Swiss Bank Account

[Earthtree]

Basically, I would like one.

Can anyone advise.

 

[Yotch]

If you don't have any luck I'm sure that it will be very easy to get one in Cyprus in the future!

 

[P924]

Why would you need one? The only advantage is if you need to hide money from your spouse - ie before getting divorced.

 

[Toitjie]

Why would you need one? The only advantage is if you need to hide money from your spouse - ie before getting divorced.

Maybe that's what he/she wants... don't judge

 

[diabolus]

Why would you need one? The only advantage is if you need to hide money from your spouse - ie before getting divorced.

I'm sure there's more reasons than that. If you remotely earn money overseas, you might not want to bring it into SA (for tax reasons?), surely that's a valid reason too?

 

[rrh]

Why would you need one? The only advantage is if you need to hide money from your spouse - ie before getting divorced.

Relatively few are aware of the fact that SARS have signed a number of dual-taxation agreements which [in effect] open overseas accounts to SARS.

In addition, the Swiss banking laws have changed considerably in the last few years, with the result that the numbered bank account beloved of Ludlum etc. is no more.

If you want to hide money there are far better places that Switzerland ...

 

[Elro]

Hole in a mattress?

 

[Sl8er]

Relatively few are aware of the fact that SARS have signed a number of dual-taxation agreements which [in effect] open overseas accounts to SARS.

In addition, the Swiss banking laws have changed considerably in the last few years, with the result that the numbered bank account beloved of Ludlum etc. is no more.

If you want to hide money there are far better places that Switzerland ...

You seem to be in the know about these things. I'm curious, what are the better options?

 

[Other Pineapple Smurf]

Nedbank Green Card is easier to get and still screams Douche-Bag just as loud. We got another thread going about Personalised Number Plates BTW

 

[ponder]

Relatively few are aware of the fact that SARS have signed a number of dual-taxation agreements which [in effect] open overseas accounts to SARS.

Fortunately not all countries are signing up.

 

[F1 Fan]

Surely there would be no way to hide money in SA in an overseas account? Or am I wrong?

 

[ShaunSA]

Is this for that 50 mill that's gone "missing"?

 

[Swa]

Relatively few are aware of the fact that SARS have signed a number of dual-taxation agreements which [in effect] open overseas accounts to SARS.

In addition, the Swiss banking laws have changed considerably in the last few years, with the result that the numbered bank account beloved of Ludlum etc. is no more.

If you want to hide money there are far better places that Switzerland ...

Actually the numbered accounts as in the urban myth never existed. The problem is how a number of Swiss bankers caved to international pressure but those bankers are still open to criminal charges because a court order has to be signed by a Swiss court. SARS first has to convince a Swiss court they should have access to an account and fat chance of that happening.

 

[MKFrost]

You need a minimum of at least CHF 100,000 (+-R980,000) if you are serious about a Swiss account with a reputable bank. You will also need to visit them personally and have somebody make introductions for you otherwise forget it. You will also need references from your local bank.

Many Swiss banks no longer want 'foreigner' accounts after all the **** they had to deal with from the US. If you want a Swiss account for secrecy then think again, those days are long gone. Nowadays the Swiss inform your government if you open an account there.

Not to sure why you might want one, there are far better ways and places to open offshore accounts. Also far easier ways, just contact Standard bank and open an account with their Isle of Man or other international branches. Quick and easy and serve the same purpose with the added advantage that you can essentially deal with a 'local' bank yet your account is offshore. Also far more cost effective.

Otherwise look at HSBC, currently one of the top 3 in the world and they have a presence in SA although limited to admin only.

 

[MKFrost]

I'm sure there's more reasons than that. If you remotely earn money overseas, you might not want to bring it into SA (for tax reasons?), surely that's a valid reason too?

You have to declare the earnings and pay tax on it, whether you bring it in or not. If you don't bring it in you will not be able to use it here. If you do bring it in then its declared to SARS and the Reserve bank the moment it lands here, whether its R1 or R10m.

And if you think you are going to link a credit/debit card to that foreign account and spend the money here in that way then do not be surprised if SARS come visit you someday in the near future. Every transaction leaves a paper trail and in most cases it only takes a day or three to tie certain transactions to certain people and by doing so to tie the relevant bank account to a certain individual.

 

[Swa]

You can withdraw the money at an atm. Most of these accounts come with a credit card to use for that.

 

[HavocXphere]

Relatively few are aware of the fact that SARS have signed a number of dual-taxation agreements which [in effect] open overseas accounts to SARS.

Hardly. DTAs mostly benefit the taxpayer & certainly don't "open overseas accounts to SARS". Neither the processes nor the legislation is in place for that.

Otherwise look at HSBC, currently one of the top 3 in the world and they have a presence in SA although limited to admin only.

How so? They have multiple ZA office and you can open a ZA HSBC bank account. Not sure how this is "limited to admin only"?

 

[msmoorad]

what about Cayman Islands?

 

[MKFrost]

How so? They have multiple ZA office and you can open a ZA HSBC bank account. Not sure how this is "limited to admin only"?

I stand corrected, I was with HSBC about 2 years back. But AFAIK there are only two branches, one in JHB and one in CPT. These are administration branches i.e. they are not bank branches like with tellers etc...

Also, I think only business accounts can be opened with them, there is no facilities for personal accounts.

 

[HavocXphere]

I stand corrected, I was with HSBC about 2 years back. But AFAIK there are only two branches, one in JHB and one in CPT. These are administration branches i.e. they are not bank branches like with tellers etc...

Perhaps we have different idea as to what constitutes "administration branches". e.g. Investec also only has a few branches yet provides full banking services. You're right they prob don't have walk in branches.

Also, I think only business accounts can be opened with them, there is no facilities for personal accounts.

Sounds right to me - I've also only seen biz accounts. A bit of googling shows they do have retail ops...but I guess thats overseas.