How do I get my money out of this country?

I inherited a chunk of money. How do I get it out of the country? Canada? Switzerland?

I don't want it here.

Ideas? Cheap legal/financial advice?

and sew the goodies into your clothes as you cross the border. Worked for Jewish immigrants from Russia a little over 100 years ago....

gold is no longer undetectable and no diamonds are no longer valuable so maybe we should move w. the times, the person fleeing the country loaded down w. unreported gems and metals is going to get his happy ass stopped at the airport, you can carry cash but you need to report it properly any time you carry $10K or more over the usa border (either way, going out or coming back)

the OP needs to be aware that he must report all foreign bank accounts to the irs

if you cheat, be prepared to do the time for the crime, foreign bank accts are no longer secret or private, switzerland got their accts pried open years ago using the wedge of aging nazis hiding money there, the banking capital of latin america panama got invaded and their leader of the day is in a usa federal prison to this day and so forth, so foreign banks and managers are going to cover their ass and not yours if presented w. "requests" from usa authorities

this whole concept may have worked in the 60s but it is only a scam now

the reason big deal drug dealers and terrorists and arms dealers are able to move their money across internat'l borders w.out consequence is they know who to pay off, you don't know and can't know that, you can only know who sticks his hands out -- and you are at high risk of just getting ripped off

frankly if i was that paranoid abt having gov't seize my money (assuming this be the fear) i would go ahead and spend the money on something i really always wanted to do, hell, go climb mount kilimanjaro or what have you, they can never take that away from you


why not just invest in some nice internat'l mutual funds? t. rowe price latin america fund is a good one for the action investor

It's what I would do if I had any money. :cry:

why do people keep suggesting this?

this is WHY you don't have any money people

a key point to being a successful investor is to understand the cost of the investment

transaction fees going from dollars to euros and back again when you need to withdraw, it gets damn pricey, plus euro is v. strong aga. the dollar now so you get a terrible rate and have little change of any further upside, the time to buy euros was years ago

same w. the gold bugs, gold at a 25 year high, so now they advise buying? why not just build a big bonfire with the money?

once you've missed the boat, the boat has sailed

need i even go into the significant costs of compliance w. the legalities of opening a foreign bank account?

I thought I didn't have any money because I was laid off 3 months ago, not because I've ever had the opportunity to even look into an overseas account. Thanks for clearing that up so nicely, you could have been rude about it. :eyes:

Why would you want to switch it back to dollars? The dollar is going to be worth about the same as toilet paper in a few years, if not sooner.

it is self-evident that you need dollars unless you are actually moving your entire physical carcass out of the usa and plan to live on euros forever, last time i checked my grocery store is not accepting the euro or the pound either

that might change? I had a store take a Canadian quarter the other day, her comment was... It's worth the same now.

there is no "when"

the dollar has already plunged severely and significantly against the euro for some years, bush and snow have been following a "soft dollar" policy since the beginning of the bush administration

yes, it has been v. hard times for the person who travels to euro or who wants to buy european products, and indeed, we've seen inflation go crazy here too, but you know what?

it's too late

ya missed the boat

the time to buy the euro was when it was first issued

the dollar has lost half its value -- half its value! -- against the euro since then

my friend that is crashed by any definition of the word but we have no choice but to soldier on and so we do :shrug:

there's a big one coming.

you can go here and see that the Yen, the Euro, Canadian, Pound, Aus. Dollar and the Frank are all worth more compared to 5 years ago... and our financial troubles in the US have been buoyed up for years by creative bookkeeping. It will get worse.
http://finance.yahoo.com/currency?u

The yen was worth far more against the dollar in 1994 than it is now-- and it was worth far less in 1998, than it is now. But just a year or so ago, it was worth about 15% more against the dollar, than it is now. Yen trading goes by its own mechanism, unrelated, apparently, to anything in the real world.

just looking at the graphs, no resemblance to the other currencies.

Gold may be at a 25-year high, but it's still far below its all-time high. At the same time, there are two new big buyers in the gold game-- China and India-- and European central banks are not dumping gold the way they were before the introduction of the Euro.

That being said, as someone who has had an interest in gold since buying his first gold coin at the age of 9, I wonder how much higher the gold market can get. I was also wondering that back when gold was $450/oz.

Many do not know that on the very day Saddam was "captured"
Bush quietly signed a portion of Patriot Act 2 into law by executive
order. It states that your bank must notify authorities of any
transactions over a certain amount and of all gold holdings
and purchases.
They've thought of everything, haven't they?

If I were you, I would purchase some gold and silver-
not in currency value, as it can be recalled- buy
maples or philharmonics- diversify other holdings
in foreign currencies, a little at a time through
Chase Manhattan.
If you have friends in other countries, send them a little
bit of money at a time and have thme convert and
deposit it into euro accounts.

We have been getting out of US currency for a long time.
When the shit hits the fan, it's gonna get ugly.
BHN

you may thank ronald reagan actually

before patriot act, banks were required to do the same flagging under the money laundering act of 86

same song, different verse

If you have friends in other countries, send them a little
bit of money at a time and have thme convert and
deposit it into euro accounts.

my experience w. this is that you'll lose the friends and the money

They don't need my money and I trust them implicitly.
There is also the "two signature" system if you
are not sure about someone.
Fortunately, I am.
BHN

money and trust don't mix

Sounds like you've been hurt.
So sorry.
BHN

before you know it, your money will be safely offshore in some billionaire's bank account.

If you're concerned about the dollar losing value against other currencies, invest in mutual funds that hold foreign-denominated assets.

If you're concerned about martial law or general economic collapse, I don't know. Invest in gasoline and bullets, I guess.

trust me... I'll take goooood care of your money.:evilgrin:

http://www.google.co.uk/search?hl=en&q=offshore+accounts+&btnG=Google+Search&meta=

Private wealth management is big business.

You can form your own bank for about 15-50k depending on your offshore.
Then you can have your own account, in your own untaxed bank.

Depending on how far you are willng to go in cororate structures,
an offshore trust can be set up to not be "yours", but to hold your
families trust, and these transnational legal vehicles are used
by rich families with multinational holdings.

Get a tax lawyer (in your money-destionation) and get tax advise
from the point of view of a party that knows the law there, and
the estate and power of attourney rights of that place. They
may be able to help you set up a trust, to invest your holdings
whilst... depends on whether you're talking 100k or 100m,
but on the more bottom end of that... the internet is your friend.

best luck,
-s

no you cannot legally move money offshore untaxed and unreported to the irs

instead of getting advice from someone who will profit from telling you lies (the "tax advisor" at your destination) and who will receive nothing if you learn the truth about usa law
go first to the irs.gov and research with the irs and then decide if you are willing to break the law to hide free money

it is all silly

he got this from an inheritance!

someone lived and died and never got to enjoy the money, and now he should keep up the tradition?

hell, no, if he's that afraid of the end of the world, he should take a certain percentage of the money and spend it doing something really special

and the rest, frankly, if it were me, i would stick to LEGAL investments

many, many american citizens have done what you suggest and have been robbed of every penny, and the gov't has no sympathy for they too were committed a crime when they tried to open the secret account

I've done it myself, and you have every right, as long as you file your taxes,
to open accounts wherever you please. I don't know how you got so prison-state
oriented. You can buy a house anywhere in the world, and its not a crime. Some
houses cost a pretty penny...

You can open a bank account anywhere and report it to the IRS.. So what, its
hardly rocket science to file your taxes, so there are some different accounts,
when you file.

It IS legal, and you're blowing smoke when you say it isn't.

but you report foreign bank accounts themselves to the Treasury Dept., if the cumulative total of your balance(s) reached $10,000 at any time during the year.

I am not sure if it's illegal to just buy gold and carry it there in a briefcase. I doubt you'd have to declare it in Europe, but if it's more than $10,000 you have to claim it when you exit here. I don't think it costs anything to just haul it out. Never had to do this. I wouldn't try smuggling by air today. And by ship, I don't know, maybe. I've never had a problem going into Europe, but I never had to claim anything. I doubt, Switzerland requires claiming any money or gold, thats what they do. Hold the cash for everyone.

You might want to check out Bermuda as for a way to move money.

Here is a way I thought was interesting. Sometimes international corporations, chartered in Bermuda for example, will set-up whats called a cash/lock box with certain international banks. If a check is mailed to the cash box, that check is cashed and deposited into the international account. The money is moved wherever you want it deposited, say Switzerland. I don't know the fees and again there would be conversion fees to go from whatever currency to whatever.

Check out a cash or lock box they call them with an international bank. They can probably give you the details.

It's not illegal to move your money, after all, it is your property.

Edit:You know you can get a credit card based on an account in the Bahama's. Use it right here too. They are taken by merchants just like Visa/Mastercard. In fact that's what they are. Work at ATM's also and can be used overseas. It's never been easier to move from country to country with money. I've used Visa internationally in Sweden, Germany and India. Of course there are fees, but it was better than carrying cash.

His money is legal, he just wants to invest it abroad. Do it
how every other major corporation moves millions abroad, by banking
wire to your new bank account in jersey... a wire'll cost you 50 bucks.

that be a little harder. But not much I think.

Edit: I think there are private couriers that will move the cash, for a fee.

value of the coins, not the market value. For example, an old $20.00 gold piece can be declared at $20.00, even though its market value is now at the $600 level or above.

If you have bullion bars, you have to declare the market value.

that pretty much sends it directly overseas.

Oh wait..you wanted to KEEP it too?

They're raking in a fortune. Or you could invest in the euro.

Just buy foreign stocks and mutual funds that invest in foreign stocks and bonds.

I have a very big fortune, sadly caged by nefarious outlaws. Should you pay to receive these funds, you will be rewarded with many blessings. Please forward $5555555 to my account, whereafter, I shall pay Colonel Smith to recover the diamonds and return many funds to you. You shall be rich!

Sincerely,

Prince Nescobar Aloplop

I also had a fortune but I've been robbed. Wire money to my account so I can find the thieves (I think one might be named George and the other Dick), and I'll reward you 1000 x.

Anonymous Princess

It works fine, I've done it. You take a small hit on the exchange rate, but the looney is moving up relative to US$.

A CD denominated in Canadian dollars but still within the U.S. bank system.

The insurance doesn't cover exchange rate fluctuations, but would cover other problems.

Of course, whether you want to do that depends on your view of the solvency of the issuer/insurer :-)

I don't have a high opinion of CDs now though, I don't like anything that's locked in.