Out of Country Storage of Dinar

[Mustmoto]

Had an interesting conversation with a total stranger last night about the Dinar. My wife and I were eating at our favorite ramen place which was so busy we sat on the bar next to two other people. As we are eating, I overheard tidbits of the guy's conversation next to me with his girlfriend. I heard Iraq, dinar, revaluation, 3 bucks, ten cents and risky. So ask him " did you just say Dinar?" He says yeah, and I just kind if laughed. Kind of random to run into another person that knows about this stuff in public. I asked if he was invested and he said he is thinking about it.

He said his friend has a bunch, and he went with him this week to Panama to "relocate" his friends dinar. He said his friend thinks he can cash out slowly under the radar in Panama. He thinks this is a good plan to avoid taxes. I said sounds like a good plan if he doesn't want to return to the US. I said I have a good tax attorney and will do my best to pay as little as possible in taxes. I don't want the man coming after me; being legit is less stressful.

Pardon any typos, my fingers are too dang big for the iPhone especially early in the AM.

So what do you guys think of this guy's plan?

Edited February 5, 2011 by Mustmoto

[snowglobe4]

i want to sleep well at night gonna pay wisely

[Tiffany23]

Well to expand on snowglobe's comment. One would always be worried that some how some where, the Tax man would be coming. Pls think of it, when you say a little at a time, do you plan on living in Panama or is that merely where you go to get "your fix"...to have to fly in and out would be a pain in the neck.

As others have suggested, if he really believed in this investment, why not buy another couple hundred (or thousand, depending on how big your stake is) now why it is cheap, and set that aside for taxes. If flights to Panama City cost what $500 now plus hotel cost to set things up...instead you put that towards buying more...it doesn't take long before the breakeven point is found and it's more cost effective to simply pay the pipper and live the good life.

That's my

[Wino]

You can just about bet that our government is going to have people all over watching for this type of thing to happen. They can only collect so much from you in the way of taxes if you do it legally in this country. But if you try to get away with it somewhere else they will end up getting more out of you if not taking it all because they could throw it under the money laundering laws and even tie it to terrorism because it is a mid eastern currency and you are trying to exchange for U.S. without claiming it. You could actually lose it all and end up in jail for a while. I plan on paying what ever I can legally get away eith in the U.S. and then sleeping well at night on a large ranch back in the hills. Don't want the IRS knocking at my door in the future.And if you go out of the country to get it you can only bring back $10,000 at a time without getting in trouble.

[smee2]

Dumb plan.

Anyone involved in this investment is going to make much out of almost nothing.

We all share the obligation to pay "our fair share" ... not exhorbitant amounts according to what we have but fair amounts according to what our country needs (I know, radical thought).

So, why go to such bother which could endanger your dinar, our cash after RV, and perhaps your own freedom as well as your citizenship. There is no amount of money worth being on the "bad guy" list of any country, especially the USA who keep those kind of tabs on more than just their own citizens.

I agree with previous commenters here that it is better to pay up. I have always believed, and said when asked, that the trick is to make sure you are invested heavily enough that no matter what the RV is, once the taxes are calculated, you will still have enough to do what you want.

smee2

[rcrge]

pay the taxes and dance and sing with whats left

[inwest]

Most countries have reciprocal reporting with the IRS and Revenue Canada on large deposits so there is no hiding, unless you select a country that is known to be a tax haven. Even then there is risk.

[LettheRVbegin]

How much did you invest smee2?

[elv780]

What ever your greatest fear is what you manifest. It's much easier to pay up and sleep well.

[Carrello]

I would be afraid I would like the high life on my 'tax free' money, and on my 85th birthday, I get the IRS knock on my door. They clean out my accounts and take every asset from me because the penalties, fines, and interest were so high. And I end up eating dog food at 85.

Not worth it......my greed level is not that is not that high.