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about swiss banks

Discussion in 'General Discussion' started by crashuk, 25 May 2006.

  1. crashuk


    Joined: 7 Dec 2005

    Posts: 2,691

    has anyone info about swiss banks, how to open a savings account in a swiss bank? info about tax charges etc..
  2. Stoned_SpaZZZ


    Joined: 9 Nov 2005

    Posts: 769

    Location: places..

    ill give u my bank details ill keeps that safe for you. where did u get it?
  3. daz


    Joined: 18 Oct 2002

    Posts: 23,969

    Location: Bucks

    There's nothing particularly special about swiss bank accounts these days... i'm pretty sure they have to comply with all the usual banking regulations. Perhaps you're after something in the Cayman Islands?
  4. sphen


    Joined: 20 Jun 2003

    Posts: 710

    "I'll have the money wired to you from my Cayman Islands bank account" doesn't really sound as good though :p

    Wikipedia seems to have a nice article on the subject.
  5. Zip


    Joined: 26 Jun 2005

    Posts: 20,224

    Location: Australia

    Please post the article :)
  6. sphen


    Joined: 20 Jun 2003

    Posts: 710

  7. Nozzer


    Joined: 17 Oct 2002

    Posts: 9,495

    Location: Sunny South-East

    Plans are afoot to tax offshore savers to the hilt, unfortunately :(.
  8. Docaroo


    Joined: 27 Jun 2005

    Posts: 2,863

    Location: Aberdeen, Scotland

    I know a Swiss guy at Uni in St Andrews... when he went to a bank over here to get a UK account they turned him down because he had "too many swiss bank accounts" (2 or 3 IIRC).

    Of course he has Swiss bank accounts you muppets... He's SWISS!!
  9. R B Customs


    Joined: 22 Sep 2005

    Posts: 3,262

    Location: Manchester

    in a nut shell... whats the crack with swiss bank accounts... ive heard the expression 'you would need swiss bank account to afford thatt' ... are they just uber interest or summit :S
  10. Zip


    Joined: 26 Jun 2005

    Posts: 20,224

    Location: Australia

    I think its because they dont charge taxes or something along those lines.

    Tax free banking :D
  11. Mellownatts


    Joined: 14 Feb 2006

    Posts: 547

    Location: Leeds, W Yorks.

    If thats the case would it be legal to have a % of your wage paid into one every month.

    And how easy are they to access ?
  12. Zip


    Joined: 26 Jun 2005

    Posts: 20,224

    Location: Australia

    Im not sure how its all done.
    The cayman islands is where its all at now.
    You will have to find a bank over there
  13. AJUK

    Man of Honour

    Joined: 14 Nov 2003

    Posts: 10,949

    Dear Mr crashuk

    My name is Dr Danasabe Adedeji and I wrok at the Nairobi Institute for Finacial Studies, a well respected university. I am writing to you as I learn that you interesting in Swiss bank account. Well, my friend, your day of luck is with you. I am expert in such affairs.

    I would be willing to give you much knowledge but my bosses no like the outside tution. I therefore have request before giving lessons.

    Please forward bank account details and I will reward you with cash from NIFS swiss bank account but you must first send. Careful, this is secret money for special student of finance and we can share.

    I looking forward to corresopndence.

    Your sincerley

    Dr Danasabe Adedeji

  14. Sequoia

    Wise Guy

    Joined: 15 Aug 2005

    Posts: 2,948

    Unless you're talking about fairly substantial amounts, and have some .... erm .... inventive tax arrangements, I'd advise forgetting about offshore accounts.

    Firstly, the existance of an offshore account is a red flag to tax authorities, if they find out about it. And in recent years, especially in the light of post-9/11 money-laundering regulation, the "numbered" account has all but disappeared. It's a myth in relation to Swiss banks, and Caribbean tax havens don't dare cross the US too overtly. Therefore, the "know your customer" requirements of the Patriot Act make it VERY hard for tax haven regimes to operate with the US (or EU) unless they comply with such requirements.

    Opening a Swiss account is not difficult, but it'll cost you to open (anything from a few hundred pounds to a couple of thousand, typically), and you'll get transaction charges unless you maintain a fairly healthy balance. If you're talking about investing as few hundred from your monthly pay check, it's most unlikely to be worthwhile, especially given that Swiss banks now charge a flat tax on all accounts from EU citizens.

    It is certainly true that there are still advantages in Swiss banks, not least of which is that regulation on disclosure to third parties is very strict indeed. So if you're seeking to hide funds from your spouse, for instance, it's great. One reason it's great is precisely because the Swiss banking industry is so tightly regulated. While this regualtion menas limited scope for illegality, it also means that Swiss banks are FAR more stable and trustworthy than some back-street outfit on a Caribbean island. If you go for the Caymans, etc, be very careful about your choice of bank. But for small balances, or for tax avoidance (even perhaps tax evasion) Swiss accounts are not worth the cost or effort.

    Where these types of accounts still come into their own is for proper tax avoidance schemes. For instance, if I incorporate a company in the US, it's worldwide income is going to be subject to US tax provisions. If I then incorporate a company offshore, and merge that US company into the offshore one, I'll still find that US operations are subject to US tax provisions, but worldwide operations aren't. Yet, the US company can still be US-listed, but the parent company is offshore. If you do this right, it can save fortunes in tax, and is perfectly legal and above board. I can do it quite openly.

    However, as soon as you start trying to do things secretly, you'll hit problems with funds transfers between national jurisdictions raising security service red flags. You'll also find that Swiss banks cooperate FAR more with national authorities than they used to, and that tax fraud is certainly something that WILL allow the Swiss to open banking secrecy and cooperate.
  15. Vonhelmet


    Joined: 28 Jun 2005

    Posts: 48,107

    Location: On the hoods

    You have to be in a conspiracy theory novel to have a Swiss Bank Account. You have to keep a gun in a deposit box. That's the rules.