Any guide on how I could open one up? As part of my diversification of my $600 USD
I think the minimum deposit for most of them to even talk to you is $10,000 or $100,000. I realize that’s a big range, but I can’t remember if there were 4 or 5 zeroes when I did some cursory research. Either way, too rich for my blood.
IIRC you can open an account in the Post with CHF 1. You don’t need to be a resident but at least in the process of becoming one.
For normal people, the fee for non-residents would be something like 50chf a month. For americans, I imagine it would be way more to comply with the US banking secrecy laws.
comply with the US banking secrecy laws
You mean US banking disclosure laws, right? Such as FATCA.
Yeah same. Why not? The shitheads in office do it to hide their money so why not us when we want to make sure they keep their dirty mits off what’s ours
Well sheeit. Look at Mr. Moneybags here. Care to spread that wealth around? When we eat the rich, you’ll be on my plate.
When rich people no longer feel their money is safe in their own country? Red flags for economic stability
How loyal to their homeland they are. Don’t ever forget rich people are traitors to their country and people. May that stain never leave them and haunt them until they pass.
Wish I could remember the penalty for treason… It’ll come to me (or them).
This is such an idiotic thing to generalize to every “rich” person. You can do better.
Found the rich guy.
Apparently not
My friend has dual citizenship (Switzerland & USA) because his mom is from the USA, but he has always lived in Switzerland. One of his bank accounts got closed when they found out he wasn’t just Swiss, but had US American citizenship too. I guess this is another case of things that only work if you’re rich.
He’s getting so annoyed with the USA’s tax overreach. He can’t get banking easily, can’t do the standard retirement savings, because they usually invest in bonds and using “foreign” bonds from the perspective of the USA’s IRS would cost him extra and he has to file taxes. Apparently even getting rid of US American citizenship is expensive and slow, and they don’t offer the “Service” in the embassy in Switzerland, he’d have to go to Paris.
That’s not about the rich, most banks these days just don’t want to service US citizens without a premium, because it puts a lot of bureaucracy on them. Blame the US government.
Well they didn’t want my friend because he wasn’t worth the trouble. But apparently rich Americans are opening accounts here without significant issues. So I’m seeing a clear difference based around the amount of assets someone has.
Your friend could always pay an extra fee or go to a different bank.
No he could not pay an extra fee, they just told him no. And different banks also declined. He was just holding onto an account he had for a while already from a bank that somehow never asked him about being a US Person, even though all banks usually do these days.
The he started working for a bank and they did give him an account, because they only want to pay wages onto an account in their own system. But that bank is now getting merged into one who didn’t want to give him an account, and he’s likely losing his job when the merger finishes, so we’ll see what happens to that account then.
Has your friend tried creating an LLC or something and opening an account that way? I do wonder if “business” is seen differently for risk versus personal accounts.
It is the land of the the free. But IRS will hunt you down regardless of where in the world or perhaps planet in the universe you reside.
in the universe you reside.
I hear they control Time and Space now.
The more everything changes…
Other options. Singapore or Dubai.
rich Americanstax evadersCome on, were were about ten years away from the centennial.
