Björn Frey’s Post

🇺🇸 🇨🇭 Changes to the Swiss Pillar 3a This could be great news for Americans living in Switzerland 👏 👉 What is changing: The Swiss Federal Council has approved a law today to allow for retroactive payments to close Pillar 3a contribution gaps starting from 2025. (Please be aware that retroactive payments are not possible for contributions missed before 2025.) 👉 If Donald Trump delivers on his promise to end citizen-based taxation for US Persons (US citizens and US green card holders), US persons should be able to make catch-up contributions for prior years (assuming that they didn't make such contributions, which rarely makes sense due to unfavourable US tax treatment). The same holds true for US persons who are renouncing their US citizenship - a list that might have gotten longer (or shorter?) after today. 🤷♂️ 📈 With new pillar 3a solutions that allow for 100% equity portfolios and even allocations to Bitcoin and have all-in costs of less than 0.5%, such options are even attractive for Americans who got used to almost free investment solutions. Thank you Andri Silberschmidt-Buhofer and for everyone involved in this new legislation. 🙏 American International Club of Zurich (AICZ) Tax Fairness for Americans Abroad #Switzerland #pillar3a #RBT

Mit diesem Statement ist Robert #Habeck wieder in die Rolle eines #Kinderbuchautor|s geschlüpft.  Peinlich für einen #Kanzlerkandidaten! Mit seinem Vorschlag, #Kapitalerträge der #Sozialversicherungspflicht zu unterwerfen hat er bewiesen, dass er den Unterschied zwischen #Sozialversicherungsrecht und #Steuerrecht nicht versteht! #Sozialabgaben auf Kapitalerträge zu erheben birgt so viele Probleme: Wie soll der Emir von Katar die #Dividenden, die er auf seinen deutschen Aktienbesitz erhält der deutschen Sozialversicherungspflicht unterwerfen? Welche Ansprüche erwirbt er dann aus dem #Versicherungsverhältnis, das mit der Beitragserhebung besteht? Wenn sich der #Staat verschuldet, welcher #Kapitalanleger aus einem Drittstaat oder der #EU will diese #Staatsanleihen kaufen, wenn er die Erklärung erhält, dass ca. 18 Prozent des Gewinns gleich wieder an die deutschen #Sozialversicherungsträger zurück fließt? Was macht man mit den ca. 8,7 Mio #PKV Mitglieder, an welche #Krankenkasse sollen deren Sozialabgaben dann durch welchen Vorgang abgeführt werden? Oder die reiche Sparer:innen, die gar nicht krankenversichert sind und ihre #Gesundheitskosten selbst tragen, wohin sollen ihre #Beiträge überführt werden? Das Niveau dieses Vorschlags ist so niedrig und rechtlich nicht umzusetzen. So ein Tohubawohu an #Ungleichbehandlung wirft doch sofort die #Verfassungswidrig|keit auf den Plan. Vielleicht ahnt das #Robert Habeck vielleicht schon, aber #Dummheit schafft keine #Gerechtigkeit! Was meint die LinkedIn Community?

A comprehensive and very insightful interview - especially the second part of today,   From a German perspective the question of obligatory flood insurance is an ever pressing issue for our society. The two key success factors for tackling consequences of climate change in Germany are a) the government redirecting funds from flood loss payments to mitigation and b) insurers offering coverage at risk-adequate prices. As stated in the interview, reinsurers should have the capacity required, and the need for any governmental pools appears only secondary. Looking at the next renewal, if the losses per event have doubled over the past ten years, can we compare the current situation with past reinsurance cycles? Any absolute number in terms of prices or budgets to be compared to the past runs the risk of being misleading. Summer is the time when budgets for 1/1 and structural directions are set. But also when pools are used for what they are meant for - making a splash!

Well done

Germany’s Limited Sovereignty: Time to Acknowledge Harsh Realities For decades, Germany has operated under the influence of external powers, particularly the United States. While this dynamic may not always be overtly discussed, it plays a significant role in shaping the country’s foreign and defense policies. Decisions about Germany’s role in global conflicts or its defense strategies are often made with external input, and this has become increasingly apparent in the current geopolitical landscape. Figures like Olaf Scholz, while in positions of power, are often seen more as managers of these influences rather than independent decision-makers. The conflict in Ukraine is a perfect example. Russia’s response to what it views as western provocations has shifted the global order. The “special operation” in Ukraine marked not only a military escalation but also a significant breach of international agreements. Ukraine’s decision to give up its nuclear weapons, secured by promises of protection from Russia, was met with betrayal. This has brought us back to an era where force governs international relations. Agreements, treaties, and diplomatic engagements seem to carry little weight when countries are willing to act aggressively. I, like many, once believed that peace could be achieved through dialogue, diplomacy, and mutual understanding. I recall my own experiences with Russian counterparts, learning to appreciate their culture and worldview. Yet, over time, I’ve come to realize that Russia’s leadership respects only one thing: strength. Deterrence, not diplomacy, is the language that is understood. It’s no longer enough to engage in peaceful talks while threats loom at the borders. Sadly, weapons and preparedness have become the necessities of our time. A Ukrainian friend of mine has a firearm for protection, but now, in these times, he also keeps a drone capable of defending against airborne threats. This is a tragic but realistic reflection of today’s world. The idea that peace can be secured solely through goodwill and conversation is, in many cases, a utopian dream. While I still believe in the importance of dialogue, we must acknowledge that, unfortunately, deterrence through strength is the only language that some actors on the global stage understand. It’s a difficult realization, but one we must face. What do you think? I welcome a thoughtful discussion on how we can navigate this complex new world.

I am pleased to disseminate the message brought by the German Minister of Finance, Jörg Kukies, that it is better to offer pension products with higher return expectations than with a capital guarantee. 💡The OECD - OCDE conveyed this message in a recently published study, noting the following:  "Investing in equity markets would, in general, lead to better retirement income outcomes for members of DC pension plans. Investing in equities is likely to provide a higher average performance, more assets accumulated at retirement and higher replacement rates than investing only in fixed income. Even during the payout phase, people taking regular drawdowns are likely to receive higher pension benefits when investing a significant part of their savings in equities." 💡Investing in equities makes pension benefits sensitive to equity market downturns occurring when people are close to retirement. To address this risk, the OECD noted the following: "Life-cycle investment strategies can mitigate that risk. By keeping a high exposure to equities during the first part of the accumulation phase and reducing it gradually as the retirement date approaches, life-cycle strategies use the compounded return effect to grow savings and reduce the risk of large losses when accumulated assets are at their peak.” 💡The OECD also stressed that “conservative investment strategies provide only moderate protection to members of DC pension plans. The analysis shows that retirement income outcomes are less volatile with a fixed-income portfolio than with investment strategies with some equity exposure. However, most people are likely to be worse-off with portfolios only invested in fixed income and to forego significant pension benefits. Additionally, even when a fixed-income portfolio may be the best option, the difference with other investment strategies may only be moderate, as portfolios with equity exposure may only produce slightly lower accumulated assets and replacement rates in case of negative events.” 👉 More info can be found here: https://lnkd.in/eynCcwgJ #EFAMA #pension European Insurance and Occupational Pensions Authority (EIOPA) Cvetelina Todorova Pablo Antolin Nicolas Stéphanie Payet

Ooooookay… …ein wenig mehr wie ein souveräner Staat zu aggieren wäre schon irgendwie nett. Update: 1. #Linder sei laut #Scholz an allem schuld!!! 2. Seit wann erinnert sich Scholz an solche Details? 3. Irgendwas mit #Weiterwursteln bis Januar und dann #Vertrauensfrage und u.U. #Neuwahlen... 4. Irgendwas mit Verantwortung für die neu Weltlage und gleichzeitig für den innere Frieden in Deutschland und so... Also: Wenn morgen nicht #Taurus an die #Ukraine geliefert werden, dann ist Scholz Gelaber nix wert. Den Krieg dort asap zu Beenden wäre die billigste Option für alle Seiten. Scholz will sich mit dem politischen Chaos nur von dieser eigentlich wichtigsten Verantwortung überhaupt drücken!!! Update v2: 1. Lindner teilt auch ordentlich aus ;) 2. Scholz wollte wohl eine Umgehung der #Schuldenbremse. Lindner wollte nicht das Gesetz brechen. #Deshalb hätte Scholz ihn entlassen. 3. Klingt alles ein wenig nach ner gelben #Dolchstoßlegende ;) 4. Ein wenig großspurig für eine 0,x% Partei ;)

Eine brilliante Analyse! Was tun? 1. Wir brauchen 200+ radikale Reformen und eine "Mission Zukunft Deutschland"- Details in www.missionfuture.com. 2. Verwaltung komplett digital wie in Estland- würde 35,000 Finanzbeamte einsparen und viele Milliarden. 3. Jedes Jahr 10 Prozent weniger Verwalter und Stellenstopp und Digitalisierung. 4. Zuzug Unqualifizierter klar begrenzen. 5. Wachstum, Wachstum, Wachstum 2 Prozent +, denn ohne dieses ist der Staatshaushalt auf Treibsand gebaut.

The FDP (Free Democrats, a pro-business party in Germany) received more votes in the #European elections than in 2019 and continues to hold five mandates in the #EU Parliament. Party leader #Lindner sees this as a “strong signal of stabilization” – not only in Europe, but “also in the Federal Republic”. After the European elections, the #FDP leader appears confident. Debt brake and rejection of tax increases are the working basis for the #traffic light. Nobody should question either. (The "traffic light" is a coaltion of center left, center right and pro-business liberals.)