Just to summarize: 1. If your money is from criminal activities: Forget switzerland. They will confiscate it. 2. If your money is hard earned, inherited etc, but was never subject to any taxation: Fine, Just walk to a bank (don`t fax, e-mail or phone them), have a proof of legetimacy (or long owing), show your passport and deposit the money. 2.a. Tax-avoidance is not considered a criminal offence here. 2.b. A number account is recommended, if you want do hide your personality, when yoou give them orders by phone or fax_ to only wring from a third party phone, tell your numer -nonames-, and thats it. 2.c. Further income on this account is not subject to any swiss-taxation. And they won`t tell anybody.But some idiots from Germany regularily try to file their account statements and bring them over the border, so they could eventually proove the bank has got their money - german borderpolice regularily finds these statements -and thats it. 2.d. You don`t need to have such proove: Swiss banks are professional AND relilable. Its only if you choose such construction with escrows, trusteeship etc that you have disposed your money to a third party - youll get robbed. 3. This works for every foreigner - as long as he/she is not subject to US-taxation. If so, check it, find out and forget it (or provide a third country passport and residential confirmation (remember IB). 4. If you want to follow the big boys: Park a small lot at a small swiss bank, open a traders account with gdd or swissdirekt (Pats-brokers), let the small bank with the small money provide a bank quarantee to these brokers, trade a lot and make a lot taxfree- 5. I don`t know if it would work with US-taxation subjects, but then you taxliabiliy from futures trading is so small, hardly worth taxevasion 6. If the taxman cometh and asks you what you live off, what will your answer be???? Regards Hittfeld, you hates unjustified taxes (no, I am not going to discuss a certain administration)
Yeah tuna, and www.swissquote.ch www.gdd.com www.swissdirekt.com And I forgot to mention, there is not only a banking secrecy, but also said to be the fact, that claims of foreign goverments cannot be prosecuted against a foreigners account in CH based on titles, which are considered non criminal-goverment titles: As your debts at the german, dutch, swedish...taxation authorities. As long as you are not subject to US taxation. But your wife`s claims from divorce can and will be prosecuted, if she knows bank a accnt number. Hittfeld
Hi Hittfeld, Thank you for your interesting information. As I was careful to point out, the problem is not really a Swiss one. You indicated yourself in your previous posts that people are often sloppy in handling their critical information. Your comment: "claims of foreign goverments cannot be prosecuted against a foreigners account in CH based on titles, which are considered non criminal-goverment titles" is a crucial one. As I indicated before, "foreign governments" became these days very skillful in switching innocent looking little litigation into criminal cases, presented as such in Switzerland. You can fight this, succesfully, in Switzerland, but this may be costly though. Don't forget that the financial means of your bureaucrat antagonists are practically without limits. Then also beware of not falling in the grips of lawyers' rackets. These are all non-Swiss problems, I haste to add. However this requires careful checking on the part of naive non-Swiss, as you have pointed out already.
I was a "resident" in the canton Zurich during an earlier period of married life (mid to late 60's). My resolution to the pro'sand con's of investing (I stopped "working" about 5 years after leaving grad school) and deriving some local income (academic, writing, and research) was to have a "commercial account". Checking is done in Switzerland the opposite way it is done in the US. Thus for purchasing things you need (capital items like cars, furniture, etc) you just sign a draft and when you later sell them a credit returns for their residual value. As a "herrdoktor", I was introduced to an "bank officer" and we discussed the association in a sitting room. Then I was taken to meet my account manager at a "cashe". From that point on, I was recognized by name at each visit. On first visit, we went out for a coffee afterwards as "they do in Chicago".; a movie reference, I believe. lol. Leaving Switzerland permanently (ending "residence") is complex and extremely bureaucratic from a federal viewpoint. From a banking viewpoint, you are encouraged to keep your account forever. The "six days war" occurred while I was in residence. The Swiss borders were closed and banking, food purchases, bomb shelter maintenance and local travel was a drag for a while for foreigners. It was a highly organised version of 9/11 all coordinated by the local police and their frequent random check ins. Ultimately all of our citations were cancelled due to "acceptable ignorance" on our part. LOL. I'm sure things are different now. More recently, I have had experience with the Bank of China. Lot more humorous and very very ritualistic methods wise.
Tax avoidance is completely legal in the US and has been ever since the first income tax. Tax evasion, however, is not.
To structure ones affairs to reduce the tax burden....I agree nothing illegal about this... In Europe if you own a company, it could be argued like this: If there was a cost involved to make the income/profit or revenue and conduct/share or benefit from the action then this is a true cost indeed, even if it did not become a net profit. In other words if it is a cost to do business, then its a write off....Every trader should own a small business........yes, and not a hobby, give the tax collector a little bit each year.... Michael B.
OK, time for a more specific request: Could anyone here PM me with the contact info of a trustworthy account representitive who works at a Zurich bank, and is fluent in English (or Hebrew)? Thanx in advance...
Lately the swiss have gotten pretty co-operative with the usa. It seems that it wouldn't be a good idea to put your money in switzerland, unless you have alot of cash which would make you a valued customer, eg. Marc Rich. From the research I've done, and a few friends that have offshore accounts. The tiny island of Nauru seems to be the best bet. It's privacy is regarded as the tightest, and it is proven by a well publisised case where a australian drug dealer had an account there, and even though there were criminal implications connected to the account. The bank wouldn't give any information, access or even conformation the account existed. That's not stated to endorse drug money but does display the extent of the privacy in that country. Interesting fact, I think less than 10000 people live there.