(Economic money) Swiss Numbered Bank Accounts

April 25th, 2010 admin Posted in finance |

By Dillon Norris

When most investors think about offshore asset havens, the first prospect that comes to mind is the traditional Swiss Bank Account. This has become a virtual stereotype of asset protection, probably because Swiss banks have been in this field of financial services the longest compared to other countries.

Switzerland has maintained a longstanding political distance between itself and the rest of Europe; it maintained neutrality through both World Wars (leading to charges it collaborated with the Nazis); it is not an EU member; and only joined the United Nations in 2002. Christoph Meili, a security guard at the United Bank of Switzerland, became a prominent whistleblower by preventing the destruction of Holocaust-era financial records in 1997 and bringing them to the attention of the public. Subsequently, Meili lost his job and received death threats, and became the first and only Swiss national to be granted political asylum in America. Descendants of Holocaust victims claim Swiss banks are still holding onto some their ancestors’ funds, despite disbursements in recent years.

Regardless of its somewhat unsavory past, Switzerland has traditionally had much to recommend it as an asset haven. It is a stable western country with a well established system of laws, so investors will get no sudden surprises after a coup or regime change.

The financial establishment in Switzerland Banking in Switzerland is known for stability, consistency, privacy and protection of client assets and data. The nation’s tradition of bank secrecy dates back to medieval times, but was officially codified in a 1934 law. All Swiss banks are regulated by the Federal Banking Commission,or FBC, which derives its authority from a series of federal statutes. Banking is a major industry in Switzerland, employing approximately 5% to 6% percent of its workforce and generating 14% to 15% of its annual GDP. It is estimated that approximately one third of offshore funds are stored in Swiss banks. The UBS AG and Credit Suisse are the two largest Swiss banks, holding more than 50% of all deposits in Switzerland.

While secrecy of banking data is guaranteed under Swiss law, in practice it is not unlimited. While secrecy is protected, all bank accounts are linked to an identified individual, and a judge or prosecutor may issue a “lifting order” to give law enforcement access to information relevant to a criminal investigation. Swiss law discriminates between tax evasion and tax fraud. If money is not declared, this is considered tax evasion, a misdemeanor under Swiss law. However, tax fraud such as filing forged tax declarations is considered a criminal offence.

Also, in an effort to stop the use of Swiss banks by criminals, The Money Laundering Act sets standards for the identification of account holders, and requires reporting of any suspicious transactions to the Money Laundering Reporting Office. After 9/11, Switzerland was one of several countries to participate in joint task forces targeting financing of the Al-Queda terrorist organization.

Due to Switzerland’s high profile in the world banking community, it has come under pressure from many nations including the U.S. to alter its privacy laws. European Union members complain that their nationals use its convenient nearby services to avoid taxation at home. The EU is working towards a harmonized tax regime among its member states, and the the Swiss banking officials (and, according to some polls, the public) are against further integration. However, some cooperation has been forthcoming, and since July 1 2005, Switzerland has charged a witholding tax on interest earned by the personal Swiss accounts of E.U. nationals.

In 2001 and 2002, the government of Italy offered a limited amnesty to tax dodgers with Swiss accounts, resulting in the repatriation of 30 to 35 billion euros. In 2003, another such amnesty program was offered by Germany. In 2003, the U.S. announced a new information-sharing agreement under the previously-signed U.S. - Swiss Income Tax Convention, to facilitate more effective tax information exchange.

Swiss numbered bank accounts are legendary to the public as bastions of secrecy, but in reality, the information required to open such an account is the same as that of an ordinary account; completely anonymous accounts are legally forbidden. The only difference between a numbered account and a regular account is that personal data concerning such accounts is restricted to senior bank officers, rather than being accessible to all bank employees. In a criminal investigation, law enforcement can access the numbered account holder’s identification just as easily as that of a regular account.

In summary, anyone who wants to keep a legitimately-gained amount of capital in a safe off-shore asset haven should consider Swiss banks to be a safe bet. However, due to their high profile, these banks may offer less assurance of privacy than some lesser known, and less carefully scrutinized, countries such as the Turks and Caicos or the Guernsey Islands.

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The Value of an Online Education

By Dillon Norris

In this article were going to explore the new revolution in education that’s taken place in the last 10 years via the internet and how you can turn back the clock so to speak and get that degree and job you’ve always dreamed of.

Quietly and unannounced right now, while I write this article, there are thousands and thousands of people becoming doctors, lawyers, business administrators and nearly every other profession known to man. They are in their bedrooms, living rooms and other quiet places of their own home. Just a computer with internet and time to study is all that’s needed in today’s society to obtain the degree or diploma you always regretted not getting.

These days pretty much anything can be done from the comfort of your home, be it shopping, booking tickets, sending gifts or even education. Education is a top priority for most people as it nearly guarantees that you’ll be in demand and paid handsomely for your knowledge or services. It’s known as distance learning university or online college and university.

An online degree holds the perfect solution for those who had always yearned for some academic degrees but had no interest or resources to join the traditional educational institutions, now you too can join this revolution and turn back the clock so to speak by learning through a distance learning university.

An online education is available in almost every field where you can earn a bachelor’s degree, a master degree or even a certification diploma. The fees for such courses are also very affordable due to low overhead and very little administration by the educating facility.

Some online colleges and universities work hand in hand to provide the on - field training to their candidates to increase their practical experience, helping you to gain more knowledge about your course. An online course such as this, one that forces you in the field right away is absolutely brilliant because you’ll begin to meet new people with whom you will be working with after getting your online education.

Attending an online college and university is a perfect solution for those individuals who are presently employed and need or desire to pursue a different career or further their knowledge in the career their currently in.

Most of the programs will provide you with downloadable lessons that you work at in your spare time; these modules will help you to stay on track and pursue your goal. You’ll be given time frame requirements and projects to work on just like being at a college or university in person.

One large concern people have before endeavoring into an online education is how much support they will get, after all, when you’re in a class setting if you don’t know a question you can often just ask another student or the professor directly. Well don’t worry because online colleges and universities provide all kinds of support to its online students allowing them to complete the course within the specified time frame. With live chat rooms, direct phone calls and email you’re sure to stay connected.

Before selecting any online college or university, it is wise to do some due diligence about the college, their authenticity, their success story, what their class embodies etc. Ask to speak with some previous online students and find out first hand what their experience has been. Also, more importantly, find out if the students that completed their courses are now successfully employed in the field they studied.

Before you enroll yourself to any online college or university it is important to know the degrees they provide and if you are really fit for it. Study the module to check whether they meet your standards or else it will be a mere waste of time and money. Many colleges offer various online programs but most of them are specialized in some fields only. So it is important to make a thorough study and study from the best university for your degree.

Here is a list of some online colleges which you’ll easily be able to find with a simple Google search:

1. Ashworth College

2. Phoenix University

3. Kaplan University

4. Walden University

5. Concord Law School

6. Pierce University

7. Strayer University Online

8. Capella University

9. Aiu Online

An education the online way allows you to have your own liberty, keep your current job with freedoms, pay the bills and at the same time get an advanced education. So if this article has twigged something you’ve always had in the back of your mind, what are you waiting for, get an online college education now!

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