[caysal]

Is there anyone that has or is considering moving offshore with their investments and altogether out of the USD? I have several friends that
have made that decision and although it was difficult and time consuming
are now vary pleased with their overseas bank and are reaping the rewards of successful hedge-funds.

[falser]

I just sent the last of my USD money into a Canadian bank, within a week or so I should be 100% out (excluding my 401k and my income). There are ways of protecting yourself against the USD if you don't want to something complex like that. Such as: gold or gold ETFs, international index funds, foreign stocks traded on the NYSE, or foreign exchange trading platforms (forex.com). Also to a certain degree stocks of companies that produce commodities (gold/mining, oil) will already be protected against the dollar because their assets will rise in value as the dollar falls. I think any of these options would be better than having money just sitting in a US bank at this point.

[shakespear1]

caysal

Are you trawling for business?

[caysal]

No but after previewing my note I was a little concerned that it may be perceived that way. My interest is only in protecting and growing my
savings after 30 hard years at sea as a commercial fisherman. I am concerned that it will become increasingly difficult to go offshore
as time goes by. Any thoughts regarding the matter will be gratefully appreciated!

[oilluber]

the best way is to buy into cmmodity currency like the Canadian
$$ or buy gold bullion funds that hold certificates of bullion itself.

I hope the US dollar devalues soon, been waiting for it for
a long time.

[shakespear1]

Just a quick reaction based on number of posts and the subject raised. I'm not as good as Sherlock Holms and thus possible completely wrong.

However I have seen a few posts before that hint at that.

[caysal]

shakespear1 your skepticism is duly noted and understood. However I
hope it does not discourage anyone from responding with an opinion,
regarding the subject. I have no hidden agenda!

Regards

[shakespear1]

I am of the same opinion. Away from the $$ and protect your nest egg as best as you can.

How did you find the best place to park your funds?

[MicroHydro]

US residents who have stock in IRAs can get a US broker to put their money in overseas stocks. I chose established European mid-cap alternative energy companies that would benefit from PO, so far they are doing very well. These companies are also insulated from. US dollar collapse My picks:

Vestas Wind Systems (Denmark) - the biggest wind company
Gamesa (Spain) - the #2 wind turbine company
SolarWorld (Germany) - the fastest growing photovoltaic company

The more expensive oil gets, the more capital gets thrown at these companies. Their stock valuations and sales are growing rapidly.

[Bedevere]

You're not alone in moving your money away from the US dollar. Warren Buffett: Link

[caysal]

Bedevere, Thanks for the article...!

[Pfish]

With all the talk of the collapse of the dollar, I thought it might be a good idea to look into an offshore bank account. Perhaps in another currency? I gotta believe that the US govenment is no fool and has taken steps to insure they get their share in the form of taxes etc. Is it legal to open an offshore account? Does anybody have any insight?

[NTBKtrader]

Personally, I think as the US dollar trends down precious metals will certainly increase, and are a much safer bet, so that is where I have my money.
http://biz.yahoo.com/ic/135.html
http://biz.yahoo.com/ic/134.html

Messing with foreign bank accounts is something that might get tangly in my opinion.

[NTBKtrader]

Also, the IRS is cracking down on those who use foreign bank accounts as tax havens.

PayPal, the internet money-transfer arm of eBay, is to disclose the identity of customers who use the service to evade paying US taxes.

The Internal Revenue Service (IRS) is demanding records of customers using Paypal through offshore accounts in all tax havens, including Jersey, Guernsey, Isle of Man, Gibraltar and other UK dependencies.

http://news.independent.co.uk/business/ ... 325054.ece

[Pfish]

NTB:

Thanks for all the info. I did not know about PayPal, but probably could have guessed as much. My thinking is if the dollar is going to go in the porcelain fixture, then there has to be a currency that is going prosper. Chinese or Russian currencies come to mind. Currency trading is risky to say the least. Our government has outlawed gold before and they could do it again on a whim. Imagine holding your money in gold and having the gov pass a bill saying you have to turn it in or else. Black market dealings? I dunno. Open up an account with an online brokerage house and covert everything into Euros? Marks? Swiss francs?

[strider3700]

Didn't the rich keep gold in swiss accounts during the depression and became ultra rich in the end?

[bigbear777]

Would like to know if anyone recommends a online service to open an offshore account. I found a few on line but I would rather have some one give me some advice on how this can be done for less. I found a cheap alternative. It is an offshore debit card. Has any one tried this. There is no name required and you can even give false info. when you register the card. Its at atmgcard.com . Looks like something that I can afford and anonymous.

[dbarberic]

You should check out Everbank at:
http://www.everbank.com

They are a web based US bank, however, they offer foreign currency banking products such checking accounts denominated in foreign and foreign currency CDs. Having your accounts denominated in foreign currency hedges your risk if the dollar collapses, however, since they are a US bank, you have no guarantees that the US government will not implement currency/banking controls should such a collapse occur.

One thing to keep in mind is that the dollar is trending up against foreign currencies due to the Fed’s raising of short-term interest rates. I’d stay out of foreign currencies until the Fed has appeared to stop their rate raises. I’m guessing this will happen within the first quarter of 2006. After that, I expect the dollar to drop against all other currencies.

As for foreign bank account, IRS law requires that you report all foreign accounts.

A gray area is an account with Goldmoney.com. Goldmoney allows you to purchase gold that is held in your name in a bank vault in the British Virgin Islands. They are not really a bank, by definition, they are a holding company for your personal gold. I have a Goldmoney account and during the registration process your not even required to provide a social security number. Also note that the British Virgin Islands are a UK territory, but have their own government separate from the UK and is a well known international tax haven.

It will be interesting when I go to do my 2005 federal taxes what my account says to do with my Goldmoney account.

[dbarberic]

$this->bbcode_second_pass_quote('dbarberic', 'A')lso note that the British Virgin Islands are a UK territory, but have their own government separate from the UK and is a well known international tax haven.

[mattduke]

The noose tightens.

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