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Old 09.04.2021, 10:06
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InstitutionalBroker

Has anyone had any dealings with Bright Way Asset MGMT ( https://bamgmt.ch/ )

I was introduced to them and following numerous phone conversations placed a series of investments in US shares.

Now these have been sold yet I have been asked to pay tax on these to a 3rd party. My accountant believes this is incorrect so I am wondering if I have been taken for a ride. I have discovered they are NOTlicensed by FINMA to engage in activities in the financial sector. Does this matter?

I am interested to hear if anyone knows about them
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Old 09.04.2021, 12:11
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Re: InstitutionalBroker

What kind of tax are we talking about and what's your residency? Swiss retail investors don't pay capital gains tax but you're not swiss so it doesn't apply to you.

And why are you even talking to an institutional broker as a retail investor? If you're not retail, why a noname broker instead of a big reputable bank?



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I have discovered they are NOTlicensed by FINMA to engage in activities in the financial sector. Does this matter?
It's not a good sign. But do they carry operations out of switzerland and keep assets here? Or is this just a marketing/support office? For the latter finma doesn't matter.

Last edited by spark; 09.04.2021 at 12:32.
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Old 09.04.2021, 12:50
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Re: InstitutionalBroker

This website has all the red flags to raise concerns about the legitimacy of the whole business behind it (poorly and cheaply made, nothing but boiler plates, non-functional links and a poor translation, no real address - one on the website is just of a random company registrar etc.). It is very likely, that you've been taken for a ride. There is no company in Switzerland under such name, nothing even close (following the link are all the CH companies with the word "Bright" in their name). It is likely, that this company has nothing to do with Switzerland at all.

Also, if there are any taxes to be paid, the manager can deduct the amount from a payout to you and provide a receipt from the authorities, which collect such tax. Do not pay anything extra, before you get your money back.

To clear things up, I would start from a person, who made an intro.
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Old 09.04.2021, 12:52
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Re: InstitutionalBroker

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Has anyone had any dealings with Bright Way Asset MGMT ( https://bamgmt.ch/ )

I was introduced to them and following numerous phone conversations placed a series of investments in US shares.

Now these have been sold yet I have been asked to pay tax on these to a 3rd party. My accountant believes this is incorrect so I am wondering if I have been taken for a ride. I have discovered they are NOTlicensed by FINMA to engage in activities in the financial sector. Does this matter?

I am interested to hear if anyone knows about them
Was a W8BEN completed? If not there is 35%? withholding tax on sales
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Old 09.04.2021, 13:30
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Re: InstitutionalBroker

A person claiming to be in NZ brings a website in CH for us to look at.

Astroturfing or spam.
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Old 09.04.2021, 21:59
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Re: InstitutionalBroker

Run.
As soon, quick, fast, and far as you can.

Assuming you're real in the first place.
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Old 10.04.2021, 07:49
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Re: InstitutionalBroker

Thank you all for your input. Yes, I am real and from New Zealand. Looks like I'll have to try and reclaim my small funds - not a lot to worry about but I am concerned they could dupe other unsuspecting people.
Stay safe -
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