Offshore bank account as temp haven for Precious Metals sale proceeds

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Pioneer's picture
Pioneer
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Offshore bank account as temp haven for Precious Metals sale proceeds

When I sell our gold and silver assets, should I have the proceeds sent to a US bank or an offshore institution as a temporary safety measure in a national emergency?

It seems our government is trying to solve insolvancy by printing counterfeit money and tightening control over individual resources rather than paying off our debts, living within our national means and diverting our real wealtht to real economy. 

There is a new 1099 tax reporting requirement  that all sales of good and services exceeding $600 annually must be reported to the IRS.  This is the latest tightening of what increasingly seems like a noose, embedded in Obama healthcare bill, section 9006. 

Another noose-tightening may be around the corner.  Banks currently must report electronic money transfers of $10,000+ weekly but last week the Treasury Dept (the administration-appointed Treasury secretary, in bed with the FED, etc) proposed that the threshold be reduced to 1 penny. 

Measures like these and various other actions of government on the economy, democracy, etc imply a planned or at least ill-informed (same effect) erosion of the rights, liberty and wealth of the people.  I'm small pickens and honest, devoted citizen but some time ago I converted most of our personal, hard-earned assets into precoius metals to protect their value from FED-induced inflation.  Now I feel I must try to protect these assets further, this time from FED-government theft  -why else would these measures be taken?  Not to stop terrorism I think.  

Anyway, here's my question on how to protect these assets further.  Please comment:  At the right moment  I intend to convert our PM assets to farmland, home and facility for community building and community support, but that right moment could  be a near emergency situation (impending PM confiscation, economic collapse, war etc) in which case it may be wiser not to have the PM sale proceeds sent to my US bank.   

I'm considering that sale proceeds should be sent to a Swiss, Norwegian or Swedish bank account.  I've even thought of converting some of the assets to land and home in one of these countries until the folly of the US is played out.

I dearly love this country.  It's all humanity living under the ideals of Unity, life, liberty.... etc, and we have and are capable of manifesting the best of the human heart here.  And I adhere to all laws and regs assiduously, albeit recently with less sense of this being a patriotic act.

Any advice, considerations?  If I were to put PM sale proceeds off shore, where is best?  What tool would you recommend for this transaction? - I'm considering UBS, a swiss-based financial management service of long standing with an office here in Charlottesville, VA. 

Ahh, for the simplicity of a practical homestead with an abundant, beautiful garden, with friends in a real community, in a country that is awake and true to the heart!

ckessel's picture
ckessel
Status: Martenson Brigade Member (Offline)
Joined: Nov 12 2008
Posts: 486
Re: Offshore bank account as temp haven for Precious Metals ...

Hi Solarphil,

I don't know that I have an opinion as regards using an offshore or US bank other than I have an uneasy feeling about either one as regards a place to store wealth.

Your comment..... "Please comment:  At the right moment  I intend to convert our PM assets to farmland, home and facility for community building and community support, but that right moment could  be a near emergency situation (impending PM confiscation, economic collapse, war etc)" leads me to another question.which is more to the point of wondering why you would be waiting for one of those emergency situations to occur rather than making a move in that direction now? 

IMHO, it will me much easier to prepare and to develop community before some of the SHTF so to speak.

Coop

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ChrisCooper
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Re: Offshore bank account as temp haven for Precious Metals ...

How would i get my genuine Victorian cast iron radiators to an offshore bank.

indypatriot's picture
indypatriot
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Posts: 2
Re: Offshore bank account as temp haven for Precious Metals ...

Solarphil,

If you are American or US tax resident, transferring the proceeds from the sale of your assets to a foreign bank account may not a panacea if one of your goals is privacy. Department of the Treasury regulations require you to file form TDF 90-22.1 Foreign Bank Account Report (FBAR) by June 30 following the end of a tax year in which you held owned, had signature authority over or controlled (some exceptions) one or more foreign financial accounts that singly or in aggregate held at any time more than the equivalent of $10.000. Foreign financial accounts have been defined by the DOT to be bank accounts, securities accounts and insurance annuities or the like. In addition, you are required to note the existence of such accounts on your US1040 Schedule B and report the income, if any, on the appropriate form elsewhere on the US1040. The penalties for noncompliance start at $10.000. You should know that the IRS has recently signed an agreement with the EU that gives it access to all SWIFT wire transactions that flow through the EU and the IRS is deepening its bilateral ties with foreign tax authorities to share information on taxpayers. The IRS is also blackmailing foreign banks to provide details on US clients or face 30% withholding on US transfers to that bank. So far you can hold non-monetary assets in a non-financial account (ie, gold, silver, cattle) without declaring them, but the conversion of them that leads to taxable income still requires the US-citizen/resident tax payer to report this income to Uncle Sam. IndyPatriot

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained in this email was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code section 6662(d).

 

Pioneer's picture
Pioneer
Status: Bronze Member (Offline)
Joined: Mar 1 2009
Posts: 64
Re: Offshore bank account as temp haven for Precious Metals ...

thanks Indypatriot.  I expected to pay taxes on any PM earnings and your reply clarifies my responsibility with regard to foreign bank transactions.  cheers!   Phil

Pioneer's picture
Pioneer
Status: Bronze Member (Offline)
Joined: Mar 1 2009
Posts: 64
Re: Offshore bank account as temp haven for Precious Metals ...

Chris, I suspect those old timey radiators might be worth more radiating heat from a solar thermal hotwater space heating system!  Phil

Pioneer's picture
Pioneer
Status: Bronze Member (Offline)
Joined: Mar 1 2009
Posts: 64
Re: Offshore bank account as temp haven for Precious Metals ...

thanks Coop.  I agree on preparing beforehand.  Timing's the problem.  cheers!  Phil

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