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Author Topic: Taking Money legally offshore  (Read 31930 times)

JP

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Taking Money legally offshore
« on: March 17, 2018, 01:45:22 pm »
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
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Patrick

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Re: Taking Money legally offshore
« Reply #1 on: March 19, 2018, 07:50:48 am »
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
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.
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JP

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Re: Taking Money legally offshore
« Reply #2 on: March 20, 2018, 08:14:53 am »
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.
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Bevan

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Re: Taking Money legally offshore
« Reply #3 on: April 02, 2018, 08:04:31 am »
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.
« Last Edit: April 02, 2018, 08:14:25 am by Bevan »
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Bread

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Re: Taking Money legally offshore
« Reply #4 on: April 02, 2018, 05:04:50 pm »
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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JP

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Re: Taking Money legally offshore
« Reply #5 on: August 22, 2018, 08:23:54 am »
Anyone managed to get an alternative way in the meantime? Patrick did you manage to complete that blog post :)
« Last Edit: August 22, 2018, 09:08:44 am by JP »
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gcr

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Re: Taking Money legally offshore
« Reply #6 on: August 22, 2018, 02:16:09 pm »
Maybe I'm being pedantic but then I did do statistical analysis as a subject long ago
JP has post a few times relative to this subject yet his posts still reflect 6 posts - I looked back to about March
Any reasons for this anomaly?

 
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Patrick

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Re: Taking Money legally offshore
« Reply #7 on: August 23, 2018, 08:23:22 am »
I'm not sure there is an anomaly gcr, here's all his posts: https://shareforum.co.za/profile/?area=showposts;u=1266

@JP I never completed that blog post, mostly because there isn't a foolproof and cheap way to get the offshore account. But here's what I suggest right now:
If you have > $100k get an account with interactive brokers. You don't need an offshore account to use them.
If you have < $10k find a way to get an EU address (friend/relative etc), open an account with N26 and then an account with Degiro.ie.

In between you can consider both options.
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gcr

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Re: Taking Money legally offshore
« Reply #8 on: August 23, 2018, 10:13:55 am »
Patrick - JP posted on March 17th; March 20th; August 22nd; yet the post count remained at a constant 6.

That's what I'm querying
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Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Patrick

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Re: Taking Money legally offshore
« Reply #9 on: August 23, 2018, 11:31:15 am »
It looks like it's right. According to the posts page he's only ever posted 6 times. The post count always displays the total count, even if you're on an old message. It's your total post count rather that the count of your current post.
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gcr

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Re: Taking Money legally offshore
« Reply #10 on: August 23, 2018, 01:25:54 pm »
Surely if he posted on March 17th and then again on March 20th it should have incremented by 1 over the March 17th post count ????
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Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Patrick

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Re: Taking Money legally offshore
« Reply #11 on: August 23, 2018, 02:41:25 pm »
We might be taking this thread a little off topic. The easiest way to know for sure is to ask JP is he's only made these posts or if there were others which have been lost. I'll ask him in a PM and let you know in the same: https://shareforum.co.za/profile/?area=showposts;u=1266
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gcr

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Re: Taking Money legally offshore
« Reply #12 on: August 23, 2018, 03:37:37 pm »
Ta
The bigger question is what is the purpose of the post count - does someone get a prize for the greatest or least number of posts :LHST:
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Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Captaindura

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Re: Taking Money legally offshore
« Reply #13 on: April 16, 2019, 02:22:45 pm »
Where I work in affiliate marketing there are lot of companies to get paid to offshore acocunts like Payoneer, Paxum and so on. Maybe Skrill (earlier known as Moneybookers ) allows you to do that ? Anyway there should be some service which open offshore accounts and even companies in your country.
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