Swiss bank account

[rj1]

Looking for some advice. Has anyone on here had one and was it good or not as wonderful as it's cracked up to be?

The main reason I am thinking about maybe doing it is to use it as a hedge for my savings and money. After some research I saw that I can keep my money in whatever currency or in gold in most canton banks, which appealed to me for reasons of inflation.

[dbarberic]

Re: Swiss bank account

Good question.

I will be in Zurich for 5 days this fall and was wondering if I should take the time there and set up my own swiss bank account.

Is it all that it is cracked up to be? How easy is it to access remotely as I will not be back there physically in a long time.

[zoog]

Re: Swiss bank account

How easy is it to access remotely as I will not be back there physically in a long time.

Depends on how secretive you want to be.

Credit card: Most Swiss banks will issue a credit card with your account that you can use to make purchases, as well as withdrawals at ATMs around the world.
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Bank transfers: A simple way to use the money in your Swiss bank account is to request a bank transfer. But, again, you're essentially revealing the existence of your account, as well as your account number.
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Checks: Swiss bank accounts do offer checking (except on numbered accounts). However, if you're after privacy, you're leaving a trail of breadcrumbs directly back to you.

etc.

http://money.howstuffworks.com/swiss-bank-account5.htm

[Mega]

Re: Swiss bank account

Looking at Hong Kong myself, Say you had Gold or shares or something like, get an account set up there. Manage the offshore A/C, i mean Russia a bit iffy but China via Hong Kong, lots better i think.

The Swiss option like the channel ises etc is gone, those Lefty tax grabbing assholes have killed it stone dead.

Mega

[quigleydoor]

Re: Swiss bank account

The Swiss option like the channel ises etc is gone, those Lefty tax grabbing assholes have killed it stone dead.

Can anybody offer some URLs about reporting offshore bank accounts to the IRS? I guess that currency appreciation would be capital gains, and interest would be regular income. What extra hoops are there for reporting this?

[zoog]

Re: Swiss bank account

Can anybody offer some URLs about reporting offshore bank accounts to the IRS? I guess that currency appreciation would be capital gains, and interest would be regular income. What extra hoops are there for reporting this?

There's a section at the bottom of Schedule B where you report if you have such an account. It's just a Yes/No.

There is also a form TD F 90-22.1, Report of Foreign Bank and Financial Accounts. You are required to fill out this form if the aggregate value of your foreign accounts exceed $10,000.

[quigleydoor]

Re: Swiss bank account

Looking for some advice. Has anyone on here had one and was it good or not as wonderful as it's cracked up to be?

The main reason I am thinking about maybe doing it is to use it as a hedge for my savings and money. After some research I saw that I can keep my money in whatever currency or in gold in most canton banks, which appealed to me for reasons of inflation.

A while ago, Lukester mentioned investing in Swiss cantonals. This might refer to securities issued by the cantonal banks (some have publicly traded equity shares, some probably issue bonds). It might refer to depositing funds at a cantonal bank.

I did some digging and found this interesting article about the whole business sector of cantonal banking. It won't tell you how to invest, but gives good background on some of the banks. Enjoy. (This is a zip file containing a text file. I had a little trouble with the formatting.)