hollywood billionaire

Chapter 5 Housing Demand

Author: TrojanRW

Chapter 5 Housing Demand

"Your account was created on October 21, 2011, and you became a private banking customer after passing the review on November 2... and opened a financial management account with JPMorgan Chase on February 13, 2012."

Having said this, Fernando Gonzalez glanced at the documents in front of him seemingly casually. His description was very simple, but the customer information in front of him was densely written.

On October 21, 2011, a limited liability company named S42H19 registered in Charlotte, North Carolina, deposited the first US$5 million for Hanyi through its company account at Chase Bank.

You read that right, S42H19 is the name of this company. In the United States, when many wealthy people buy properties or transfer assets, they will set up limited liability companies composed of meaningless letters and numbers. Some people do this to conceal their true identity.

, some people want to avoid personal income tax. After all, natural persons with annual income of more than 415,000 US dollars need to pay 39.6% personal income tax, while corporate income tax is paid according to the ladder system. Even if the income is more than 18 million US dollars, the tax rate does not exceed 35%.

.

Of course, this was the tax rate when the Democratic Party was in power. In 2017, the 115th Congress controlled by the Republican Party passed Public Law 115-97, also known as the Tax Cuts and Job Opportunities Act, which cut the corporate tax rate to 21%.

For large capital flows, Chase Bank naturally conducted detailed due diligence. After discovering that the funds came from overseas, the bank even mobilized the Los Angeles, California and federal heads of the Financial Crimes Compliance Department to participate in the investigation.

The source of the funds is very clear. It was wired by Canadian Imperial Bank of Commerce to an account in the United States on S42H19, and Canadian Imperial Bank of Commerce received the money from CIBC First Caribbean International Bank. CIBC First Caribbean International Bank has a very strict relationship with the U.S.-based super funds.

It is no stranger to high-net-worth individuals. This bank was formed by the merger of Barclays Bank and the Caribbean business of Canadian Imperial Bank of Commerce. It has branches in Barbados, the Bahamas and the Cayman Islands, and this money is from

Remit from the account at Cayman Branch.

Within two years, S42H19 made as many as 167 transfers to Han Yi's Chase account, ranging from hundreds of thousands of dollars to tens of millions of dollars. Every remittance paid income tax in full. Information from the IRS shows that,

from 2012

From 2015 to 2015, Han Yi’s 1040-ES and W-9 forms were filled out impeccably. His personal income declaration and income tax forecast were faultless, and he could even be called a model taxpayer worthy of federal commendation.

personal.

This is why Fernando Gonzalez and his colleagues are in awe of Han Yi, or the "family" behind him.

They do not rely on gray remittance methods to directly contact Chinese banks in North America, nor do they establish local trust funds, and avoid taxes through complex income structures. On the contrary, this family directly transfers money from the Cayman Islands, a tax-free paradise, to the United States through Canada, and eats everything.

personal income tax and sent $185 million in cash to Han Yi.

Just to let him practice his independent financial management skills?

There are only two possibilities for choosing to do this. The first is that this family is so stupid that they don’t know how to avoid taxes. The second is that the US$185 million and the taxes generated are nothing to them. Just to let them know.

Han Yineng is 100% compliant and legal and uses the funds without any scruples.

Will the family that can earn $185 million be the first type of person?

Thinking of this, Fernando Gonzalez cleared his throat and raised the corners of his mouth a little more.

"Your Chase trading account currently has 52890454.76 US dollars. You can withdraw this money at any time, and the annual interest rate is 0.1%."

"0.1%?" Han Yi raised his eyebrows. This number was too low for him to understand. His basic account at Wells Fargo without any upgrades had an annual interest rate of 0.15%. If he deposited 1 million US dollars, he would upgrade.

For a platinum account, Wells Fargo can even offer an interest rate of 1.98%.

52.89 million U.S. dollars, with an annual interest rate of only 0.1%, Chase's private banking services seem to be somewhat unrealistic.

"We do not provide interest rates that exceed industry standards, Mr. Han." Fernando has been asked this question too many times by customers, and his answers are mechanical, neat and standardized, "But we can provide complete services at zero rate.

ATM cash withdrawals, domestic wire transfers, international wire transfers, online transfers, overdraft protection... We do not charge any fees for all services that private banking customers will be involved in."

"On top of that, we offer the best home loan deals. The current average federal mortgage rate is, let me see... ah, 3.65 percent, and that's the most recent data as of February 11th. And we can do that for you.

What I offer, Mr. Han, is a 0.5% discount. Also

Just say, you can get a loan to buy a house at an interest rate of 3.15%. If you include your extremely high credit score, this number can be as low as 2.5% or more." Fernando folded his hands on the table and explained to Han Yi methodically

every one of his rights as a private banking client.

"I believe you can see that everyone sitting here is a one-to-one personal advisor provided by Chase Bank. I am responsible for the daily management and maintenance of your assets, and Joseph is responsible for your investment consultation at Chase Private Bank.

If you have the need to start a business within the Commonwealth, our great guy Ryan can help you complete every step of the process of purchasing real estate. If you want to run a business in the United States, Jamal can use his keen business acumen and extensive and deep experience to

The relationship chain builds a basic platform for you.”

"More importantly, Chase Bank cares about every detail of your life, not just wealth. Olivia will be your all-round assistant in your private life, including bills, transportation, accommodation, travel, and even concert tickets and Oscar invitations.

If you want to write a letter, you can put Olivia at the top of your speed dial number, because she can help you solve it all with just one phone call."

"Of course, what Chase is most proud of is JPMorgan Chase's wealth management business."

Chase Bank has never been very friendly to ordinary customers. The annual savings interest rate for general accounts is an extremely insulting 0.01%. Even for private bank customers, it is only a maximum of 0.1%. The main purpose of Chase is to attract

Clients use JPMorgan Chase's financial management services.

"Most of your cash assets in our bank are also being managed by JPMorgan Chase's elite team. For the specific situation, I would like to ask Mr. Patel to introduce you to...Mr. Patel."

"Okay, thank you, Mr. Gonzalez." Akash Patel nodded slightly and greeted Fernando Gonzalez. Akash's skin color is slightly lighter than Fernando's, but the Indian subcontinent's

The features are still obvious, with big bulging light brown eyes, thick ocher lips and a thick beard with traces of careful repair.

No matter what race or culture they come from, Chase Bank managers are carefully wrapped in a shiny skin made of money.

"First of all, the total wealth value that JPMorgan Chase currently manages for you reaches US$133,772,890, which makes you identified as JPMorgan Chase's highest-level client. Our annual advisory fee for financial management starts from 1.45% of the total assets under management, and increases with time.

Decrease with the increase of total assets. Your advisory fee is only 0.3%, which is our lowest standard. Starting from 2014, we have also implemented a three-year temporary advisory fee reduction discount of 25%. The current annual rate

Only 0.225%.”

"In accordance with the jointly signed investment objective statement - the details of which can be found in Exhibit A of the contract - we divided our assets into several small investment portfolios. Of the $133 million, 54% participated in our fixed income advisory plan,

FIAP, which is about US$71.82 million. 23% of this part of the assets goes into JPMorgan Chase’s self-owned investment funds, and 76% goes into insurance.

External funds with fixed returns are guaranteed, and 1% is traded in JPMorgan's cash account. We guarantee you an annualized return of at least 3.86% per year, while the actual number last year was 5.66%. We need to remind you that,

We charge an additional 0.7% management fee on the proceeds of the FIAP project, so you will find that the actual payment you receive will be less, but not too much.”

“Another 25% of the funds use our liquidity management strategy to ensure you the highest cash liquidity and income returns, of which 33% are in our self-held funds, 66% are in short-cycle external funds, and 1%

Remain in our cash account."

"The remaining 21% is evenly distributed among the dynamic diversified asset plan, the emerging market development and income plan and the sustainable fixed income plan... In 2015, we obtained a return of more than 8.12% for your assets, of which

The Emerging Markets Development and Income Plan has a staggering 23.34% yield.”

Akash's memory is quite amazing. When Fernando introduced the team members, he kept his head down and silently reviewed the report. However, in just a few minutes, he memorized the important data meticulously and repeated it accurately.

.

"Is this the annual report for 2015?"

Han Yi clicked on a loose-leaf folder that Olivia pushed in front of him and asked.

"Yes, Mr. Han. After the end of each financial quarter, we will submit the quarterly report to you within thirty to forty-five working days. The annual report will be thirty to four days after December 31 of each calendar year.

It will be completed within fifteen working days. What you are seeing now is the income report of your investment portfolio in 2015... The electronic version of the report has been sent to your reserved email address, which is [email protected], right?"

"That's right." Han Yi raised his head and glanced at Akash Patel without showing a trace of surprise. Since they can perfectly and legally operate international transactions worth hundreds of millions of dollars, they should leave their school email addresses in advance.

Get the contact information for the report. What’s surprising?

"That's a very detailed explanation, Akash, but I have one more question."

"Please speak, Mr. Han." Akash sat up straight and looked at Han Yi seriously.

“How soon can I withdraw cash from these investment portfolios?”

"Ah... our agreement is very concerned about the liquidity of funds." Akash was stunned. He obviously did not expect that this would be the first question raised by the other party, "That's why you can see,

Only 7% of funds are invested in sustainable long-term investment plans. By J.P. Morgan

Most of the directly managed funds are investor funds with a one-year settlement period, and most of the external funds we selected are also private equity funds with short operating cycles. However, some funds are indeed used to maximize returns.

, invested in projects with repayment periods of 3-6 years.”

"Your first financial quarter of this year has started on February 12. According to our agreement, you must file a termination agreement or partial termination thirty days before the last financial quarter of each year. That is to say, you will not be able to terminate the agreement until next year."

If we propose termination on January 10, we will receive approximately US$100 million in cash in March 2017.”

Akash held up the rose gold frame and glanced at Joseph Braun beside him.

"Mr. Han, if you need to use a large amount of funds in a short period of time, we can provide you with a mortgage loan on cash assets."

"Yes, Mr. Han, we can provide you with a loan of 75% of your total assets in Chase Bank." Joseph wiped away a strand of gray hair that fell in front of his forehead and nodded in agreement.

"That's not necessary. I don't have any special plans for the time being." Han Yi quickly calculated in his mind the total amount of funds available from now to this time next year and waved his hand.

"However, I do have plans to buy a house. I will live in the United States for a long time and need to purchase some assets."

"That's great, Mr. Han, is there anything we can help you with?" Fernando Gonzalez said with a smile.

"First of all... I want to buy a new car." Han Yi naturally didn't need to mention the brand or budget. The people in front of him knew his net worth very well.

"We need to find the car." Han Yi thought for a moment and then added.

"Thomas O'Gara is a loyal, long-term customer of Chase Bank, and I have been his business relations advisor for the past six years." Jamal Miller, who is sitting on the far right and has been silent, puts the index and middle fingers of his right hand together.

Together, raised up, "O'Gara Automobiles under his name is one of the most prestigious luxury car dealers in Beverly Hills. Their garage has the most complete collection in Los Angeles. If you

Conveniently, I can make an appointment for you to show you this afternoon."

"Awesome." Han Yi nodded with satisfaction, "In addition, I also want to buy a property."

"This is my specialty, Mr. Han." Ryan McConaughey was the youngest manager among the attendees, and his voice was full of the pride and energy of a recent graduate.

"Are you interested in the area where you want to buy a house? I can help you contact a real estate agent in any community in greater Los Angeles."

Hearing Ryan's question, Han Yi didn't rush to speak. He turned his head and looked out the French window, tapping his finger lightly in the air.

"There."

Everyone in the conference room looked in the direction he pointed. At the end of their eyes, there was the shining galaxy built by wealth and power.

Thanks to Chang Sheng, the short-haired god ZZZ, and the monthly ticket for the spring breeze to go away!

Thanks to Chang Sheng and grayfox for the tip!

(End of chapter)