2 potential threats (IMF or rejection from Euroland) and the effects on our savings

[Happy Girl]

Other than Keytrade, has anybody successfully opened a non-resident bank account in another EU country? I am weary eyed googling EU banks at this stage & keep coming up against brick walls. No French bank appears to have an English webpage that facilitates opening a non resident acc, Switzerland is a no-go as it does not permit non resident accs, Northern Rock wont permit me openin acc in Britain once they have a presence in Ireland already & I dont want 2open acc with them in Ireland. Any help much appreciated.

 

[Godfather]

Other than Keytrade, has anybody successfully opened a non-resident bank account in another EU country? I am weary eyed googling EU banks at this stage & keep coming up against brick walls. No French bank appears to have an English webpage that facilitates opening a non resident acc, Switzerland is a no-go as it does not permit non resident accs, Northern Rock wont permit me openin acc in Britain once they have a presence in Ireland already & I dont want 2open acc with them in Ireland. Any help much appreciated.

I'm in contact with some italian banks. I'll let you know as soon as I've more clarity (I have italian passport, I need to check if it's a "must" to open a non-resident account)

 

[Godfather]

Other than Keytrade, has anybody successfully opened a non-resident bank account in another EU country? I am weary eyed googling EU banks at this stage & keep coming up against brick walls. No French bank appears to have an English webpage that facilitates opening a non resident acc, Switzerland is a no-go as it does not permit non resident accs, Northern Rock wont permit me openin acc in Britain once they have a presence in Ireland already & I dont want 2open acc with them in Ireland. Any help much appreciated.

Hi, I've enquired to the 2 major italian banks on the phone:
1) unicredit
It looks like it's not so easy (maybe not possible?) to register a non-italian non-resident. You might have better luck by calling into one of the major branches in Italy (Milan or Rome for example) and ask them if it's possible:
?
"Dove" means "where" and you can put Roma (=Rome) or Milano (=Milan) for example and try to call them.
Pls note: any account has to be opened at the branch by signing lots of papers
2) intesa san paolo-imi

To find a branch you need to click on "filiali" and then "per indirizzo" and put the italian city in the "localita'" field.
I heard from a friend it's easier to open an account there. You need to explain your situation, that you've got irish passport and you've got the irish version of "codice fiscale" (translation of PPS Number in Italy), any account has to be opened at a branch by signing lots of papers as well (you might be requested for proofs of address, payslips, etc).

But in any of the 2 cases FIRST you need to agree with an english speaking agent if opening a non-resident account is possible and then agree time and branch where to meet. DO NOT book your flights without having having agreed on the possibility to open a non-resident account by explaining your situation and pls remember if you have a positive answer to agree on which original documentation to bring with you!!!

Best of luck, these 2 banks are covered by the italian deposit protection scheme for up to around 102K Eur per institute.
I hope this helps. I'm sorry this might seem vague but different branches seem to handle stuff differently...

 

[tom3]

We have opened an account with barcleys in france, this bank def has an english webpage.

 

[Happy Girl]

We have opened an account with barcleys in france, this bank def has an english webpage.

Have gone onto Barclays.fr but cannot locate application form or how to go about opening an account. Also cannot find deposit interest rates either.

 

[Happy Girl]

Emailed Barclays France and got the following reply. It would appear that you can only open a current account with them. Not completely sure exactly what the first sentence means however it is irrelevant to me as it is a deposit account I am looking to open.

"I am pleased to inform you that the sum of credit transactions recorded on the current account should exceed 3000 euros per month for an individual account or 6000 euros per month for a joint account. Our only account is called Premier Life and it is fee-free. You cannot open a savings account on its own."

 

[Godfather]

Hi, does anyone know if the Irish Government can put hands on our new non-resident accounts in the EU? Sorry but my paranoia is growing...

In theory they can but only if we have problems with the law (for example tax evasion, etc). In that case believe despite my nickname I'm safe...

 

[Chris]

Hi, does anyone know if the Irish Government can put hands on our new non-resident accounts in the EU? Sorry but my paranoia is growing...

In theory they can but only if we have problems with the law (for example tax evasion, etc). In that case believe despite my nickname I'm safe...

Here is something the government could do. Let's say they introduced a wealth tax on savings (e.g. they confiscate 10% of your savings, rather than your interest earned). Now they find out you have money in France. They would not be able to force the French bank to freeze the assets due without cooperation of the France state, which I believe is highly unlikely unless the money was used for serious crimes. But, they could still threaten you with fines and even jail if you did not cooperate, which I think is more likely. If it came to that though, I would seriously consider following my assets.

 

[Godfather]

But, they could still threaten you with fines and even jail if you did not cooperate, which I think is more likely. If it came to that though, I would seriously consider following my assets.

Thank you Chris, I agree I would follow my assets in that case. I remember the italian government suddendly imposed a tax of around 0.2% on every deposit in Italy a few years ago. I find 10% highly unlikely as it would force even more finance out of the country though

 

[aristotle]

There is little or no chance of a wealth tax like that I would say. Pyschologically its a step too far to take savings that people have worked hard for. Taking it via more taxes is somewhat easier to accept.

 

[shnaek]

There is little or no chance of a wealth tax like that I would say. Pyschologically its a step too far to take savings that people have worked hard for. Taking it via more taxes is somewhat easier to accept.

One way or the other, the responsible will be forced to pay for the irresponsible - as is mostly the case with nations. The lesson for us all seems to be to behave recklessly, and you will be rewarded.

 

[Protocol]

There is little or no chance of a wealth tax like that I would say. Pyschologically its a step too far to take savings that people have worked hard for. Taking it via more taxes is somewhat easier to accept.

What about 1% of wealth above 1m? How might that go down?

 

[aristotle]

Fine by me and everyone else who don't have 1m in the bank

 

[Godfather]

Yes, great proposal. 1% above 1M Euro pls, below nothing, maybe just a handshake

 

[Chris]

Thank you Chris, I agree I would follow my assets in that case. I remember the italian government suddendly imposed a tax of around 0.2% on every deposit in Italy a few years ago. I find 10% highly unlikely as it would force even more finance out of the country though

I agree, the 10% was just a number pulled out of my head for the example.

There is little or no chance of a wealth tax like that I would say. Pyschologically its a step too far to take savings that people have worked hard for. Taking it via more taxes is somewhat easier to accept.

The chances are low, but I firmly believe that desparate politicians will always do desprate things, no matter how popular or unpopular.

What about 1% of wealth above 1m? How might that go down?

Taxing those with large amounts of money is the last thing that should be done. What this country is lacking is investment in production. And those best able to provide that capital investment are the wealthy. Beleaguer the wealthy with taxes and wealth confiscation and the end result will be less investment.

 

[Godfather]

The chances are low, but I firmly believe that desparate politicians will always do desprate things, no matter how popular or unpopular.

+1

Taxing those with large amounts of money is the last thing that should be done. What this country is lacking is investment in production. And those best able to provide that capital investment are the wealthy. Beleaguer the wealthy with taxes and wealth confiscation and the end result will be less investment.

Do you mean "taxing ONLY those with large amounts of money" or would a desperate government only aim at the small savers? Hold on a second here. As John Maynard Keynes used to say the propension to the spending is higher in percentage for people with lower savings than people with higher savings... Thanks to him the progressive taxation on income was introduced.

 

[galleryman]

Taxing those with large amounts of money is the last thing that should be done. What this country is lacking is investment in production. And those best able to provide that capital investment are the wealthy. Beleaguer the wealthy with taxes and wealth confiscation and the end result will be less investment.

That sounds like something someone with a large amount of money might say.