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Why Swiss Banks are no longer 1st choice

Under heavy pressure from international regulators after the global financial crisis, Switzerland has agreed to phase out its long tradition of banking secrecy. As Switzerland’s long-cherished banking secrecy practices evaporate, the institutions that helped create the world’s largest offshore tax haven are dramatically rethinking their business models in a bid to survive.

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Too Many Opportunities?

There are SOOOO many opportunities I see every day. For instance, there was a recentlypublished foto of hundreds, maybe thousands of abandoned motorboats in Lampedusa Harbors & on beaches – Lampedusa is an Italian island off the coast of Africa.

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PREDICTING THE FUTURE & MAKING MONEY

Gold dropped in value around 90% in Europe after the new world discoveries by the Spanish. Pearls, once worth much more than diamonds became nearly worthless, dropping in value even more after “cultured pearls” were invented. This was in recent times (Living memory!)

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Invoicing & Banking

The biggest disadvantages are that there are credit card charges which is the case of American Express can be as much as 6% of the bill. Plus, procedures to protect the customer may involve giving the customer an immediate refund or charge back, upon request. You may occasionally lose payments if the customer wants to dispute your charges.

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EVALUATING THE OPTIONS

You are faced with a problem. Or you have a goal. There are always many options, or paths. You can always decide “not to decide.” That means: “Do nothing.” Inertia is strong force.

Some problems do get resolved on their own. However, efficient decision makers seldom sit tight and do nothing – ignoring dangers, opportunities or unfolding facts.

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THE WORST POSSIBLE INVESTMENTS !!!

In this Grandpa Gem, we will show you why “structured investment products” will almost always be guaranteed losers for you. Let’s start with “traditional annuities,” then go on to “Structured Guaranteed No Loss Deals.” Finally, we will discuss Hedge Funds, Mutual Funds, Discretionary Banker Investment Funds & finally, “new issues.” New Issues are not great either, but may be the least bad of the lot.

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Big News From Switzerland – Bank Secrecy Dead- Even For Italians

We were driving across the border around 2PM yesterday, leaving Switzerland at Chiasso to enter Como. It was not rush hour — yet there was a back up of hundreds of cars waiting to cross the border into Italy. Most had Italian plates. All were being stopped, questioned, and usually searched. There were dozens of uniformed Italians from the “Guardia de Finanza” and also many cops from the Swiss Dogana –seemingly working together.

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TOXIC AMERICANS part two — ACCIDENTAL AMERICANS CAUGHT IN IRS NET

One of the advantages of me, Grandpa, being an old geezer who has been dealing with Swiss banks for 50 years, is that young kids I started dealing with ages ago, are now big shots. So I assured my friend I could probably get in touch with a long time personal friend (a senior officer at his bank) and iron out his problems. I had not heard the expression “Toxic Americans” yet.

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TOXIC AMERICANS — ACCIDENTAL AMERICANS CAUGHT IN IRS NET

Up until recently, it was unthinkable that the USA or any country could pass laws and regulations that would be binding on companies or banks located abroad –especially if those banks had no offices nor places of business inside the USA. But after their success in collecting nearly a billion dollars in fines from the giant Swiss Bank UBS, the USA decided it could take on all the banks of the world with the dreaded new law—- FATCA.

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FATCA, DODD FRANK & RECENT HISTORY

Thirty years ago, long before Bye Bye Big Brother was written, there were about 5 million Americans living abroad. Official figures lie, and indicate about the same number as of now. However, the reality is closer to 14 million. Under the existing laws, all Americans living abroad (with a few exceptions) were and still are required to file informational income tax returns, even if they owe no tax. Most of the Americans living abroad did not in fact owe tax because there was a generous exemption. Today this exemption is around $95,000 of earned income. Back then in inflation adjusted dollars, it was even more in terms of purchasing power.

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