134 lines
7.4 KiB
Plaintext
134 lines
7.4 KiB
Plaintext
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HOW TO OPEN A SECRET SWISS BANK ACCOUNT
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In order to meet Mr. B, a stranger must first locate his office on
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a narrow side street in Geneva, then negotiate behind solid oak doors
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and electric locks. Behind those doors Mr. B's secretary escorts the
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visitor through through a series of secluded rooms. Then finally
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he's led into the inner sanctum -- Mr. B's office. The blinds are
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quickly pulled, and thick drapes are drawn accross the windows.
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Mr. B heads one of Switzerland's numerous small banks, and his visitor
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wishes to open a secret account. Mr. B is happy to oblige. Secret
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bank accounts are his best known stock-in-trade.
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Why does the visitor want a secret bank account? Mr. B doesn't consider
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it any of his business -- but most people who open these accounts have
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at least a little larceny in their hearts. Numbered accounts are
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a convenient way to hide money from a spouse in a divorce case. Or,
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a man may want to set up an account for his mistress without his wife
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knowing about it. Or, a businessman may want to hide money from his
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creditors prior to filing for bankruptcy.
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There are even a couple of completely above-board reasons for wanting
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a Swiss bank account. Some are simply hedging against possible
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devaulation of the U.S. dollar. And others -- those who travel in
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Europe frequently -- may want an account for the convenience of writing
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unquestionably acceptable checks while away from home.
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But if one is to believe the view of the Internal Revenue Service,
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most of the estimated 40,000 Americans with Swiss accounts are evading
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income tax -- much of it on illegal activities. Beginning in 1970,
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a new question was added to the Federal tax return: "Did you, at any
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time during the taxable year, have any interest in or signature or other
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authority over a bank, securities, or other financial account in a
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foreign country?" A dishonest answer, of course, makes the taxpayer
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subject to prosecution for perjury -- if caught! However, it is doubtful
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that even fear of imprisonment will discourage any great number of
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serious tax evaders.
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An even newer law requires people to report the moving of $5,000 or more
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abroad, and requires U.S. banks to give Washington more information
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on international transfers of money. Again, it is doubtful that
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interest in Swiss bank accounts will subside. In fact, Swiss bankers
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report that every time any publicity is given the matter, the
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number of inquiries from the United States increases.
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Why do people choose Switzerland for their secret bank accounts?
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Several other countries including Panama, Hong Kong, and Luxembourg
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also offer secret bank accounts to Americans. Switzerland has a very
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stable economy and a very stable currency, and secrecy is a 300 year
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old tradition. Furthermore, Swiss banks are complex institutions that
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can do nearly everything for their clients, from buying silver bullion
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in London to arranging a favorable tax treatment with the tax
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authorities! Any good Swiss banker is prepared to intelligently discuss
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nearly any investment opportunity -- whether it be the merits of South
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African gold shares or a rare work of art. Try that with the average
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American banker!
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Unfortunately, the walls of secrecy have crumbled just a bit recently.
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By last count, about 800 foreign requests a year for banking information
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are being granted -- mostly under treaties and laws that didn't exist a
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few years ago. Part of the reason for the release of more information
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may be that more Swiss banks have branches abroad, thus exposing
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themselves to the laws of other countries. With this in mind, it doesn't
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require much legal expertise to conclude that more confidentiality may
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be achieved by dealing with a Swiss bank that has no foreign operations.
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How does one go about opening a Swiss bank account? It depends upon the
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degree of privacy desired. Several Swiss banks have branches in the
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United States (New York, Los Angeles, and San Francisco), but none will
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open a numbered account here. An account with your name on it is almost
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as good because Swiss law protects the privacy of names too. But more
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bank employees have access to your name, and, consequently, there is a
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greater chance on information leaks. Then too, the record of your having
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opened the account in the U.S. may be subject to subpoena by U.S. courts.
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For the utmost in secrecy, go to Switzerland, or you can use a private
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courier. Some make deposits by going to Canada or the Bahamas and
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transferring cash through friendly banks there.
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The three main types of accounts available are checking, savings, and
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time deposits. While there is no charge for checking accounts, few
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Americans have use for them unless they travel frequently in Europe or
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want one as status symbol. Savings accounts pay interest, but
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withdrawals are limited to about $10,000 every 30 days. Time deposits
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require that you leave your money in the bank for a specified length of
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time (generally 6 months or more), but they have the advantage of
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paying higher interest. If you want protection against dollar
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devaluation, your deposits can be converted into Swiss francs.
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If only a low degree of privacy serves your purpose, you may want to
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contact one of the Swiss bank branch managers in the United States
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for additional information. If you are sincerely interested, not just
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a curiosity seeker, they will be happy to talk with you. Here are some
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of the major branches located in New York City:
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Bank Julius Baer & Co., 330 Madison Ave., New York, NY 10017
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Bank Leu, Ltd., 375 Park Ave., New York, NY 10152
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Swiss Bank Corp., 4 World Trade Center, New York, NY 10048
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Union Bank of Switzerland, 299 Park Ave., New York, NY 10171
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Oh yes, are secret Swiss bank accounts legal? You bet they are!!
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It's only the use to which they are sometimes put that is illegal!!
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For other materials that pertain to accounts overseas write by
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Snailmail (Regular U.S. First Class Mail) to:
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Offshore Banking News
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301 Plymouth Drive N.E.
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Dalton, GA 30721-9983
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Good luck!
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Typed by Struct Def 28 Dec 1989
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This file is copyrighted (c) 1987 by International Publications,
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PO Box 19749, Indianapolis, Indiana 46219 -ALL RIGHTS RESERVED-
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This file is of course, typed and printed in the United States of
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America.
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