- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Setting up a bank account in the Cayman Islands?
Posted on 3/19/19 at 8:19 am to LSURussian
Posted on 3/19/19 at 8:19 am to LSURussian
quote:
I recommend you take a deep breath and relax. And stop reading ZeroHedge and watching Alex Jones.
LSURussian about to start his own life coaching side business
1
Posted on 3/19/19 at 9:00 am to Fat Bastard
I'm baffled how a person can reasonably believe that the U.S., the hub of the global economy, is going to collapse, but eastern Europe and small island countries are going to be mecca 
Play the scenario out in your head. There is no rational situation where a U.S. collapse would not lead to collapse of numerous other countries. If U.S. collapses, who defends western Europe from Russia? If you park your $ in eastern Europe, and Russia invades, poof, there goes your $. Same goes for China. Without the check on other, more nefarious world powers that is provided by the U.S., there really isn't a safe place for your $.
Also, our entire system of government is setup to prevent what you seem to be so afraid of. The government does not have the ability to just take your $ any more than they can just take your guns. If a law were ever passed to tax 401k accounts or the like, it would certainly face a decade of legal challenges to its constitutionality (this would be an unconstitutional taking).
Bottom line, your concerns are so outlandish that trying to plan around them isn't a sensible policy. That said, if you are truly concerned, I would dig a big hole and fill it with MRE's, bullets and gold. That will give you plenty of bartering power in your inevitable apocalypse.
Play the scenario out in your head. There is no rational situation where a U.S. collapse would not lead to collapse of numerous other countries. If U.S. collapses, who defends western Europe from Russia? If you park your $ in eastern Europe, and Russia invades, poof, there goes your $. Same goes for China. Without the check on other, more nefarious world powers that is provided by the U.S., there really isn't a safe place for your $.
Also, our entire system of government is setup to prevent what you seem to be so afraid of. The government does not have the ability to just take your $ any more than they can just take your guns. If a law were ever passed to tax 401k accounts or the like, it would certainly face a decade of legal challenges to its constitutionality (this would be an unconstitutional taking).
Bottom line, your concerns are so outlandish that trying to plan around them isn't a sensible policy. That said, if you are truly concerned, I would dig a big hole and fill it with MRE's, bullets and gold. That will give you plenty of bartering power in your inevitable apocalypse.
Posted on 3/19/19 at 9:28 am to lsujro
quote:
There is no rational situation where a U.S. collapse would not lead to collapse of numerous other countries.
right see 2008 collapse.
his best bet is do what some other poster stated: buy some land, go off grid with solar, wind and maybe hydroelectric power, plant orchards and gardens, stock up on guns, bullets, drill a water well, meds, etc.
might as well be a doomsday prepper with his levels of anxiety
This post was edited on 3/19/19 at 9:30 am
Posted on 3/19/19 at 9:47 am to bawbarn
quote:
Holy. shite.
What is so crazy about my statement? Even if the U.S. doesn’t collapse I might still consider a move to Poland or Czech Republic after my parents pass away. I feel like I have more in common with Eastern Europeans and their history and culture anyway.
Posted on 3/19/19 at 10:08 am to TLOTT
So a few things to unpack here.
1) The long arm of the US government is going to touch you, wherever you go, unless you renounce your citizenship. That decision is something well beyond the bounds of the money talk board, but I would research this very, very, very carefully. Despite what the left in this country says, compared to most of the rest of the world, getting status in the US is fairly easy.
2) As LSURussian said, the IRS / Treasury Dept is going to want to know about the location and balances of your foreign accounts greater than 10K a year. You also will owe US taxes on the income generated by those accounts (potentially partially offset by the foreign taxes you pay, if any, on those accounts).
3) I just don't see a situation in which the US suffers complete collapse, yet the rest of the world is fine. Either the world is going to collapse, and the US is going to be the last domino to fall, or the US is going to collapse and drag down everyone else with it.
4) But what happens in world collapse and you have money in the Caymans. Let's say you can get there. Then what? The economy of places like the Caymans is almost completely dependent upon tourism and foreign dollars. They don't produce much of anything. If a bunch of people show up to cash out their accounts, then what? What good is money if you can't buy anything with it? And there are few goods to barter for.
This reminds me of a true story involving a former client of mine (since deceased). He did well for himself and had some of the same concerns you have. His solution was that he wanted gold - actual, physical gold. He had a net worth of about 20 million so having some gold was perfectly reasonable as a diversification tool. I think maybe a fund rather than hard gold would work, but whatever. But... he said he wanted the physical gold so he could access it and use/barter it if everything goes to hell. This is an important part of this story.
So he goes out and buys around $500K of krugerrands. Fine. I asked him, what are you going to do with these? He said, ahh, I'm going to have them stored in the bank vault in the JP Morgan Chase bank in downtown Houston.
I said... so... when everything goes to hell, how are you planning on actually getting into the bank vault in the JP Morgan Chase Bank in downtown Houston? Crickets. So he ended up getting a safe installed in his home and it's in there.
1) The long arm of the US government is going to touch you, wherever you go, unless you renounce your citizenship. That decision is something well beyond the bounds of the money talk board, but I would research this very, very, very carefully. Despite what the left in this country says, compared to most of the rest of the world, getting status in the US is fairly easy.
2) As LSURussian said, the IRS / Treasury Dept is going to want to know about the location and balances of your foreign accounts greater than 10K a year. You also will owe US taxes on the income generated by those accounts (potentially partially offset by the foreign taxes you pay, if any, on those accounts).
3) I just don't see a situation in which the US suffers complete collapse, yet the rest of the world is fine. Either the world is going to collapse, and the US is going to be the last domino to fall, or the US is going to collapse and drag down everyone else with it.
4) But what happens in world collapse and you have money in the Caymans. Let's say you can get there. Then what? The economy of places like the Caymans is almost completely dependent upon tourism and foreign dollars. They don't produce much of anything. If a bunch of people show up to cash out their accounts, then what? What good is money if you can't buy anything with it? And there are few goods to barter for.
This reminds me of a true story involving a former client of mine (since deceased). He did well for himself and had some of the same concerns you have. His solution was that he wanted gold - actual, physical gold. He had a net worth of about 20 million so having some gold was perfectly reasonable as a diversification tool. I think maybe a fund rather than hard gold would work, but whatever. But... he said he wanted the physical gold so he could access it and use/barter it if everything goes to hell. This is an important part of this story.
So he goes out and buys around $500K of krugerrands. Fine. I asked him, what are you going to do with these? He said, ahh, I'm going to have them stored in the bank vault in the JP Morgan Chase bank in downtown Houston.
I said... so... when everything goes to hell, how are you planning on actually getting into the bank vault in the JP Morgan Chase Bank in downtown Houston? Crickets. So he ended up getting a safe installed in his home and it's in there.
Posted on 3/19/19 at 10:22 am to TLOTT
1) Buy land in remote location
2) Buy as much gold as you can
3) Buy a shovel
4) Bury gold
5) (and this is key) Make a map to where you buried it and put an "X" over the burial location for future reference
6) Wait.
2) Buy as much gold as you can
3) Buy a shovel
4) Bury gold
5) (and this is key) Make a map to where you buried it and put an "X" over the burial location for future reference
6) Wait.
Posted on 3/19/19 at 10:24 am to TLOTT
quote:
Are there specific steps that your dad and/or your CPA take to hide the assets from the government and avoid an audit? I don't necessarily want to hide an offshore account from the government but I'm also not against it at this point either.
Thread forwarded to IRS and DHS
Posted on 3/19/19 at 10:32 am to LSUFanHouston
quote:
So he ended up getting a safe installed in his home and it's in there.
Another story re: doomsday gold hoarding. Friend was convinced that the markets would tank, rendering her portfolio worthless...so she starting buying small amounts of gold, regularly. Husband thought it was dumb, told her so. She kept buying gold, without his knowledge, and stashing it. She was diagnosed with brain cancer, went downhill very, very quickly. He discovers, as he is settling her affairs, all of the transactions with the gold dealer, who kindly tells him exactly how much has been sold to her. He literally had to sort through their entire house to find her hiding places: inside the flare kit of the fishing boat, in the attic crawlspace, in her sewing supplies, in the freezer. It was completely nuts, and in retrospect, her paranoia about the markets & crazy gold hiding were probably the first symptoms of her brain cancer.
Back to OP: you claim to have more in common w/Eastern Europeans than with your fellow Americans. What? Seriously? Have you spent any time there? You are seriously idealizing a broad swath of the world that only recently emerged from authoritarian, centrally controlled government. Standards of living, attitudes toward government, beliefs about private sector investment, the level of govt involvement in private citizens' lives--these areas vary widely from country to country.
Take Poland, for example. It's only been a democracy since 1989. It's been a member of the European Union since 2004. If you dislike gov't intervention, then perhaps an EU country isn't your "last resort" of choice. It ranks something like 26th on the global food security index....
It is easy to romanticize places where you haven't lived. If you are feeling wanderlust, at least go spend a 2 week vacation in Country X before you develop some crazy exit strategy based on zero experience.
Posted on 3/19/19 at 10:50 am to TLOTT
quote:
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.
quote:
Not only that but I could truly see a wealth tax being implemented
I don't think you have anything to worry about.
Posted on 3/19/19 at 10:56 am to TLOTT
quote:
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?
If the US collapses, the world collapses, nowhere is safe and your money in foreign accounts is better off in bullets in your hand
Posted on 3/19/19 at 12:08 pm to TLOTT
quote:
with all the radical leftists getting power I think a lot of us are worried about what is going to happen long term
quote:
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
So you're concerned about left-wing politics pushing an agenda of government confiscation of private property, and your potential solution to avoid this is moving to a former Communist country?
Do you think socialized medicine, redistribution of wealth, etc. are issues only being discussed in the U.S.? Most of the EU is further left than the U.S. in terms of these.
Posted on 3/19/19 at 12:14 pm to TLOTT
I'm surprised nobody has suggested crypto. If the US collapses then a decentralized currency might be your best bet.
Also you won't have to pay any additional taxes on it unless you sell.
Also you won't have to pay any additional taxes on it unless you sell.
This post was edited on 3/19/19 at 12:15 pm
Posted on 3/19/19 at 12:20 pm to Brummy
quote:
Do you think
The answer is no.
Posted on 3/19/19 at 12:42 pm to TLOTT
I think what you aren't getting is that if the US collapses, any country you are considering a move to will likely collapse as well. The real winners of a US collapse is Russia and China. Who would be stopping them from taking over Eastern Europe when the US isn't there to protect them? And don't say we are past the days of territory acquisition because I will suggest you read up on Russia's takeover of Crimea and China's artificial island building to claim more sea territory.
Posted on 3/19/19 at 12:48 pm to TLOTT
quote:
no intention of having kids (which as you can imagine makes dating a little more difficult)
i don't think this is the reason your dating life sucks.
Posted on 3/19/19 at 12:56 pm to TigerTatorTots
Usually the loons convinced of a collapse just buy gold and grains and leave the rest of us alone. What makes this one so interesting is he’s convinced of a collapse but still wants to protect himself by utilizing the exact civilized society he’s convinced will collapse
Just buy land and bullets like the rest of the loons, TLOTT.
Just buy land and bullets like the rest of the loons, TLOTT.
This post was edited on 3/19/19 at 12:57 pm
Posted on 3/19/19 at 1:07 pm to TLOTT
quote:I've lived and worked more than a decade in Eastern European countries (Ukraine, Austria, Moldova, Bosnia, Serbia, Croatia and Bulgaria).
I feel like I have more in common with Eastern Europeans and their history and culture anyway.
The very concept of democracy is still new to them and they're not very good at it.
There's no way you have more in common with those countries than you do with our own country.
This post was edited on 3/19/19 at 1:09 pm
Posted on 3/19/19 at 1:09 pm to boosiebadazz
There is just so much to unpack with the post, I'm convinced it's a troll.
Posted on 3/19/19 at 1:44 pm to LSURussian
Maybe this is just Hussss in an alter ego, lol
Posted on 3/19/19 at 1:46 pm to TLOTT
I had an account setup in Monaco in the early 1990's. Not sure if you are still able to do this though. It is where a large amount of the money for my two daughters and nephew resides.
Page 3 of 6
Back to top
Follow TigerDroppings for LSU Football News