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ParticipantIt never ceases to amaze me, the differing emotive language used to describe the current housing market. “The hardest hit housing market …consolation …brakes on the housing crash.” Shouldn’t this read “housing market that is at last correcting itself …the unfortunate or misguided …may slow the imminent correction.”
My understanding is that we were (are) in a bubble, and that somewhere inside the definition is the term hyper-inflated, in other words over-valued. Please forgive my ignorance, but isn’t that generally a bad thing, viz; it has an eventual negative impact on things. So tell me then, why do so many articles seem to use a language emotionally charged with terms that seem in denial.
ParticipantTrying to hide money over there in a “numbered” account would be a really bad idea….;-)
Yes, and not a good idea to discuss on an open forum either 🙂 but in Europe it was and still is a preoccupation of many. I realize that until quite recently, discussion of tax evasion in the US was taboo. In the Europe of latter days “runners” used to collect suitcases of cash for old retired Colonels and the like, who felt robbed by successive European socialist governments ‘exorbitant’ tax policies. Banks of telephones used to line the floors of Monaco apartments, and not furniture or occupants. You’d be surprised at the ‘professional’ advise still given to reduce one’s tax bill in some countries. In case anyone is wondering, I am a fully paid up tax payer 🙂
ParticipantTrying to hide money over there in a “numbered” account would be a really bad idea….;-)
Yes, and not a good idea to discuss on an open forum either 🙂 but in Europe it was and still is a preoccupation of many. I realize that until quite recently, discussion of tax evasion in the US was taboo. In the Europe of latter days “runners” used to collect suitcases of cash for old retired Colonels and the like, who felt robbed by successive European socialist governments ‘exorbitant’ tax policies. Banks of telephones used to line the floors of Monaco apartments, and not furniture or occupants. You’d be surprised at the ‘professional’ advise still given to reduce one’s tax bill in some countries. In case anyone is wondering, I am a fully paid up tax payer 🙂
ParticipantAlan, if you read my sentence again you will see we are saying the same thing. The experiences I was talking of was retail, and were not good. Some personnel definitely had cotton wool between the ears. Having said that I still bank offshore and with an excellent crew. BTW I also worked for Willis for a short while.
ParticipantAlan, if you read my sentence again you will see we are saying the same thing. The experiences I was talking of was retail, and were not good. Some personnel definitely had cotton wool between the ears. Having said that I still bank offshore and with an excellent crew. BTW I also worked for Willis for a short while.
ParticipantWhile I do understand the “white glove” nature of private Swiss banking, how does this equate to wealth protection?
It doesn’t, except of course in the old fashioned sense of what is hidden is protected from litigious or divorce claims. Times have changed, and banks are now more open. However, Switzerland is one of the best places for banking. It’s their business and they are good at it. Offshore entities abound, not just in the Caribbean. The UK Channel Islands and the Isle of Man do huge offshore business, and have been serving the Captive Insurance market for a long time. However, islands don’t always attract quite the same caliber of personnel (IMHO). Little known to many, London is one of the biggest offshore centers, and the financial hub of Europe. Luxembourg is also very popular, and provided many services.
However, the only advantage of a foreign account is if it is in local currency, and you travel or make foreign purchases often. There are many investment restrictions and tax implications of having investments abroad, and you may be better served by taking professional advise. Things are not quite as untethered as you might think.
ParticipantWhile I do understand the “white glove” nature of private Swiss banking, how does this equate to wealth protection?
It doesn’t, except of course in the old fashioned sense of what is hidden is protected from litigious or divorce claims. Times have changed, and banks are now more open. However, Switzerland is one of the best places for banking. It’s their business and they are good at it. Offshore entities abound, not just in the Caribbean. The UK Channel Islands and the Isle of Man do huge offshore business, and have been serving the Captive Insurance market for a long time. However, islands don’t always attract quite the same caliber of personnel (IMHO). Little known to many, London is one of the biggest offshore centers, and the financial hub of Europe. Luxembourg is also very popular, and provided many services.
However, the only advantage of a foreign account is if it is in local currency, and you travel or make foreign purchases often. There are many investment restrictions and tax implications of having investments abroad, and you may be better served by taking professional advise. Things are not quite as untethered as you might think.
ParticipantNew_Renter, there are dozens of small banks in Zurich, many with good reputations. I spoke with Lloyds there, who are a respectable UK retail bank. They are situated just behind Credit Suisse (Paradeplatz Sq) but have a much smaller office, and are probably not under the same pressure as the big guys. Just remember though that Swiss accounts are a red flag. Singapore is where all the Swiss money is going.
ParticipantNew_Renter, there are dozens of small banks in Zurich, many with good reputations. I spoke with Lloyds there, who are a respectable UK retail bank. They are situated just behind Credit Suisse (Paradeplatz Sq) but have a much smaller office, and are probably not under the same pressure as the big guys. Just remember though that Swiss accounts are a red flag. Singapore is where all the Swiss money is going.
ParticipantShort of visiting Credit Suisse in Zurich, is there a way online to open a Swiss account and convert US$ to Euros?
You can try through their New York branch. They probably won’t talk to you in Zurich. I was advised to leave the US borders anytime I needed to give Credit Suisse instructions. On a visit to Zurich I was grilled by a US airline as to the purpose of my visit (none of their damn business). Banking has really tightened up in Europe as a result of US pressure to fight terrorism, and has become paranoid. At least it was a couple of years ago. It may have cooled down now. You have to remember that the point of a Swiss account was anonymity, and privacy laws which has now been eroded. If you just want a foreign bank account banks like Citi have branches in London and are probably more flexible. Credit Suisse does not offer savings accounts, only money markets, and some are waiting to see if they have any exposure to the subprime mess. Citi is offering 6.27% on a flexible savings account. But remember there is not usually FDIC insurance in other countries. Aside from all that, I’m not sure converting dollars to Euros is such a good idea in the present climate. The horse has bolted.
ParticipantShort of visiting Credit Suisse in Zurich, is there a way online to open a Swiss account and convert US$ to Euros?
You can try through their New York branch. They probably won’t talk to you in Zurich. I was advised to leave the US borders anytime I needed to give Credit Suisse instructions. On a visit to Zurich I was grilled by a US airline as to the purpose of my visit (none of their damn business). Banking has really tightened up in Europe as a result of US pressure to fight terrorism, and has become paranoid. At least it was a couple of years ago. It may have cooled down now. You have to remember that the point of a Swiss account was anonymity, and privacy laws which has now been eroded. If you just want a foreign bank account banks like Citi have branches in London and are probably more flexible. Credit Suisse does not offer savings accounts, only money markets, and some are waiting to see if they have any exposure to the subprime mess. Citi is offering 6.27% on a flexible savings account. But remember there is not usually FDIC insurance in other countries. Aside from all that, I’m not sure converting dollars to Euros is such a good idea in the present climate. The horse has bolted.
ParticipantThe grumbles from Europe have been that a weak dollar makes their exports harder. The flip side is that not everyone is grumbling. Foreign firms have been buying up high tech companies. Nothing new or wrong in that, but foreign owners are not always as humanitarian in their treatment of those new businesses. Real estate is also being snapped up in New York at dollar discounted prices.
ParticipantThe grumbles from Europe have been that a weak dollar makes their exports harder. The flip side is that not everyone is grumbling. Foreign firms have been buying up high tech companies. Nothing new or wrong in that, but foreign owners are not always as humanitarian in their treatment of those new businesses. Real estate is also being snapped up in New York at dollar discounted prices.
ParticipantWe still have would-be sellers taking personal offense at offers to purchase because they’re too low. In effect, these people still blame the buyers for their problems and haven’t yet accepted the idea that their problem was their purchase, not their sale.
You just need to allow the market conditions to do the tenderizing for you. That way it’s not your fault they’re losing out. Once the sellers are softened up enough to cooperate they’ll sell.
By the same token, buyers can take offense at being asked to pay such high prices. I don’t see any harm in assisting the tenderizing process with low ball offers, and rubbing in a bit of salt for good measure. But perhaps, don’t make low ball offers to agents that you may want to work with down the line.
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