5 ms·

What’s the minimum wealth level where these are applicable? > Rule 13: Keep some assets outside the country in which you live. This is very impractical unless

What’s the minimum wealth level where these are applicable? > Rule 13: Keep some assets outside the country in which you live. This is very impractical unless you have even money where 5% of your wealth international makes up for the cost to maintain. It could easily cost$5-10k in travel expenses to travel somewhere and establish accounts, plus the costs to account for and audit and maintain.

capableweb 3y ago
> It could easily cost$5-10k in travel expenses to travel somewhere and establish accounts, plus the costs to account for and audit and maintain. Maybe don't travel to Dubai (or similarly most-expensive-countries-in-the-world) then and establish accounts in a country that doesn't wildly out-rich you. Also, you don't have to stay longer than just a few days most likely. Besides, many places to allow internationals to signup for accounts also allow you to do a video call with account manager rather than going there in person.
- prepend 3y ago
  > Besides, many places to allow internationals to signup for accounts also allow you to do a video call with account manager rather than going there in person. I’m not so sure about that. No reputable banks where you’d want to have your other country account. And I don’t think the author considers “first cyber bank of Barbados” to fit this rule. And it’s certainly a horrible idea. > Maybe don’t travel to Dubai Please attempt to put together a travel budget from the US to some country that makes it cost reasonable for a “normal” person to travel and open an account. I picked $5-10k because if you have enough cash to keep overseas, you probably don’t want to take a mega bus to Toronto or Mexico City and scrimp to open the account and visit it.
  - capableweb 3y ago
    Sure, Seattle>Tokyo 1st October to 5th, $1000 flight ticket, hotel for 50-100/night, and you have like 3500 before you reach 5k.
ghaff 3y ago
We also live in a sufficiently interconnected world that, if something goes really south in the US, I'm not sure having a UK bank account or a bunch of cash and gold in a Swiss safety deposit box is the get out of jail free card it was in cold war spy novels.
theshrike79 3y ago
I have bank account in a German bank[0] and I opened it during a coffee break at the office. I don’t live in Germany and have never visited there. [0] https://en.wikipedia.org/wiki/N26 https://en.wikipedia.org/wiki/N26
- nottorp 3y ago
  "In November 2021, N26 announced that it would be pulling out of the United States in January 2022, leading to the closure of approximately 500,000 accounts. American customers were no longer be able to use its app after January 11, 2022." This is the bank you linked to?
  - theshrike79 3y ago
    I'm also not American, like most of the world =)
    - splintercell 3y ago
      Yeah so the Obamacare regulations took care of the American financial isolation.
- prepend 3y ago
  What’s your home country? For the US, this bank seems impractical/impossible.
PopAlongKid 3y ago
In the U.S. you have FBAR and FATCA requirements to report information on many types of assets held in foreign countries.
bwanab 3y ago
It's not only impractical, but for U.S. citizens at least, practically impossible. I lived in Switzerland as an ex-pat worker for a few years, so I had a Swiss bank account. Nothing fancy, just a regular post office bank account like 75% of Swiss people have. When I moved back to the U.S. I kept it open with a modest balance since I had a debit card I could use when I was in Europe that kept me from incurring currency conversion costs. Over the years, the U.S. regulations made it very difficult to keep it open. The bank didn't want to deal with it, so they made it hard enough that I finally closed it. I know why the U.S. does it, but that doesn't mean that I, as an honest taxpayer, have to like it.
r3trohack3r 3y ago
IMO it’s also ineffective. You can use it to derisk those assets, but in the U.S. there have been cases of a court demanding people hand over non-domestic assets and holding them in contempt until they do. If the U.S. government decides your assets are theirs, I don’t think the location of the account is sufficient protection. You better hope you aren’t on U.S. soil, or any soil that extradites, when they ask you for that account if you plan on telling them “no.”
- chii 3y ago
  > If the U.S. government decides your assets are theirs which happens if you evade taxes, or commit fraud. In general, the US doesn't do unjustified seizures

capableweb 3y ago

> It could easily cost$5-10k in travel expenses to travel somewhere and establish accounts, plus the costs to account for and audit and maintain. Maybe don't travel to Dubai (or similarly most-expensive-countries-in-the-world) then and establish accounts in a country that doesn't wildly out-rich you. Also, you don't have to stay longer than just a few days most likely. Besides, many places to allow internationals to signup for accounts also allow you to do a video call with account manager rather than going there in person.

prepend 3y ago
> Besides, many places to allow internationals to signup for accounts also allow you to do a video call with account manager rather than going there in person. I’m not so sure about that. No reputable banks where you’d want to have your other country account. And I don’t think the author considers “first cyber bank of Barbados” to fit this rule. And it’s certainly a horrible idea. > Maybe don’t travel to Dubai Please attempt to put together a travel budget from the US to some country that makes it cost reasonable for a “normal” person to travel and open an account. I picked $5-10k because if you have enough cash to keep overseas, you probably don’t want to take a mega bus to Toronto or Mexico City and scrimp to open the account and visit it.
- capableweb 3y ago
  Sure, Seattle>Tokyo 1st October to 5th, $1000 flight ticket, hotel for 50-100/night, and you have like 3500 before you reach 5k.

ghaff 3y ago

We also live in a sufficiently interconnected world that, if something goes really south in the US, I'm not sure having a UK bank account or a bunch of cash and gold in a Swiss safety deposit box is the get out of jail free card it was in cold war spy novels.

theshrike79 3y ago

I have bank account in a German bank[0] and I opened it during a coffee break at the office. I don’t live in Germany and have never visited there. [0] https://en.wikipedia.org/wiki/N26 https://en.wikipedia.org/wiki/N26

nottorp 3y ago
"In November 2021, N26 announced that it would be pulling out of the United States in January 2022, leading to the closure of approximately 500,000 accounts. American customers were no longer be able to use its app after January 11, 2022." This is the bank you linked to?
- theshrike79 3y ago
  I'm also not American, like most of the world =)
  - splintercell 3y ago
    Yeah so the Obamacare regulations took care of the American financial isolation.
prepend 3y ago
What’s your home country? For the US, this bank seems impractical/impossible.

PopAlongKid 3y ago

In the U.S. you have FBAR and FATCA requirements to report information on many types of assets held in foreign countries.

bwanab 3y ago

It's not only impractical, but for U.S. citizens at least, practically impossible. I lived in Switzerland as an ex-pat worker for a few years, so I had a Swiss bank account. Nothing fancy, just a regular post office bank account like 75% of Swiss people have. When I moved back to the U.S. I kept it open with a modest balance since I had a debit card I could use when I was in Europe that kept me from incurring currency conversion costs. Over the years, the U.S. regulations made it very difficult to keep it open. The bank didn't want to deal with it, so they made it hard enough that I finally closed it. I know why the U.S. does it, but that doesn't mean that I, as an honest taxpayer, have to like it.

r3trohack3r 3y ago

IMO it’s also ineffective. You can use it to derisk those assets, but in the U.S. there have been cases of a court demanding people hand over non-domestic assets and holding them in contempt until they do. If the U.S. government decides your assets are theirs, I don’t think the location of the account is sufficient protection. You better hope you aren’t on U.S. soil, or any soil that extradites, when they ask you for that account if you plan on telling them “no.”

chii 3y ago
> If the U.S. government decides your assets are theirs which happens if you evade taxes, or commit fraud. In general, the US doesn't do unjustified seizures