Anyone here have a Swiss bank account?

[NNN0LHI]

All I have is a checking account at the local bank to pay my bills out of.

No Swiss bank accounts here.

What do the Romney's need Swiss bank accounts for?

Any ideas?

Don

[PCIntern]

1. I relish Swiss Chocolate Almond Ice Cream...

is that close?

[npk]

2. I hear for every swiss account they open, they get a free coo coo clock. n/t

[pinboy3niner]

4. Mine is more like a Swiss cheese bank account

[DefenseLawyer]

5. I will occasionally eat a Swiss Cake Roll

but I always end up feeling like Little Debbie is mocking me from the side of the box, and I feel ashamed.

[benld74]

6. I gots a Swiss Army watch? Cloze nouf?

[closeupready]

7. Not defending, but American students often need

to set up checking accounts in the European area where they are living, so as to bank there, write rent checks, receive wires from home, etc. I know both of them lived abroad, so it may be from that time frame. I had everyday friend who maintained their Swiss accounts, though I guess Swiss banks won't service Americans any longer, after the tax evasion scandal. Not sure if the Romneys closed their Swiss accounts in the aftermath of that, or not, or what. Certainly doesn't seem like the kind of thing a US candidate wants to distract from his campaign.

[Not Me]

8. Let's be perfectly clear here...

there is only ONE reason that a person opens an offshore bank account.
You know it and I know it. Regardless of what Willard says.

He needs to be pressed on this. He cannot come up with one good reason to move his money into these secret banks, and he knows it.

[oldhippie]

10. Perfectly clear .....

... example of economic ignorance.

[Riftaxe]

13. I opened a foreign bank account

when i was overseas, so I assume that is the reason you mean. Especially since you said there is only one reason.

[oldhippie]

9. I've had one in the past, though not now .....

I had a Swiss Franc savings account with UBS back in the 80's. I didn't have it to evade taxes, or do anything illegal. It was duly reported on my tax return and I paid the tax on the interest (both US and Swiss tax.) I had it for currency diversification and as a hedge against US monetary turmoil.

There are a number of legitimate reasons to have an offshore account. It is not only used to evade taxes. It provides diversification and investment opportunities not available in the US market. For the wealthy it provides access to global wealth management expertise. If I was a multi-millionaire (I can dream) I would have a percentage of my investment assets offshore as a hedge.

There are a number of resources that you can find to provide info on legitimate uses of offshore accounts. Here is just one I am reading now:

Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere [Kindle Edition]
Walter Tyndale (Author)

It is true that many here do not have enough assets to make investing anywhere, much less offshore, a viable alternative. But some here do have enough wealth to make it something to consider. Just because one does not have the assets, or the knowledge, to understand why it can be a legal and legitimate investment choice, does not make it illegal or immoral.

[NNN0LHI]

11. Guess I should have asked did anyone expect to see DUers defending their Swiss bank accounts here?

That would have been a better question. Wouldn't it have?

Nothing is ever as it seems on an anonymous web site. We got some high rollers around here.



Don

[oldhippie]

20. That would be a different, but interesting legitimate question .....

But it was not the question asked.

I would posit that the majority of DUers would not expect it, as they are generally not economically sophisticated enough to understand the legitimate uses of an offshore bank, and thus revert to the financially ignorant "it's only to evade taxes" mime.

If anyone has any credible evidence that Romney or any other candidate has a secret offshore account that is not declared on their tax return, and they are evading US taxes, then they should so inform the IRS. I'm told the IRS pays a nice reward for such info.

[Broderick]

12. Because if you like skiing

and you frequent Switzerland, you need a bank account there. The strips on our cards in the US don't have the digital signature unless you only use ATMs. ATMs will never give you enough cash money for the thousands a Romney trip would cost.

[Cleita]

14. Hide their assets that they don't want taxed or pried into and

of course we know that. We need to ask for full disclosure, especially on the taxes.

[Speck Tater]

15. My sister has a friend who has a piggy bank made in Switzerland. nt

[4 t 4]

16. Just wondering...

has there ever been a President and or presidential candidate that has been proven to have off shore no tax accounts ? Is this the first with mitt or has this happened before. I would really like to know, anyone.

[sarcasmo]

17. Little Debbie swiss rolls, but no account.

[MineralMan]

18. No, but I did get a cash advance on a credit card

in Switzerland. Does that count?

[SoCalDem]

19. No, BUT

I think I have an ancient package of Swiss Miss Cocoa in the cupboard