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You can open accounts overseas without any real issue but will be required to report that to the US government - doesn't require much planning, giving up citizenship or even moving overseas. If do propose giving up citizenship, you will be required to pay income taxes on the total as if all was income this year. Not a big deal if have little, but is a big deal if have significant assets.
I suspect what you are really looking for is protection from US economy failure. You can get the protection easier by investing in bitcoin or gold without issue of access or using foreign accounts. But if really that bad, I doubt there will be much protection because the US is not Cuba or Venezuela that are minor economies, the US economy is something like 16% of the world GDP and over 60% of the world currency reserves.
Now you’re posing another question and another issue. The issue was about not having money in accounts in the US.
Who said anything about countries not reporting or even the US citizen not reporting the bank account? I don’t see where that was mentioned in the thread, and I certainly didn’t mention it . No one said anything about not reporting the bank account.
But if really that bad, I doubt there will be much protection because the US is not Cuba or Venezuela that are minor economies, the US economy is something like 16% of the world GDP and over 60% of the world currency reserves.
While political views may differ, many may feel it's time to secure their family's security by expatriating wealth from the US. Has anyone here begun this process?
In Venezuela and Cuba (and other countries) people who acted early as these governments transitioned were able to protect much of the wealth that they and their families had worked hard for.
Personally I have not started this process yet, however will further research and take steps to protect the fruits of my lifelong efforts. I imagine many may consider doing the same.
Sure, I’ve thought about it. But I mean I don’t have THAT much cash. If I had $10 million in cash, I could buy a residence somewhere else and maybe set up some bank accounts. But it’s not a bad point that if the US dollar tanks, and it’s the reserve currency of the world, we are in trouble. I certainly see the writing on the wall that we are in dark days right now, and it has less to do with either political party than both political parties being radicalized at the extremes and in their obsession with attacking one another, WE the people are the victims. In their hatred for Trump, these leftist big tech companies have enacted censorship unfit for a free country. When Germany - that used to be the country of Nazis - is condemning your country for free speech issues, you might want to listen. But instead the hatred is so strong that this censorship is celebrated by many on the left. When a bunch of morons storm our Capitol because they think the election was rigged, and some people celebrate their behavior, we’re in trouble. There aren’t “sides” if we are to prevail as the world’s beacon of freedom, people on both sides need to wake up and demand our leaders spend their time working for us not bickering with each other.
I would still like to believe most of us are reasonable, good people. But when the radicals on each side get all of the press, I don’t know what to believe anymore?
I have to agree maybe your best option is a second residence that’s off grid, build it robust if you can, with a lot of resources that will benefit you in a worst case scenario. Solar power, food storage, guns and ammo, ideally not a log cabin but a concrete construction house with steel shutters and room for crops. But you’d need a solid million to develop something like that and probably have no expectation of being able to sell it for anything near what you paid.
Not so much of a problem, if you can find a bank to take your money. Fill out the paperwork, pay your income taxes on the money, and wire it to your foreign bank account.
I don't have any country to recommend as a safe place to stash cash, but it isn't difficult to move your money if you can find a bank who will take it.
Some countries won't take it because they don't want to meet the US banking regulations that they must comply with in order to take money from the USA. For example, if you want to buy a house in Uruguay, you will have to carry cash to pay for it because you can not wire money to their banks. Be sure you have all your paperwork in order for taking more than $10,000 in cash out of the country, but if your papers are in order, you'll have no problems except for worrying about theft.
While political views may differ, many may feel it's time to secure their family's security by expatriating wealth from the US. Has anyone here begun this process?
In Venezuela and Cuba (and other countries) people who acted early as these governments transitioned were able to protect much of the wealth that they and their families had worked hard for.
Personally I have not started this process yet, however will further research and take steps to protect the fruits of my lifelong efforts. I imagine many may consider doing the same.
I haven't looked into this but I'd imagine that if you could open bank accounts in a few countries and set up the ability to transfer funds when you want to, that should cover most situations. I have no idea what hurdles there are for this.
#1 hurdle will be your US citizenship. Foreign banks won't want the hassle of your money
Most foreign banks nowadays do not want deposits from U.S. citizens, either—not even those in the traditional destinations, such as Switzerland and the United Kingdom. Their reluctance is due to the increased aggressiveness from the IRS and the Department of Justice (DOJ). Foreign banks are only willing to devote so much time and energy to courting American clients, and very few have the type of compliance department that can handle complex U.S. regulations and heightened scrutiny.
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