What countries still have relatively good banking privacy?
- Thread starter cionide
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Roughly said, you are correct. We have been talking, until now, about assets safeguarding / management. Retail banking for LI residents is a different game with different rules (and a remarkable number of LI banks does not offer it at all, BTW).
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Yes! This!
I'm just going to Waltz right in, cold, from the streets, and see what's up. smi(&%
Make them a bit scared rof/%
Banks keep terrorizing folks, so why shouldn't I have some fun with them and reciprocate? smi(&%
Last edited: Jun 20, 2024
OK. I'll ask him and let you know. You can expect an info tomorrow or the day after tomorrow (Swiss time), I guess.
🙂
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
I don't know if this is specifically what he is talking about (probably about a trust?), but an example of a entity you could continue to control despite having creditors would be an LLC in a juridiction with charging order protection - for instance St Vincent, Belize, Nevis, or even a Wyoming LLC. Belize is particularly nasty in this case - The Belize LLC: Better Than an Asset Protection Trust | Lighthouse Trust view the part about the "poison pill" making it extremely costly to even TRY to go after assets.
for instance, when we consider a non-profit association, you can be the board member of the entity and thus have control over the bank accounts, etc.
According to the law a non-profit association is a voluntary association of persons the objective or main activity of which shall not be the earning of income from economic activity.
The income should be used only to achieve the objectives specified in its articles of association.
It leaves a lot of room for interpretation, e.g., the entity can still earn income and act as a custodian for the assets.
😳
Do tell. You don't need to disclose the bank's name unless you think it will help us understand better.
We strive here to know IN ADVANCE where the proverbial "potholes on the highway are to avoid totaling our cars or having to take it to an unscrupulous mechanic (read state-licensed lawyer)."
Looking back, what "signs" did the bank employees (because the bank is an inanimate object) give you that you could have prevented your "recent very bad experience with Liechtenstein banking"?
LLB called me today, minimum 500k CHF also. Their fees are quite high - 450 CHF quarterly and 40 CHF to make a wire transfer under 50k CHF. That seems excessive but maybe that's just what it costs to keep higher amounts safe.
Well, I am suprised a little bit, I must say. Good for you (?), I'd expect more...
Or just to express politely that they are not much interested in lower-balance accounts... 🙂 (If you have 5M somewhere, you'll probably do not care much about 1,8k per year as you'll take it simply as the costs of the business.)
BTW, from what I recall, LLB is the only LI bank that is fine with transactional banking on wealth management accounts. Others are not and they charge you as ~100 CHF per transaction. Hence this 40 CHF is a little bit suprising to me, too; I think I witnessed less. (But it did not concern 500k account, to be honest.)
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
of course it applies to non-residents only which are always good to be fleeced as they dont vote nor have any say in local affairs but are awarded with the honor and priviledge of CRS data sharing.
Residents/citizens can open banking while taking their morning dump from their phone basically.
If you have no solution for the crs thingy, no bank offers any kind of privacy.
So why then, do people use these countries? You could park the same money elsewhere for no quarterly fees and 50 cents for an outgoing transaction.
you will have most likely a much higher country risk plus mismanagement.
Even many shè!tholes claim to do crs so no privacy there but mismanagement/murky laws/country risk.
I mean more like what benefit does a swiss account now hold over a german or austrian account that will cost a fraction of a percent of what the swiss one would?
Think differently. Don't follow the herd.
A safe deposit box in Lichtenstein is very safe, and starts from 80 CHF / year, cheap enough even for the most stingy millionaire (or a divorcee in making).
https://llb.li/en/private/paying-and-saving/further-offers/safe-deposit-box
All it would take to get to your valuables is a €2 drill bit. Also LLB requires you have an account for it.
All banks require that as far as I know. If only it was that easy/cheap to get a safe deposit box in LI.
Very good question
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