[Atlas602]

I am investigating the possibility of opening a private swiss bank account and I have a few question for some of you more experienced in this area.


1). Are there any Swiss banks that US citizen can still access without having it reported to the IRS [non-qualified intermediate status]? (does a numbered account avoid this?)

2). Alternatively, are safety deposit boxes in Switzerland subject to reporting or being opened?

3). If Switzerland can no longer provide secure secret banking what are some other *safe* choices?


Thanks,

[GermanBoy]

I don´t think any bank in Switzerland wanne open for US Residents. So much stress the US Gov. gives all countries with bank secret you bank wanne open an account.

Maybe when you have really much money, but then you should go in switzerland personal.

[Atlas602]

Thanks German.


Any Ideas on Luxemburg or Cyprus?

[markrolex1]

forget ch ? is worst than us

[OffshorePrivacy]

We work with several jurisdictions we work with that do not pass on data regarding their clients deposit and financial history without a court order unlike Switzerland and some Caribbean banks.

Additionally there are a few important points to follow to safeguard your privacy further which we can assist with.

Contact us directly for complete information.

www.offshoreprivacy.org

[PanamaLegal]

Switzerland is not a trusted jurisdiction any more. Try Panama.

[slogold]

Switzerland is still good if you are not US person

[PanamaLegal]

Our law firm has had clients from non us countries with trouble with swiss banks - holding funds for instance pending investigation.

[GermanBoy]

Sure, but then can happen anywhere in the world. In US, Switzerland or Panama. Panama and Switzerland has there pro and contras but there both still good.

[obera]

Originally Posted by Atlas602

I am investigating the possibility of opening a private swiss bank account and I have a few question for some of you more experienced in this area.

1). Are there any Swiss banks that US citizen can still access without having it reported to the IRS [non-qualified intermediate status]? (does a numbered account avoid this?)

Most banks do not have "QI" status with the IRS. Ones that have American branches, like UBS, do though, almost assuredly. I don't know of any besides SwissQuote, at the moment that will open accounts for Americans by mail, but I'm sure there are some. Numbered accounts in Switzerland aren't as good as one might think, and they don't get you around QI agreements.

Behold, the dirty little secret that nobody likes to talk about, especially those offering "Numbered bank account" introductions for $400+:

Originally Posted by Dexia Private Bank

Disclosure of the orderer's name in case of cross-border transfers

According to Switzerland's conception relating to anti-money laundering regulations, the Client must become aware that for all moneys transfered out of Switzerland, it is compulsory for the Bank to indicate the name, the account number and the domicile of the person giving these transfer instructions or his name and an identification number. Consequently, when a Client instructs the Bank to effect cross-border transfers he simultaneously empowers the Bank to divulge his name, account number and domicile or his name and an identification number to the receiver's bank and/or the intermediary banks abroad (or, if such be the case, to the Post Office abroad) even if the account is opened under a pseudonym or a code number (point 1.1.1.b.). - The Client must become aware that many other countries have provided in their anti money laundering procedures that their financial institutions have the right to request further information, notably regarding domiciliary companies and that the refusal to supply such information can lead to far reaching consequences (e.g. the blocking of the funds transfered; the reporting to foreign authorities responsible in the fight against money laundering).

And just in case you don't believe that one Swiss bank, here is what the entire Swiss Banking Association has to say on the matter:

Originally Posted by Swiss Banking Association

"Numbered" accounts should not be used for international wire transfers. According to international regulations the client's name, address and account number must be given when making international wire transfers.

So, you're only safe in Swiss account -> Swiss account transfers with a Swiss numbered bank account. Liechtenstein does not follow this rule, but they are about to start, in 2009, I believe it was that I read.

Originally Posted by Atlas602

3). If Switzerland can no longer provide secure secret banking what are some other *safe* choices?

In my opinion, for Americans, there is still Gibraltar, Panama, Guatemala (seriously, if you're hiding taxable money, they're the best, even is as just a "pass-through" account), Andorra (you must travel there), Monaco (you must travel there), Samoa (good luck finding a bank here, especially on the net), and a few others maybe.