QUESTION: As you know there is a nuke is a threat in Northern
Korea, I currently live in South Korea where I teach English for
the past 3 years (I am a Canadian citizen, no property or assets
in Canada at the moment). I am thinking that the currency might
take a beating if tensions escalate.
In 2002 Argentina's currency cut in half in just one day. It's a
different situation here but it is a possibility. I've got
investments here but I'm not sure what to do. I'd like to move
some money out of the country... into a bank account someplace
else. Do you have any ideas?
My plan still is to buy land and eventually a sailboat somewhere
tropical. I'll be checking out some places in the Phillipines and
Vietnam this November but the currency may crash before I can
finish the deal and I don't want to feel forced and make a bad
deal.
One idea I have is to have someone I trust open an account and
then I deposit the money. If I get nuked... they get the money.
If they get nuked... they leave the account to me in their will.
If nobody gets nuked ... I buy the land and start the B&B, buy a
sailboat and invite them down for free vacations forever.
Am I being overly paranoid or should I consider something like
this?
-----------------------------------------------------------------
----------
david ingram replies:
I do not think you are being paranoid at all. Remember that US
currency has gone down almost 50% in three years.
Why not, mix it up. Keep a third there, put a third in the US
(which a lot of people think has to go back up but I think will
go down another ten to fifteen percent) and a third in Canada or
throw in the Euro and put 25% in each place.
A person who likes dealing with out of country people and who has
access to the TD Waterhouse organization in the US is Shaun
Rickerby at TD Waterhouse in Richmond, BC. You can get him at
shaun.rickerby at td.com or (604) 482-5188.
It is too dangerous putting your funds in someone else's name.
Because of Article IV of the Korea - Canada Income Tax
Convention, having an investment account in Canada does NOT make
you taxable on your world income.
-----------------------
Article IV
2. Where by reason of the provisions of paragraph 1 an individual
is a resident of both Contracting States, then this case shall be
determined in accordance with the following rules:
(a) he shall be deemed to be a resident of the Contracting State
in which he has a permanent home available to him. If he has a
permanent home available to him in both Contracting States, he
shall be deemed to be a resident of the Contracting State with
which his personal and economic relations are closest
(hereinafter referred to as his "centre of vital interests");
(b) if the Contracting State in which he has his centre of vital
interests cannot be determined, or if he has not a permanent home
available to him in either Contracting State, he shall be deemed
to be a resident of the Contracting State in which he has an
habitual abode;
(c) if he has an habitual abode in both Contracting States or in
neither of them, he shall be deemed to be a resident of the
Contracting State of which he is a national;
(d) if he is a national of both Contracting States or of neither
of them, the competent authorities of the Contracting States
shall settle the question by mutual agreement.
------------
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