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  #21  
Old 02.07.2011, 21:53
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Re: Swiss Bank - Joint Account Dilemma

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Something else to worry about. Has she been filing FBARs for the account? It sounds like she should be/should have been. I have no idea of the practical issues involved in making good if she hasn't.
If it's a numbered account, it¨s numbered for a very good reason that the client wants & will pay for confidentiality. In such a situation you can be quite sure that FBR's will not be filled!

It's only ordinary accounts that have the owners name on a computer that have been compromised to tax authorities.
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  #22  
Old 03.07.2011, 00:54
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Re: Swiss Bank - Joint Account Dilemma

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Yes ... but power of attorney, if I understand it, would allow her to make the withdrawal she wishes, would it not? It's not merely for use when the other party dies, correct?
Power of attorney means you have full access to the account if of course you are still on the account because power of attorney can be revoked at any time without approval/confirmation. It doesn't have to be "in an emergency". In Switzerland our "daily usage account" bill payment, shopping, taking out cash, etc. is an account which is in my husband's name but which I have power of attorney. So again, not only an emergency situation.

The problem is that if you don't have the have the number/code, you're not getting access to the account.

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Something else to worry about. Has she been filing FBARs for the account? It sounds like she should be/should have been. I have no idea of the practical issues involved in making good if she hasn't.


If she only has PoA then she doesn't have to file FBR as the account doesn't belong to her. This is only something for 'Kurt' to worry about. That's his problem if he is a "US person".
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  #23  
Old 04.07.2011, 01:26
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Re: Swiss Bank - Joint Account Dilemma

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Power of attorney means you have full access to the account if of course you are still on the account because power of attorney can be revoked at any time without approval/confirmation. It doesn't have to be "in an emergency". In Switzerland our "daily usage account" bill payment, shopping, taking out cash, etc. is an account which is in my husband's name but which I have power of attorney. So again, not only an emergency situation.

The problem is that if you don't have the have the number/code, you're not getting access to the account.

Since she has told me they have taken her name as the second holder, perhaps it is indeed not a numbered account. In that case would presenting ID and knowing the name of the primary account owner suffice?
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  #24  
Old 04.07.2011, 01:53
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Re: Swiss Bank - Joint Account Dilemma

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Since she has told me they have taken her name as the second holder, perhaps it is indeed not a numbered account. In that case would presenting ID and knowing the name of the primary account owner suffice?
If you were added to a numbered account your name and identity would be attached to the account. Numbered accounts are not 100% anonymous to the bank but you do need the number.

In the case of having power of attorney on a regular account, I can't say. When I use my husband's account I know the account number and the name on the account. I've never gone in and asked to access the account with just his name.

So, really, all you can do is try. Either you'll get your money or you'll have to ask Kurt to give you back your money.
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Old 04.07.2011, 08:13
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Re: Swiss Bank - Joint Account Dilemma

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If she only has PoA then she doesn't have to file FBR as the account doesn't belong to her. This is only something for 'Kurt' to worry about. That's his problem if he is a "US person".
There is a rather plain reading otherwise:

"United States persons are required to file an FBAR if: The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and..."

(http://www.irs.gov/businesses/small/...148849,00.html)

I mean, maybe there is some exception which applies, but it sounds like she has both signature authority and $50k of financial interest.
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Old 04.07.2011, 09:51
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Re: Swiss Bank - Joint Account Dilemma

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Since she has told me they have taken her name as the second holder, perhaps it is indeed not a numbered account. In that case would presenting ID and knowing the name of the primary account owner suffice?

Sounds like we know more about this account and your supposed friend than yourself! Execuse me for being a cynic but this sounds dodgey as hell, and your 'friend' should just speak to 'Kurt' and get the matter resolved, you asking questions here ain't gonna lead you anywhere, you know nothing about the account, and you know nothing about the holder, it's like me saying could you figure out what's on my mind!
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  #27  
Old 04.07.2011, 17:20
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Re: Swiss Bank - Joint Account Dilemma

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There is a rather plain reading otherwise:

"United States persons are required to file an FBAR if: The United States person had a financial interest in or signature authority over at least one financial account located outside of the United States; and..."

(http://www.irs.gov/businesses/small/...148849,00.html)

I mean, maybe there is some exception which applies, but it sounds like she has both signature authority and $50k of financial interest.
Seriously? That sux! Sorry, but I find the US is becoming parasitical. The other day I watched The Art of the Steal another example of gov't stealing.

But that's OT. Let's hope Villmont gets her money out without too many consequences.
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