Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 13.12.2012, 17:11
simon_ch's Avatar
Forum Veteran
 
Join Date: Dec 2008
Location: Zürich
Posts: 2,390
Groaned at 128 Times in 76 Posts
Thanked 3,488 Times in 1,377 Posts
simon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Mandatory reading for all Americans:
http://www.amcham.ch/publications/do...ted_States.pdf

Quote:
Switzerland is the only nation among the top foreign investors that added new jobs during the global economic crisis. Swiss affiliates produced more than 41,000 new jobs (edit: 8% of all foreign created jobs) in 35 states with the largest gains in Nevada, Pennsylvania, Delaware, Massachusetts and Colorado
Quote:
Swiss affiliates support 430,600 jobs in all 50 states including the District of Columbia and Puerto Rico with high concentrations in the financial, manufacturing and R&D sectors. The states with the most jobs are California, New York, New Jersey, Texas, and Pennsylvania. The average salary of an employee of a Swiss affiliate is $95,200.
Quote:
Switzerland is among the top investors in the U.S. The Swiss cumulative investmentis $212 billion with $57 billion in value added and $9.1 billion spent on research and development. In addition, Swiss finance and insurance affiliates hold more than $1 trillion in assets.
Quote:
It is important to note that in 2010 Switzerland ranked as the largest foreign direct investor. On a historical basis, Switzerland ranked as the fifth largest investing country in the U.S.
Quote:
Similarly, research and development investments were the highest of all countries in 2009 at a total of $9.1 billion.
Now I really hope that's the very last time I have to hear anything about Switzerland only sucking money from the US or similar nonsense on this forum.
Reply With Quote
The following 14 users would like to thank simon_ch for this useful post:
  #22  
Old 13.12.2012, 17:29
Guest
 
Posts: n/a
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Mandatory reading for all Americans:
http://www.amcham.ch/publications/do...ted_States.pdf

Now I really hope that's the very last time I have to hear anything about Switzerland only sucking money from the US or similar nonsense on this forum.
Not only that, but perhaps expats with "heads too big to get through the door," will stop boasting about how "important they are to the Swiss job market and how Switzerland cannot do without them!" Of course, not every expat has bragged about such foolishness, but there are many that have that attitude. It's the typical case of the tortoise and the hare. It seems like Switzerland is slow, but in truth they are way ahead of the game. Those that come here think that the Swiss are pushovers and because they are in the country working it must be because the Swiss are stupid as well! Not an inkling of gratitude! I do feel sorry for those who may be caught in the crossfires though. Losing your job, or not being able to find another one, because your country's decision makers are complete morons is a pity.
Reply With Quote
The following 6 users would like to thank for this useful post:
  #23  
Old 13.12.2012, 17:51
Forum Veteran
 
Join Date: May 2009
Location: suburbs of LA, USA
Posts: 934
Groaned at 11 Times in 10 Posts
Thanked 873 Times in 439 Posts
BrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
Not only that, but perhaps expats with "heads too big to get through the door," will stop boasting about how "important they are to the Swiss job market and how Switzerland cannot do without them!" Of course, not every expat has bragged about such foolishness, but there are many that have that attitude. It's the typical case of the tortoise and the hare. It seems like Switzerland is slow, but in truth they are way ahead of the game. Those that come here think that the Swiss are pushovers and because they are in the country working it must be because the Swiss are stupid as well! Not an inkling of gratitude! I do feel sorry for those who may be caught in the crossfires though. Losing your job, or not being able to find another one, because your country's decision makers are complete morons is a pity.
Yep, there`s no need for arrogant expats to go around with that kind of attitude but without foreign companies optimizing taxes here, rich foreigners, and the expats those companies bring (probably in that order) Switzerland would be a VERY different place.

I enjoy living here and don`t believe Switzerland owes us anything or that we own the place but I would be interested to know what plan B is as Switzerland is doing very nicely from their shrewd tax system and ability to attract foreign investment.

PS and I think the last thing anyone thinks is that the Swiss are stupid.
Reply With Quote
The following 2 users would like to thank BrianJW for this useful post:
  #24  
Old 13.12.2012, 17:56
Forum Veteran
 
Join Date: May 2009
Location: suburbs of LA, USA
Posts: 934
Groaned at 11 Times in 10 Posts
Thanked 873 Times in 439 Posts
BrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
No unfortunately I am unemployed. I moved here to be with my wife. Given what I have seen, I may eventually have to go back to school and change careers. If we can ever afford it. Most companies just auto reject me, but a few have said (with different words) that they don't care if I have a B-permit or not, they won't touch an American with a ten foot pole. Not all of them were accounting jobs.
I am also unemployed accountant, 16 years experience, Australian with a green card.

There are plenty of jobs that don`t require signatory on bank accounts so that these issues while are an issue are not essentially that large.

How are your German skills? That`s much more relevant than FATCA. Unfortunately with the slightly tough job market employers can be picky and choose candidates fluent in both English and German even if only German is required.
Reply With Quote
  #25  
Old 13.12.2012, 18:10
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 32,214
Groaned at 2,453 Times in 1,775 Posts
Thanked 39,298 Times in 18,522 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
without foreign companies optimizing taxes here, rich foreigners, and the expats those companies bring (probably in that order) Switzerland would be a VERY different place.
Yes, it was MUCH nicer back then.

Tom
Reply With Quote
The following 4 users would like to thank st2lemans for this useful post:
  #26  
Old 13.12.2012, 18:12
simon_ch's Avatar
Forum Veteran
 
Join Date: Dec 2008
Location: Zürich
Posts: 2,390
Groaned at 128 Times in 76 Posts
Thanked 3,488 Times in 1,377 Posts
simon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond reputesimon_ch has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Yep, there`s no need for arrogant expats to go around with that kind of attitude but without foreign companies optimizing taxes here, rich foreigners, and the expats those companies bring (probably in that order) Switzerland would be a VERY different place.

I enjoy living here and don`t believe Switzerland owes us anything or that we own the place but I would be interested to know what plan B is as Switzerland is doing very nicely from their shrewd tax system and ability to attract foreign investment.

PS and I think the last thing anyone thinks is that the Swiss are stupid.
That is true of course, but would be even more so for both the US (by far the largest money launderer of the world), Germany (largest money launderer in Europe) and the UK, who rely to a much larger degree on money from illicit gains (mostly from Asia, South America with whom they refuse to cooperate on these matters while pressuring Switzerland to fully disclose all its accounts...) But two wrongs don't make a right, I do think it's time for Switzerland to come clean on these matters, even if that means losing some high-paid jobs and less taxes for the wasteful Zürich/Geneva governments.
Reply With Quote
The following 5 users would like to thank simon_ch for this useful post:
  #27  
Old 13.12.2012, 18:25
Forum Veteran
 
Join Date: May 2009
Location: suburbs of LA, USA
Posts: 934
Groaned at 11 Times in 10 Posts
Thanked 873 Times in 439 Posts
BrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
That is true of course, but would be even more so for both the US (by far the largest money launderer of the world), Germany (largest money launderer in Europe) and the UK, who rely to a much larger degree on money from illicit gains (mostly from Asia, South America with whom they refuse to cooperate on these matters while pressuring Switzerland to fully disclose all its accounts...) But two wrongs don't make a right, I do think it's time for Switzerland to come clean on these matters, even if that means losing some high-paid jobs and less taxes for the wasteful Zürich/Geneva governments.
I wasn't actually talking about laundering money (as I have no clue about that but the fact USA and Germany are big time in it is interesting) but of course living here in Zug you see so many foreign companies and so many are only shells for tax shelters.

And for Tom. Agree Switzerland may well have been much nicer back then.
Reply With Quote
  #28  
Old 13.12.2012, 18:46
Wisescarab's Avatar
Member
 
Join Date: Feb 2012
Location: Wangen Bei Olten, Solothurn
Posts: 181
Groaned at 5 Times in 5 Posts
Thanked 232 Times in 97 Posts
Wisescarab has earned some respectWisescarab has earned some respect
Re: Hiring stop for ALL Americans ?

Well, none of the jobs I have applied for required me to be a signatory over any account. The jobs I am applying to now are Finance Assistant jobs, General Ledger Clerk, ect, basic back-office jobs that require a bit of Accounting know-how. I mostly found out when I contacted them again, to check on a resume (after a couple of weeks).

Very few gave any detailed reasoning, other than they have a policy of not hiring Americans due to recent changes, this and that rigamaruff. Someone at Page Personnel (a headhunter) told me that very few places will take on an American due to how they have to report benefits, ect. That it is just too much of a hassle. It's not just about Signatory accounts that you may be apart of. At the end of the day they made me feel like an American would be at the bottom of a list for any job. But you just might have a chance if you are in IT.

Even a job that requires USGAAP experience, as I have just found out (told by the company that although they are an American company, they prefer not to hire Americans in Switzerland).

My German is unfortunately only at an A-2 level, but I will be taking classes thanks to the wonderful folks at the Gemeneide soon.


Quote:
View Post
I am also unemployed accountant, 16 years experience, Australian with a green card.

There are plenty of jobs that don`t require signatory on bank accounts so that these issues while are an issue are not essentially that large.

How are your German skills? That`s much more relevant than FATCA. Unfortunately with the slightly tough job market employers can be picky and choose candidates fluent in both English and German even if only German is required.
Reply With Quote
The following 2 users would like to thank Wisescarab for this useful post:
  #29  
Old 13.12.2012, 19:44
Guest
 
Posts: n/a
Re: Hiring stop for ALL Americans ?

If this begins to impede my career development, I'm renouncing at once.

Only concern I have is that I also hold a C Permit (awarded after 5 years by virtue of US citizenship). If I renounce now, and I intend to remain in CH, do I lose my C permit?

I have another citizenship to fall back to (albeit non-EU, non-NAFTA).

Otherwise I woul have to wait for the little red book with a white cross before I renounce.
Reply With Quote
  #30  
Old 13.12.2012, 19:47
Guest
 
Posts: n/a
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Yep, there`s no need for arrogant expats to go around with that kind of attitude but without foreign companies optimizing taxes here, rich foreigners, and the expats those companies bring (probably in that order) Switzerland would be a VERY different place.

I enjoy living here and don`t believe Switzerland owes us anything or that we own the place but I would be interested to know what plan B is as Switzerland is doing very nicely from their shrewd tax system and ability to attract foreign investment.

PS and I think the last thing anyone thinks is that the Swiss are stupid.
The term "Plan B" is an aphorism for "having their sh#!t together."
Reply With Quote
  #31  
Old 13.12.2012, 20:23
latigresse's Avatar
Forum Veteran
 
Join Date: Feb 2007
Location: ZH
Posts: 692
Groaned at 28 Times in 23 Posts
Thanked 724 Times in 329 Posts
latigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Do you have any figures on relative market shares of CS / UBS in the US?
I don't know about CS, but nearly 40% of UBS' business is in the US, 32% is in Europe. Asia is only about 12%.

Again, I would be surprised if they gave that up.
Reply With Quote
  #32  
Old 13.12.2012, 20:28
Guest
 
Posts: n/a
Re: Hiring stop for ALL Americans ?

Quote:
View Post
I don't know about CS, but nearly 40% of UBS' business is in the US. Asia is only about 12%.

Again, I would be surprised if they gave that up.
Things are changing as we speak. Here and Here . Even though this has nothing to do with UBS directly, its obvious that Asia is a thriving market. Eventually banks will follow.
Reply With Quote
This user would like to thank for this useful post:
  #33  
Old 13.12.2012, 20:42
latigresse's Avatar
Forum Veteran
 
Join Date: Feb 2007
Location: ZH
Posts: 692
Groaned at 28 Times in 23 Posts
Thanked 724 Times in 329 Posts
latigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
Things are changing as we speak. Here and Here . Even though this has nothing to do with UBS directly, its obvious that Asia is a thriving market. Eventually banks will follow.
Of course, the bank is expanding further into Asia (along with other emerging markets). But whether they abandon their US business, and, to what extent, remains to be seen.
Reply With Quote
  #34  
Old 13.12.2012, 20:57
Forum Veteran
 
Join Date: Sep 2011
Location: Pittsburgh
Posts: 1,983
Groaned at 69 Times in 52 Posts
Thanked 5,074 Times in 1,802 Posts
crazygringo has a reputation beyond reputecrazygringo has a reputation beyond reputecrazygringo has a reputation beyond reputecrazygringo has a reputation beyond reputecrazygringo has a reputation beyond reputecrazygringo has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
Things are changing as we speak. Here and Here . Even though this has nothing to do with UBS directly, its obvious that Asia is a thriving market. Eventually banks will follow.
actually, the #1 thing choking the European economy right now after debt is its exposure to Asia, since the Chinese economy has slowed considerably and is expected to slow further as the current regime there struggles with how to manage itself. this will likely only worsen if the "westernized" countries in the Middle East are successful in moving downstream into manufacturing, etc., since power and labor costs are sky high throughout Europe.

if UBS or CS elect to exit the US market, it will have nothing to do with US regulations or nuisances, it will be because UBS and CS do not have particularly good consumer banking presences there and their investment banking arms do not compete on the same level with banks like JPM and Goldman.
Reply With Quote
The following 3 users would like to thank crazygringo for this useful post:
  #35  
Old 13.12.2012, 21:09
Wisescarab's Avatar
Member
 
Join Date: Feb 2012
Location: Wangen Bei Olten, Solothurn
Posts: 181
Groaned at 5 Times in 5 Posts
Thanked 232 Times in 97 Posts
Wisescarab has earned some respectWisescarab has earned some respect
Re: Hiring stop for ALL Americans ?

I still love Switzerland, but I do find the bias in this country to be at best draining, and at other times depressing. I am not sure whom these companies expect to find with USGAAP experience, or as one case was a US DOD Contract experience (of which I have, and I still have Secret Clearance) that never lived in the United States. I would bet the market to be small.
Reply With Quote
  #36  
Old 13.12.2012, 21:25
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,317
Groaned at 91 Times in 70 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
I still love Switzerland, but I do find the bias in this country to be at best draining, and at other times depressing. I am not sure whom these companies expect to find with USGAAP experience, or as one case was a US DOD Contract experience (of which I have, and I still have Secret Clearance) that never lived in the United States. I would bet the market to be small.
That's all sweet and touching however please remember that it is much easier for you to get up and fly from US to CH and get a job which gives you right to stay here. Last I checked it is not easy for anyone just to go to US and get a green card or work visa. Write to your friendly congressman and express your frustration with the almighty US of A and the way it treats its citizens abroad.
Reply With Quote
  #37  
Old 13.12.2012, 21:32
Wisescarab's Avatar
Member
 
Join Date: Feb 2012
Location: Wangen Bei Olten, Solothurn
Posts: 181
Groaned at 5 Times in 5 Posts
Thanked 232 Times in 97 Posts
Wisescarab has earned some respectWisescarab has earned some respect
Re: Hiring stop for ALL Americans ?

No need to be snide. We all know the reasons for this, and it is a symptom of other things - but it is silly regardless of the why. If you want someone who has experience handling US military contracts, good luck finding someone who isn't a US citizen as you often need Secret Clearance to touch anything like that.

But as for your statement regarding how easy it is to fly from the US to CH to get a job, in general, where are you coming from with that? Unless you are married to a national it is impossible to get a job as an American in Switzerland.

Quote:
View Post
That's all sweet and touching however please remember that it is much easier for you to get up and fly from US to CH and get a job which gives you right to stay here. Last I checked it is not easy for anyone just to go to US and get a green card or work visa. Write to your friendly congressman and express your frustration with the almighty US of A and the way it treats its citizens abroad.
Reply With Quote
The following 2 users would like to thank Wisescarab for this useful post:
  #38  
Old 13.12.2012, 21:33
Guest
 
Posts: n/a
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Of course, the bank is expanding further into Asia (along with other emerging markets). But whether they abandon their US business, and, to what extent, remains to be seen.
As US begins to shrink as the financial super power we will see...

Quote:
View Post
actually, the #1 thing choking the European economy right now after debt is its exposure to Asia, since the Chinese economy has slowed considerably and is expected to slow further as the current regime there struggles with how to manage itself. this will likely only worsen if the "westernized" countries in the Middle East are successful in moving downstream into manufacturing, etc., since power and labor costs are sky high throughout Europe.

if UBS or CS elect to exit the US market, it will have nothing to do with US regulations or nuisances, it will be because UBS and CS do not have particularly good consumer banking presences there and their investment banking arms do not compete on the same level with banks like JPM and Goldman.
The Chinese are set to take over as the financial super-power in the next few years, read here. And do you still think Goldman is worth speaking about? I think the Swiss are headed in the right direction.
Reply With Quote
This user would like to thank for this useful post:
  #39  
Old 13.12.2012, 21:36
latigresse's Avatar
Forum Veteran
 
Join Date: Feb 2007
Location: ZH
Posts: 692
Groaned at 28 Times in 23 Posts
Thanked 724 Times in 329 Posts
latigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond reputelatigresse has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
Write to your friendly congressman and express your frustration with the almighty US of A and the way it treats its citizens abroad.
I think it would be a waste of time! Sadly, most of the legislators don't give a toss about us They're too busy with their self-serving party politics and putting power plays above all (sorry for the alliteration).

Those doofuses in Washington won't realize the extent of the damage they've done until it's too late: AFTER FATCA has been fully implemented and has destroyed enough jobs and caused significant harm to the economy. And the worst part is that they won't reap anywhere near the windfall of tax revenues they've projected.

¡!@#$%^€ Idiots!
__________________
"Sell crazy someplace else, we're all stocked up here." ~ Jack Nicholson in As Good As It Gets
Reply With Quote
The following 5 users would like to thank latigresse for this useful post:
  #40  
Old 13.12.2012, 21:37
Jaro's Avatar
Forum Veteran
 
Join Date: Apr 2008
Location: Rafz (ZH)
Posts: 1,317
Groaned at 91 Times in 70 Posts
Thanked 624 Times in 343 Posts
Jaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond reputeJaro has a reputation beyond repute
Re: Hiring stop for ALL Americans ?

Quote:
View Post
No need to be snide. We all know the reasons for this, and it is a symptom of other things - but it is silly regardless of the why. If you want someone who has experience handling US military contracts, good luck finding someone who isn't a US citizen as you often need Secret Clearance to touch anything like that.

But as for your statement regarding how easy it is to fly from the US to CH to get a job, in general, where are you coming from with that? Unless you are married to a national it is impossible to get a job as an American in Switzerland.
You can come here and live for up to 90 days without a visa. If you find a job and company fills out some paperwork etc you get your permit? Quite easy if you compare to the process in US. I'm a yank as well be means of naturalization but here as a EU citizen
Reply With Quote
This user would like to thank Jaro for this useful post:
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
For US-Americans... Russkov General off-topic 1 14.07.2012 18:22
Correct term - is it Americans or US Americans? Guest General off-topic 80 14.06.2011 02:52
Tax information (for Americans) john_semour Finance/banking/taxation 5 07.04.2011 20:32
Americans hanging out with Americans in Zurich! nommysoup01 Social events 209 07.04.2010 16:12
A question for -Americans Guest General off-topic 72 24.03.2010 14:45


All times are GMT +2. The time now is 00:37.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0