What countries still have relatively good banking privacy?

[cionide]

Are these just things imposed on non-residents? The population of Lichtenstein cannot possibly be made up ENTIRELY of millionaires. There has to be garbage men and cashiers and whatnot that would not meet these requirements.

 

[Forester]

Are these just things imposed on non-residents? The population of Lichtenstein cannot possibly be made up ENTIRELY of millionaires. There has to be garbage men and cashiers and whatnot that would not meet these requirements.

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).

 

[jafo]

If you talk about accomodation: Honestly, I've never been in Vaduz overnight. But one friend of mine discovered there certain nice place that he praise a lot. I'll ask him and PM you, if you like.

Yes! This!

If you talk about some reliable introducer: I can PM you, too

I'm just going to Waltz right in, cold, from the streets, and see what's up.
Make them a bit scared
Banks keep terrorizing folks, so why shouldn't I have some fun with them and reciprocate?

 

[cionide]

Yes! This!


I'm just going to Waltz right in, cold, from the streets, and see what's up.
Make them a bit scared
Banks keep terrorizing folks, so why shouldn't I have some fun with them and reciprocate?

Bring a burlap sack with a dollar sign on it. "I'd like to make a deposit..."

 

[Forester]

Yes! This!

OK. I'll ask him and let you know. You can expect an info tomorrow or the day after tomorrow (Swiss time), I guess.

I'm just going to Waltz right in, cold, from the streets, and see what's up.
Make them a bit scared
Banks keep terrorizing folks, so why shouldn't I have some fun with them and reciprocate?

 

[kilor]

You might be able to retain control over these entities and the assets even if you personally go bankrupt. Since the entities do not have ownership, they can not also be seized from you (provided certain conditions are met).

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 ?

 

[cionide]

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 ?

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.

 

[Don]

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 ?

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.

 

[mendo]

I have a recent very bad experience with Liechtenstein banking.

 

[jafo]

I have a 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"?

 

[cionide]

I'd expect something like 1-2M; if you have a PL passport (judging just by your profile), probably 2M or more.

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.

 

[Forester]

LLB called me today, minimum 500k CHF also.

Well, I am suprised a little bit, I must say. Good for you (?), I'd expect more...

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.

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.)

 

[jafo]

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.

This is NOT bad at all! All the Swiss banks I know charge a lot more

 

[JackAlabama]

Are these just things imposed on non-residents? The population of Lichtenstein cannot possibly be made up ENTIRELY of millionaires. There has to be garbage men and cashiers and whatnot that would not meet these requirements.

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.

 

[cionide]

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.

 

[JackAlabama]

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.

 

[cionide]

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?

 

[cryptofriendly]

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.

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).

Safe deposit box

You can use an individual safe deposit box to keep selected valuables or important personal documents discreet and secure.

llb.li

 

[cionide]

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).

Safe deposit box

You can use an individual safe deposit box to keep selected valuables or important personal documents discreet and secure.

llb.li

All it would take to get to your valuables is a €2 drill bit. Also LLB requires you have an account for it.

 

[Marshal]

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.

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?

Very good question