For UK Investors National Bank Of Kuwait

[onenomad]

I have found the following for us in the UK I am awaiting reply email in regards to converting Dinar and possibilities of Brokerage Services will keep you informed from website http://www.nbk.com/nbk/default.htm

UK Branches of National Bank Of Kuwait
National Bank Ok Kuwait (International)PLC
13 George Street London
W1U 3QJ
UK
Email info@nbki.com
Tel+442072242277
Fax+442072242101

Portman Sq Branch
7 Portman Square
London
WH1 6NA
Tel+442072242277
Fax+442074863877

NBK Investment Management Ltd
13 George St London
W1U 3QJ
United Kingdom
Tel+442072242288
Fax+442072242102
Email dominicherbert@nbkim.com

[lightrays-dinars]

Hello, I spoke to one of the ladies on the phone asking her if she accepted NID now or in the future and she said maybe in the future She seemed to have no idea about the whole thing! She has not heard about the new Iraqi dinars .. lol....... I will try again once the currency floats.

[lightrays-dinars]

They also said to me that the National Bank of Kuwat in London is only opened to Thousands and Thousands of Kuwaiti people in the UK. We british people will not be able to open an bank account with them :(

Anyway, how do you open a Warka Bank account? Where is the bank now?

[Adster]

Was under the impression from an earlier post we'd be able to exchange them at BOK when the time comes.

Wouldn't worry too much L/D, one it's convertible majority of UK exchange banks will swap your dinar for pounds. They would have no reason not too as the dinar would be just like the dollar, euro, yen etc. :huge:

[welshgaz]

If Iraq changed there currency b4 the RV, we wouldn't be able to exchange the notes apart from in Iraq (or so I thought). Could we exchange them at these banks in the UK?

[Adster]

If Iraq changed there currency b4 the RV, we wouldn't be able to exchange the notes apart from in Iraq (or so I thought). Could we exchange them at these banks in the UK?


This won't happen, no way will they reissue new notes IMO, too much time and money gone into the current notes. But if they did, a big IF then the only way you could change them would be to have an Iraqi account. Not something I feel personally comfortable doing, happy to keep the physical ones and take a very small risk. :huge:

[lightrays-dinars]

Take a vey small risk? You are already holding 10.5M IQD! You call this a small risk.. lol.

[Adster]

L/D,

Just can't see it happening, no new notes. Prepared to take that risk. :)

[Dan_mk]

Hi, im new to all this dinar investment business... But i did hear form someone who seemed to be well informed on it that one way to avoid the massive tax we get charged here in uk on capital gains, is to only change a maximum of 10,000 at a time (not sure if he ment 10,000 dinars or 10,000 pounds worth) Apparantly you can walk into a bank and exchange anything up to this amount without them having to inform the authorities.... Any comments on this?

[lightrays-dinars]

Please find out exactly in what currency - Dinar or Pound?

[Dinar Index]

I have also heard that if you cash in under 10k sterling you will stay under tha radar.all cash ins above 10k have to be reported by the banks to the tax office.
If this comes of, I will just drive from town to town cashing in 5k in every bank ,travel agent, bureau de change i come across stop for lunch at some country pub may even stay in a few nice hotels....

[Dan_mk]

sounds like a good plan to me Dinar Index.. But would obviously need to find out if this is infact true or jus speculation.. How on earth would you find that out? If this is the case, im sure i could manage living on a mere 5k a day!

[Adster]

This is all good and well guys but sooner or later you have to pay it in to a bank account, that's when you'll be reported. :rolleye03

Best to have it confirmed that the 10k mark is the amount in question too. :rolleye03

[Dan_mk]

but surely if you had a safe at hopme to store all the cash in, and slowly openned a few ISA accounts or saving accounts it would be ok... After all, it doesnt all need to go into an account, im quite happy to pay cash for my little luxuries

[Adster]

Guys, I'm all for limiting my tax as much as the next person but I don't see how it can be done without looking over your shoulder for Mr Brown. :no: If someone could tell me a sure fire way then I'm all ears. :shhh:

Surely even paying cash in for ISA accounts would be reported to the IRS. :no:

[Vanquish]

1. :confused: Think people are getting carried away on this thread. The RV hasn't happened yet, if ever.

2. :no: If you transfer, cash, remove, move, exchange or send anything above 5000 GBP (British Pounds) in the UK, you will set bells ringing.

Wait until this investment pays off (if ever) then decide how to spend/transfer/exchange your money.

Good luck:huge:

[lightrays-dinars]

but surely if you had a safe at hopme to store all the cash in, and slowly openned a few ISA accounts or saving accounts it would be ok... After all, it doesnt all need to go into an account, im quite happy to pay cash for my little luxuries

Hello, you would have to be very careful if you had a lot of physical cash in your house. If, one day, you decided to go to a car dealer and bought a car for over £10,000, the dealer had to report you to the police and tax office. This is required by UK law :( The law has changed and all car dealers must report on customers trying to buy cars all in cash!! You have been warned. Take out a car loan would be the best choice!

One of my friend got caught not so long ago!

[Dan_mk]

yes i understand that... But, not if it was a private sale and not trade. ie a used car from a private seller. Can get alot of car for 10k if you dont buy new

[Adster]

Guys,

I know the 10k mark has been mentioned but is this definite, ie if I paid in 9k to my bank account it wouldn't make the bank notify the IR? Is 10k the limit for sure?

Thanks.

[Dinar Index]

I now of a bank cashier who drinks in the pub I go to on sundays I will try and pick his brains and report to the board any findings not sure if he is high enough to have this sort of knowledge but will give it a go..

[Adster]

Nice one, buy him a couple of doubles, lol and see if he knows ways of limiting our 40% tax liabilities!!! :D :D :D :D

[Dan_mk]

nice one DINAR INDEX... Soon as i know the definate sum (10k or lower) my mind will be set to rest, iv already decided this is how im gonan change my dinars, just need to know how much to change at a time

[baz]

Hello, you would have to be very careful if you had a lot of physical cash in your house. If, one day, you decided to go to a car dealer and bought a car for over £10,000, the dealer had to report you to the police and tax office. This is required by UK law :( The law has changed and all car dealers must report on customers trying to buy cars all in cash!! You have been warned. Take out a car loan would be the best choice!

One of my friend got caught not so long ago! If you went to a car dealer and bought a car over £10,000 in cash it would be okay, the dealer hasent been informed of any tax laws about spilling the beans on cash deals to the tax man, the dealer just pays in two or more lots of cash, less then the required amount, so as to stop the bank snitching on you and him, if any dealer snitched on you he is a dipstick for doing so and the word would get around quick "dont deal with him",and a car dealer refusing CASH dont exist.

PS, I AM A CAR DEALER WITH A WORKSHOP AND FORECOURT.

[baz]

Hi, im new to all this dinar investment business... But i did hear form someone who seemed to be well informed on it that one way to avoid the massive tax we get charged here in uk on capital gains, is to only change a maximum of 10,000 at a time (not sure if he ment 10,000 dinars or 10,000 pounds worth) Apparantly you can walk into a bank and exchange anything up to this amount without them having to inform the authorities.... Any comments on this? It's about £9,000 and it's sterling not dinars, and any bank has to tell the tax man about you if you do change up more then this amount at any one time, so you spread it about a lot. In fact most places have to snitch on us now for spending large amounts of cash, ask before you spend and dont deal with them, their is plenty out there that will deal in cash.

[baz]

Guys, I'm all for limiting my tax as much as the next person but I don't see how it can be done without looking over your shoulder for Mr Brown. :no: If someone could tell me a sure fire way then I'm all ears. :shhh:

Surely even paying cash in for ISA accounts would be reported to the IRS. :no: I have just reported on this forum the contents of a bank letter I got from my Spanish bank, look up my latest replies and it will answer some queries you have.

[Dan_mk]

thanks alot baz thats just what i wanted to know!! So if i were to simply drive from bank to bank, post office, tavel agents (anywhere that will exchange currency) and change up say 5k sterling at a time, i would be ok?

[emile]

i posted about the 10k exchange thing

here. http://www.investorsiraq.com/dinar-exchange-tax/13321-capital-gains-income-2.html

10,000 pounds or above then it's reported 9,990 pounds then it's not but most places want id. and how many places have ten grand in the till. cash small amounts at a time ie 2,000 quid.

[Dan_mk]

thanks alot emile

[baz]

thanks alot baz thats just what i wanted to know!! So if i were to simply drive from bank to bank, post office, tavel agents (anywhere that will exchange currency) and change up say 5k sterling at a time, i would be ok? Only the banks that you have an account with will help you out with a large amount, and even then you MIGHT have to order it, some do some dont, travel agents more then likely will without Qs being asked, but only when it has been up and running for a while, and then we are talking small amounts here, say like you would have left over from holidays, and I for one dont fancy explaining how "the weather was loverly in down town Bagdad, hotel was crap though".

It has to be said the best way by far is to go see a tax accountant,ask what if ? can I ? will I ? then bank it, somehow I cant imagine driving around 10.000 building socities/banks/travel agents, and remember you wont be the only one doing this, they will all get suspicious in the end. And the traffic jam will be 10 miles long.

If this hits big time there will such a rush in the first few days that Qs will be asked everwhere, and not only here in the UK, dont think for one moment that the withdrawels will be small either, and dont work on the lines of leaving the money in the bank to help Iraq, it will be lets get the profit out quick.

[maltonge]

hi there

just wanted to know if it is to late to invest in the dinar or if now is a good time any advice would be helpful

kind regards

mal

[OK_Tax_Lawyer]

hi there

just wanted to know if it is to late to invest in the dinar or if now is a good time any advice would be helpful

kind regards

mal


Mal,

Welcome to the Forum!

To answer your question, let me ask you one in return: Is it too late to buy a Powerball ticket? “Investing” in dinars is really speculation. There is no solid academic research anyone can point to which would show that the dinar will fluctuate against the dollar (or any other currency) in the future. There are decades of data showing the stock market fluctuates over time, and if properly invested you can earn about 11% annually (more or less) in the long run by correctly investing in the stock market. There is no such data for the dinar. It is not necessarily representative of other currencies, due to the unique factors existing in Iraq, with which we are all familiar.

Having said that, however, I am not at all opposed to a reasonable amount of speculation on the dinar. Among other things, the U.S. government has a vested interest in the future stability and growth of the Iraqi economy and its currency. To me, that makes speculating on the dinar a little safer than buying lottery tickets, where the government actually hopes most purchasers will buy worthless tickets. The U.S. government hopes the dinar will go higher (so that everyone is a “winner”), if for no other reason than the fact that most purchasers of dinars will fail to do advance tax planning and will therefore be paying much higher taxes when revaluation (a/k/a “reval” on these boards) does take place. There is also the political advantage to the U.S. of having a democratic ally in the Middle East. (Do I sound too cynical?)

Currently, the dinar trades at or about $0.0007 US, or about seven hundredths of a cent. The prevailing belief on this Forum is that it can’t get much lower, and any positive movement of the dinar in the future will be multiplied by the number of dinar you control (note, I did not say “own”, but that’s for another post). It seems the general notion is that being prepared to lose your entire “investment” in Iraqi dinars is worth the gamble that it will go much higher in the future.

If you are willing to gamble on an uncertain future event, then, now is not too late to speculate on the dinar. Just be careful not to buy more dinar than you can afford to lose.

Hope this helps.

IRS CIRCULAR 230 DISCLOSURE: Pursuant to recently-enacted U.S. Treasury Department Regulations, attorneys are now required to advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication, including any attachments and/or enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax-related matters addressed herein.