Thomas Fischer JGAM Sr. VP speaking at Jyske seminar
There has been a lot of confusion about parts of the HIRE that relate to American banking activity in 2013. An explanation is below… but the main problem is that this regulation will make it harder for Americans to find overseas banks that will serve them. This site has written many time about the problem. The US government has over the years created so many regulations on overseas banks who have US customers that most simply will not accept Americans any more. That’s a problem. Whenever I see a problem, I always ask…”What’s the solution?” This is an important question because here is a growing problem for Americans who want to bank abroad.
First, let’s ask why would one want to invest abroad?
There are three strong reasons.
#1: Bank abroad to gain different access… different perceptions and different experience. For example I bank with the Danish Jyske Bank (via their subsidiary for Americans: Jyske Global Asset Management) for my multi currency portfolio. Bankers in Denmark understand forex. As a small country surrounded by other nations and other currencies, the Danes have been multi currency thinkers and international traders probably before banking began. After all, these are the guys who first came to America!
American bankers on the other hand are dollar denominated thinkers. They were born under the US dollar. They grew up with the US dollar and many never have had any international experience. Need an example? Go to an American banker and ask to borrow Japanese yen or Swiss francs from him to invest in Brazilian bonds. Good luck… yet my Danish bankers will do this for me in a snap and have offered such services for decades.
#2: Bank abroad for diversification. In the 2008 recession, the US banking system almost melted down. That was worrisome to everyone, but those who held assets in two or three banking systems were at less risk than those who banked only in one country.
#3: Privacy and asset protection. Most bank accounts abroad are not secret… just much more privacy because they are not in the US system. A credit review in the USA would not reveal a bank account in England for example. The same is true in England, a credit review of an English person would not reveal the fact they had a bank account in the USA.
In the electronic age our privacy is pretty limited… but bank accounts in other systems are more private. This is a completely legal… common sense way to enhance one’s privacy. The asset protection benefit comes both from the fact that getting at assets abroad require much more hassle (plus legal costs) and often requires complying with a second set of laws.
Once again. If some one in England is trying to grab an English persons assets… they’ll have a tough time getting at money sitting in the USA. Ditto for someone grabbing an American’s assets in a bank abroad. This is a very handy benefit in this litigious world.
Regretfully this privacy has been misused by some who fail to report their earnings abroad. This has led to numerous overseas banking laws being passed in a number of countries over many decades. The USA has led the way in creating strict regulations that force non US banks that serve US customers to provide data to the IRS on income earned abroad. It is always important to report earnings.
The newest of these regulations is FATCA… the Foreign Account Tax Compliance Act passed into law in March of 2010 but takes effect in 2013 as part of a job creation bill known as the HIRE Act. The law attempts to ensure that U.S. persons don’t move money abroad without paying any taxes owed on it to the U.S. government.
This law aims at enforcing U.S. tax laws on investments held by Americans at overseas banks. This regulation states that overseas banks who have US customers with accounts in excess of USA$50,000 must provide data on the accounts earnings to the IRS. Overseas banks that have customers in this range and do not agree to provide the data will have a 30 percent withholding tax on all U.S. dollar transactions that pass through a U.S. Federal Reserve Bank and are sent to the non-compliant financial institution.
Each Overseas bank must decide:
1. Will it serve U.S. customers after January 1, 2013?
2. Will it limit U.S. customers to an account size of $50,000 or less?
3. Will it enter into agreements with the U.S. IRS to supply information about U.S. clients?
Many more (a large number of non US banks already will not accept US customers or will only accept large accounts) banks will simply stop serving U.S. customers or customers above the $50,000 threshold. This is an easy solution for a bank unless it has substantial US business.
Jyske and JGAM will comply. JGAM is already registered as an investment adviser in the US so this law is likely to bring JGAM more business as other overseas banks drop out of the American customer business.
We have developed the JGAM – IBEZ referral program. Here are more details about how this program is working.
Some Gary Scott readers relaxing at Jyske Bank’s training center in Silkeborg, Denmark. See below how this can help you gain extra earnings.
We have had a wonderful business relationship with Jyske for about 25 years. Jyske has always been a really great bank for me (I have used many), and we were grateful and relived when they decided to stick with American investors and create a subsidiary just to serve Americans.
Our activities as publishers has a synchronicity with Jyske and JGAM so we have been able to combine our training, communications and lead generation abilities with their financial organization.
Business is always a little more complicated when it entails financial products so we have created a beta program to develop this system.
A referrer does not have to be a registered investment adviser but JGAM does have a due diligence requirement. JGAM will also expect a certain amount of referrals per year though this amount has not been determined… hence this beta offer.
JGAM pays a percentage of their fee to the referrer up to a maximum 25% of their fee. This not only offers an excellent income generating opportunity but creates a potential long term income stream because JGAM keeps paying the fee as long as the client remains a client. Fees are paid on a quarterly basis.
There is also potential for growing long term income because JGAM pays the referrer based on the total assets under management. If a referred client makes additional payments the referrer will be paid on the total amount.
For example if an referrer refers a client who invests a minimum $100,000 and the annual fee is 2%, the referrer earns $500 per annum basic fee (as long as the customer remains with JGAM)… plus if the assets grow either through portfolio growth or added deposits… so too does the referrer’s fee.
The JGAM program is just one part of a more advanced program to help our readers earn income with their own micro businesses.
We have been working for many years with a number of businesses who have products or services that we love. These companies are headquartered in many places… Switzerland, Denmark. Ecuador, Spain, Canada as well as the USA and all of them offer global potential… business opportunity almost anywhere.
We write about many of the products of these companies often… though we are not paid.. but just because we like their products and hope you’ll enjoy them too.
We have now started a program to help our readers create their own micro business working with these businesses as referrers, dealers and distributors.
What a match… tens of thousands of readers, many wanting to earn globally… meeting some great… really unique global businesses tied together with our communication system that can bring all this: training…. communicating and networking.
Our online course International Business Made EZ is already geared to help readers learn how to do business abroad… anywhere… anytime.
We have now expanded this course into an annual service that updates readers with business ideas, leads, and tips, contacts, etc.
We have started the beta program and the good news is that we are not charging a penny more more. Our International Business Made EZ online course and our International Business Made EZ seminars remain the same price though we’ll now offer subscribers an entrance to doing business with many turnkey businesses.
The overall service can bring you the following benefits:
#1: Connect you via our our online course “International Business Made EZ” to here and now specific business opportunities.
#2: Keep you in touch with other readers in the program, share business tips, ideas contacts and even website support in some instances.
We are starting with these five businesses first.
#1: Jyske Global Asset Management (JGAM)
#2: Bio Wash
#3: Candace Newman Essential Oils
#5: Ecuador Imbabura Export Products
Our first program is already under way with JGAM and we have set our first training session for October 10, 2012.
This program will allow subscribers of International Business Made EZ who have attended an International Business Made EZ seminar to become referrers for JGAM.
Gary Scott and Thomas Fischer Senior VP for JGAM at Jyske Bank’s TV Station in Denmark.
We have been working with Jyske Bank for over 20 years and Jyske Global Asset Management, a Jyske Bank wholly owned subsidiary. We started talking to Thomas Fischer Senior VP about an referral program for some time. Finally,we introduced this opportunity for the first time at our June 2011 seminar. The response was overwhelming.
Jyske Bank employs a staff of about 4,000 and operates 116 Danish branches, which makes it the second largest independent Danish bank. They offer a full range of financial solutions to retail as well as small and medium-sized corporate clients.
We have always liked Jyske because they are one of Europe’s largest currency traders and offer very simple but sophisticated multi currency investing services. They are one of Europe’s largest currency traders and dealers.
Jyske Bank’s trading hall.
We have especially enjoyed our business relation with Jyske because being open and honest is one of the core values of the bank group. Traditionally, Jyske formulates and communicates its values – and the way they understand and live by them – to the surrounding world. They work hard offering shareholders, customers and employees balanced opportunity.
We especially like the fact that Jyske employees are not paid bonuses. No multi million pay outs are in the system that might temp staff to distort earnings or take undue risks.
The book “Our Foundations” outlines the principle of balance, the values, the vision, the company mission, the strategy and the value chain of the Jyske Bank Group. You can read “Jyske’s Foundations” here to get to know the group better.
The first business opportunity we are offering through International Business Made EZ is with JGAM. Subscribers to our International Business Made EZ online course who attend can train as referrers introducing American customers from anywhere in the world.
Here is how you can apply for this program.
To start as a referrer there is first the compliance process with Jyske Bank.
Once that process is complete, our IBEZ system helps educate and assist referrer.
First… once a referrer has been approved by JGAM, the referrer enrolls in our online course International Business Made EZ and attends one of our International Investing and Business seminars.
JGAM and our company conduct a one day intensive training for agents the day after each International Investing and Business seminar.
The first such seminar will be conducted Monday October 10, 2011 immediately after our October 7-8-9 International Investing and Business Seminar in West Jefferson, North Carolina.
Part of the program is designed so we can assist referrers by referring readers in their locale to them. So for example if a referrer is in Miami, we will send special emails to our readers in that area, help organize mini seminars… etc.
We can zero in as close as 20 miles to a location so for example we can send a separate email to every reader within 20 miles of the address of a referrer. And although we won’t release the names in that area, we can send them a note of the opportunity.
We will also provide a referrer communication forum and update training as well as portfolio and investing ideas. We have general plans at this stage but find the best way to develop systems is to refine through action so we expect our beta program this year to clarify how we can best help our readers become referrers and how we can help them succeed.
Step one is to start the compliance process with JGAM. Thomas Fischer can send you the Introducer Questionnaire and Terms of Business.
Thomas Fischer’s email is firstname.lastname@example.org
This will begin the process of establishing a relationship with JGAM. Once this relation is approved and verified, then you will be able to enroll in the referrer training.
You must subscriber to the online International Business Made EZ course and attend an International Business and Investing Seminar to be eligible for the October training.
All of our readers are invited to enroll in our International Business Made EZ Online Course and our International Business and Investing Seminar at any time.
If you have an interest, subscribe to our online course. Enroll Here $299. When you enroll, we’ll send you the online course International Business Made EZ. and five bonuses worth $557 FREE.
Get more details about the course and bonuses at International Business Made EZ.
After attending our International Business and investing seminar on October 7-8-9, you will be able to attend the JGAM agent training session.
You can also reserve the October seminar now if you choose. Click here for details.
Your cost will be exactly the same as it has always been… $299 for our online course and $799 for the seminar (or $999 for a couple). There is no additional charge for the training involved for a year. Each year you remain an agent, you’ll be able to get updated training with an automatic charge of $299 if you choose to remain in the program.
Satisfaction Guaranteed. Three Guarantees.
There is no guarantee that JGAM will approve your application as a referrer just because you enroll in the seminar or take the online course so we make two special guarantees.
First Guarantee. Regarding the online course International Business Made EZ. Enroll in this course. Take it and if you are not satisfied for any reason within 30 days… let us know and we’ll give you a full refund.
Second Guarantee. Enroll in our October 7-8-9 International Business & Investing Seminar. I’ll send you a recording of the June seminar now so you better understand what these seminars are and how they help you. If you are not happy with what you hear, let us know within 30 days and we’ll give you a full refund. You keep the recorded seminar as our thanks.
Third Guarantee. Your earnings potential has this guarantee. First, any time between now and October… before you attend the International Business and Investing seminar if you fail to qualify as a JGAM referrer agent or change your mind before attending the International Business and Investing seminar you can ask for a full refund.
Enrolling in International Business Made EZ will also qualify you for all other distributor and dealer programs we develop. Enrolling in the online course once and attending one seminar provides full qualification to apply for all programs we develop for a year.