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UBS has Swiss Bank secrecy?
- Thread starter crgarcia
- Start date
The swiss bank secrecy covers ALL the contacts/informations concerning the customer and his account.
From my point of view it is applicable also on trading accounts because it's formulated in a general way and no exceptions are stated in relation to the account type.
The limits of the secrecy are criminal matters (drug trafficking, money laundering) and some private matters (divorce, inheritance...) which are strictly (no room left for new exceptions, e.g. trading accounts...) regulated by the law.
From my point of view it is applicable also on trading accounts because it's formulated in a general way and no exceptions are stated in relation to the account type.
The limits of the secrecy are criminal matters (drug trafficking, money laundering) and some private matters (divorce, inheritance...) which are strictly (no room left for new exceptions, e.g. trading accounts...) regulated by the law.
it should be no difference whether you have your account in a swiss division or in a U.S. division - UBS is UBS and has it's secrecy. The bank secrecy is globally applicable. It refers to the bank status which UBS as a company has. If you have your account with a SWISS BANK, even they act around the globe, you enjoy the secrecy.
The problem now is, that the U.S. government tries to weaken up the secrecy at least for the U.S. customers (look at the recent tax stories...)...
That means, the U.S. government is referring to the exceptions stated above (tax fraud, money launderig...) so they can get access to customer datas.
The problem now is, that the U.S. government tries to weaken up the secrecy at least for the U.S. customers (look at the recent tax stories...)...
That means, the U.S. government is referring to the exceptions stated above (tax fraud, money launderig...) so they can get access to customer datas.
Haven't you guys been following the news on the UBS tax evasion/bank scandal? For American account holders, UBS is now wide open to the IRS.
it should be no difference whether you have your account in a swiss division or in a U.S. division - UBS is UBS and has it's secrecy. The bank secrecy is globally applicable
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It is long time ,that UBS have not any secrecy
(It is public opinion of Swiss banking industrie)
Exist exchange of informations about foreign accounts holders
between Siwss banking industry and
Germany and USA authorities a
Lichtenstein (LGT ) possible have more tight security standart ,but hardly pressed from USA and another countries authorities
Authorities as BND payed for information about account holder in LGT ( nore as 100 000 euro) and used
Communication intelligence facility to catch any kind of communication
UBS advantage -some better services for privat clients ,cheaper commision ,cheaper credit as in USA
and more competent behaviar ...
In case of traditional european banking activities
and europian instruments
For day trading of USA stock UBS is not compettiv against best USA broker#s
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It is long time ,that UBS have not any secrecy
(It is public opinion of Swiss banking industrie)
Exist exchange of informations about foreign accounts holders
between Siwss banking industry and
Germany and USA authorities a
Lichtenstein (LGT ) possible have more tight security standart ,but hardly pressed from USA and another countries authorities
Authorities as BND payed for information about account holder in LGT ( nore as 100 000 euro) and used
Communication intelligence facility to catch any kind of communication
UBS advantage -some better services for privat clients ,cheaper commision ,cheaper credit as in USA
and more competent behaviar ...
In case of traditional european banking activities
and europian instruments
For day trading of USA stock UBS is not compettiv against best USA broker#s
you guys should be thinking about giving up US citizenship. A intrusive tax hungry IRS is only likely to get worse as the budget deficit balooms. thankfuly the US is a HUGE tax haven to non-resident foreign investors, so you really only need the IB account and thats all.(you get to be in the other side of the budget deficit, current account deficit political pressure)
08-20-08 06:31 AM
How do you know that you have your account in the right division of UBS?
i.e. UBS is a Swiss Bank and, as such, has bank secrecy, but it (or its division) needs to be registered with the SEC, CFTC, NFA, etc.
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That is simple ,you can ask number account ,but this have no any secrecy long time .
USA and another countries goverment long time have
agreement with UBS for information exchange .
Try LGT ,was stated in posting before ...
It have tighter secrecy ,but another countries have access ...
http://www.lgt.com/de/private_kunden/index.html
How do you know that you have your account in the right division of UBS?
i.e. UBS is a Swiss Bank and, as such, has bank secrecy, but it (or its division) needs to be registered with the SEC, CFTC, NFA, etc.
###################################
That is simple ,you can ask number account ,but this have no any secrecy long time .
USA and another countries goverment long time have
agreement with UBS for information exchange .
Try LGT ,was stated in posting before ...
It have tighter secrecy ,but another countries have access ...
http://www.lgt.com/de/private_kunden/index.html
the US offers tax free capital gains and no tax on certain kinds of interest income to non resident foreigners. dividends are subject to witholding tax but that can be decreased if there is a tax treaty with the foreigner country. also its pretty easy to open brokerage accounts in the US, try opening a accounts in Switzerland or Panama much harder.