Hmmm, is there more to it than just getting the USC’s? And now what happens to the USC’s who switched to Wegelin from UBS?
excerpts of interest:
To avoid risks of legal “contamination” from Wegelin’s problems in the U.S., where three of its Switzerland-based private bankers were this month indicted by the U.S. authorities, Raiffeisen is not buying any of the latter’s U.S.-related business.
In a complex deal, Wegelin, founded in 1741 and controlled by eight partners who have the risk of personal liability, has transferred all its non-U.S. activities to a formerly passive sub-brand, Notenstein Privatbank. The latter has in turn been sold to Raiffeisen, where it will form a standalone subsidiary.
Wegelin’s problems arose from the revelation that – like a handful of other Swiss banks – it had, from roughly 2008, taken the ill-judged step to welcome former U.S. offshore customers of UBS AG
Many such clients were desperate to establish a new Swiss banking relationship once UBS decided to close its Swiss-based offshore private banking operations for rich Americans after a legal battle with the U.S. authorities, which ended with a $780-million settlement and the disclosure of almost 5,000 U.S. client names.
http://www.theglobeandmail.com/report-on-business/international-news/european/article2317658.ece
There are probably other people more knowledgable about Switzerland than I am but as I understand these cases there organizationally within many of these banks in trouble there was big difference between the part of the bank that handled people resident in Switzerland including US Persons resident in Switzerland and quite often a “special” department who handled US Persons(and other resident aliens) actually living in the US. Kind of like a legitimate and illegitimate side of the business. So in this case it seems like the “resident” swiss business is being spun off leaving the more “illegitimate” part behind.
This is incredible. Soon it will be impossible for U.S. citizens to get bank accounts anywhere outside the U.S. For that matter, it will soon be impossible for U.S. citizens to have any interaction with anybody or anything outside the U.S.
Congratulations on your renunciation.
@renouncecitizenship
Yes, but what about USC living outside the US – with foreign addresses, cannot get accounts in the US and then, if their accounts outside US are closed? One of the reasons I figured, I just can’t win so might as well renounce.
Thanks, appreciate that.
Yes Nobledreamer, Congratulations again!!
@all, it’s possible to have an account IN America if you are a USC, but it’s not a slam dunk like it should be. IF you want an account into America for whatever reason, my suggestion is to stick the banks that cater to the military. They are used to dealing with people moving abroad all the time. I have accounts at one of these banks, and I will keep the account, even after I renounce, or they tell me at some point in the future they cannot service my account anymore.
On the other hand, when I opened a brokerage acccount in America at MB Trading,they called me on the phone asking me what I’m doing overseas, if I plan to stay, etc.. They were somewhat suspicious, and I didn’t like this treatment very much, so I transferred my money out of that place.
Swiss banks really aren’t that advantageous unless someone has a TON of money. At least for people who don’t live in Europe, they charge high fees. I want to keep money where I live, so this is why I’m renouncing. My fear is that when the clock strikes 2013, they are going to tell me that I have to move my account someplace else. That would be the equivalent to chopping off one arm, so I can’t let that happen!
@renounce
You are exactly right. I never thought I would live to see this happen. I was a teenager at the end of the Cold War, and I remember that this is exactly how the Soviets were portrayed. Closed borders / couldn’t move overseas / etc..
I have always said/say:
“There is the world, and then there is the USA. They are not one in the same” — I’m just glad I’ll be jumping over the US-Berlin wall very soon 🙂
@All If somebody refuses to open or maintain a bank account for you where you live legally, research the country’s anti-discrimination laws. Refuse to close the account. If they close it by force, send them a nasty letter citing the law and demanding an obscene amount of damages. Then report them to the police or your local prosecutor’s office. if they don’t do anything then you should stop paying local taxes.
@Jefferson, this is the difficult situation that we are in. I know if this happened to me, I could sue, but it’s not really their fault. They are being strong-armed by the US into breaking their own laws. Renounce and be free.