The internet is full of financial privacy sharks who promise bank secrecy. Are these promises legitimate? This article addresses some bank secrecy questions and provides consumer privacy information for those who value their money and property privacy.
Author background or standing on my soap box
For those of you not familiar with Grant Hall and Privacy Crisis, please go to our website at www.PrivacyCrisis.com and learn more about the book and the author.
The testimonies on our site are true and correct and were submitted by readers and those who paid for privacy consultations for special privacy services.
Almost every privacy expert has an area of specialization. Of all the areas of privacy, financial privacy has to be my strongest suit.
My experience with bank secrecy dates back to the early eighties when there was a good deal of banking privacy worldwide and things were much different than today. I have invested in Europe and other parts of the world and while these geographic areas may make sense for investment purposes, they are not, in my opinion, good choices for bank secrecy today. In fact, if your goal is to hide money for privacy reasons, the U.S.A. is the best choice for Americans in my opinion, but you must know what you are doing and fully define your goals and objectives. Also, consult a competent attorney prior to engaging in an asset protection program if asset protection is a goal.
Read Privacy Crisis; Identity Theft Prevention Plan and Guide to Anonymous Living and you will learn what has worked for many of us in real time and while under fire. The key is to be able to control your money, not give control to someone else, while achieving bank secrecy and financial privacy.
What type of bank secrecy do you need?
What are your needs? If you are hiding from someone, an ex husband for example, you can make your money private without resorting to outlandish, undesirable, unsound, risky business such as giving someone else control of your money. In fact, I am on record as saying that using a nominee for banking purposes is a bad idea. I do not recommend giving someone else control. It is not necessary when you know what you are doing. I can promise you that.
The reason I make this promise is that I have practiced every single method and principle I wrote about in Privacy Crisis.
Old style bank secrecy
Once upon a time, Swiss bank secrecy was so sacred that Swiss bankers could be jailed for revealing the name of a banking client. Today, Swiss bankers are some of the most efficient, but I do not recommend accounts in Switzerland for bank secrecy. The UBS case ruined the reputation of Swiss banking and I would not trust any foreign jurisdiction to keep my banking secrets. I prefer to make my own bank secrecy as described in the finances section of Privacy Crisis. These are my opinions.
The Austrian sparbuch account and Swiss numbered accounts are no longer available. Foreign banks cannot and will not provide total bank and financial privacy for you today while enabling you to retain full control of your assets in my opinion.
Foreign banking and why you should tread carefully in those waters
Today, many agents and foreign lawyers offer Americans and others bank secrecy and corporate, trust, and foundation structures in exchange for control over their clients’ companies, entities and money. I do not believe it is necessary or advisable to EVER turn over control of property and money to someone else. Not a lawyer, not a spouse, and certainly not a foreign agent. THIS IS MY OPINION.
Practical bank privacy in today’s world
The use of certain company structures such as a properly formed Nevada Limited Partnership and Limited Liability Companies for holding investments and company structures combined with private registration of these companies, provide financial privacy. More important, the properly structured asset protection plan is not owned by the controller; only controlled by him/her. Therefore, it is not in danger of being legally seized by anyone or any agency when this controller is liable for a debt. NOT a child support agency, a tax agency, an attorney representing a spouse in a divorce case, not a collector of a court judgment.
The last sentence above is dependent on timeliness of the asset protection and privacy plan and is subject to certain jurisdictional laws and conditions. Consult an attorney for legal questions.
Foreign banks and why they are probably not the best choice for Americans
Why would you want a foreign bank account?
IF you want such an account for the purpose of convenience or credit building while in a foreign country, this may be a good idea.
IF you are trying to hide money from the tax man or to escape a judgment or other debt, this is a bad idea in my opinion.
Readers are advised to consult competent professionals such as attorneys and accountants for financial planning. This column is about privacy and is not intended to replace professional advice. The column is based on the author’s experience and many statements are the opinions of the author.