Need advice on moving money offshore

[rufus dog]

Looked at requirements to open a bank account in Canada, looks like I would need to apply for residence. Anyone have experience in moving money offshore?

[2naSalit]

1. Gucci.

Ralph Lauren is a dead give away, you're likely to be searched.

[Laura PourMeADrink]

2. No, but would that help? A US meltdown would be a global meltdown. I am seriously

thinking about my IRA - converting it from stock to cash. I lost SO much and have never gotten it back for years and years. But, would hate to have that happen again with the little I have gained back.

[Laura PourMeADrink]

3. P.S. Heard an economist say it would be a year before the collapse. The market will

gain for a year with Trump optimism, and then the hollowness of it all, will hit everyone.

[rufus dog]

8. I would normally agree with that

Problem is Trump! Any given day he could blow things up. I was planning on waiting but have changed my mind and pulling out now.

[susanna]

10. I think, after the last five days, that economist might have been

an optimist. I thought so too originally but I am more than willing to admit he is scaring the shit out of me, and the markets can't be far behind.

You don't change the entire culture/business/economy of a country overnight, but that's what he is trying to do.

on edit: clarity

[Laura PourMeADrink]

13. Well, I am trying to remember that what he is doing now is anything he can do

with a stroke of a pen. You can tell he is giddy - "this is so easy". Although, deep worries that he is just too emotionally fragile to handle a huge legislative defeat of any kind if we had one.

Ok, we are screwed

[susanna]

16. I am literally trying to figure out what to do.

My husband and I (50s) lived through the last downturn, bounced back a bit.

We are 100% 401(k) dependent. (Thanks, corporations, for destroying pensions halfway through our time!)

We can't do this again. We'll have nothing when it comes time to retire. And if Medicare/SS goes, we will have even more NOTHING. Even though we've busted our ass for our entire lives.

I am not sure what I can believe in, ever.

Fuck djt and his minions. He'll pay for this one way or another. It's not just us! It's the Boomers. When you have no time left, YOU HAVE NO TIME LEFT.

God I hate these people. Beyond measure.

[workinclasszero]

12. I thought it would take a year or so for Trump to tank the economy like republicans always do

But after his first week in office, all bets are off!

That insane bastard is likely to start WW3 by summer and/or attack Chicago and other cities that piss him off with federal troops FFS!

He will destroy this economy in record time I bet. By summer we could be in free fall.

If I had cash in the bank (which I don't *cry*) I'd pull that shit out tomorrow and stuff my mattress with it or something.

401k's and stock holdings would scare me to death right now with that lunatic BLOTUS at the helm!

Trump is insane and no one is going to control orange Hitler!

[mnhtnbb]

5. I sold everything the day after the election and am currently holding all cash.

At 66 I can't afford to ride another downturn like the one in 2008-09. Waiting to see what short term interest rates do this spring
before I probably buy some short term bonds.

[mnhtnbb]

4. We had a bank account in Panama at one time when we were

building a house there. But the development ran into labor/financial problems and we eventually gave
up on the house (although we were able to sell it to someone else and it eventually was completed).
We closed our account and brought the money back to the US. I have wished since the election that we still had the house.

I think the rules may have changed and they might be different if you don't intend to live there. We did have to jump through some hoops.
It's definitely not as easy as opening accounts in the US.

[rufus dog]

6. Thanks,

Looking at some regulations online now. Definitely not easy.

[octoberlib]

7. No direct experience but I found this

https://the-international-investor.com/investment-faq/us-residents-open-foreign-bank-brokerage-accounts

[rufus dog]

9. Thanks

That had some options I hadn't thought considered.

[susanna]

11. Just as we were talking about this...

http://www.economist.com/blogs/buttonwood/2017/01/investor-uncertainty?fsrc=scn/tw/te/bl/ed/

Uh-oh.

[workinclasszero]

14. Wow...from your link...

In a splendid piece for the Financial Times, Gideon Rachman worries that:

If the Trump administration now destroys American credibility, it will have handed the Russian and Chinese governments a victory of historic proportions. The cold war was a battle not just about economics or military strength, but also about the truth. The Soviet Union collapsed, in the end, partly because it was too obvious that it was a regime based on lies.

And it is painfully clear already that Trump's government will be based on lies and damned lies only!

[susanna]

15. Precisely.

I have no idea what's coming next, nor does anyone else.

HE IS A DISASTER. (Just like he was so fond of saying of things he didn't like during the campaign.)