I am New "with Questions"....

[Coldstone]

:D Hi,
I am new to the forum, I have been reading for about two months now....I work in Tikrit, Iraq with KBR and would like to ask a few questions....First I am confident that this is not a risk...rather a waiting game....The person I got my dinar from thinks it will R/V in the summer.....I have 5 million on the way to the states and plan to buy 5 million more....In addition I want put 5 million in Al Warka to draw interest until it hits....I am a young buck trying to come up! The guy I brought mine from thinks it will start out a 5-10 cents. Then move from there. My plan is to cash in 5 million and hold the rest until I get to about 6-10 million. (maybe two or three years from now.) and if the go at least to the prior 30-35 cents....I will cash almost all of it. Then I will buy a lot of real estate in Texas where I live. :happy64:

1. When (not if) it hits, how would I go about cashing it in in the states?
2. What steps do you take to get your money out of Al warka? Will it take long? (some have had problems contacting Al Warka) How fast will they be in giving back my millions?)
3. How to I avoid the tax deal in the US? If I have it all wired to my bank, will it be subject to tax? How much will the tax be? (%)
4. I have a savings account with HSBC...I know they are trying to set up banks in Iraq...will that be to my advantage you think?
5. lets just say (just pretend mind you) that It does nothing....could I sell it back to Iraq for the value at that time....making my loss minimal.....I realy don't see the risk....what other risk are there?

Thats all I can think of now, I sent my info for an Al Warka account two days ago. It was surprisingly quite here on the base...no mortar attacks at all....bagdad was quite as well....the Iraqi Military have done an OK job....thats all....all answeres to my questions will be much appreciated! Thanks in advance

[myranchretirement]

:D Hi,
I am new to the forum, I have been reading for about two months now....I work in Tikrit, Iraq with KBR and would like to ask a few questions....First I am confident that this is not a risk...rather a waiting game....The person I got my dinar from thinks it will R/V in the summer.....I have 5 million on the way to the states and plan to buy 5 million more....In addition I want put 5 million in Al Warka to draw interest until it hits....I am a young buck trying to come up! The guy I brought mine from thinks it will start out a 5-10 cents. Then move from there. My plan is to cash in 5 million and hold the rest until I get to about 6-10 million. (maybe two or three years from now.) and if the go at least to the prior 30-35 cents....I will cash almost all of it. Then I will buy a lot of real estate in Texas where I live. :happy64:

1. When (not if) it hits, how would I go about cashing it in in the states?
2. What steps do you take to get your money out of Al warka? Will it take long? (some have had problems contacting Al Warka) How fast will they be in giving back my millions?)
3. How to I avoid the tax deal in the US? If I have it all wired to my bank, will it be subject to tax? How much will the tax be? (%)
4. I have a savings account with HSBC...I know they are trying to set up banks in Iraq...will that be to my advantage you think?
5. lets just say (just pretend mind you) that It does nothing....could I sell it back to Iraq for the value at that time....making my loss minimal.....I realy don't see the risk....what other risk are there?

Thats all I can think of now, I sent my info for an Al Warka account two days ago. It was surprisingly quite here on the base...no mortar attacks at all....bagdad was quite as well....the Iraqi Military have done an OK job....thats all....all answeres to my questions will be much appreciated! Thanks in advance


1. The bank
2. Fly to Iraq and cash out.
3. You can't and yes. 30% for less than a year having the currency and 15% if you have it longer than a year.
4. Yes
5. You sell it back, be prepared to take a minor loss.

[Javabear]

1. If you want to avoid the taxes, don't cash it in in the US.
2. I don't know, but I would think that they might be able to do a wire transfer.
3. Use a bank in the Cayman Islands. Long term capital gains tax is 15%, short term is 15%.
4. Possibly, but who really knows.
5. If you are willing to take the loss, I'm sure you will be able to find someone to buy it from you. There are lots of other risks. Too many to list here and you've probably read most of them if you've been here for the last 2 months.

[myranchretirement]

1. If you want to avoid the taxes, don't cash it in in the US.
2. I don't know, but I would think that they might be able to do a wire transfer.
3. Use a bank in the Cayman Islands. Long term capital gains tax is 15%, short term is 15%.
4. Possibly, but who really knows.
5. If you are willing to take the loss, I'm sure you will be able to find someone to buy it from you. There are lots of other risks. Too many to list here and you've probably read most of them if you've been here for the last 2 months.

Just remember Authorities will be watching where for all dinar when cashing in. When the money is transfered to your bank in the states it will be reported to the IRS if it comes from outside the U.S. The Cayman islands are rolling over for the IRS now. You are better off paying the taxes and having it in the states. If you have the money less than a year you will pay 30% tax which is the short term.

[Javabear]

Anything to back that up MRR? I had heard that the Cayman Islands were the new Switzerland as far as banking is concerned. I would like to know of an alternative if you know one. It could make a difference of several million dollars if your prediction rings true.

[myranchretirement]

Anything to back that up MRR? I had heard that the Cayman Islands were the new Switzerland as far as banking is concerned. I would like to know of an alternative if you know one. It could make a difference of several million dollars if your prediction rings true.


A british gentleman on a flight from Dubai to London told me this in a conversation we were having. He was Tax advisor to the very wealthy. Dubai would be good. I believe he said if I remember correctly switzerland is still a safe bet. They do not care who you are. You could set it up in Dubai the wire it to a swiss account. No one would ever know because switzerland doesnt talk and its a blind account. You never see anyone all transactions can be done over computer.

[Javabear]

That's very interesting. I'll have to do more research though.

[myranchretirement]

That's very interesting. I'll have to do more research though.

Your welcome. Happy to share.

[Coldstone]

A british gentleman on a flight from Dubai to London told me this in a conversation we were having. He was Tax advisor to the very wealthy. Dubai would be good. I believe he said if I remember correctly switzerland is still a safe bet. They do not care who you are. You could set it up in Dubai the wire it to a swiss account. No one would ever know because switzerland doesnt talk and its a blind account. You never see anyone all transactions can be done over computer.

Does that mean its untouchable there? as in no tax? how would I spend it here in the states? would I just have a little wired here at a time? Always pass through Dubia to come from Tikrit anyway. What banks are there? Thanks for you help guys....keep it coming! I am sick of all this dust in Iraq! I want to live on real beach sand! Hopefully the dinar can make it happen....

[kingkong]

Anything to back that up MRR? I had heard that the Cayman Islands were the new Switzerland as far as banking is concerned. I would like to know of an alternative if you know one. It could make a difference of several million dollars if your prediction rings true.

You need to read over the IMF report regarding offshore accounts. :(

[Javabear]

Does that mean its untouchable there? as in no tax? how would I spend it here in the states? would I just have a little wired here at a time? Always pass through Dubia to come from Tikrit anyway. What banks are there? Thanks for you help guys....keep it coming! I am sick of all this dust in Iraq! I want to live on real beach sand! Hopefully the dinar can make it happen....

You could get a debit card, that way there is no cash transfer, no bank wire, no paper trail. Just an electronic one.

[Weston]

Um if you are an american you have to pay taxes on any money you make no matter what country to make it in. So "Hiding" Money is illegal I wouldnt do it because if you are caught you are going to be in some much trouble its not even worth it............PAYING 30% out of lets say 1million dollar means you get to keep 700k.........I think that I would take that then FINES AND JAIL Time.


Dont defraud the american government they will find out sooner or later.


Now if your not american then you need to check the laws...as for me Im canadian I am only taxed once to money enter into Canada, and Interest i Make in foreign accounts


IMO Id like to stay out of jail. Anyways its up to you its your life :)

[axismundi]

Um if you are an american you have to pay taxes on any money you make no matter what country to make it in. So "Hiding" Money is illegal I wouldnt do it because if you are caught you are going to be in some much trouble its not even worth it............PAYING 30% out of lets say 1million dollar means you get to keep 700k.........I think that I would take that then FINES AND JAIL Time.


Dont defraud the american government they will find out sooner or later.


Now if your not american then you need to check the laws...as for me Im canadian I am only taxed once to money enter into Canada, and Interest i Make in foreign accounts


IMO Id like to stay out of jail. Anyways its up to you its your life :)


See thats not true, our fellow thats working for KBR, he doesn't have to pay taxes on ANY of his income, thats part of being a contractor in a war zone... so techincally anything he buys over there... or invests in... I wouldn't think he'd have to pay any taxes on if he proffited... but he deffiantely deosn't have to pay taxes on what he makes over there.

[Hillbilly]

:D Hi,
I am new to the forum, I have been reading for about two months now....I work in Tikrit, Iraq with KBR and would like to ask a few questions....First I am confident that this is not a risk...rather a waiting game....The person I got my dinar from thinks it will R/V in the summer.....I have 5 million on the way to the states and plan to buy 5 million more....In addition I want put 5 million in Al Warka to draw interest until it hits....I am a young buck trying to come up! The guy I brought mine from thinks it will start out a 5-10 cents. Then move from there. My plan is to cash in 5 million and hold the rest until I get to about 6-10 million. (maybe two or three years from now.) and if the go at least to the prior 30-35 cents....I will cash almost all of it. Then I will buy a lot of real estate in Texas where I live. :happy64:

1. When (not if) it hits, how would I go about cashing it in in the states?
2. What steps do you take to get your money out of Al warka? Will it take long? (some have had problems contacting Al Warka) How fast will they be in giving back my millions?)
3. How to I avoid the tax deal in the US? If I have it all wired to my bank, will it be subject to tax? How much will the tax be? (%)
4. I have a savings account with HSBC...I know they are trying to set up banks in Iraq...will that be to my advantage you think?
5. lets just say (just pretend mind you) that It does nothing....could I sell it back to Iraq for the value at that time....making my loss minimal.....I realy don't see the risk....what other risk are there?

Thats all I can think of now, I sent my info for an Al Warka account two days ago. It was surprisingly quite here on the base...no mortar attacks at all....bagdad was quite as well....the Iraqi Military have done an OK job....thats all....all answeres to my questions will be much appreciated! Thanks in advance I am also new to this forum and you ask all of the same question i had.i sure hope to get some good answers.

[LakewayDaze!]

Pay your taxes with a smile. I think you have to be pretty dang selfish to say I am not paying any taxes. The US and it allies have made it possible for YOU to be able to make this money (hopefully). It is a win/win situation IMO. If you think for a second that you will be able to cash in IRAQ Dinars and do so under the radar IMO you are sadly mistaken. I will pay my 15% with a smile. My suggestion is to do the same. I for one do not want to be looking over my shoulder wondering when the IRS is going to audit me. I don't know much but peace of mind goes a long way in my book. Have a great day!! :wave:

[mcdonn]

Yes, pay your taxes. Cash in only to replenish your accounts, and hold the rest for 366 days and get down to the 15% tax. During that 366 days of rest look for ways to invest. And by all means try this Currency/debit card.

http://www.escapeartist.com/efam/73/Currency_Cards.html

August 2005

From The Sovereign Society

Traveling with large amounts of cash used to mean you’d either have to sweat it out with a big bankroll in your pocket or get writer’s cramp signing a bucketload of travelers’ cheques. But not any more.

Now, there are great ways to travel with cash stored in a credit card-sized piece of plastic that is NOT a credit card (though it looks like one). These currency/debit cards give you the confidence of cash, the ease of a credit card and all the privacy in the world.

Swiss Travel Cash: Preloaded and Ready to Go!

A Swiss Travel Cash card looks like a credit card, but has no name on it, just a numerical code. The user also gets a PIN code. The user calls his or her banker, who loads the card with a maximum 10,000 euros, U.S. dollars or Swiss francs. It can then be used to withdraw cash all over the world. Even better, there are no monthly limits of withdrawal, although a limit per withdrawal may apply. And you can reload the card when you run out of cash.

[Ciderlion]

anyone know the tax for the UK?

If it will be revalued wont it be pegged to something? If it is pegged to something then wont it stay in relatively the same place?

Correct me if im wrong but why not just hold on to it for a little longer?

Then ud only have to pay 15% instead of 30%. Could be a lot of money?

Any comments?

hoz

Hoz
I believe Capital Gains Tax at 40% :( and thats it. I dont know if it changes after any time period.

[THE JERRYBOY]

Can anyone recomend a good swiss bank for this?

[Coldstone]

I wanted to know if there was a way to do it leagally......if its at least 10 cents I will cash in 5 million and hold the rest....I will wait till it hits 50 cents to a dollar. Thanks for the advice guys....I was leaning towards bringing it all back to the States. Will the 30% be taxed once? The interest I make on the rest after taxes will be taxed yearly...correct?

[ordinary]

Not to worry, you've got 5-10 years to figure it out. Byt that time things could look VERY different. Good luck :)

[Jgraj]

Not to worry, you've got 5-10 years to figure it out. Byt that time things could look VERY different. Good luck :)


It will be sooner than 5 years. The Iraqi people need to boost their economy and I don't think anyone is going to let it take 5 years from now to jump start the economy. A revalue will most likely take place from now till anytime in the summer of 2006. Maybe before January if the Stanby Arrangement takes effect in the coming months.

[AirForceCop]

Not to worry, you've got 5-10 years to figure it out. Byt that time things could look VERY different. Good luck :)

Come on Mr. 5-10 years, I'm waiting for a reply. You blow by here once a week with this 5-10 year crap and nothing to back it up! Money talks and BS walks, which are you doing?.............

[AirForceCop]

Come on Mr. 5-10 years, I'm waiting for a reply. You blow by here once a week with this 5-10 year crap and nothing to back it up! Money talks and BS walks, which are you doing?.............

That's what I thought ordinary, nothing to say and signed OFF! That's OK! I'll be here when you get back....

[Dinar for me please]

lol :D ....too funny 5-10 yrs,yeah right!

[TiredOfWork]

I vacation with a friend from the Cayman Islands, and ran this scenario by him. He deals with a lot of wealthy people and a lot of banks. His advice - don't think for a second that the Cayman's is a good place to avoid your taxes. Great place to invest, the real estate market is hot, but forget about 'hiding' your earnings from the gov'ts. Period. Bad news, in his opinion. :no:

[Soliel]

I don't think it will be 40% taxes. The capital gains has gone much lower these years. I just spoke to my tax accountant and he said capital is never higher than 20% and many times less.

Also, do you think it's really right to avoid taxes? If we profit from this, it was from the help of American tax payers. I don't think it's right to not give our fair share. Especially with the high bill for going into Iraq.

Also, I think one has less peace of mind when they cheat. :no: You never know when you'll get caught and then your rep is down the, well you know.

Just my two cents.

Soliel

[axismundi]

I don't think it will be 40% taxes. The capital gains has gone much lower these years. I just spoke to my tax accountant and he said capital is never higher than 20% and many times less.

Also, do you think it's really right to avoid taxes? If we profit from this, it was from the help of American tax payers. I don't think it's right to not give our fair share. Especially with the high bill for going into Iraq.

Also, I think one has less peace of mind when they cheat. :no: You never know when you'll get caught and then your rep is down the, well you know.

Just my two cents.

Soliel

The government will get its fair share via lots of taxes. We would buy something with the money, say items... The item has to be manufactured, the manufacturer needs supplies, the government taxes the suppliers, then the manufacturer sells the product, government gets taxes, then the retailer sells the product, government gets taxes. Not to mention the taxes on all the wages of everyone who had a part in making or delivering that product heh. Plus it stimulates the economy... which is always good. Since I'm posting from a treasury internet connection though, I have to say yeah it would be wrong to avoid the taxes.

[TiredOfWork]

I don't think it will be 40% taxes. The capital gains has gone much lower these years. I just spoke to my tax accountant and he said capital is never higher than 20% and many times less.

Also, do you think it's really right to avoid taxes? If we profit from this, it was from the help of American tax payers. I don't think it's right to not give our fair share. Especially with the high bill for going into Iraq.

Also, I think one has less peace of mind when they cheat. :no: You never know when you'll get caught and then your rep is down the, well you know.

Just my two cents.

Soliel
The 40% was in response to the UK tax rate question, not USA. I believe they are much higher there.

[Javabear]

Is it wrong to avoid taxes? I put pencil to paper once and figured that between all the various types of taxes that I paid at the time that I was paying about $0.49 in taxes for every $1.00 that I earned. As a single person with no dependants and only a small mortgage, I get shafted every year. This time I want the gold mine.

[axismundi]

Is it wrong to avoid taxes? I put pencil to paper once and figured that between all the various types of taxes that I paid at the time that I was paying about $0.49 in taxes for every $1.00 that I earned. As a single person with no dependants and only a small mortgage, I get shafted every year. This time I want the gold mine.

I know exactly how you feel, matter of fact even worse, I'm getting screwed on being able to get financial aid for my bachelors degree thanks to being single, no dependants, no mortgage, and am just months shy of 21 (although I hear I'm still considered a dependant of my parents untill I'm 23 when it comes to school, which is absurd)

[Adster]

Hi guys,

Is there no way round the 40% tax in the UK aside from offshore account?

[stayfrosty5]

Is it wrong to avoid taxes? I put pencil to paper once and figured that between all the various types of taxes that I paid at the time that I was paying about $0.49 in taxes for every $1.00 that I earned. As a single person with no dependants and only a small mortgage, I get shafted every year. This time I want the gold mine.

Use Swiss accounts and global priority mail. Keep it small. Currency sniffing dogs are used mostly to intercept packages leaving the US. Send it from low priority countries like France or Germany straight to your home.

Let's see how long it takes before I get ripped for this post. I'm guessing, 8 minutes.

frosty

P.S.- I will pay my taxes because if I get in any trouble, my career will be over.