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The Cyprus Cash Grab - Coming to America?

Vladilyich Wrote: Mar 19, 2013 10:21 AM
I saw this coming several years ago. I cashed in my IRA and drove north and opened a RSP (Canadian equivalent of an IRA) with TD Bank. There are quite a few TD bank branches in the Northern U.S. as well at TDAmeritrade (all owned by Toronto Dominion), but DON'T OPEN IT IN A u.s. BRANCH. The American government can empty any account that is centered in the U.S. The Canadian economy is flourishing and their dollar is on a par with the U.S. dollar. For the past six months it has been worth more. There is NO bank in Canada that is on shaky ground. The country is a net exporter and manufacturer of goods. Nothing has been off-shored and unemployment is about two percentage points below the U.S.
Reginald10 Wrote: Mar 19, 2013 2:44 PM
Two points:
Make sure you move your cash in increments of less than $5,ooo. Any more, and you trigger the anti-drug money laundering statutes. Was $10,ooo, but I think they dropped it to $5,ooo.

Get yourself a Canadian P.O.Box, to use as an address for the "home address" on the Canadian account. If you use your U.S. address, they're likely to tag it as a U.S. account anyway; which defeats the purpose.
You were shocked - SHOCKED, you say - at the very idea that the government of Cyprus would order banks to seize 10% of every bank account and hand the money over the government? Well … excuse me for being rude, but maybe if you had been spending a better part of the last 20 years paying attention to the atrocities that happen with nauseating regularity in Washington, instead of going into an annual swoon over March Madness and/or the Oscars, or blindly tuning in to Entertainment Tonight every evening rather than an actual newscast, you might have seen this...
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