Comments by "Fumble_ Brewski" (@fumble_brewski5410) on "Nomad Capitalist"
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Depends on which part of the U.S. you're considering. Leaving the USA is not an option for me (age, family), but at least I was able to "go where I'm treated better." That is, I was able to relocate from a horrible dystopian, high-tax state (California) to a very decent, clean, lower-tax state with a much less intrusive government. Think (Wyoming, Idaho, Montana, etc.) For me, this was the "better" option. Cheers.
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FYI, Andrew, we've ALREADY had a "soft" civil war in the form of regional factionalism becoming a reality in most parts of the USA. Take California (please!). The so-called Golden State (although now the glitter has worn off) has basically devolved into a one-party socialist dictatorship, along with its left coast brethren, Oregon and Washington. California sees itself as its own nation-state, and acts accordingly. Meanwhile, in the mountain/west states such as Idaho, Montana, Wyoming (and to a lesser extent, the Dakotas), the populace by and large has rejected the so-called progressivism that Washington, DC is now trying to force upon the country, and has embraced the rugged individualism/populism that characterized America 120 years ago. The federal government has little place or impact in their daily lives, and that's just the way they want it. The USA will probably drift apart and separate into a loose confederacy in a manner not dissimilar to the old USSR back in 1991. The federal government will become weaker and weaker, unable to impose its will by force on regions other than the liberal east coast corridor that extends from DC to Boston. So it seems, anyway.
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“Nor do I feel responsible for the generally low state of the Negro—as one Negro friend pointed out to me; the lucky Negroes were the ones who were enslaved. Having traveled quite a bit in Africa, I know what she means. One thing is clear: Whether one speaks of technology or social institutions, “civilization” was invented by us, not by the Negroes. As races, as cultures, we are five thousand years, about, ahead of them. Except for the culture, both institutions and technology, that they got from us, they would still be in the stone age, along with its slavery, cannibalism, tyranny, and utter lack of the concept we call justice.” – Robert A. Heinlein, noted sci-fi author, humanist and libertarian
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Swiss Banking privacy and secrecy have been in force since as far back as banks can trace their origins, and officially codified as part of Swiss laws, with severe criminal penalties for any violations, since the Swiss Banking Law of 1934. This law was enacted as a direct result of French Socialist-fervor pressure, and German Nazi attempts at intrusion. The Swiss take their clients’ confidentiality quite seriously. Swiss bankers are under strict fiduciary obligation (much like U.S. “attorney-client privilege”) to maintain any information about a client’s account strictly confidential, with the only exceptions being strictly-provable criminal inquiries–and even these are quite rarely granted. This reflects the long-standing tradition of Swiss personal privacy, and any violation of banking secrecy constitutes an offense that by law requires public prosecution and results in official criminal proceedings. Needless to say, these are among the strictest banking confidentiality laws in the world.
Another item worthy of note is that an accusation of tax evasion alone is not sufficient to force a Swiss bank to lift its veil of secrecy. This is because failure to report income or assets is not considered a criminal offense in Switzerland, it is considered a misdemeanor, and hence does not fall under the “provable criminal activity” or criminal intent exceptions that would allow the veil to be lifted. As such, neither the Swiss government, nor any other government, can obtain information about a depositor’s account without first convincing a Swiss judge that a serious crime (felony) has been committed by the depositor that would be punishable by the Swiss Penal Code.
That being said, as a U.S. citizen trying to open a bank account in Switzerland, you may be met with some reluctance. if not outright disdain, by the Swiss banking authorities. Not that they dislike you personally because you're an American, but rather they might view you as not worth the extra trouble because of the predatory rules and practices of the U.S. Treasury Department that follow all Americans regardless of where they park their money. IRS regulations keep on getting more draconian year by year, and, unless you're among the super-rich, the Swiss bankers might consider you as simply not worth the headache vis-a-vis the extra paperwork and compliance rules that accompany you as a U.S. citizen. Sad, but true.
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Depends on your current location in the USA. For example, comparing the cost of living between a larger city such as Denver, CO to that of Salzburg, Austria, you would need around $6,147 in Denver, CO to maintain the same standard of life that you can have with $4,260 (4,000.00€) in Salzburg (assuming you rent in both cities). Denver would be cheaper in the cost of gasoline/petrol, as well as monthly utilities (electricity, heating, cooling, water, garbage), but the rental cost in Salzburg would probably be 50% less than Denver. It all depends on the life style you wish to pursue. Quality of life (personal safety, health care, pollution index, climate) would be higher in Salzburg than Denver. The only drawback in Salzburg would be the higher cost of actually purchasing a house or condo, which might be double the cost of Denver, CO. Hope this reply would be of some value in your decision. Cheers.
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