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  #61  
Old 18.11.2013, 11:03
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Re: Where to invest my money

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uhm...an expat can have a 401k, he/she just can't contribute to it. And of course advice comes with fees, what did you think? The point is, US facing competence is likely to increase among a minority of banks that choose to retain US clients.
Why would you want UBS/CS advising you on a 401k? Isnt your plan in the US, assuming you have one? What is the positive about UBS advising on FBARS? Thats my point, there is no upshot to expats with FATCA....there are plenty of benefits to banks because they will find tons of new revenue sources
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Old 18.11.2013, 11:53
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Re: Where to invest my money

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Dear Mr. Sir,

REQUEST FOR ASSISTANCE-STRICTLY CONFIDENTIAL
...

Yours Sincerely, Dr Scammity
Astronautics Project Manager
Hey WTF? I already paid the CHF 15k.. why are you letting other people in on our nice little scheme??
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  #63  
Old 18.11.2013, 12:19
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Re: Where to invest my money

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Your wrong, using passporting rights from the UK to the rest of Europe and Switzerland all business has to be transacted under FCA rules.
I was told by the FCA that only customers who receive advice in the UK from FCA-authorised firms in the UK have recourse to the FCA if things go wrong. Otherwise, they must address any concerns to the regulator in the country in which they received the advice, assuming or course that the firm is regulated by the local regulator.

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We are directly regulated by FCA in the UK and offer advice to a range of clients.

In Switzerland there is no formal regulation like the UK but we have chosen to be associated to Finma via VQF & ARIFF.

I would also run a miles from bank and tied advisor advice.
You appear to have a continuous history of working for banks:
http://www.linkedin.com/pub/mike-foster/2a/a97/43a
http://www.fsa.gov.uk/register/indiv....do?sid=619940

Your company is not on the ARIF list:
http://arif.axone.ch/en/liste_des_membres.cfm?letter=F
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Old 18.11.2013, 13:03
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Re: Where to invest my money

Thank you on your advice I already checked all those things and my money is well insured by the State Agency for Deposit Insurance. And yes I know that prices of the real estate are growing usually but situation in Croatia is not in "that story". My country collapses more and more and because of that I am not sure that I want 100 % buy something and live there for rest of my life. Maybe I will even stay here or move somewhere else. With lot of questions opened I would just be happy to know that I have money saved to maybe have something mine one day. Of course I would be happy that my stake gets bigger (not just for 3%) but as I am reading your posts and I am sure in one. None was unanimous in what to invest for sure. I am aware of a large financial field but also of the chance losing saved money in a sec by making a wrong choice.

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If you have made your mind up (deposits in Croatia), check with your bank (get confirmation in writing) that:

- Your investment/deposit is covered by the deposit insurance scheme of Croatia.
- That you do not exceed the 400,000 Kuna insurance limit within a single financial entity.
- If you want to save more than 400,000 Kuna, opena another account with another financial entity.

http://www.dab.hr/ENSITE/insurance.html
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Old 18.11.2013, 13:26
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Re: Where to invest my money

Dress well, go here: http://www.swisscasinos.ch/sczh-casino-zuerich.html

Pick a color. Black or red. 50% chances you double your money, 50% chances you have a memorable night in your life. Can't go wrong with that!
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  #66  
Old 18.11.2013, 13:56
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Re: Where to invest my money

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Dress well, go here: http://www.swisscasinos.ch/sczh-casino-zuerich.html

Pick a color. Black or red. 50% chances you double your money, 50% chances you have a memorable night in your life. Can't go wrong with that!
I have been banned from multiple casinos in London playing that game
The First time I was unemployed in 1992 , I played £5 a go , would drop a hand if I lost 3 rounds doubling up each time & started again. Secret is to leave when you are up by £50. I did this 3 times a day was banned on the 11 day. Annoyingly the casino in Queensway was a 3 minute walk from my flat. I thought it was the perfect new career
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  #67  
Old 18.11.2013, 14:04
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Re: Where to invest my money

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I was told by the FCA that only customers who receive advice in the UK from FCA-authorised firms in the UK have recourse to the FCA if things go wrong. Otherwise, they must address any concerns to the regulator in the country in which they received the advice, assuming or course that the firm is regulated by the local regulator.
Sort of - the FCA has indeed told you correctly but I'll elaborate. Actually, there are two ways to passport under MiFID (bear in mind none of this applies to Switzerland but does apply to some EEA but non EU countries).

1. Freedom of services (where you stay in the UK but can sell abroad - you may also go abroad to advise, but only temporarily).
2. Freedom of establishment (where you open an office in for example Paris, and do business there).

In the second scenario:

The analogy is a lot like your drivers license. If you have a UK drivers license, it's the UK's responsibility to make sure you're educated, legal, to issue the permit etc. However once you're in France, you're subject to their laws and regulations, not the UK's.

It's the same way with passporting. When a UK regulated firm wishes to passport to (eg) France, under MiFID - they notify the FCA they want to do this. Then the FCA contacts the French regulator and notifies them. Thus, the firm becomes automatically "regulated" in France. The client will receive protection of the French regulator in the same way and to the same extent as if they approached a French IFA/dealer.

This is enshrined in MiFID.

Note the following however:

MiFID is an EU directive and not law. However all EU countries have now adopted the MiFID principles into their law, although it took many months after MiFID for this to happen.

There are many other passporting directives other than MiFID. These include directives for those with banking licenses to passport for example. One thing to be careful of is that the firm is passporting under the correct Directive - an oft misused directive in the IMD or the Insurance Mediation Directive which is for Insurance brokers. The regulating authority will always now look at the reality of the advice, not the technicality - if the recommended product looks like an investment, it should come under MiFID, however it's packaged.

As MiFID is shaken out, you'll see a lot less shiftiness in Europe among advisers and the advantage to them is that they'll operate on a level playing field with each other (actually, MiFID firms, passporting or not, are also known as Common Platform firms in the industry because they operate to equivalent rules including the Capital Requirements Directive which will be 25k Euro minimum everywhere in Europe soon).
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Old 18.11.2013, 14:22
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Re: Where to invest my money

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Dress well, go here: http://www.swisscasinos.ch/sczh-casino-zuerich.html

Pick a color. Black or red. 50% chances you double your money, 50% chances you have a memorable night in your life. Can't go wrong with that!
Like this advice Call me blonde but do not I need to pick a number too?
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  #69  
Old 18.11.2013, 14:32
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Re: Where to invest my money

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Like this advice Call me blonde but do not I need to pick a number too?
No number requited, Red / Black gives you almost a 50% chance of winning, I say almost as there is a zero which is green. When the casino tried to blow me out 5 greens came in a row, there were 8 security people around the table. They can fix it if they want.
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Old 18.11.2013, 19:27
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Re: Where to invest my money

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It's nonsense to say that Bitcoin isn't backed by anything: the cumulative processing power of the distributed network that secures Bitcoin is far greater than the sum of the world's top 500 supercomputers.

While I wouldn't recommend Bitcoin speculation to a naïve investor, a canny day-trader can have a lot of fun with it; it's currently in one of its 'irrational exuberance' phases and the value has quadrupled over the last month (currently at $600). If you think that's too high, you have the option to short it.

US senate hearings later today on Bitcoin may either accelerate this growth or put a damper on it.
Bitcoin has been hacked many times. So it is not secure.
And it's value is based on speculation today

"it's currently in one of its 'irrational exuberance' phases and the value has quadrupled over the last month (currently at $600). "

As much as it grow fast it will fall harder. Any trader would know that. And the only trader that will make it, is the one who will know in advance, before the market, what is the result of the congress discussion about bitcoin. Those who don't know have a 50/50 chance to win or loose everything.
This is casino at it's best.

Russia and China are hitting big time on gold to support the BRIC's bank in the future. Probably using the Yuan as a main currency to compete with Euro and USD
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  #71  
Old 18.11.2013, 19:29
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Re: Where to invest my money

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No number requited, Red / Black gives you almost a 50% chance of winning, I say almost as there is a zero which is green. When the casino tried to blow me out 5 greens came in a row, there were 8 security people around the table. They can fix it if they want.
why would they want to kick you out when you are expected to make money for them?
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  #72  
Old 18.11.2013, 21:22
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Re: Where to invest my money

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Bitcoin has been hacked many times. So it is not secure.
Bitcoin (as a secure and non-counterfeitable method of storing and transferring value) has never been hacked. To do so would require breaking SHA-256, RIPEMD-160 and ECDSA. If you have examples of this please supply them (and collect your Fields Medal on the way out).

Bitcoins have certainly been stolen from people since they're a valuable commodity, but this also happens to gold, cash and motor cars. It's much easier to secure bitcoins against theft than any other valuable item if sensible precautions are taken.

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As much as it grow fast it will fall harder. Any trader would know that. And the only trader that will make it, is the one who will know in advance, before the market, what is the result of the congress discussion about bitcoin. Those who don't know have a 50/50 chance to win or loose everything.
This is casino at it's best.
Bitcoin may well be in a speculative bubble at the moment, but it may also just be in the process of price discovery (it's very new and nobody is really sure how valuable its undeniable utility will be in the future). There have been several of these extreme rises in the past (to $30 in 2011 and to $266 earlier this year); in each case the subsequent over-bought price crash was followed by a recovery to new highs. There's no reason why the current high shouldn't follow that pattern. I don't think the senate hearings will make a lot of difference - there are bound to be rumblings about further regulation, but this could encourage larger players to enter the market. Most investors in Bitcoin are long-term bullish and just ride out the volatility. (Still, it doesn't hurt to keep a trading bot running and do a low-pass filter on the local swings).

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Russia and China are hitting big time on gold to support the BRIC's bank in the future. Probably using the Yuan as a main currency to compete with Euro and USD
Funny thing is, the current rise is mainly caused by intense Chinese interest and buying over the last couple of months. The major Chinese exchange is one of the big players in Bitcoin now and the Chinese government seems to have a benign attitude (this is gleaned from multiple positive reports about Bitcoin on state-controlled TV). The Russian market is also very enthusiastic and one of the major exchanges is located in Russia.
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Old 18.11.2013, 21:37
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Re: Where to invest my money

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why would they want to kick you out when you are expected to make money for them?
I was making money, that was their problem. I put money on the table then kept moving between red & black, then I moved to green when I sussed their scam
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Old 18.11.2013, 21:56
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Re: Where to invest my money

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I was making money, that was their problem. I put money on the table then kept moving between red & black, then I moved to green when I sussed their scam
What was your technique? From your other post it sounded like a martingale strategy for three rounds after which you cut your losses and reset. If that's right, it couldn't possibly win in the long term purely because of the house edge (and resetting effectively destroyed the martingale which only works with no limit). You may well have had success in the short term, though. (Don't listen to me anyway, I've never played roulette in my life - I don't like games of chance )
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Old 18.11.2013, 22:01
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Re: Where to invest my money

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What was your technique? From your other post it sounded like a martingale strategy for three rounds after which you cut your losses and reset. If that's right, it couldn't possibly win in the long term purely because of the house edge (and resetting effectively destroyed the martingale which only works with no limit). You may well have had success in the short term, though. (Don't listen to me anyway, I've never played roulette in my life - I don't like games of chance )
The thing is I don't have to bet every spin, I would wait for 4 x red (or black) in a row, then bet the other colour. The tables have scoreboards, so you can bet on several tables at once. I went to 3 spins so my max loss was was £35.
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Old 18.11.2013, 22:23
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Re: Where to invest my money

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The thing is I don't have to bet every spin, I would wait for 4 x red (or black) in a row, then bet the other colour. The tables have scoreboards, so you can bet on several tables at once. I went to 3 spins so my max loss was was £35.
Ah, good old gambler's fallacy (http://en.wikipedia.org/wiki/Gambler's_fallacy). I can't imagine why they banned you - did you look particularly dodgy?
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Old 18.11.2013, 23:37
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Re: Where to invest my money

The first part of the Senate hearing on digital currencies has finished and had representatives from FinCEN, the Justice Department and the Secret Service. It was actually quite positive and the general takeaway was:

- The agencies are happy with the current laws in place in respect to the control of criminal use of digital currencies

- They don't want to stifle innovation and business development of an exciting new technology

Bitcoin hit a new all time high ($750) during the hearing.
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Old 18.11.2013, 23:55
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Re: Where to invest my money

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Thank you on your advice I already checked all those things and my money is well insured by the State Agency for Deposit Insurance. And yes I know that prices of the real estate are growing usually but situation in Croatia is not in "that story". My country collapses more and more and because of that I am not sure that I want 100 % buy something and live there for rest of my life. Maybe I will even stay here or move somewhere else. With lot of questions opened I would just be happy to know that I have money saved to maybe have something mine one day. Of course I would be happy that my stake gets bigger (not just for 3%) but as I am reading your posts and I am sure in one. None was unanimous in what to invest for sure. I am aware of a large financial field but also of the chance losing saved money in a sec by making a wrong choice.
You're absolutely correct, unfortunately this isn't really the best place to ask either. I would take some time to read every day until you find something you're comfortable in, until put it in the bank like you've been doing. Maybe also keep half of your money in Francs, it seems possible/likely that the euro (and therfore Kuna) will depreciate against the Franc, and probably more than 3% say in the next year. The eurozone is also not exactly fixed.... Doing this will at least cancel out that effect (one would rise and one would fall). ps. Even though your money may be insured, in the event of a problem it would take many months to get it back - so it might not be worth it for those 3% anyway, not to mention you may well be loosing all of the 3% already in FX rates on your transfers - do the maths on the fees and check the actual rates that they're giving you. Investments carry more risk than interest on bank accounts, so you'll have to accept that before thinking about it any more. All I would say there is in the grand scheme of things nobody really can hope to do much more than beat inflation with interest from bank accounts. If you do your research you will probably be OK.
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Old 19.11.2013, 01:26
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Re: Where to invest my money

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Ah, good old gambler's fallacy (http://en.wikipedia.org/wiki/Gambler's_fallacy). I can't imagine why they banned you - did you look particularly dodgy?
I brought a group of friends that started doing the same thing, about 10 people banned iirc
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Old 19.11.2013, 01:56
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Re: Where to invest my money

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I brought a group of friends that started doing the same thing, about 10 people banned iirc
Ok when are we going in casino to double my money You will be my adviser
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