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).
how can you keep control of these entities and what is the name of them? can they be used for business as usual or only holding assets?
What if you have creditors and lenders wanting a million from you can they get them out of these entities if they are from Sweden or Germany ?
What if you have creditors and lenders wanting a million from you can they get them out of these entities if they are from Sweden or Germany ?
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 case︀ - The Belize LLC: Better Than an Asset Protection Trust | Lighthouse Trust view the︁ part about the "poison pill" making it extremely costly to even TRY to go after︂ 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 be︀ used only to achieve the objectives specified in its articles of association.
It leaves a︁ lot of room for interpretation, e.g., the entity can still earn income and act as︂ a custodian for the assets.
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 be︀ used only to achieve the objectives specified in its articles of association.
It leaves a︁ lot of room for interpretation, e.g., the entity can still earn income and act as︂ 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"?
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"?
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 as︀ the costs of the business.)
BTW, from what I recall, LLB is the only LI︁ bank that is fine with transactional banking on wealth management accounts. Others are not and︂ they charge you as ~100 CHF per transaction. Hence this 40 CHF is a little︃ bit suprising to me, too; I think I witnessed less. (But it did not concern︄ 500k account, to be honest.)
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 as︀ the costs of the business.)
BTW, from what I recall, LLB is the only LI︁ bank that is fine with transactional banking on wealth management accounts. Others are not and︂ they charge you as ~100 CHF per transaction. Hence this 40 CHF is a little︃ bit suprising to me, too; I think I witnessed less. (But it did not concern︄ 500k account, to be honest.)
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 of︀ privacy.
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 of︀ privacy.
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.
Even many shè!tholes claim to do crs so no privacy there but mismanagement/murky laws/country risk.
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
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
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