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Taking Money legally offshore

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JP:
Goo day,

Hope this is the correct place to start this tread. So I am quite sure everyone has started to think about what should happen if the government goes ahead with the expropriation of land without compensation. Personal I have been saving for a while now and wanted to buy a house in the near future however that plan has now been set aside. I do not want to buy a house and sit with the debt if government is just going to take the property. Also I do not want to keep the money in the bank since I feel the whole banking system will implode.

Now my question is, would it be possible to open a foreign bank account without actually residing within a foreign country? Or what would be the best way to get my hard earned savings out of the country without fees eating up the capital should also perhaps be low risks. I do not want rand dominated funds etc, I want the money to be out off this country.

I am not looking for professional advise, I am just busy researching my options.

Your thoughts on this will be much appreciated

Patrick:

--- Quote from: JP on March 17, 2018, 01:45:22 pm ---Now my question is, would it be possible to open a foreign bank account without actually residing within a foreign country? Or what would be the best way to get my hard earned savings out of the country without fees eating up the capital should also perhaps be low risks. I do not want rand dominated funds etc, I want the money to be out off this country.

I am not looking for professional advise, I am just busy researching my options.

Your thoughts on this will be much appreciated

--- End quote ---
Yes it's possible. I have one and a number of other people do too, but it is quite a challenge. In your case it's probably not necessary. I'm busy doing a blog post on this actually. Might be ready this month but more likely next, what you really only need is a decent brokerage account that you can fund from this side.

The best way to do it at the moment looks like opening an account with interactive brokers, then funding it via a forex broker here. I've found forex rates of around 0.75% through clickfx, but I'm testing one at month end which may drop it to 0.7%.

Then you simply transfer your Rand into $ which are deposited in your interactive brokers account. From there you can buy shares on virtually every major stock market in the world.

If you end up overseas at some point you can easily open a bank account and link it to interactive brokers.

JP:
Thank you for the very insightful response Patrick, I will definitely look into this. As an alternative, is there any way to open a foreign bank account without actually residing in the foreign country, if so which bank that does not require 200 000$?

Looking forward to your blog post.

Bevan:
I have a Sterling account with IG Index. For me CFD's are the only way to go because of the amazing leverage e.g. I can make $300 profit in an hour or two, on the back of $80 margin. But they're not for everyone. On that particular trade my stop loss would be around $50 i.e. 6:1 profit:loss ratio. That simple math, with a 50:50 probability of a winning trade every time, almost guarantees making money over time. Except most people don't run their profits and cut their losses, they do the exact opposite.

Also read https://www.sovereignman.com/blog/ for some great insights now and again. He obviously punts his Plan B products but his daily blog is free and often has some great advice.

Bread:
In my opinion there is a great misunderstanding about this issue and I reckon that's due to 2 reasons. Mostly because little detail has been released by the government and sensationalism perpetuated by the media. People are very very worried about it with some saying, obviously, that it's going to lead to civil war which I don't think it will.

IMO and understanding no one's primary place of residence is going to be taken away. Their farm or farms, yes, if it qualifies but the farmer and his family will not be left homeless or without the means of purchasing a house or residence. And I don't think they're going to say to everyone living in this or that suburb must now hand over their house to a previously disadvantaged person. Although there are people who want that to happen because that is when happened to them in 1912 when THEIR houses were taken away and given or made available for purchase by white people.

So if you are going to buy a house then do yourself a favour and do some research first. Find out if it's in or near an area marked for expropriation.

This issue isn't only a black/white issue. It's a black/black issue. Lots and lots of land is owned by the government that can and should be given to the previously disadvantaged people. But that's not going to happen because that's not the government's intention. When they expropriate land they will (try) keep the land and rent it out. Rent it to the farmer or village for city/town. As they do in KZN. Great swathes of land in KZN are owned by a trust and the dwellers on that land rent it from the trust. I don't recall the name of the trust now but it was on the radio the other day.

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