David Barker Posted March 10, 2014 Share Posted March 10, 2014 A pal of mine was told to put his euros into either the Carribean or a S African bank in Tanzania. I would say both are a bit risky even though he says he can get at it by debit card. What say you who know far better than me. He is talking 100k and can't afford to lose. Link to comment Share on other sites More sharing options...
Popular Post Soutpeel Posted March 10, 2014 Popular Post Share Posted March 10, 2014 How about HK or Singapore I would certainly say a SA bank in Tanzania is very risky and one of the stranger bits of advice I have ever heard 4 Link to comment Share on other sites More sharing options...
canuckoverseas Posted March 10, 2014 Share Posted March 10, 2014 Try one of the Channel Islands. Sent from my iPad using Thaivisa Connect Thailand mobile app 2 Link to comment Share on other sites More sharing options...
Soutpeel Posted March 10, 2014 Share Posted March 10, 2014 Try one of the Channel Islands. Sent from my iPad using Thaivisa Connect Thailand mobile app Are they not part of the EU, even if they are not, bit too close to home me thinks Link to comment Share on other sites More sharing options...
canuckoverseas Posted March 10, 2014 Share Posted March 10, 2014 Channel Islands aren't members of the EU. Anyway, we have had an account with one of the top banks there for 10 years without issue. Sent from my iPad using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
Soutpeel Posted March 10, 2014 Share Posted March 10, 2014 Channel Islands aren't members of the EU. Anyway, we have had an account with one of the top banks there for 10 years without issue. Sent from my iPad using Thaivisa Connect Thailand mobile app But based on your monikor your not a EU "subject" are you ? Link to comment Share on other sites More sharing options...
ozziepete Posted March 10, 2014 Share Posted March 10, 2014 Can tell him to put it in to my bank I will look after it. 2 Link to comment Share on other sites More sharing options...
SheungWan Posted March 11, 2014 Share Posted March 11, 2014 Thailand has been littered with experiences of guys who couldn't afford to lose substantial savings but went ahead and lost it anyway. What is your friend going to do if his account is for some inexplicable reason 'locked'? Fly to Tanzania? Fly to the Caribbean? What a nonsense. Methinks he is thinking about these options because the Euros are in cash and these jurisdictions ask less questions re the origination of the funds. Yes? Link to comment Share on other sites More sharing options...
David Barker Posted March 11, 2014 Author Share Posted March 11, 2014 Thailand has been littered with experiences of guys who couldn't afford to lose substantial savings but went ahead and lost it anyway. What is your friend going to do if his account is for some inexplicable reason 'locked'? Fly to Tanzania? Fly to the Caribbean? What a nonsense. Methinks he is thinking about these options because the Euros are in cash and these jurisdictions ask less questions re the origination of the funds. Yes? Exactly, same reason he can't put it in I.O.M. where I suggested Link to comment Share on other sites More sharing options...
KittenKong Posted March 11, 2014 Share Posted March 11, 2014 I'm progressively moving all my money away from offshore locations back into the EU, to benefit from the better deposit guarantees. Also because interest rates are better onshore. As for the Caribbean or Tanzania; not bleedin' likely. Link to comment Share on other sites More sharing options...
risky11 Posted March 11, 2014 Share Posted March 11, 2014 (edited) I want to get my ass and assets out of the USA. Would also like to obtain a new passport and renounce my US citizenship. The US treats non-Americans much better than American citizens. I opened a bank account in Belize last year. Recently I spoke with the rep about their policies. Turns out, they will fully comply with the IRS and all American banking laws. Plus, their fees are higher than US banks - without FDIC insurance up to $250K per account. Instead of a free debit card, they charge $150/year for one. So what's the point?I want a country that is NOT cooperating with the IRS and the NATO allies. Like China or Russia! Fact is, I have a friend in Taiwan who is stacking silver. I can obtain residency there, with banking privileges. Very safe, can get an RMB account. I also know of a Mongolian bank that pay 15% on a Tingrit account. HK and SG seem like good choices, but I believe SG cooperates with the IRS and it's partners - not good. I suppose the best strategy is to diversity - spread it around. Edited March 11, 2014 by risky11 Link to comment Share on other sites More sharing options...
oyster Posted March 11, 2014 Share Posted March 11, 2014 Try one of the Channel Islands. Sent from my iPad using Thaivisa Connect Thailand mobile app Channel islands -NO - not anymore. SCB - convert to Tbt - great rates at present./ Or go for BFL in Laos (Banque Franco de Laos) they will do a Euro account. Link to comment Share on other sites More sharing options...
Soutpeel Posted March 11, 2014 Share Posted March 11, 2014 I want to get my ass and assets out of the USA. Would also like to obtain a new passport and renounce my US citizenship. The US treats non-Americans much better than American citizens. I opened a bank account in Belize last year. Recently I spoke with the rep about their policies. Turns out, they will fully comply with the IRS and all American banking laws. Plus, their fees are higher than US banks - without FDIC insurance up to $250K per account. Instead of a free debit card, they charge $150/year for one. So what's the point? I want a country that is NOT cooperating with the IRS and the NATO allies. Like China or Russia! Fact is, I have a friend in Taiwan who is stacking silver. I can obtain residency there, with banking privileges. Very safe, can get an RMB account. I also know of a Mongolian bank that pay 15% on a Tingrit account. HK and SG seem like good choices, but I believe SG cooperates with the IRS and it's partners - not good. I suppose the best strategy is to diversity - spread it around. Taiwan and the US are good buddies so that ain't going to help you Both SG and HK cooperate with the IRS, but certainly SG and almost certainly HK have a very elegant solution to this problem...... They will not open accounts for US citizens or PR's problem solved There are very few options as regards international "offshore" banking these days for the colonial cousin's Link to comment Share on other sites More sharing options...
Soutpeel Posted March 11, 2014 Share Posted March 11, 2014 Try one of the Channel Islands. Sent from my iPad using Thaivisa Connect Thailand mobile app Channel islands -NO - not anymore. SCB - convert to Tbt - great rates at present./ Or go for BFL in Laos (Banque Franco de Laos) they will do a Euro account. Oh the irony of what you write People from free capitalist, "democracies" wanting to hide money away from their democratically elected governments in an "oppressive", Communist country LOL 1 Link to comment Share on other sites More sharing options...
Loptr Posted March 11, 2014 Share Posted March 11, 2014 There are very few options as regards international "offshore" banking these days for the colonial cousin's One method for Merkans to store wealth offshore is through the purchase of physical assets, like precious metals. Owning bullion is considered a commodity and not a financial instrument, therefore not subject to IRS reporting. Link to comment Share on other sites More sharing options...
abrahamzvi Posted March 11, 2014 Share Posted March 11, 2014 I want to get my ass and assets out of the USA. Would also like to obtain a new passport and renounce my US citizenship. The US treats non-Americans much better than American citizens. I opened a bank account in Belize last year. Recently I spoke with the rep about their policies. Turns out, they will fully comply with the IRS and all American banking laws. Plus, their fees are higher than US banks - without FDIC insurance up to $250K per account. Instead of a free debit card, they charge $150/year for one. So what's the point? I want a country that is NOT cooperating with the IRS and the NATO allies. Like China or Russia! Fact is, I have a friend in Taiwan who is stacking silver. I can obtain residency there, with banking privileges. Very safe, can get an RMB account. I also know of a Mongolian bank that pay 15% on a Tingrit account. HK and SG seem like good choices, but I believe SG cooperates with the IRS and it's partners - not good. I suppose the best strategy is to diversity - spread it around. The best and only decent and safe strategy is to abide by the laws of the country of which you are a citizen, and/or a resident!!!!!!!!!!!!!!!!!!!!!!!!!!!! Link to comment Share on other sites More sharing options...
vadimbz Posted March 11, 2014 Share Posted March 11, 2014 I want to get my ass and assets out of the USA. Would also like to obtain a new passport and renounce my US citizenship. The US treats non-Americans much better than American citizens. I opened a bank account in Belize last year. Recently I spoke with the rep about their policies. Turns out, they will fully comply with the IRS and all American banking laws. Plus, their fees are higher than US banks - without FDIC insurance up to $250K per account. Instead of a free debit card, they charge $150/year for one. So what's the point?I want a country that is NOT cooperating with the IRS and the NATO allies. Like China or Russia! Fact is, I have a friend in Taiwan who is stacking silver. I can obtain residency there, with banking privileges. Very safe, can get an RMB account. I also know of a Mongolian bank that pay 15% on a Tingrit account. HK and SG seem like good choices, but I believe SG cooperates with the IRS and it's partners - not good. I suppose the best strategy is to diversity - spread it around. There are no safe havens for american citizens, even if they agree to open account for you, they will report you. Sorry, mate. You can try Belorus and places like that. Link to comment Share on other sites More sharing options...
vadimbz Posted March 11, 2014 Share Posted March 11, 2014 A pal of mine was told to put his euros into either the Carribean or a S African bank in Tanzania. I would say both are a bit risky even though he says he can get at it by debit card.What say you who know far better than me. He is talking 100k and can't afford to lose. I would say Singapore, or Andorra, but it depends on your friend's citizenship and residence, double taxation agreements, etc. Tanzania sounds like FBME, and Caribbean is probably EPB. They are not so bad, but with 100k your friend has better options. Link to comment Share on other sites More sharing options...
canuckoverseas Posted March 11, 2014 Share Posted March 11, 2014 (edited) Yea, forgot to mention I'm Canadian. Incidentally, it's relatively easy to become one, we're practically American anyway Regarding Tanzania, I lived there for 3 years.... The country is full of scammers, I sure wouldn't be putting any money in a bank account there! They had a socialist revolution for 30 years and never quite recovered. On the other hand, Kenya has much better infrastructure, and since they have discovered oil, their economy is growing quickly, their laws also make it more straight forward for foreigners to invest. For example, foreigners can own freehold property in Kenya. Sent from my iPad using Thaivisa Connect Thailand mobile app Edited March 11, 2014 by canuckoverseas Link to comment Share on other sites More sharing options...
Naam Posted March 11, 2014 Share Posted March 11, 2014 I'm progressively moving all my money away from offshore locations back into the EU, to benefit from the better deposit guarantees. Also because interest rates are better onshore. As for the Caribbean or Tanzania; not bleedin' likely. what about the United Headhunters Savings&Loan Bank Papua New Guinea? all deposits with underlying shrinkhead guarantee. Link to comment Share on other sites More sharing options...
vadimbz Posted March 11, 2014 Share Posted March 11, 2014 Tanzanian bank in question is actually a cypriot bank — completely different level of scamming J Link to comment Share on other sites More sharing options...
elzach Posted March 11, 2014 Share Posted March 11, 2014 You can open a HK account, US citizens included, as of 2012, with passport and proof of address. Not sure if that's changed. Link to comment Share on other sites More sharing options...
KittenKong Posted March 11, 2014 Share Posted March 11, 2014 I'm progressively moving all my money away from offshore locations back into the EU, to benefit from the better deposit guarantees. Also because interest rates are better onshore. As for the Caribbean or Tanzania; not bleedin' likely. what about the United Headhunters Savings&Loan Bank Papua New Guinea? all deposits with underlying shrinkhead guarantee. I applied but couldn't meet the requirements. Link to comment Share on other sites More sharing options...
taiping Posted March 11, 2014 Share Posted March 11, 2014 What's the problem with a non-res Euro account at (say) Bangkok Bank in the LoS? Link to comment Share on other sites More sharing options...
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