Swiss Bank account?

[Lissy]

From what I know, opening a Swiss bank account is a very good way to protect your assets. Should things to wrong, creditors / courts / lawyers will never get to your money that is in a Swiss bank account. Opening one is not very difficult, but... Ah, there is always a "but", isn't that right? You need to have a lot of $$ if you want to keep it at a Swiss bank. $100-1,000 won't cut it.

[elvenrunelord]

Yea you need about 20k to open one and they prefer even more than that. You have to understand the swiss economy to understand why. Their economy is strong because it is very nationalistic, regulated, and controlled.

[Lissy]

Yes, from what I understand, they focus on serving their own people first - and best. Which is probably the way it should be... It does not mean that foreign clients will get worse service than citizens of Switzerland, but they have strict rules for foreigners.

[elvenrunelord]

Now if only we could convince the people in this country to support itself and not try to build a worldwide empire.

[christy]

See that's thing the people that work hard all their lives to save and make things better for their children feel like you have to put your money into another country in order to protect it. So what's wrong that picture? Kind of scary if you ask me.

[Lissy]

It makes me think: Why *Swiss* bank?? Why only over there in Switzerland people have come up with something like this? Can't an American banker offer this extra security?

[KarenBlau]

Sorry folks, but Swiss accounts can be legally identified and attached, with little difficulty. I have been involved in doing this more than once. Incidentally, not only do you have to have a substantial amount of money to deposit, but there is a substantial monthly management fee for your private account manager. If you are contemplating a hidden account in a Swiss bank, I would recommend incorporating an SA in another country, with your lawyer as the signatory, and open the account it THAT name, it will make it a bit harder to trace (but not much, ultimately).

Karen Blau

[corporatefactors.net]

Originally Posted by KarenBlau

Sorry folks, but Swiss accounts can be legally identified and attached, with little difficulty. I have been involved in doing this more than once. Incidentally, not only do you have to have a substantial amount of money to deposit, but there is a substantial monthly management fee for your private account manager. If you are contemplating a hidden account in a Swiss bank, I would recommend incorporating an SA in another country, with your lawyer as the signatory, and open the account it THAT name, it will make it a bit harder to trace (but not much, ultimately).

Karen Blau

I agree with Karen on this one !!

[Jeff Lipton]

Karen is correct and the concept of banking secrecy is as old as the client names just given up by the minions at UBS. For hundredth and final time, you will get caught, there is no secrecy in banking. No one intsitution is will to lose its ability to carry on business for a client that is unwilling to fill out a W8 or W9 Ben form if American or complete anti money laundering due diligence for the rest of the world. Too much of the Hollywood concept of suitcase of money and numbered accounts. While realistic even into the 80's its all fiction now. Jeff