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What should you do if affected by the UBS Swiss Banking Scandal?
By admin | March 2, 2009
Gnomes on the ground in Zurich and Geneva are expressing shock and dismay about what is going on in the world of Swiss banking. Meantime, I’ve had several e-mails and calls in from people asking for quick solutions because UBS is closing their accounts and they don’t know what to do with their money!
The first thing to do is remain cool, calm and collected. Things are probably not as bad as they seem. Don’t do anything hasty, because decisions made under pressure may not be the best. It is possibly to calmly move your account over to other European private banks, and my firm is already helping a few people with that.
“We are committed to moving forward with the summons enforcement process. This action sends a strong signal to taxpayers hiding their money offshore. The IRS will be aggressive in pursuing people who shirk their obligations under the tax law. These people owe it to their fellow citizens to pay their fair share of taxes,” said IRS Commissioner Doug Shulman, in a Department of Justice Press Release. That is exactly what is going on here. Releases to the media intended to send strong signals to get Americans running scared.
The same press release also quotes John A. DiCicco, Acting Assistant Attorney General for the Justice Department’s Tax Division. as saying: “At a time when millions of Americans are losing their jobs, their homes and their health care, it is appalling that more than 50,000 of the wealthiest among us have actively sought to evade their civic and legal duty to pay taxes.” Hmmm… sorry but that doesn’t quite add up. Funny isn’t it how they don’t draw the attention to the billions of dollars being wasted in Iraq, for example. That might be less of an incentive to pay taxes. Neither do they mention that the strategy for bailing out the American economy involves pumping still more billions of dollars into the pockets of bankers and insurance executives. Anyway, time to get down again from my soapbox and start talking practical solutions.
As I said in my article Is Offshore or Swiss Banking Dead?, “The why and the how of offshore banking for security and asset protection is alive and well. In fact, for American and European Union citizens, banking offshore is more important than ever.” In that linked article I went on to explain my reasoning, in case you are interested…
Anyway, here are the practical solutions for UBS and other affected account holders at Swiss banks, that bear repearing (because although we are hearing a lot about UBS, no doubt other Swiss banks are panicking about their American account holders too) I mentioned above that affected account holders should be taking “urgent steps to put things right.” What are those steps?
The fact is there are plenty of ways you can achieve the goals you are seeking, serious asset protection, and full compliance with all applicable laws and regulations still without handing your hard earned dollars over to the government for them to pour down the drain in bailouts and wars. Those are topics we frequently write about in The Q Wealth Report, and you will find some starting points in my Practical Offshore Banking Guide 2009 which is available right now for free download in the Members’ Section. The Practical Offshore Banking Guide includes some offshore banking notes especially for US citizens and residents, and another section especially for European Union residents and citizens.
Q Wealth Report is your resource for offshore asset protection, banking privacy, and wealth creation information. A subscription costs just $87 per year, and if you don’t feel our service is worth a lot more than that once you have signed up, you are covered by our full no-quibble money back guarantee! Plus, as soon as you sign up you gain instant access to our members section to download a series of free reports including the Practical Offshore Banking Guide 2009 and of course The Gold Report.Thinking of which, the best advice for affected UBS and other Swiss Bank Account holders might just be to ask UBS to deliver them physical gold bullion which can then be shipped out of Switzerland. A good destination might still be Vienna, Austria, where it is possible still to open an anonymous safe deposit facility completely legally, just like in the old days… all details are in The Gold Report, which is also known as How to Buy and Hide Gold Bullion Offshore
P.S. No of course I’m not going to put the juicy how-to information here on a free blog for all to see. If you want the real facts on offshore banking and asset protection, check the links above.
Sphere: Related ContentRelated posts:
- Offshore Banking: Andorra, Liechtenstein, Luxembourg, Monaco, Vatican…
- Secrets about Panama Banking and IBCs
Topics: Banks and banking offshore, Investing in precious metals, Privacy and protection | 1 Comment »
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May 17th, 2009 at 11:41 pm
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