Declan Ganley and Constantine Gurj's new Swiss bank
- Thread starter gussy
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Ganley & Switzerland
I looked into a swiss account some months ago but didnt go any further at the time. What strikes me is the level of paperwork and red tape involved. To my mind the effort really would not be worth it unless you were to involve large sums of money in the region of 100k+. The prospect of currency fluctuations must also be considered and the tax issues also. Therefore unless the lads can give a very tempting rate of interest on deposits and a reasonably straightforward set-up process I think it may not be what the average punter is seeking
just my 2 cents worth,
Westgolf
I looked into a swiss account some months ago but didnt go any further at the time. What strikes me is the level of paperwork and red tape involved. To my mind the effort really would not be worth it unless you were to involve large sums of money in the region of 100k+. The prospect of currency fluctuations must also be considered and the tax issues also. Therefore unless the lads can give a very tempting rate of interest on deposits and a reasonably straightforward set-up process I think it may not be what the average punter is seeking
just my 2 cents worth,
Westgolf
G
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Hi Paddyman, would you enlighten us as to which two British banks are in a precarious position.?
is everybody trying to sink our country even further into the abyss? moving money out of the country is going to destroy it, can no one see this? Markets run on fear and greed and we are definitely in the fear part of the cycle. I am leaving my money (€100k+) in irish bank as I believe I am contributiong to the problem by moving it. if I let fear rule me I will move it in the morning
"I am leaving my money (€100k+) in irish bank as I believe I am contributiong to the problem by moving it."
Noonan will appreciate that, he will probably pay you back over 20 years, I hope you get a rate greater than inflation!.
E Hobbs is right, a line has been crossed when the Gov seizes assets, whats next, deposits, insurance policies, PO savings..........
Noonan will appreciate that, he will probably pay you back over 20 years, I hope you get a rate greater than inflation!.
E Hobbs is right, a line has been crossed when the Gov seizes assets, whats next, deposits, insurance policies, PO savings..........
Not sure what the exact service is, but I assume it will be like an advice service on how to move money to Switzerland. There are companies like this already, but they focus on high wealth individuals. Bear in mind that Switzerland is not part of the EU, which means that any interest earned there would be liable to income tax, not DIRT.
People moving their money out of the country is a symptom of the problem, not the problem itself. The problem is that Irish bank are bankrupt as is the state. Unless these things change money will continue leaving the country. I am one of those who moved all his assets out of the country, and I applaud anyone who does it because (a) they are ensuring their savings are safe and (b) they are sending clear signals to politicians that the current state of affairs is not acceptable.
Wish I could, but the banks on question were not named. I remember the article stated that the proverbial should hit the fan this year for the two banks.
If I come across said article I will post a link.
Well said
Can I ask where you put your savings and if you are happy with the result?
I've split my assets between Belgium, Luxembourg and Germany, with most of my assets in Germany. I did look into Switzerland but the red tape and tax implications didn't make it worth my while.
I sleep better at night not having to worry about what the thieves in government are going to do next.
Michael Noonan, TD, patriot, and minister for finance of this country, apparently does not share your confidence in the Irish banks. He kees his money elsewhere [broken link removed]
What does that say, about our banks and our political masters?
An opportunist trying to benefit from people's misery!
The first thing to realise is that it is very difficult to open an account with one of the top Swiss banks such as UBS or CS unless you are Swiss resident or qualify as a Wealth Management client, meaning that you are going to put at least €3M or €4M on deposit with them. This is because there is a lot of red tape involved and unless it is going to be very worth while for them they are not going to do it.
There are however many other institutions and small banks that are willing to accept deposits and I expect these will be the recipients of most cash from Mr. Ganley's clients. So if you go down this road be very careful what kind of institution you deposit your money in. A very typical example of what I'm talking about is the [broken link removed] - note the second part of the page where it points out that it does not have a banking licence and so many of it's products are 3rd part and out side it's guarantee system!!!
You should also be aware of the fact that there is no State guarantee system for deposits in Swiss banks. The Swiss banks run a private scheme to cover the first 100,000. Returns are very low and will be subject to Swiss retention tax. And on top of this the Franc is a considered to be about 30% over valued, so you could end up loosing a lot in the end.
Jim (Switzerland)
Jim now that is an informed answer thanks for that. I like Jonocon have not moved my money out of the country because I want Ireland to succeed and I want to help solve this problem without burdening my children. I do feel that we have a lot of nae sayers and we need the facts from these people to be as well informed as Jim, not just guess work on what is likely to happen. I will admit I am terrified that I will lose my deposits as I am out of work and my redundancy is in an irish bank just sitting there because I don't know what to do.
I have one a account with a Sparkasse and one with Deutsche Bank, both of which I have from the time I lived in Germany. There are some threads on AAM about the to dos of opening foreign accounts.
If is probably advisable to avoid all of the Landesbanken as they tend to be the first ones to get into difficulty when things start to go wrong in Germany...
Jim.