For Cash Only: On Overseas accounts

Reply #8

David1 — Wed, 24 Jul 2002 14:46:10 GMT

I think you are right. But for me even the returns of US Government bonds are high enough for me even though it may not be high enough for other people. I would probably be getting in return around 2 millions dollars a year in something that's safe in a very high jackpot. That is what I mean when I say I would be getting a consistently high annual return. Compared to other returns a couple mill may be very low but for me its just high enough without high risk. Of course I'm no expert and still s... [ More ]

Reply #7

smd173 — Wed, 24 Jul 2002 13:27:08 GMT

I could be wrong but I thought that bonds that yielded a high annual return are called junk bonds and are the most unstable. Government bonds are the safest kind of bond since they are backed by Uncle Sam but don't return a terrific annual yield. Greater the risk, greater the return.

Reply #6

EZMoney — Wed, 24 Jul 2002 02:10:41 GMT

its only illegal if you get caught

Reply #5

David1 — Wed, 24 Jul 2002 01:09:04 GMT

N/T

Reply #4

Thomas Covenant — Wed, 24 Jul 2002 01:04:14 GMT

Overseas accounts are not illegal, not if you properly report them to the IRS.

Reply #3

CASH Only — Wed, 24 Jul 2002 00:55:36 GMT

Tom: I phrased my statement carefully because I am not an expert in that field, and to cover myself in case overseas accounts are illegal for US individuals.

Reply #2

Thomas Covenant — Wed, 24 Jul 2002 00:38:47 GMT

Usually people have overseas accounts to avoid paying US income taxes. This is of course, illegal.

Reply #1

CASH Only — Wed, 24 Jul 2002 00:35:19 GMT

I'm not an expert on overseas accounts. Assuming they are legal, they are one option for lottery winners. Providing you aren't stupid enough to have the lottery ASSign an annuity for you in lieu of a lump sum.

For Cash Only: On Overseas accounts

David1 — Wed, 24 Jul 2002 00:29:19 GMT

Why an overseas account? Is it because the interest percentage return is a lot higher than the accounts offered here in the US? If so, what is the return percentage interest in overseas accounts? Btw, I agree with you entirely to always take cash option. That way you can split it all at once with whoever needs it. You see, in my case I need cash option to take my mom out of debt. And believe me, she's in a real big hole. :-) Then give a few mill to my friend in NJ. That's because I do not live i... [ More ]