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Postfinance termination

A

AND2

Active Member
May 8, 2019
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#1
Out of the blue I received a termination letter from PF after many years with them. They will transfer my funds wherever I say and close everything??!! Now I need to find a new place. It's all legal funds so wtf?

Any first hand experience for Swiss KB that will accept domiciled abroad and have English docs?

Thx in advance.
 
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#3
AND2 said:
Out of the blue I received a termination letter from PF after many years with them. They will transfer my funds wherever I say and close everything??!! Now I need to find a new place. It's all legal funds so wtf?

Any first hand experience for Swiss KB that will accept domiciled abroad and have English docs?

Thx in advance.
Click to expand...
It seem as if you are an American and due to the Foreign Account Tax Compliance act and the actions of the USA in bullying every financial institution in the world in to becoming unpaid branches of the IRS is the reason. If this is the case then it would be best to obtain a second citizenship in another country in order to remove this sad fate. It’s not just Swiss banks that are giving Americans the cold shoulder, but banks and financial institutions around the entire globe.
 
#4
#5
I'm not USA.

So Zurich KB only accepts for investments (not cash) > 100K. Same for Geneva KB. PF, Basel KB and Credit Suisse are a flat 'No' unless you have an address and/or relationship to Switzerland. What happened?

So basically kicked off the country 'we don't want your cash' unless you put it into 'investments' where we can milk you proper. So one of my emergency exit doors just closed.

I am so confused on asset protection, jurisdictions, EMIs, etc And the more I read the forum the more confused as to what looks like a great idea 2 threads later turns out to be not so.
 
#6
You can try swissquote.ch and leave cash on trading account.
 
#7
That's an option thx.

There's little info on the forum on safe deposit boxes. There are some cpy's providing the service not requiring any bank account or similar. From 200CHF to 500 a year for the smaller ones. Besides the fact you have to go there whenever you need the funds, seems like a solid plan to park some cash/gold/coins and be outside the banking system.

I wonder if these are under the CRS & friends and the recent EU directions to know your deposit boxes. Maybe parking some assets in CH is a good/affordable asset protection scheme. Maybe they even don't have to report you, although they ID you. mmmm...

Anybody thinks that's a horrible idea? Both Geneva and Zurich are well connected...
 
#8
darkster said:
Are you sure it is what they have and can provide?
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Greeting Darkster, This firm have been in business for years and if they could not provide exact that they claim they would not be in business for so long. It is a lot better to do business with a reputable Law firm than a business that does not specialize in international law. From observation it seem that now a days almost anyone can claim to be specialist in Offshore Corporation and Immigration issues until problems surface they pretend you do not exist.
 
#9
AND2 said:
I'm not USA.

So Zurich KB only accepts for investments (not cash) > 100K. Same for Geneva KB. PF, Basel KB and Credit Suisse are a flat 'No' unless you have an address and/or relationship to Switzerland. What happened?

So basically kicked off the country 'we don't want your cash' unless you put it into 'investments' where we can milk you proper. So one of my emergency exit doors just closed.

I am so confused on asset protection, jurisdictions, EMIs, etc And the more I read the forum the more confused as to what looks like a great idea 2 threads later turns out to be not so.
Click to expand...
Your problem is more serious than I thought, therefore at this point I suggest you contact the law firm and see if they can find a way around this issue for you or you can upgrade your membership and receive top of the cream advice from the wisest men of this forum.
 
#10
AND2 said:
There's little info on the forum on safe deposit boxes.
Click to expand...

You can open a box at a freeport in Geneva etc. Only issue is you would need to take your funds out of Switzerland first and then re-enter the freeport in Switzerland to deposit them.

AND2 said:
I wonder if these are under the CRS & friends and the recent EU directions to know your deposit boxes. Maybe parking some assets in CH is a good/affordable asset protection scheme. Maybe they even don't have to report you, although they ID you. mmmm...
Click to expand...

A register of boxes, assets is all coming in EU and Switzerland will follow. This wouldn't be a long term solution for privacy if companies have to report box ownership to government. Even if information is not exchanged automatically it could be problematic :(.

AND2 said:
Anybody thinks that's a horrible idea? Both Geneva and Zurich are well connected...
Click to expand...

Think about the reality of it all. Are you gonna be flyng in and out. It's an option but not the best for moving assets around easily which you need in an ever changing world.
 
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#11
Thx for the replies Martin. The freeport option no idea how it works...

On the safe desposit box yes you are right sooner or later the swiss will follow. Even if the box is named after some cpy you still have to id yourself.

No option I can think of tbh. I need to continue reading on both asset protection and tax issues.
 
#12
Looking into opening somewhere in the EU an account, some well known bank. Standard bank Isle of Man is one that might open an account as a non resident I've read.

Any other EU places worth looking besides Isle of Man you might suggest? Thx in advance for the replies.
 
#14
Andrew Gooden said:
Greeting Darkster, This firm have been in business for years and if they could not provide exact that they claim they would not be in business for so long. It is a lot better to do business with a reputable Law firm than a business that does not specialize in international law. From observation it seem that now a days almost anyone can claim to be specialist in Offshore Corporation and Immigration issues until problems surface they pretend you do not exist.
Click to expand...
aha, they are the same as Panama Law with the same domain in the past?
 
#15
Martin Everson said:
You can open a box at a freeport in Geneva etc. Only issue is you would need to take your funds out of Switzerland first and then re-enter the freeport in Switzerland to deposit them.
Click to expand...
How to get your grandma to open a safe box in some bank to store coins, gold or similar if she is a long term customer in that bank they won't ask questions?
If doing so, I would have to fly to the country if I need money but isn't the point to store your assets in a safe box to keep it for later?

Talking about to store your coins or gold or even diamonds somewhere it could be as much safe as digging a big hole in the flooring somewhere and dump a safe there which is mounted with concrete.
 
#16
Flying in/out is not a concern as these would be assets to 'park' there. And I would like them abroad so I don't have to cross borders with them. They are already 'there', wherever 'there' is, Switzerland being the preference.

CIM bank? no idea will have to research. I was looking for some Kantonal bank initially.
 
#17
No such thing as 'park' any more. Regulations change constantly in banking. So as you discovered you were given the boot from one bank and another bank tomorrow could do the same again. Unfortunately you will tear your hair out trying to find a safe spot to hold assets. Swiss banks close and merge everyday. I lost accounts at Hottinger and Frey because of this. Even UBS had to be bailed out by the government during the last financial crisis eek¤%&. Nowhere is safe so spread assets around.

AND2 said:
I was looking for some Kantonal bank initially.
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Not all Kantonal banks are equal. Some Kantonal banks do not offer full state depositor protection such as Bern, Vaud or Geneva so be warned.
 
#19
AND2 said:
Flying in/out is not a concern as these would be assets to 'park' there. And I would like them abroad so I don't have to cross borders with them. They are already 'there', wherever 'there' is, Switzerland being the preference.

CIM bank? no idea will have to research. I was looking for some Kantonal bank initially.
Click to expand...
no chance at ANY swiss KANTONALBANK
 
#20
AND2 said:
Out of the blue I received a termination letter from PF after many years with them. They will transfer my funds wherever I say and close everything??!! Now I need to find a new place. It's all legal funds so wtf?

Any first hand experience for Swiss KB that will accept domiciled abroad and have English docs?

Thx in advance.
Click to expand...
that's a simple lack of competence... swiss postfinance one was a "department" of swiss postal services... pure bureaucrats... and they have NO swiss bank licence to offer the full range of services (credits, mortgages etc.)

forget them
 
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