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Message
Setting up a bank account in the Cayman Islands?
Posted on 3/18/19 at 10:22 pm
Posted on 3/18/19 at 10:22 pm
So this is a part money/part political topic but I figured this would be the better board. I know there are many conservatives on this board and with all the radical leftists getting power I think a lot of us are worried about what is going to happen long term. Even though leftists are offering all sorts of new "freebies" (free healthcare, free college, free housing, etc.) I think most of us realize nothing is truly free.
The reality is taxes are going to do nothing but go up long term. Not only that but I could truly see a wealth tax being implemented as well as major confiscations of retirement accounts at some point.
To give some financial background information on me, I am 35 and have about 30k between 2 checking accounts and 1 savings account. Besides that I have about 35k in a mixed 401k account (my individual contributions are Roth 401k with my company match being Traditional 401k), 20k in a Roth IRA account and 2k in an Individual Investment account.
In terms of my personal background I am single and I have no kids. At this point I have no immediate desire to get married and have no intention of having kids (which as you can imagine makes dating a little more difficult). My parents are in their 70s and I have one sister who is married with two kids. I am very close with my parents as well as my sister, brother in law, niece and nephew. While I am very close to my parents, my sister and her family I am not at all close with my extended family.
Right now I am seriously considering a move to Eastern Europe (specifically looking at Poland and Czech Republic) if the U.S. starts to collapse. I am hoping that doesn't happen and I can stay in the U.S. but I want to be prepared just in case. I plan to stay here in the U.S. as long as my parents are alive (so probably another 10 to 20 years assuming the U.S. stays stable), but after they are gone there will honestly be very little to keep me here.
Obviously there's nothing I can really do with my 401k or IRA without major penalties, so at this point that money will stay where it is. With that said I want to make some financial plans in case I do need to leave the U.S. I am taking a vacation to the Cayman Islands in July and I was thinking about looking at opening a bank account. I am doing some preliminary research now and then finalize something with a bank and bring 2 or 3k with me to deposit while I am on vacation. Longer term if I set up an account I would try to put most of my inheritance (I'm anticipating nothing major, but probably around 100-200k when my parents pass) in the account as well.
As this is the first time I am looking at setting up an overseas account what do I need to know? I have heard I need to select a bank that has no U.S. operations so that there is no way the U.S. can get access to the money. Are there any specific banks you would recommend in the Cayman Islands? Will 2 or 3k be enough to set up an initial account with a bank down there?
The reality is taxes are going to do nothing but go up long term. Not only that but I could truly see a wealth tax being implemented as well as major confiscations of retirement accounts at some point.
To give some financial background information on me, I am 35 and have about 30k between 2 checking accounts and 1 savings account. Besides that I have about 35k in a mixed 401k account (my individual contributions are Roth 401k with my company match being Traditional 401k), 20k in a Roth IRA account and 2k in an Individual Investment account.
In terms of my personal background I am single and I have no kids. At this point I have no immediate desire to get married and have no intention of having kids (which as you can imagine makes dating a little more difficult). My parents are in their 70s and I have one sister who is married with two kids. I am very close with my parents as well as my sister, brother in law, niece and nephew. While I am very close to my parents, my sister and her family I am not at all close with my extended family.
Right now I am seriously considering a move to Eastern Europe (specifically looking at Poland and Czech Republic) if the U.S. starts to collapse. I am hoping that doesn't happen and I can stay in the U.S. but I want to be prepared just in case. I plan to stay here in the U.S. as long as my parents are alive (so probably another 10 to 20 years assuming the U.S. stays stable), but after they are gone there will honestly be very little to keep me here.
Obviously there's nothing I can really do with my 401k or IRA without major penalties, so at this point that money will stay where it is. With that said I want to make some financial plans in case I do need to leave the U.S. I am taking a vacation to the Cayman Islands in July and I was thinking about looking at opening a bank account. I am doing some preliminary research now and then finalize something with a bank and bring 2 or 3k with me to deposit while I am on vacation. Longer term if I set up an account I would try to put most of my inheritance (I'm anticipating nothing major, but probably around 100-200k when my parents pass) in the account as well.
As this is the first time I am looking at setting up an overseas account what do I need to know? I have heard I need to select a bank that has no U.S. operations so that there is no way the U.S. can get access to the money. Are there any specific banks you would recommend in the Cayman Islands? Will 2 or 3k be enough to set up an initial account with a bank down there?
This post was edited on 3/18/19 at 10:25 pm
21
Posted on 3/18/19 at 10:27 pm to TLOTT
I'm as woke as they come but damn, take a break from the conspiracy message boards for a couple weeks.
If you are really that concerned, buy some land and go off the grid. Much better than moving across the world away from family.
If you are really that concerned, buy some land and go off the grid. Much better than moving across the world away from family.
Posted on 3/18/19 at 10:29 pm to TLOTT
To give additional details I am looking at the Cayman Islands not because I ever plan to specifically live there but because they still accept U.S. clients for the most part. I know with some of the IRS and tax changes most Asian countries and even Swiss banks no longer accept U.S. clients. I assume this is still accurate?
I also look at the Cayman Islands as a good option as I live in Georgia and I could easily get to the Cayman Islands quickly if I needed to, especially compared to banks in Asia or Europe. Just a quick flight to Ft. Lauderdale and then a quick flight to the Caymans.
I also look at the Cayman Islands as a good option as I live in Georgia and I could easily get to the Cayman Islands quickly if I needed to, especially compared to banks in Asia or Europe. Just a quick flight to Ft. Lauderdale and then a quick flight to the Caymans.
Posted on 3/18/19 at 10:30 pm to TLOTT
Good luck, the US government has been doing pretty good lately destroying foreign bank anonymity safeguards. Even the Swiss have fallen.
Posted on 3/18/19 at 10:30 pm to TigerTatorTots
quote:
I'm as woke as they come but damn, take a break from the conspiracy message boards for a couple weeks.
If you are really that concerned, buy some land and go off the grid. Much better than moving across the world away from family.
I understand the sentiment but again once my parents pass away I really won't have much in terms of family to keep me in the U.S.
Heck as it stands I don't even live in the same state as the rest of my family. I am very close to my sister, brother in law, niece and nephew but they wouldn't be enough to keep me here in the U.S., especially in the case of a crisis situation.
Posted on 3/18/19 at 10:32 pm to TLOTT
Wow, its hard to know how to respond. Take a step back from the ledge. Foreign bank accounts are a huge hassle, and you are going to have to report the income on your return anyway. My guess is that it will make you an audit target. There are probably a bunch of other reasons this is a bad idea.
If the US does collapse, I'm not sure I would want to be in Eastern Europe. Tell me, how has Poland fared over the years? And good luck getting your money out of the Caymans if the US is in turmoil.
If the US does collapse, I'm not sure I would want to be in Eastern Europe. Tell me, how has Poland fared over the years? And good luck getting your money out of the Caymans if the US is in turmoil.
Posted on 3/18/19 at 10:33 pm to Teddy Ruxpin
quote:
Good luck, the US government has been doing pretty good lately destroying foreign bank anonymity safeguards. Even the Swiss have fallen.
That's why I am staying away from the Swiss banks. From what I've researched a lot of the local Cayman Islands banks don't give the U.S. government information about U.S. clients and my money would be safe there. The key thing seems to be to make sure it's a bank that has no operations in the U.S., otherwise moving the money would be pointless.
Posted on 3/18/19 at 10:42 pm to TLOTT
Others can correct me but I'm pretty sure you can pull out Roth IRA principle at any time penalty free.
I always thought foreign bank accounts were for millions of dollars, not tens of thousands.
I always thought foreign bank accounts were for millions of dollars, not tens of thousands.
This post was edited on 3/18/19 at 10:44 pm
Posted on 3/18/19 at 10:51 pm to TLOTT
Is it your plan to lie on your federal tax return about not having a foreign bank account?
Posted on 3/18/19 at 10:52 pm to LSURussian
quote:
Is it your plan to lie on your federal tax return about not having a foreign bank account?
What are they going to do if I have a foreign bank account? Try to tax it even more? All of the money I would put in there is already post tax money.
If all they want to do is know I have a foreign bank account sure I'll report it. But that's also why I would set up with a bank that they have no relations with.
This post was edited on 3/18/19 at 10:56 pm
Posted on 3/18/19 at 10:53 pm to TLOTT
So, “yes”?
Posted on 3/18/19 at 10:56 pm to LSURussian
quote:
So, “yes”?
I guess I'm trying to figure out why it's an issue. Tax has already been paid for on the money, they can't go and tax it again. So I guess yes I would report that I have a foreign bank account.
Again this is why I'm asking these questions. I'm far from an expert on foreign bank accounts but I am trying to start learning what I need to know now.
Posted on 3/18/19 at 11:00 pm to TLOTT
quote:That’s not all the IRS wants to know about a foreign bank account.
If all they want to do is know I have a foreign bank account sure I'll report it.
Maybe you should research what reporting the IRS requires regarding foreign bank accounts more than just asking questions on an internet forum. The penalties for non-compliance are unpleasant.
Posted on 3/18/19 at 11:02 pm to LSURussian
quote:
That’s not all the IRS wants to know about a foreign bank account.
Maybe you should research what reporting the IRS requires regarding foreign bank accounts more than just asking questions on an internet forum. The penalties for non-compliance are unpleasant.
Unpleasant tax codes, sounds like another good reason to start planning a potential exit from the (un)United States.
What additional information does the IRS want to know about a foreign bank account? From what I've seen as long as the amount in a foreign bank account is under $10,000 you are okay for the most part.
This post was edited on 3/18/19 at 11:07 pm
Posted on 3/18/19 at 11:10 pm to TLOTT
What do you want us to tell you? You’re still going to have to report foreign accounts to the IRS, the US Gov’t is starting to get their hands in formerly off-limits places, and if you think the Cayman Islands will be stable if the US economy is collapsing then I just don’t know what to tell you.
You’d be better off getting ammo and gold coins if you are so sure a collapse is coming.
You’d be better off getting ammo and gold coins if you are so sure a collapse is coming.
This post was edited on 3/18/19 at 11:11 pm
Posted on 3/18/19 at 11:15 pm to boosiebadazz
Boosie I respect your opinion, so let me ask you this, if the Cayman Islands won't be stable during a U.S. collapse then where, in your opinion, would my assets be safe?
Again if I am looking to get some assets outside the U.S. where should I go? I'm looking at it like this, my ancestors came here from Europe on a boat with only the clothes on their back. I don't want to leave the U.S. the same way.
I want to take precautions in case idiots like Kamala Harris and AOC actually get real power I decide I need to get out of the U.S.
I am fully prepared to move to Poland or Czech Republic and fully prepared to denounce U.S. citizenship after the move. Of course I am hoping all of this will be 10 - 20 years down the line after my parents have passed away. As long as my parents are alive I'm largely stuck here.
Again if I am looking to get some assets outside the U.S. where should I go? I'm looking at it like this, my ancestors came here from Europe on a boat with only the clothes on their back. I don't want to leave the U.S. the same way.
I want to take precautions in case idiots like Kamala Harris and AOC actually get real power I decide I need to get out of the U.S.
I am fully prepared to move to Poland or Czech Republic and fully prepared to denounce U.S. citizenship after the move. Of course I am hoping all of this will be 10 - 20 years down the line after my parents have passed away. As long as my parents are alive I'm largely stuck here.
This post was edited on 3/18/19 at 11:18 pm
Posted on 3/18/19 at 11:16 pm to TLOTT
quote:Report of Foreign Bank and Financial Accounts
What additional information does the IRS want to know about a foreign bank account?
Reporting Foreign Interest on Your Tax Return
Posted on 3/18/19 at 11:21 pm to LSURussian
LSURussian I get your point. You think it isn't worth the hassle. With that said, what do you recommend then? How do I protect myself against losing everything in a U.S. collapse?
It wasn't that long ago Cyprus cut off citizens access to their money. Citizens in Cyprus couldn't even use a bank ATM, or if they could they could only get out a certain amount of money per day. Only a generation ago the average Venezuelan had more wealth than the average American. Fast forward to today citizens in Venezuela have lost tons of wealth and have had to come to the U.S. with only the clothes on their back.
My own ancestors had to come here from Europe with just the clothes on their back. I don't want to leave the U.S. in the same shape.
There's very little to prevent the U.S. from freezing access to all bank accounts, seizing 401k's and IRA's, instituting a wealth tax and other punitive measures. So what proactive steps do you recommend?
It wasn't that long ago Cyprus cut off citizens access to their money. Citizens in Cyprus couldn't even use a bank ATM, or if they could they could only get out a certain amount of money per day. Only a generation ago the average Venezuelan had more wealth than the average American. Fast forward to today citizens in Venezuela have lost tons of wealth and have had to come to the U.S. with only the clothes on their back.
My own ancestors had to come here from Europe with just the clothes on their back. I don't want to leave the U.S. in the same shape.
There's very little to prevent the U.S. from freezing access to all bank accounts, seizing 401k's and IRA's, instituting a wealth tax and other punitive measures. So what proactive steps do you recommend?
This post was edited on 3/18/19 at 11:23 pm
Posted on 3/18/19 at 11:25 pm to boosiebadazz
quote:
You’d be better off getting ammo and gold coins if you are so sure a collapse is coming.
I have seriously considered gold coins. But then where do you recommend keeping the coins? If you don't recommend keeping money in an offshore bank account are you going to recommend keeping gold coins in an offshore safety deposit box?
Posted on 3/18/19 at 11:26 pm to TLOTT
No comment on the caymans but it must suck living life with your attitude.
If you’re concerned with all this collapse stuff, why not just move cash to polann or wherever and store it in a safe place.
I agree with others in asking if you think the US collapses, where on earth would you go
That’s not collapsing?
If you’re concerned with all this collapse stuff, why not just move cash to polann or wherever and store it in a safe place.
I agree with others in asking if you think the US collapses, where on earth would you go
That’s not collapsing?
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