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Are swiss banks still anonymous?

Discussion in 'Business & Tax Advice' started by FrozenSpade, Apr 8, 2010.

  1. FrozenSpade

    FrozenSpade Power Member

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    I heard that some changes were planned some time ago.
    So are swiss banks still anonymous?

    Will my govt know if I transfer my paypal money to a swiss bank? Is it possible to do that directly in paypal?
     
  2. ifuel

    ifuel Newbie

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    From what I know I think they made some small changes but I am pretty sure you still can get anonymous bank accounts. However, it probably requires more than just opening a bank account. My guess is that if you got some millions you can get a box with nothing but a number attached to it. But I don't think this is the case for a "regular" account. Of course I don't know what your account size is but I think that's an important factor. Additionally, transfer over PayPal is traceable (from what I know) so all depending on the amount, you might get unlucky :) (if there is an alarm bell, somebody will probably look into it. Again, depends on the amount I guess). Stuff your underwear and jump on a plane to Europe bro or read the Wolf of Wall street by Jorden Belfort. He knows more about this shit then you will ever need to know...
     
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  3. FrozenSpade

    FrozenSpade Power Member

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    Thanks. I will read that book.
    Btw I am already in Europe :)

    My account is not that big of course.
     
  4. ifuel

    ifuel Newbie

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    No problemo :)
     
  5. HoNeYBiRD

    HoNeYBiRD Jr. VIP Jr. VIP

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    no, they're not
    Code:
    http://usgovinfo.about.com/b/2009/02/20/swiss-bank-to-give-up-info-on-us-accounts.htm
    Code:
    http://www.finfacts.ie/irishfinancenews/article_1015983.shtml
    Code:
    http://dealbook.blogs.nytimes.com/2010/02/03/whats-next-for-swiss-bank-secrecy/
    if you want to hide your blackhat money from IRS and be 99,9% safe, Swiss Banks are not an option anymore, they give out information about their clients to US government upon request
     
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  6. kaidoristm

    kaidoristm Power Member

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    That's right there was huge scandal about Swiss bank cause they gave their clients info to FBI.
     
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  7. FrozenSpade

    FrozenSpade Power Member

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    Thanks for the articles. Is there any other alternative then? :)
    Does somebody know when it is beneficial to open an offshore company?
     
  8. kaidoristm

    kaidoristm Power Member

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    Yes there is but it will cost you a lot to open an account with them Like Panama offshore banks and Cayman offshore banks.
    Also there is an option to open Austria offshore account which is not as expensive as the other ones if ill remember correctly then they don't even require your real name.
    My suggestion is to look into the last solution and find some more information about it.
     
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  9. FrozenSpade

    FrozenSpade Power Member

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    regardin the offshore thing I thought about Cyprus or Malta. They seem to have good prices and they are relatively near to my country (not that important though).

    But I heard it is not beneficial unless you are making 10k/mo. I am not making that much yet. Any ideas?

    Btw offsore banks are the same as setting up an offshore company or is that another thing?
     
  10. Washington1

    Washington1 Newbie

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    If you can't use the money to further invest in business, and you need to store it, why not just invest it in precious metals? I know people who put their 'nest egg' money into silver bullion, and it has been working very well....The numbers speak for themselves:

    [​IMG]

    No hassle trying to set this stuff up, and higher interest rates than most banks. :) The only problem is finding a safe place to store it, but use your head, that is the easiest part.
     
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  11. SexyMonk

    SexyMonk Junior Member

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    Here is the delio YO.

    Open a International Business Corporation in Panama.. your cost about $1200 set up plus about $600 a year maintanance.. Its set up anonymous plus panama rules on their biz laws.

    Then use that corporation to open accts in places like belize, hong kong, or latvia.

    That shit is real and rulez..

    Later become a "consultant" to your corporation drawing enough to live on so u look legit.

    Plus your IBC can own things all over the world.

    That is the way to go..
     
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  12. CEPI

    CEPI Power Member

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    Use an Isle of Man account, Swiss are reporting within the next 2 years. Won't matter though if you have it in Paypal you're on the radar already so don't worry about being anonymous you already blew that.

    SexyMonk makes a good point too, Panama IBCs do rock, so do BVI corps
     
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  13. MLMGUROO

    MLMGUROO Regular Member

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    Well, the problem with those offshore accounts is that if they decide to 'retain' your money for any reason then it won't be much you'd be able to do in order to claim your rights...

    See also what Mike Hill in his "Cpa Tsunami" has to say about it in the section about Merchant accounts...it might open your eyes and diminish your enthusiasm about that kind of 'alternatives' though...
     
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  14. SexyMonk

    SexyMonk Junior Member

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    1) Remember they can "retain" your money in US also.

    2) If set up right. Off shore is the way to go..

    3) Most top companies are based off shore with sister companies..

    4) Remember you can have multiple accts that your Internation Business Corporation owns and does not need to be in any certain country. Ex: Belize, Hong Kong, Latvia.

    5) The cool thing that International Business Corporation does for you is you dont get taxed because any money made outside of the country is not taxed. (ALL Profits go to you instead of politicians that have to take care of the poor)

    Plus for Black Hat purposes. There are no LAWS (ex: FTC) that govern your business and good luck for someone going after those corporations.. Unless its proven to be criminal. However if its civil they wont get anywhere.

    Good luck
     
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  15. drdoc

    drdoc Newbie

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    1) Swiss banks are not anonymous. Just forget it.
    2) Even though you create an offshore account, as a US citizen or
    resident you are still taxable on your world-wide income.
    Not paying your taxes is tax evasion. Me mentioning this is not for moral
    purposes, just to remind you of the risk.
    Also, I would like to remind everyone how the IRS clamped down
    on offshore accounts in the past. People were using their Visa cards
    in the US, cards that were tied to off-shore accounts. The IRS subpoenaed the relevant VISA records and bingo.
    3) Setting up an offshore corporation still makes you taxable for all income received as dividends or other.

    This area of tax law is VERY tricky and you can only receive accurate advice when paying a CPA from the big four accounting companies big bucks. Part of the reason you pay big bucks is that the risk is so high, even for people who do it on a daily basis. After all they might be assisting you in a tax evasion scheme and the IRS will ding them.

    On the other side you might consider that you are a small fish and that the IRS will not go after you.

    Most people dreaming about off-shore corporations confuse
    -the rules and regulations, and
    -the chance of getting caught.
     
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  16. spartis

    spartis Newbie

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    Iused to be involved in the offshore business line of things up until 9/11.

    After that I got out ( though I was totally legal and ethical about everything) because of all the pressure and limitaions I saw coming from the OECD, Europe and the US.

    As for the banking side of things, I'd be ultra careful about any offshore banks ---no matter how professional and legit they look on the surface ---because there's a fair chance they are actually ultimately run by crooks, mafioza, Russian sacamsters etc etc.

    I'd only trust MY money to some pretty well known and established banks and even then it's not 100% safe as recent happenings have indicated.

    Best to either swallow the pill and pay your tax OR actually move offshore. For US folk, though, you'd be taed on your worlwide income anyway.

    Personally I'm thinking of living and setting up in the Isle of Man ( I'm a dual citizen Uk/Irish). Ican move to the IofMan by right but to do business I have to apply for a work permit but it's easy to get one. Tax advantages? %0 corporation tax and for personal tax ...tax free allowance of approx US $16000...then 10% tax on first taxable $20k and then %18 tax therefater. It's the zero corp tax which is the big lure though. Providing I spend a day over 6 months per year on the isle then I won't be taxed elsewhere. That also means I'm only a short hop from family /firends in the UK and Ireland for approx 6 months per year. All legal and all very low tax.

    If you don't have such an option then I'd be wary. Oh yeah, any Euro citzen would find it as easy to set up in the island as I would, too. The place is, pretty much, Britain but with a lovely environment, high tech ...what have you. It forks out a few million per annum to to the UK for foreign affairs/defence etc but it's " independent" with regards to eveything else. Also, just out of interest it has the longest running ( ie no breaks) parliament in the world. A thousand years or so. Also, on one little mountain on a clear day you can view Sccotland, England, Wales, Northern Ireland and the Irish Republic from the one vantage point.

    Finally, no, I'm not a IoM tourist rep. :)
     
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  17. spartis

    spartis Newbie

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    Apologies for typos etc, etc. Was a rushed post. :)
     
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  18. entrepreneur88

    entrepreneur88 Newbie

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    Paypal has your social security number. So they report your paypal earnings to the IRS. If they haven't asked you for your SS and you have decent money coming through they will limit your account sometime in the future and ask that you confirm your SS. If you have tried applying for there credit card then I think they already have your SS. Paypal recently made me confirm because of my big deposits.
     
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  19. appleman

    appleman Regular Member

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    frozen spade u thank what..everyone who answers your post? I have seen 3 "thanks" in this post alone all with totally different answers....

    slow it down big daddy
     
  20. FrozenSpade

    FrozenSpade Power Member

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    Huh? I'm just being nice. And besides the "thanks" I also give some more info about my situation. I still don't see what the problem is. :spankme: