Swiss banks looking for US clients again

[Libertarian666]

https://www.globalgold.ch/single-post/S ... US-Clients

[ochotona]

Not with Swiss negative yielding bonds!!!

[Libertarian666]

Not with Swiss negative yielding bonds!!!

That doesn't affect holding gold in Switzerland.

[ochotona]

I just don't see the value proposition. The article said nothing.

[dualstow]

Their formerly large list of clientele now looks like their most famous cheese.

[ochotona]

The woman whose is headlining the article is butt-ugly. If it were Russian wealth advisors, at least it would be a pretty girl portrayed. But then your money would be gone. The Swiss will take it slowly, at least, while you eat your raclette.

[Libertarian666]

Ok, I guess no one here thinks it is important that Swiss banks are taking US clients again.
I'm pretty sure that Harry Browne would have thought differently, but he isn't around to discuss it.

[l82start]

doesn't the new "we fill out all the paperwork and us government regulations" accounts that just opened up to Americans kinda defeat the whole purpose of Swiss accounts and geographic diversification?

[Kriegsspiel]

I have to agree with ocho here. If they were serious, there'd be a hot Russian chick on that web page. Fucking amateurs, I'm honestly embarrassed for them.

[Libertarian666]

doesn't the new "we fill out all the paperwork and us government regulations" accounts that just opened up to Americans kinda defeat the whole purpose of Swiss accounts and geographic diversification?

Of course it would be better for privacy if they didn't have those rules, but there are still advantages to having some assets outside the US even if the government knows all about them.

[boglerdude]

taxation is theft? Throw the disabled into a volcano?

[l82start]

doesn't the new "we fill out all the paperwork and us government regulations" accounts that just opened up to Americans kinda defeat the whole purpose of Swiss accounts and geographic diversification?

Of course it would be better for privacy if they didn't have those rules, but there are still advantages to having some assets outside the US even if the government knows all about them.

the benefit will probably depend on the fine print in the rules, can you get there and retrieve it before the US can freeze it or seize it??

[Libertarian666]

taxation is theft? Throw the disabled into a volcano?

Are you okay? You're not making any sense.

[Libertarian666]

doesn't the new "we fill out all the paperwork and us government regulations" accounts that just opened up to Americans kinda defeat the whole purpose of Swiss accounts and geographic diversification?

Of course it would be better for privacy if they didn't have those rules, but there are still advantages to having some assets outside the US even if the government knows all about them.

the benefit will probably depend on the fine print in the rules, can you get there and retrieve it before the US can freeze it or seize it??

One advantage of having assets outside the US (or whatever country you live in) is that if you have to flee for your life at least you won't be penniless.

There are others. I recommend reading one of Harry's books that discusses this topic.

[boglerdude]

So youre not encouraging tax evasion. ok, is this service better than Perth Mint. Or is there a place in Canada where you can show up and get your gold. Anybody looked at Vancouver?

https://www.mint.ca/store/mint/about-th ... ge-7300012

[l82start]

Of course it would be better for privacy if they didn't have those rules, but there are still advantages to having some assets outside the US even if the government knows all about them.

the benefit will probably depend on the fine print in the rules, can you get there and retrieve it before the US can freeze it or seize it??

One advantage of having assets outside the US (or whatever country you live in) is that if you have to flee for your life at least you won't be penniless.

There are others. I recommend reading one of Harry's books that discusses this topic.

i am not questioning the value of geographical diversification, i am questioning the value of a foreign account that is subject to your home country's rules and government interference, is it really diversified if the rules effectively make it a Swiss account in name only?

and what are the rules? an account that wont allow tax evasion is fine, i am just curious what else wont it allow..

[dualstow]

In ‘Best Laid Plans’*, Browne wrote that “even if your government were to prohibit you (and every other resident of your country) from holding gold, you probably could take your time about complying with the edict— if the gold were beyond the easy reach of your government.”

What we *know* has changed is that you can’t just stash your gold in a Swiss numbered account. The criminals and dictators have ruined that option for us.

You can tell from Harry’s language that he wasn’t recommending tax evasion (and obviously Libertarian666 isn’t either) or anything illegal at all. It’s about the government deciding that it suddenly wants your gold. I guess, if you hold enough overseas, you have the option of leaving the country, reclaiming that gold that you paid for and living somewhere else, because in this situation perhaps other things have also changed that make your home country inhospitable.

*This begins on p322 of the hardcover. Before that, he writes about how he would not store gold with a U.S. gold dealer.

[Kbg]

In ‘Best Laid Plans’*, Browne wrote that “even if your government were to prohibit you (and every other resident of your country) from holding gold, you probably could take your time about complying with the edict— if the gold were beyond the easy reach of your government.”

What we *know* has changed is that you can’t just stash your gold in a Swiss numbered account. The criminals and dictators have ruined that option for us.

You can tell from Harry’s language that he wasn’t recommending tax evasion (and obviously Libertarian666 isn’t either) or anything illegal at all. It’s about the government deciding that it suddenly wants your gold. I guess, if you hold enough overseas, you have the option of leaving the country, reclaiming that gold that you paid for and living somewhere else, because in this situation perhaps other things have also changed that make your home country inhospitable.

*This begins on p322 of the hardcover. Before that, he writes about how he would not store gold with a U.S. gold dealer.

I must admit to rolling my eyes far back into my head when I read this. If you have enough gold elsewhere to do something like the above then you are decidedly "not one of the little people."

Later folks, off to my chateau. It's grape picking season.

[dualstow]

I must admit to rolling my eyes
...

Of course history is replete with people who fled inhospitable countries with the gold they had and before recent times, it was more common to hold gold. It wasn't just for fringe forums, and they weren't all rich.

However, when you talk about diversification of gold (or anything, for that matter), you assume by definition that you already have some to start with. Maybe I shouldn't have included the phrase "if you hold enough overseas." I don't hold enough that I feel I should really get some out of the country. Maybe someday.

[Libertarian666]

In ‘Best Laid Plans’*, Browne wrote that “even if your government were to prohibit you (and every other resident of your country) from holding gold, you probably could take your time about complying with the edict— if the gold were beyond the easy reach of your government.”

What we *know* has changed is that you can’t just stash your gold in a Swiss numbered account. The criminals and dictators have ruined that option for us.

You can tell from Harry’s language that he wasn’t recommending tax evasion (and obviously Libertarian666 isn’t either) or anything illegal at all. It’s about the government deciding that it suddenly wants your gold. I guess, if you hold enough overseas, you have the option of leaving the country, reclaiming that gold that you paid for and living somewhere else, because in this situation perhaps other things have also changed that make your home country inhospitable.

*This begins on p322 of the hardcover. Before that, he writes about how he would not store gold with a U.S. gold dealer.

Yes, that was the passage I was thinking of (or one just like it). Of course I'm not recommending tax evasion; that is very hazardous.

BTW, it's not just gold that you can hold overseas.

For example, until a few years ago you could buy a Swiss fixed annuity from a Swiss insurance company, which Harry recommended for its unique safety and flexibility.

Unfortunately that is now impossible due to the harassment that the Swiss insurance companies were subjected to by the Obama administration; it wasn't worth their trouble so they just stopped writing policies.

However, it's possible that some of the Swiss insurance companies will start taking applications again someday.

In the meantime, it is still possible to buy a variable annuity or even a private placement life insurance policy, managed by a Swiss firm that keeps the underlying assets in Switzerland. These can be valuable for diversification for people with a LOT of money although they are pretty expensive.

[Kbg]

I have a good friend in Australia and another in Holland who are expats and I had no idea how invasive the US was when it comes to this type of stuff (collecting taxes). They both said that in their respective countries no one will even deal with US citizens in certain financial areas as the hassle factor is just too large.

[dualstow]

That's kind of the point of the initial post.

[Smith1776]

I know that the canonical PP philosophy is to have some assets outside of your home country, but I just can't bring myself to do it so far.

Mentally I can't help but equate all forms of gold that I can't hold in my hands as being the same. Whether it's an ETF, Perth Mint, Swiss service, etc. I'm cognizant of the fact that they're not, but again, just can't help it.

I like to have as much gold as I can that I can see and touch. The rest in ETFs for rebalancing.

[ochotona]

I can see having some physical in storage in Canada (I'm in the USA). That makes sense to me. I can literally drive there, though it's a long way from Houston.

[bedraggled]

I sometimes consider a move to Ireland as an adventure, I worried that the banks would not let me open a checking account because of hassles discussed above in dealing with Yanks.

I went into AIB bank on a visit last year and two bank reps said “no problem, we open accounts for Americans all the time.”

So, what hassles? Is Ireland unique? I understand Panama is ok with Americans opening accounts there.

Can anybody chime in?

Thanks.