Tag Archives: Canada

Related Reading: Switzerland, Canada, United Kingdom Top U.S. News & World Report’s 2017 ‘Best Countries’ Rankings

Here’s an annual survey one might consider when selecting an offshore safe deposit box location.

U.S. News & World Report just released its “Best Countries” rankings for 2017. Kevin Drew reported Tuesday morning on the American media company’s website:

Switzerland is viewed as the No. 1 overall country, according to a survey of more than 21,000 people from 36 countries in all regions of the world. People regard the European country highly for its citizenship, being open for business, an environment that encourages entrepreneurship, the quality of life it provides its citizens and for its cultural influence.

Switzerland is one of 20 new countries evaluated this year, as the total number of nations assessed in the survey grew to 80.

Canada finished No. 2 overall and the United Kingdom No. 3, as both did last year. Germany fell from its top spot in 2016 to No. 4 this year, while Japan moved up two positions to No. 5 overall…

(Editor’s note: Bold added for emphasis)

As for the United States? It placed seventh, behind Sweden.

Head on over to the U.S. News & World Report site here to view the entire article and access the overall rankings.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Consider Country Corruption Perceptions When Selecting Location For Offshore Safe Deposit Box

Over the last year I’ve provided blog readers with some potential resources for determining where to open an overseas safe deposit box.

On February 29, 2016, I pointed out Mercer’s 18th annual Quality of Living Survey.

On March 7, 2016, I identified HSBC Bank’s 8th annual Expat Explorer Survey.

This morning, I’m going to talk about another possible resource with Transparency International’s Corruption Perceptions Index for 2016. From the Facebook page for the Berlin-based international non-governmental organization:

Transparency International (TI) is the global civil society organisation leading the fight against corruption. TI challenges the inevitability of corruption, and offers hope to its victims…

Our best-known tool is the annual Corruption Perceptions Index (CPI), which measures the perceived level of public-sector corruption around the world…

(Editor’s note: Bold added for emphasis)

And from a January 25 press release regarding the 2016 edition of the CPI:

69 per cent of the 176 countries on the Corruption Perceptions Index 2016 scored below 50, on a scale from 0 (perceived to be highly corrupt) to 100 (perceived to be very clean), exposing how massive and pervasive public sector corruption is around the world. This year more countries declined in the index than improved, showing the need for urgent action…

Denmark and New Zealand perform best with scores of 90, closely followed by Finland (89) and Sweden (88). Although no country is free of corruption, the countries at the top share characteristics of open government, press freedom, civil liberties and independent judicial systems…

(Editor’s note: Bold added for emphasis)

Rounding out the “top ten” were:

5. Switzerland
6. Norway
7. Singapore
8. Netherlands
9. Canada
10. 3-way-tie between Germany, Luxembourg, and the United Kingdom

The United States came in at number 18, falling from 16th place a year earlier.

You can view 2016’s Corruption Perceptions Index here on Transparency International’s website.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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U.S. Bullion Dealer Miles Franklin Launches Private Safe Deposit Box Program In Canada

While pulling material together for the blog this morning, I learned about a new “offshore” safe deposit box program that’s just been launched by a well-known American precious metals dealer. Andrew Hoffman, Marketing Director for Miles Franklin (“one of America’s oldest, most trusted bullion dealers”) wrote on SilverSeek.com on November 2:

We’ve spent more than a year creating a storage feature that, to our knowledge, NO ONE else can offer; again, with our fantastic partners at Brink’s Canada. Which is, as of this week, our one-of-a-kind Private Safe Deposit Box program in Toronto and Vancouver; in which, clients can store gold, platinum, U.S. dollars, Canadian dollars, or Swiss Francs in a private, fully insured, safe deposit box, completely outside of the banking system. And the best part is, that whilst Miles Franklin and Brink’s are aware of the contents for auditing purposes, only you have the key. Thus, if you want to make a deposit, take a withdrawal, or simply view your box’s contents, the only way it can be opened is if you go in person, or mail Brink’s the key with express written instructions (after which, Brink’s will mail you back the key)…

Interesting. Canadian non-bank safe deposit box storage via an American bullion dealer (offices in Minnesota and Florida). Hoffman elaborated in a blog post on the Miles Franklin website November 1:

Our team continues to seek new ways to improve our industry-leading storage product. Thus, in light of the rapidly evolving issues- and dangers- facing the financial world, we have striven to craft new service offerings, enabling clients to enjoy greater degrees of cost efficiency, practicality, and most importantly, peace of mind. Which is why it is my great pleasure to announce the launch of Miles Franklin’s one-of-a-kind Private Safe Deposit Box Program, at Brink’s Canada’s Toronto and Vancouver vaults.

Through the program, new clients- and existing clients of our Brink’s Montreal and Vancouver segregated storage programs- will have their own, fully insured safety deposit boxes. Of which, only Brink’s and Miles Franklin will be aware of the contents, and only you will have the key. Plus, clients will have the ability to personally visit their boxes, to either view the contents, make new deposits, or take withdrawals. Or alternatively, clients may choose to mail one of their two keys to Brink’s, with instructions to receive a new deposit or make a withdrawal – after which, the key is mailed back. In other words, no one- aside from Brink’s, with your express written permission, and the key you personally mail them- can ever open your box

He added later in the post that clients will have the ability to “not only store gold and platinum in the boxes, but hard cash, in the form of U.S. dollar, Canadian dollar, or Swiss Franc notes.”

Offshore Safe Deposit Boxes wishes Miles Franklin all the best with its new Private Safe Deposit Box program. For more information about this service, visit the program website here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of entities offering offshore safe deposit box/locker storage should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Sources:

Hoffman, Andrew. “All-Out Political War.” SilverSeek.com. 2 Nov. 2016. (http://www.silverseek.com/commentary/all-out-political-war-16075). 15 Nov. 2016.

Hoffman, Andrew. “Introducing The Most Unique Alternative In The Gold Bullion (And Cash) Storage Industry.” Miles Franklin. 1 Nov. 2016. (https://www.milesfranklin.com/introducing-the-most-unique-alternative-in-the-global-bullion-and-cash-storage-industry/). 15 Nov. 2016.

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Canadian Bank ‘Bail-In’ Legislation Latest

Back on March 23 I blogged about Canada introducing bank “bail-in” legislation. I wrote:

As concerns grow about the health of the global economy, ‘bail-in’ programs look to proliferate outside Europe. Leah Schnurr reported Tuesday afternoon on the Reuters website:

Canada will introduce legislation to implement a “bail-in” regime for systemically important banks that would shift some of the responsibility for propping up failing institutions to creditors.

The proposed plan outlined in the federal budget released on Tuesday would allow authorities to convert eligible long-term debt of a failing lender into common shares in order to recapitalize the bank, allowing it to remain operating.

The plan is in line with international efforts to address the potential risks to the financial system from institutions that are deemed too big to fail, the budget document said…

(Editor’s note: Bold added for emphasis)

I’ve been curious about the “progress” being made by our neighbors to the north with implementing this “bail-in” program for “systemically important banks.” Poking around the Internet the other day, I came across this article on Lexology.com from Craig Bellefontaine and Koker Christensen of international business law firm Fasken Martineau DuMoulin. They wrote on May 4, 2016:

Budget 2016, released on March 22, 2016, reiterated the Government of Canada’s commitment to introducing a bail-in regime. With the tabling of Bill C-15, Budget Implementation Act, 2016, No. 1, on April 20, 2016, the arrival of a bail-in regime to Canada came one step closer to fruition. Bill C-15 includes amendments to the Canada Deposit Insurance Corporation Act (“CDIC Act”), the Bank Act and other related Acts that, if passed, will establish the framework for a bail-in regime for Canada’s domestic systemically important banks (“D-SIBs”)

(Editor’s note: Bold added for emphasis)

In my March post I also asked this question:

Could depositors be targeted in a future Canadian bank bail-in as a result of this coming legislation? Is there a scenario where assets stored in bank safe deposit boxes might also be threatened? It’s too early to tell at this point…

Well, I spotted another piece on Lexology from Jennifer Allman, Darcy Ammerman, Pat Forgione, and Robert M. Scavone of Canadian business law firm McMillan. They wrote on May 12:

In our April 2016 bulletin, we discussed concerns over whether consumer deposits would be part of the eligible debt responsible for bailing-in a bank. For the moment, these concerns remain unanswered; the types of liabilities subject to the bail-in regime are not set out in Bill C-15. Instead, they will be specified in regulations to the Canada Deposit Insurance Corporation Act, which have yet to be prescribed. When the bail-in proposals were first proposed by the previous Conservative Government, communications from the Minister of Finance denied that depositors’ accounts would be subject to the bail-in regime

(Editor’s note: Bold added for emphasis)

Stay tuned…

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on information found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Sources:

Bellefontaine, Craig and Christensen, Koker. “Canadian Bail-In Framework Unveiled.” Lexology.com. 4 May 2016. (http://www.lexology.com/library/detail.aspx?g=76d770fc-8b49-44d7-9eb2-741549ac0cc7). 7 June 2016.

Allman, Jennifer, Ammerman, Darcy, Forgione, Pat, and Scavone, Robert M. “Updates to the Bail-In Regime: Introduction of Bill C-15.” Lexology.com. 12 May 2016. (http://www.lexology.com/library/detail.aspx?g=2f5edde7-7cf8-42f6-a93b-324f10ae16aa). 7 June 2016.

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