Gyroscopic Investing

Not sure if this is the right board for it, but currently reading an interesting article on setting up an offshore bank account.

http://tpmdc.talkingpointsmemo.com/2012 ... vidson.php

EDIT: not so interesting after all.

This interview had the potential to be good, and it did start interesting enough, then it just sort of turned into a boring piece about income inequality.

I think the key here is that it might not be that difficult to open an offshore account, but you better believe that if you start transferring money there on a regular basis, you're going to get reported to the IRS, DHS, and all manner of other three letter agencies that you are better off not knowing about.

Storm wrote: This interview had the potential to be good, and it did start interesting enough, then it just sort of turned into a boring piece about income inequality.

I think the key here is that it might not be that difficult to open an offshore account, but you better believe that if you start transferring money there on a regular basis, you're going to get reported to the IRS, DHS, and all manner of other three letter agencies that you are better off not knowing about.

The problem, too, is that even if your money is safely offshore, YOU are still here and thus the authorities can take YOUR freedom away from you even if your money stays safely offshore.

Unless you are ready to completely abandon all connections in your home country on very short notice (including potentially leaving some or all of your property behind when you leave), I don't know how helpful offshore accounts really are.

I wonder how many people in modern times in the U.S. have actually seen a benefit from having an offshore account.

IMHO, there are better ways of keeping a low profile than painting a bullseye on your back in the form of an offshore account.