advice, do not put any money in an offshore bank that maintains branches or has significant investments in the USA. Those with any money in UBS or Credit Suisse should change banks immediately. If you still want a Swiss bank, then go for one of the Kontonal banks and not one of the multi-national banking groups.

This is neither the first time nor the last time the US Govt. or the IRS will make an attempt to get foreign account holders to fess up. So remember, ¨loose lips, sink ships¨ – so keep your mouth shut and repeat after me ¨I am not a slave of any state; I am a sovereign individual¨.

By: Jake

Jake — Tue, 13 Oct 2009 08:05:13 +0000

Cynthia – Excuse the blunt response, but you’re an idiot. As Susan wrote, this is not a partisan issue (nor is it a new issue). Obama is doing very little that any other President hasn’t already tried to do. Part of it is done as a scare tactic and part of it is the false promise of reform. As Susan stated, “Tax evasion is a crime; legitimate taxation optimisation is not.” Obama and members of Congress from both sides of the aisle know where their campaign funds come from and wouldn’t be stupid enough to completely close the “taxation optimisation” options available to their contributors. There are examples abound that prove this, but you won’t find that reported on the evening news (especially your beloved Fox, I’m sure).

By: cheryl

cheryl — Sun, 11 Oct 2009 02:33:09 +0000

The author does not have her facts correct – it wasn’t Mr. Bush who went looking for offshore monies first (U.S., that is), it was Mr. Clinton! My brother is one of those who was hounded by the Clinton guys – I mean, SOMEONE has to supply the funds for our big giveaway programs, so the line of thinking was ‘let’s round up the hidden dollars, boys!’ If my reasoning is correct, the dollars that go into my bank account have already been taxed. Whose business is it, anyway, where I decide to store my remaining funds???

By: Nick

Nick — Sat, 10 Oct 2009 23:37:23 +0000

The author is missing the point. Its not about the government spending our taxes fairly, its about the government taxing us at all. It is fundamentally wrong.

By: Geoff Decker

Geoff Decker — Sat, 10 Oct 2009 13:45:19 +0000

while i agree with most of this article, i disagree with certain parts. our country’s most recent economic troubles started with the Clinton administration. really it can be traced back to FDR and the new deal, but for the purpose of my point it is the Clinton admin and the wholesale government buyout of the fannie mae and freddie mac mortgage brokers. the belief that giving all Americans rich and poor the ability to be homeowners drove us into the hole. with the fed now in control of the mortgage business they were free to create sub-prime mortgage rates so that people of any economic status could qualify for a loan, even though they could not afford to repay these loans. while it seemed like the plan was working while Clinton was in office, it was really just a growing bubble. the torch was passed to the bush admin and there it finally popped covering that admin in the Clinton administration’s mess. the average Americans attention span seems to be only about three to four weeks at best as is evidenced by how long the mass media continues to follow up on important issues. which brings me to my next point. Obama…. this man’s actions are criminal. and it was a shame that the majority of Americans fell for his pre election lies. it is the sole purpose of this current admin to get as many Americans reliant on the federal government and it’s social programs that they have no choice but to allow the feds to have free reign. this man (Obama) claims to be a democrat but in practice he is a devout socialist, bordering on full communist. how after enacting so many social programs, free health care, bailing out banks and the auto industry how can he possibly keep his promise to not raise taxes?? then he claims to only raise taxes on individuals who make $250,000 or more. so one of the first actions in his new administration was to attack offshore banking and the ones hiding their hard earned money. then allow a few months to pass so most Americans forget that he is cracking down on offshore banks and enact stage two. raise taxes. why else would you target offshore banks first?? because once the rich are thrown into a ridiculous tax rate of 50-60%!!! they would be crazy not to hide their money offshore. but alas there accounts now have to be disclosed. funny how the order of things went. imagine having to make a million to keep a million!! that’s crazy and who would blame the for hiding their money from a corrupt and fiscally irresponsible government. America claims to be a supporter of free market and capitalism but it seems like all we can do is force other countries to follow us or we will enact sanctions and take away much need economic support. this is not free market capitalism but communism in sheep’s clothing. less then half the countries we support financially actually provide us with something in return as far as commodities or exports. so why do we support them?? we support them so they won’t act up and speak out against us in the world markets. what America needs more then anything right now is to adopt a libertarian minarchist approach towards our own government and the way we deal with the world markets. who are we to tell other countries how to run there banks let alone the way they operate their day to day operations?

By: Cynthia

Cynthia — Fri, 09 Oct 2009 13:18:43 +0000

That is the elitist Obama regime at work. Only he and his cronies in the white house want control over your entire life.
If the idiots who gave money to his campaign are now being investigated , too bad.
If you voted for the Obama Regime, now your stuck with it for the next horrific years, hopefully there will be a remnant of a Free America still left.

By: brek

brek — Tue, 06 Oct 2009 17:45:24 +0000

With the gov putting the squeeze on people, where does one put their savings? Putting the squeeze on offshore accounts could put a lot of pressure on gold. Where else does one put their savings? A good friend of mine got an inheritance few years ago. He doesn’t like banks. He took almost all his inheritance and turned it into gold and banks in his back yard. At today’s gold price he has almost tripled up in fed note value. And would you believe he gets no tax forms mailed to him and he has no trouble with the taxing authorities.

By: Marc de Piolenc

Marc de Piolenc — Tue, 06 Oct 2009 00:25:13 +0000

NONresident foreigners supposedly don’t pay US tax on US-earned income, but I understand that the US government is redefining residency to include an “economic presence,” which means that the USA’s status as a de facto tax haven is going to suffer.

By: bowater

bowater — Fri, 02 Oct 2009 13:30:09 +0000

The French gov’t is preparing documents now that will demand that the US Banks reveal the names of the rich French citizens that have money in “secret” US bank accounts so they can be taxed in their home country.
French citizens pay no tax in the US on gains made there.