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How long does it take to set up a bank account? |
ANSWER |
If you provide all the necessary identification accompanied by correctly completed application forms, we can usually have it set up within 24 hours.
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Q.12
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What is a TT and a bank draft?
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ANSWER |
A TT is a (telegraphic transfer) It is the fastest way to move money around the world.
The process can be done online for smaller amounts if you have this facility or you can go into your bank, give them the coordinates of where you want the money sent, and it is then wired by TT to the nominated financial institution. Like a BSB code for your bank, they also have a SWIFT code, which identifies the bank in the instance of a TT.
A bank draft is just another name for a bank cheque. |
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Q.13 |
Do I have to pay tax on the money I earn when investing offshore? Even though it’s not being earned in my home country? |
ANSWER |
Unfortunately, the answer to this question is yes. Regardless of where you earn the money you are still liable for tax in your home country. However, a good accountant can minimize the amount you pay.
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Q.14 |
I’m interested in a fund that you don’t list. Can you get the prospectus for me? |
ANSWER |
Yes, however if many cases it is cheaper and simpler for you to deal with the fund directly. If you have any problems or require our services to clarify information in the prospectus, please don’t hesitate to ask. |
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Q.15 |
How easy is it to transfer money to and from the National Bank of Vanuatu (NBV) to my account in Australia ?
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Transferring money from your account in Australia is simple, by using a TT (telegraphic transfer). The speed of this transfer depends on the bank itself, but as a guide, it is usually between 24 – 48 hours.
Transfers from NBV to Australia is also simple and quick – if you request the transfer by 10.00am (Monday to Friday), you would generally have the money by 3.00pm on the same day. |
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Q.16 |
If Landau Securities can open accounts for ANZ, Westpac and NBV, why do you only provide forms for NBV?
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ANSWER |
In some ways, we do prefer NBV over Westpac and ANZ, for the following reasons:
- The minimum to open an account with NBV is only $1,000 AUD as opposed to $5,000 with the other banks
- ANZ charge $20 per month for account keeping fees, if your balance drops below $5,000
- NBV allows your balance to drop to around $200 with no fees
NBV do not have branches outside Vanuatu . |
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Q.17 |
Hedge funds seem appealing because they look like they can do well in any kind of market. But most of them have high minimum investment amounts. So are there any hedge funds that the ‘little guy’ can get into? |
ANSWER |
While we agree that most hedge funds have high minimums, there are some funds that have lower minimums and achieve good results .
Once you have completed our Questionnaire, we can discuss these options with you in more detail. |
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Q.18 |
Do you have Automatic Investment Plans (AIP) for your offshore funds?
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ANSWER |
No we don’t offer AIP, for the following reasons:
- They cannot direct debit from another country’s bank
- You would need to set up an account in the country where you wanted the AIP
- You would then lose money on exchange rates, every time you topped up your account
It would be highly costly in TT (telegraphic transfer) fees |
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Q.19 |
How do I let the fund manager know I want to get out, when I’m happy with the return or I just want to close my investment? |
ANSWER |
Generally, most funds will allow you to redeem your shares on a daily basis. This can be done by fax or simply with a phone call. There are also funds that have internet management, so you can swap between their funds and also withdraw your money.
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Q.20 |
How do I let the fund manager know I want to get out, when I’m happy with the return or I just want to close my investment? |
ANSWER |
Generally, most funds will allow you to redeem your units on a monthly basis. This can be done by fax. There are also funds that have internet management, so you can swap between their funds and also withdraw your money.
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Q.21 |
How is my money sent to me, once I make a redemption from the fund or investment?
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ANSWER |
Normally, when you redeem your shares from a fund, they will TT ( telegraphic transfer) the money to the account nominated when you first invested.
If the money is to go to your offshore account, then you could request them to TT it to your nominated account. In this instance, you need to remember that there will be tax implications. |
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Q.22 |
Is it possible to have the fund manager direct debit my offshore bank account, to transfer the initial payment to the fund manager?
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Direct debit facilities can only exist where a prior relationship has been established between the banks. Generally, this is possible within the same country, but not possible where the banks are in different jurisdictions. For example, ANZ Vanuatu, is on a different computer system than the Australian branches, so a debit card that registers in Vanuatu , would not be able to identify the account holder in an Australian ANZ branch. This is why the TT ( telegraphic transfer) is so widely used.
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Q.23 |
What is a ‘certificate of compliance’? |
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Often referred to in a prospectus, a certificate of compliance describes a form of national identification such as a passport. In the current global climate, mutual funds are virtually paranoid about the prospect of money laundering or assisting terrorists. They require this certificate of compliance, so they can say they have verified your identification.
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Q.24 |
What services do you offer?
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ANSWER |
Landau Securities specializes in absolute return offshore mutual funds.
We supply prospectuses for funds we act as intermediaries for.
We create investment proposals.
We walk you through the entire investment process.
Landau can also assist in opening up bank accounts
Other services Include
- Global Investing Workshops
- CD Based Investment Newsletters
- Personalized Portfolio Tracking
- Product Research
Portfolio Rebalancing |
