MediumTex wrote: ↑Sun Nov 06, 2011 9:08 am
On the subject of geographic diversification, if you don't have a passport you should get one.
It's an easy thing to do and just involves some forms, a fee and some waiting.
As an extreme provincial I've never had a passport.
I'm assuming, though, many reading this do have one.
How easy is it to do?
If I were to start this process on Monday where does one start?
What are the total hours one has to invest in getting one? What is the time frame from when you start the process to when you actually get one?
Finally, what are the costs involved? Does it have to be periodically renewed?
It's easy. The passport is valid for 10 years and can be renewed. The fee for the first-time passport is $110. You can use a passport agency or apply at certain USPS locations. I used USPS the very first time I got mine and the renewals are handled by mail through the Department of State. Here's the link to USPS website with all the details:
MediumTex wrote: ↑Sun Nov 06, 2011 9:08 am
On the subject of geographic diversification, if you don't have a passport you should get one.
It's an easy thing to do and just involves some forms, a fee and some waiting.
As an extreme provincial I've never had a passport.
I'm assuming, though, many reading this do have one.
How easy is it to do?
If I were to start this process on Monday where does one start?
What are the total hours one has to invest in getting one? What is the time frame from when you start the process to when you actually get one?
Finally, what are the costs involved? Does it have to be periodically renewed?
It's easy. The passport is valid for 10 years and can be renewed. The fee for the first-time passport is $110. You can use a passport agency or apply at certain USPS locations. I used USPS the very first time I got mine and the renewals are handled by mail through the Department of State. Here's the link to USPS website with all the details:
Thanks for the great answers. Still have a couple of questions.
1. Doesn't physical gold ownership address most of these issues (outside of gold confiscation)?
I think having some physical gold you have close control over is important. But (hopefully) your portfolio will grow large enough that this will become logistically impossible eventually. It will probably be safer to store some at a bank somewhere away from you as a backup reserve in case something very bad were to happen where you lived and you needed to leave or delay things until the problem works out.
2. How do you pick the country? Canada would be very easy, but I have no idea if it offers the type of diversification that would make it worth the extra hassle.
I still think Switzerland is best. Unfortunately it use to be quite easy to setup an account, but the last few years it has become very difficult because many of the banks simply don't want to deal with US clients (even high net worth clients). There are new intermediary services being offered though. But some of the minimums are still too high for most people.
Canada actually has a lot of good attributes, but the fact that they are a neighbor and generally bend to the will of Uncle Sam on most matters makes them less optimal for me. Switzerland still continues to be very reluctant in these matters. People assume that it's because they like harboring tax cheats, criminals, etc. But this isn't the case. I know swiss bankers and to them it's an ethical question. In Swiss culture and law it is simply viewed that your financial matters are your own business as is the tax matter between you and your government. They do not want to get involved. In many ways they also view financial privacy as a fundamental right to every individual. As abhorrent as Americans may view a despotic regime censoring critics and imprisoning political opponents, the Swiss I know think exactly the same way over these banking matters. They do not understand why Americans put up with the government doing these things. That's the best way for me to express it.
The above is why I think Switzerland is still tops. They simply do not have a culture that is compatible with the idea of government poking their nose in everyone's business and stealing stuff that doesn't belong to them. So I do not know how they'd truly react to a blanket repatriation order for instance, but I suspect they aren't going to go along quietly. Certainly they are going to resist a lot more than an American bank where you store your assets.
I'm not trying to be stubborn. I am definitely fall into the category of someone who thinks it's crazy, but "secretly" wants to know how to do it.
I totally understand. I am bringing up this topic because I want to explore the ideas and collective inputs of what other people have tried, what worked and what they would like to do but don't know how. I get the feeling many people would like to store some money overseas but don't know how to do it easily and safely. But this is becoming a lot harder. The new IRS FATCA rules are going to make it even more difficult to hold assets overseas even if you are fully compliant with all IRS disclosures. The banks may simply not want your business due to the hassle.
For you....about what level $$$$ (at today's gold prices) of owning physical gold would you believe would now, in Craig's words, become "logistically impossible"?
Above provided by: Vinny, who always says: "I only regret that I have but one lap to give to my cats." AND "I'm a more-is-more person."
