Our website focuses mainly on profits from international investing but our main theme is and always has been to “turn your passion into profit”. Do things that are fulfilling in places you love.
This is why after 30 years of continual global travel for the past decade Merri and I have settled down and spent most of our time between just seven places:
#1: & #2: Ecuador’s Andes and the North Carolina’s Blue Ridge…because we love the beauty and the people.
Here is our daughter, Eleanor and boyfriend, enjoying a Blue Ridge view frm our farm.
Here Merri and I enjoy an Andean view as we work at our Ecuador hacienda. Rosaspamba.
#3: Ecuador’s Pacific coast…ditto.
Here’s our life long friend, Steve from Portland, visiting us at Palmazul and enjoying the Pacific life.
#4: Florida…daughter, great son-in-law and our grandson.
Our grandson, Garren is great on th farm. What fun!
#5: Oregon…mom…daughter, another great son-in-law and granddaughter.
Mom and our grandaughter Sequoia in Oregon.
#6: England…two daughters and one son.
#7: Copenhagen…because we really like Danes and love this city…plus we bank there and have a strategic alliance with Jyske Bank. Plus Copenhagen is our favorite city.
A recent article in a London-based lifestyle magazine Monocle shows that others must agree:
Where’s the best city in the world?
Monocle recently scoured the world to find the ‘Best’ in various categories. Here are some of the results —
Best global city: Paris, for its bike-sharing program, Vélib Best business city: Madrid, for its relaxed working hours Best cultural city: Berlin, for its art galleries and 24-hour scene Best design city: Copenhagen Best retail city: Fukuoka
The Danish capital city of Copenhagen, however, stood out as the most exceptional city for its quality of life and status as a cutting-edge design center. Editors were impressed with the quality of the architecture to the fact that locals and visitors alike could buy a good glass of wine at 1AM.
Crowned as a global urban treasure, the city was complemented for its efficient compact size, its transport system and infrastructure, its contemporary buildings, fine restaurants and its renewed focus on environmental issues.
Munich and Tokyo came in at second and third place, respectively.
Here’s how the rest of the world plays out in the best quality of life category:
1. Copenhagen (Stroget is the longest, pedestrian-only thoroughfare in Europe) 2. Munich 3. Tokyo 4. Zürich 5. Helsinki 6. Vienna 7. Stockholm 8. Vancouver 9. Melbourne 10. Paris 11. Sydney 12. Honolulu 13. Madrid 14. Berlin 15. Barcelona 16. Montreal 17. Fukuoka 18. Amsterdam 19. Minneapolis 20. Kyoto
Merri and I hope that you have a great Sunday and that wherever you are is a place you enjoy.
Gary We hope you will join us in Ecuador’s Andes, on its Pacific coast or in the Blue Ridge.
Multi currency investing becomes increasingly harder as increasing numbers of banks abroad refuse to accept US customers. A recent message at this site shared how the large Dutch Bank, ABN Amro, stopped accepting US customers and gave existing US clients 30 days to liquidate their securities. If you missed this see Multi Currency Investments Easier
See below how autumnal colors can help you solve multi currency problems.
Now another large Swiss bank has found it too much to deal with aggressive US regulatory tactics and shut down its US business. Here is what a recent Financial Times article entitled “UBS tells unit staff to avoid US visits” by Haig Simonian says:
“UBS has told members of its former private banking team responsible for rich US clients not to travel to America. The Swiss bank has also made lawyers available to the more than 50 bankers involved, many of whom have left UBS since it decided last November to wind down its cross-border private banking business for US customers. The move follows the recent indictment of one of the unit’s former senior executives, Bradley Birkenfeld, who US authorities have accused of helping a billionaire client evade taxes. Mr Birkenfeld has pleaded not guilty and his lawyers have made no public statement on the matter.”
I am very pleased that Jyske Bank, my banker for about 25 years has decided to stand by its American customers. The bank created a wholly owned subsidiary Jyske Global Asset Management (JGAM) that is registered with the SEC.
The changes, however, create many questions which I would like to answer at this site. Please send your questions.
As a financial publisher, I cannot give independent advice. I cannot even give you a personal reply nor comment on your specific personal investments or portfolio. I can, however, answer your questions here in a general way.
Here is the first question received.
JYSKE BANK QUESTION
“What is going on with Jyske Bank and their JGAM program which will make it more difficult to do multi currency sandwiches unless one has invested at least 1 million with the bank. As I understand it, my portfolio will be managed without my input which does not make me feel comfortable. What is your take on this?”
JYSKE BANK ANSWER
I have spent hours reviewing how JGAM will work with Thomas Fischer.
First, let me clarify several points…the first being that only Americans will use JGAM. For non Americans it is business as usual at Jyske. This will have a pretty big impact on my business since I have so many non US readers. Our site ranks well for visits in Ecuador, Canada, China, Germany, New Zealand, Singapore, United Kingdom and Mexico as well as the USA.
This means I’ll have to write everything twice once for us Yanks and once for the rest of the world.
Second, minimums have not changed at all. For some time the minimum has been $50,000 to open and account and $100,000 is minimum for a multi currency sandwich…not 1 million.
Though JGAM will manage each portfolio on a discretionary basis, the client still has a great deal of input on how they will manage each account.
Jyske has a number of portfolios ranging from low risk – medium risk – high risk and speculative.
These portfolios are then again split into portfolios with and without US securities.
Then the accounts are again split based on assets under management.
For example, clients with less than $200,000 will have a different diversification than larger accounts.
Every portfolio is monitored and tracked on an individual basis. There is no specific JGAM portfolio so all investors will have their own regular performance up-date.
The JGAM investment committee will meet once a month deciding on the tactical weight of the asset classes and the underlying investments.
When a client joins, the Jyske account manager will work first to help the client decide on a risk profile. Once this is decided, Jyske will be invested in one of the 16 options above. Every investor’s portfolio will be designed and will change according to the time of entering the portfolio.
Here are the latest recommendations as of late May 2008 of the speculative NON US dollar portfolio.
Asset type Recommendation Tactical weight Fixed Income Underweight 20 Equities Neutral 60 Alternatives Overweight 20
EQUITIES CHF Novartis 4.2% EUR Siemens AG 4.2% EUR Adidas AG 4.2% DKK Carlsberg A/S 4.2% EUR EDF Energies Nouvelle 4.2% DKK NKT Holding 4.2% DKK Neurosearch 4.2% EUR Bayer AG 4.2% EUR L’Oreal 4.2% SEK Hennes & Mauritz AB 4.2% Latin Equities Mutual Fund 4.0% Chinese Equities Fund 4.0% Indian Equities Fund 4.0% European Equities Fund 5.0% Subtotal 60.0%
This looks like an interesting portfolio, and in future messages we’ll be looking at the equities in this portfolio. Plus we will review the other three (high medium and low risk) portfolios.
I believe that Multi currency investing is a must in these times of inflation. Using international investment managers still has main advantages. First, this provides some excellent asset protection. This also provides access to more experienced multi currency managers with different points of economic and world view than anywhere in just North America.
This also provides some privacy.
May I add one more word on privacy? If you are a law abiding citizen then an overseas account gives you as much privacy as you need. If you break the law and have almost any government looking for your financial data, then no system or structure you use is enough.
I have not touched on this subject for years because this is such old news…but knowing we have many new readers…let me repeat what I shared with readers clear back in the 1990s. “Bank privacy is dead”.
Here are just a few of my articles at this site in the archives from the 1990s and early 2000s. Please read them carefully. https://www.garyascott.com/privacy/77/ https://www.garyascott.com/privacy/50/ https://www.garyascott.com/privacy/167/ https://www.garyascott.com/privacy/60/ https://www.garyascott.com/privacy/59/
Yet here is one more brand new story….about what is known as the most private place in the world…Liechtenstein.
Here is a direct quote from a February 22, 2008 BBC article entitled “Liechtenstein fury at German tax snooping” by Steven Rosenberg
“Liechtenstein also has the reputation of being one of the most secretive tax havens in the world.
“Just ask the Organisation for Economic Co-operation and Development.
“This financial watchdog says Liechtenstein is one of only three states left on its blacklist of ‘uncooperative tax havens’ (the others are not a million miles away – Monaco and Andorra).
“Liechtenstein this week attacked the authorities in Berlin for buying information on German businessmen clients that have bank accounts in the tiny Alpine principality.
“Germany has launched a tax evasion investigation using the data, which was supplied by an anonymous informant who was reportedly paid 5m euros (£3.75m; $7.3m). “
So I will say this again. Please for your sake, don’t break the law anywhere…anytime. This could come back to haunt you in unexpected ways.
Here is an example. The data the German authorities obtained about accounts in Liechtenstein covered people from around the world…not just Germany…so the Germans began sharing it.
According to my European banking sources, only one European tax authority turned the data down…the Danes. They believed that since this data had been illegally obtained it should not be used.
One reason I have banked for so many years with Jyske Bank is the same reason why I live half the year in Ecuador.
I like Jyske’s services, their very reasonable fees and their solid banking foundation…but in addition I like the Danes…feel an underlying honesty, sense of fair play and sound judgement. The have never let me down which is why I am not surprised that they worked for several years setting up this structure so they can continue to serve Americans…when so many other banks have cut us Yanks loose and run.
I expect that the service JGAM will provide is still a work in progress and have noted the people there questioning, adapting and smoothing out a new system.
Everything I have seen to date suggests that I will be happy with this new program because the people there like I have always seen seem focused on giving a service that is safe, wealth preserving, ground breaking and easy for the customer.
I’ll be adapting our multi currency course to reflect the changes and will keep you informed about new ways we can continue to learn about this mysterious, interesting and profitable world of multi currency investing.
I am not paid a penny for writing this about Jyske Bank and have always been able to write that I keep them as my bank simply because I like them the best of all banks I have used.
I can continue writing this and hope until next message that you find all these qualities with whomever advises you on your finances, savings and wealth.
Stimulating ideas and useful resources to help you live a healthier,
more affluent and fulfilling life. Enter your email address and I'll
send your first issue in the morning:
