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Question Safe places (Banks, EMI) to keep legit earned money?

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Aldebaran

New member
Jul 11, 2020
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#1
Hello everyone,
I have an online business with an Hungary resident Company.
I pay corporate HU tax (9%) and PIT 15% (Personal income Tax) in Hungary.
For someone paying a combine 25% of taxes on hard earned money can be too much but I preferred the "Safer than sorry approach",
since Hungary it´s not too greedy on taxes I pay them in full and sleep well at night.

My question so is "where to keep safe earned money?"

At the moment the assets (7 figures) are split between:
Brick and mortar bank accounts,
WISE (formerly TransferWise),
Paypal,
Precious Metals
Cash

Since the bank accounts are becoming too fat, and I do not want to open another traditional bank account, where do you suggest to keep them?
What is your opinion??

Thank you
 
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#3
Aldebaran said:
Hello everyone,
I have an online business with an Hungary resident Company.
I pay corporate HU tax (9%) and PIT 15% (Personal income Tax) in Hungary.
For someone paying a combine 25% of taxes on hard earned money can be too much but I preferred the "Safer than sorry approach",
since Hungary it´s not too greedy on taxes I pay them in full and sleep well at night.

My question so is "where to keep safe earned money?"

At the moment the assets (7 figures) are split between:
Brick and mortar bank accounts,
WISE (formerly TransferWise),
Paypal,
Precious Metals
Cash

Since the bank accounts are becoming too fat, and I do not want to open another traditional bank account, where do you suggest to keep them?
What is your opinion??

Thank you
Click to expand...
There are many options for you because all your taxes are paid up.
Banks in Switzerland, IOM, Jersey, Guernsey, could all help if you open the account with north of 100K
 
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#4
LondonOTC said:
US Treasures on Interactive Brokers. If that fails, I don't know what else can collapse
Click to expand...
Safest of all . If usa declare bankruptcy , it is like end of modern world.

Do not put all eggs in one basket . Open as many bank/broker account you are comfortable with.
Swissquote
Saxo bank
Interactive broker.

Brokerage account is safer than bank .
If bank goes out of business , your money gone. In case of brokerage goes out of business you still have bond ETF or stock holding .

I asked 100 millionaires how they spend, save, and invest, and they told me exactly what I expected to hear.
https://www.cnbc.com/amp/2018/02/07/where-the-super-rich-keep-their-money.html
 
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#7
CaptK said:
There are many options for you because all your taxes are paid up.
Banks in Switzerland, IOM, Jersey, Guernsey, could all help if you open the account with north of 100K
Click to expand...
Banks in Switzerland: Do you know any would open due COVID an account without going there?
IOM: What is that? I found "International Organization for Migration"
Guernsey: I found that it is an island, which options there?
Accounts above 100K is not a problem, any suggestion?
 
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#8
azb1 said:
Safest of all . If usa declare bankruptcy , it is like end of modern world.

Do not put all eggs in one basket . Open as many bank/broker account you are comfortable with.
Swissquote
Saxo bank
Interactive broker.

Brokerage account is safer than bank .
If bank goes out of business , your money gone. In case of brokerage goes out of business you still have bond ETF or stock holding .

I asked 100 millionaires how they spend, save, and invest, and they told me exactly what I expected to hear.
https://www.cnbc.com/amp/2018/02/07/where-the-super-rich-keep-their-money.html
Click to expand...
Which are the safest online platforms to buy US bonds?
At the moment the eggs are differentiated like this:
-15% Brik and mortar banks
-20% Physical gold an d silver bullions (held in hand)
-10% Gold held by GOLDCORE
-15% Paypal
-15% EMI
-15% Cash Currency ( USD, GBP, EURO, SWiss Francs)
-10% (miscellanous)

There already is a list/topic of the best Brokers for EU residents?

Thank for your time
 
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#9
Aldebaran said:
Banks in Switzerland: Do you know any would open due COVID an account without going there?
IOM: What is that? I found "International Organization for Migration"
Guernsey: I found that it is an island, which options there?
Accounts above 100K is not a problem, any suggestion?
Click to expand...

Banks in Switzerland: CIM Banque (low minimum), Credit Suisse, UBS, and the list go on depending of how much do you want to put there.

IOM: Isle of Man

You can search in the forum or take a look here:

Everything You Need To Know On How To Open A Swiss Bank Account

Top 10 offshore banks

Remote bank without introducer
 
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#10
jjrapy said:
Banks in Switzerland: CIM Banque (low minimum), Credit Suisse, UBS, and the list go on depending of how much do you want to put there.

IOM: Isle of Man

You can search in the forum or take a look here:

Everything You Need To Know On How To Open A Swiss Bank Account

Top 10 offshore banks

Remote bank without introducer
Click to expand...
Aldebaran said:
Which are the safest online platforms to buy US bonds?
At the moment the eggs are differentiated like this:
-15% Brik and mortar banks
-20% Physical gold an d silver bullions (held in hand)
-10% Gold held by GOLDCORE
-15% Paypal
-15% EMI
-15% Cash Currency ( USD, GBP, EURO, SWiss Francs)
-10% (miscellanous)

There already is a list/topic of the best Brokers for EU residents?

Thank for your time
Click to expand...
You can buy any us bond etf using your broker or you can buy directly from
https://www.treasurydirect.gov/
 
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#13
MurrayRothbard said:
If you put your money in a bank, that money is no longer yours.
Click to expand...
That is like saying that all the automobiles in the world are unsafe just because old Soviet automobiles were unsafe. It is a gross overgeneralization. The key is examining a bank's various leverage ratios.

This article compares the effectiveness of different types of capital ratios in predicting bank failure. An important result of our study is that simple ratios—specifically the leverage ratio and the ratio of capital to gross revenue—predict bank failure about as well as the more complex risk-weighted ratio over one-or two-year time horizons. * * * [W]we show that simple capital ratios contain useful information and are virtually costless to compute.
Click to expand...
https://www.newyorkfed.org/medialibrary/media/research/epr/00v06n2/0007estr.pdf
Most large U.S. banks have a ratio of about 8%, which is double the minimum necessary but also too low to absorb a 2008 financial crisis type shock. Many European banks have far lower ratios. But things operate quite differently in Switzerland.

If the Tier 1 Capital Ratio falls below the 4% threshold several times, the bank license is withdrawn in the EU. * * * Since Private Banking is considered a non-risky business for the banks, your money in Switzerland is safe with Swiss private banks with Tier 1 Capital Ratio of 15% – 30%.
Click to expand...
https://swiss-banking-lawyers.com/best-private-bank-list-swiss-private-bank/
The gold standard in lifting capital ratios is Switzerland. * * * For risk weighted assets, the Swiss ratio is well above where international benchmarks are expected to be set.
Click to expand...
https://www.linkedin.com/pulse/why-banks-fail-definitive-guide-solvency-liquidity-ratios-rochford
Just understand that the big banks in Switzerland are almost as bad as the banks in the rest of Europe, so you want to research an individual bank's leverage ratios -- and check on them every few years.
 
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#17
spagetifressa said:
SIlver is a bit overpriced right now. (I have to add some words)
Click to expand...
To be honest, silver it´s expensive but has not even scratched the top in case of a real crisis.
Look what happened during the the two major crisis....
1617182287008.webp
 
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#19
asset protection is very important. i would not keep cash because of inflation and waste of potential(cash is passive, make it work for you). only for possible forex speculation and for usual expenses of daily life. the safest bet would be government bonds or S&P500. the bonds suck because they are now not even covering inflation, but they are safe. still, for value preservation, physical gold cannot be beat. as for asset appreciation, buy the S&P500 index. you will get, on average, yield of 10% a year and you are tying your money with the entire economy so i think there is nothing safer because the economy is the people and it will recover if it crashes(for the love of god don't sell when it is down!) so it is guaranteed protection. plus the better it is doing, the higher the yield. you can check out other indices if you want, maybe industrials and do a sector rotation. keep in mind that stocks protect you against inflation as well because companies will simply increase their prices. you can also try real estate but in order to get a yield that is worth the hustle and time, you will have to look at some "exotic" locations. there is a YT channel Save and Invest with Giorgio Loukas, that you might find useful. also keep in mind that liquidity of real estate, or gold, is nowhere near that of equities. either way, never keep cash unless you are waiting for market crash, to get in.
 
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