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Swiss Banks Traditional Leaders In Financial Privacy by

When most investors think about offshore asset havens, the first prospect that comes to mind is the traditional Swiss Bank Account. This has become a virtual stereotype of asset protection, probably because Swiss banks have been in this field of financial services the longest compared to other countries.

Switzerland has maintained a longstanding political distance between itself and the rest of Europe; it maintained neutrality through both World Wars (leading to charges it collaborated with the Nazis); it is not an EU member; and only joined the United Nations in 2002. Christoph Meili, a security guard at the United Bank of Switzerland, became a prominent whistleblower by preventing the destruction of Holocaust-era financial records in 1997 and bringing them to the attention of the public. Subsequently, Meili lost his job and received death threats, and became the first and only Swiss national to be granted political asylum in America. Descendants of Holocaust victims claim Swiss banks are still holding onto some their ancestors' funds, despite disbursements in recent years.

Regardless of its somewhat unsavory past, Switzerland has traditionally had much to recommend it as an asset haven. It is a stable western country with a well established system of laws, so investors will get no sudden surprises after a coup or regime change.

The financial establishment in Switzerland Banking in Switzerland is known for stability, consistency, privacy and protection of client assets and data. The nation's tradition of bank secrecy dates back to medieval times, but was officially codified in a 1934 law. All Swiss banks are regulated by the Federal Banking Commission,or FBC, which derives its authority from a series of federal statutes. Banking is a major industry in Switzerland, employing approximately 5% to 6% percent of its workforce and generating 14% to 15% of its annual GDP. It is estimated that approximately one third of offshore funds are stored in Swiss banks. The UBS AG and Credit Suisse are the two largest Swiss banks, holding more than 50% of all deposits in Switzerland.

While secrecy of banking data is guaranteed under Swiss law, in practice it is not unlimited. While secrecy is protected, all bank accounts are linked to an identified individual, and a judge or prosecutor may issue a "lifting order" to give law enforcement access to information relevant to a criminal investigation. Swiss law discriminates between tax evasion and tax fraud. If money is not declared, this is considered tax evasion, a misdemeanor under Swiss law. However, tax fraud such as filing forged tax declarations is considered a criminal offence.

Also, in an effort to stop the use of Swiss banks by criminals, The Money Laundering Act sets standards for the identification of account holders, and requires reporting of any suspicious transactions to the Money Laundering Reporting Office. After 9/11, Switzerland was one of several countries to participate in joint task forces targeting financing of the Al-Queda terrorist organization.

Due to Switzerland's high profile in the world banking community, it has come under pressure from many nations including the U.S. to alter its privacy laws. European Union members complain that their nationals use its convenient nearby services to avoid taxation at home. The EU is working towards a harmonized tax regime among its member states, and the the Swiss banking officials (and, according to some polls, the public) are against further integration. However, some cooperation has been forthcoming, and since July 1 2005, Switzerland has charged a witholding tax on interest earned by the personal Swiss accounts of E.U. nationals.

In 2001 and 2002, the government of Italy offered a limited amnesty to tax dodgers with Swiss accounts, resulting in the repatriation of 30 to 35 billion euros. In 2003, another such amnesty program was offered by Germany. In 2003, the U.S. announced a new information-sharing agreement under the previously-signed U.S. - Swiss Income Tax Convention, to facilitate more effective tax information exchange.

Swiss numbered bank accounts are legendary to the public as bastions of secrecy, but in reality, the information required to open such an account is the same as that of an ordinary account; completely anonymous accounts are legally forbidden. The only difference between a numbered account and a regular account is that personal data concerning such accounts is restricted to senior bank officers, rather than being accessible to all bank employees. In a criminal investigation, law enforcement can access the numbered account holder's identification just as easily as that of a regular account.

In summary, anyone who wants to keep a legitimately-gained amount of capital in a safe off-shore asset haven should consider Swiss banks to be a safe bet. However, due to their high profile, these banks may offer less assurance of privacy than some lesser known, and less carefully scrutinized, countries such as the Turks and Caicos or the Guernsey Islands.

Frank Vanderlugt is very interested in Swiss banking. Swiss Banks

Article Source: http://www.earticlesonline.com/Article/Swiss-Banks-Traditional-Leaders-In-Financial-Privacy/47390

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Decorating Your Kichen On Budget Is Simple And Fun

Most home owners will tell you that one of them most expensive home projects is remodeling or decorating a kitchen. If new counter tops, cabinets and floors are things that you simply can't afford, how are you supposed to renovate the kitchen and give it fresh, new appeal. We have lots of ideas for you, and you'll find them below.

You kitchen is a great place for friends and family, here they can gather for a visit, a meal and to discuss the day. In fact, lots of families spend more time here than they do in their family or living room.

Give the walls a face lift

Paint the walls; it is the easiest, and probably most cost effective, way of updating the dining area and kitchen. You might consider giving the room more life with a soft pumpkin shade or a bright, sunny yellow. You can go online to figure out how to utilize techniques such as sponging, ragging and rag-rolling in order to add texture to the walls. You'd be amazed at all the looks that you can accomplish today with a little paint.

Consider using a complementing or contrasting shade for your baseboards and door trim in order to make the walls pop.

Small accents make a big difference

Buying new cabinets for the kitchen is probably a no go for you. However, you don't have to worry about that; there are things you can do to give them a fresh, new appearance.

How about you change the hardware? Cabinets door knobs and drawer pulls can be found in all types of materials, designs and colors. Some of the ones you can find are country-themed, some are elegant, some a bright and colorful, and others are simple. Figure out what fits best with your style of décor.

If your cabinets are of a solid color or stained wood you should consider accenting them with a pattern. Wallpaper or paint can be used to place a rectangle around the perimeter, or you can let your creativity run wild and come up with some designs.

Fabrics

Years ago, fabrics weren't like too much for use in the kitchen by women. Fabrics used to be hard to clean, and getting grease stains out of them was a nightmare. Now, all materials may be washed.

You should take into consideration making some table runners, dinner napkins and window hangings yourself. Even for those who don't sew, this task is quite an easy one. Hemming tape can be used to give your decorations a nice clean border if you cut them out. Consider giving it more charm by adding lace or rick rack around the edges.

You should clean off your counters and have any appliances that aren't used every day removed. A room looks organized if the counter is clean; if there are too many things around it will just look messy and cluttered. Lots of accessories are unnecessary, all you really need is a basket full of fruit and a ceramic vase filled with flowers.

Use these ideas in your kitchen and you'll see that with about $100 you can totally transform the room.

About the Author...

Leon Tuberman has 4 decades of experience in the furniture and interior decorating industry. He owns and operates a popular furniture store in Los Angeles. They offer a huge assortment of solid wood furniture for your living room, home office and dining room that's built in the Heartland of America. Are you looking for arts and crafts night stands for your kid's bedroom or arts and crafts file cabinets for your office then they probably have everything you need.

Replacing Pasport - Procedures In America

Replacing passport in America requires one to follow a specific set of procedures depending on the reason for needing a new document. Situations involve having to update personal information such as a name change. The procedure will be different if the problem is a misplaced item. Your particular situation will determine the specific application forms and processes to be used.

Reason For Replacement

To apply for a new travel document in America, you must be a United States citizen. If the book was issued less than 15 years ago or if an update of personal information is required, one has the option of delivery of this legal item through the mail. There is no charge for the delivery of the item if the travel book was issued within a period of a year.

Damaged Passports

If your travel book has suffered considerable damage, it needs to be replaced. A passport is in poor condition or altered when one is no longer able to read the relevant information. An official will be assigned to examine the book in order to determine whether one will have to apply for a new document.

This process is crucial because often, documents are not accepted as a result of alterations or damages which impair its ability to be read. It is always wise to contact local authorities when in doubt. The destruction may be due to water, excessive heat or other sources responsible for causing a change in the paperwork.

Lost Passports

More often than not, one may misplace an important item with the result of it becoming lost. This is especially true for those who travel since there is a lot of travel documentation that needs to accompany you on a journey. In this case, one will have to personally appear at the relevant authorities and fulfill the legal obligation to report it as missing.

Stolen Passports

If you are unfortunate in experiencing theft of the legal item, the initial step is to complete a police report about the crime. The embassy requires one to submit the report together with the application form. If you are in need of rushing the process of replacing your passport, an expedition request is available and will insure receiving the travel book in a shorter period of time.

Guidelines

The process starts with the identification in a relevant form for replacement of the booklet. Officials are always available to assist with queries. A DS-11 form is required in situations where the property is missing and reported as lost or stolen and in cases of damage.

Proof Of Citizenship

Proof of citizenship must always be provided in application as well as presentation of an identity document. In the instance of a name change, a certificate should be provided to prove the new name. Be aware of the fact that different forms charge different amounts to be paid to the U. S. Department of State.

Specialized sites have introduced the option of online damaged USA Passport replacement as long as proof of current legal status is provided. Passport sized pictures always have to be submitted together with paperwork. It is good to know the processes involved in replacing pasport should you ever need assistance in this matter.


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