Hi guys, Barry in DR here. I’m sure you have read multiple articles about the confiscation “tax” on Cyprus bank accounts…. up to 10% of bank accounts and savings accounts disappear over night resulting in bank runs and bank shutdowns for who knows how long.
I can hear some of you saying… it’s Cyprus, who cares.
Trust me. You do. As Cyprus bank depositors have so painfully discovered…. when a country borrows more than it can repay then someone must pay the piper, and the easiest marks are the people. Think it can’t happen in the US or Canada or other European countries? Think again.
Forgive me for spouting all these numbers, but seriously, this stuff is way past serious. Latest rough estimates I’ve seen is that the US government needs about $53,000 from every man, woman and child just to pay its current debt. Throw in the private debt and mortgages and now each person needs about $175,000 to pay off just the current debt… and that is not counting anything to pay off the unfunded social programs (Medicare, Social Security and Medicaid) which amounts to roughly an additional $125,000 per person. Have a spare $300,000 per family member just sitting around?
Keep in mind that there are creditors out there holding all this debt and they DO expect to get paid, one way or another. They do not care whether you have to take it in the rear or not…. just as the European Union didn’t care whether Cyprus bank depositors took it in the rear.
So how will this all play out? Will they start to confiscate a percentage of everything YOU have in the bank? Or will they force a redemption of precious metals at a bargain price? Or will they simply raise the taxes until it is no longer worthwhile to work for a pay check? Or perhaps they will drastically cut all those benefits you expected in retirement? I am betting on some combination of all of these draconian measures… and more. The only other realistic option is to print so much fiat currency that whatever money you have and earn will be practically worthless. Either way, YOU take it in the rear. Yes, that’s right… YOU.
All this bleak news leads me right back to the blindingly obvious. When all is said and done, the only thing that really matters is whether YOU will be able provide food, clothing, shelter and safety for you and your family. And if you can provide these basic needs in comfort and without undue interference then you will be far better off than the masses. Many will not be able to meet these basic needs without government handouts which will be under constant attack and eventual collapse.
Today you still have precious freedom to act. You can still move many of your assets around. You can still shift out of paper assets and move into real assets without too much interference. You can still lay a foundation to allow yourself and your family to move out of harm’s way if you choose to, through residency and 2nd passport programs. TODAY you still can, but as you can see from the Cyprus confiscation, things can change overnight. Until the other day, Cyprus was a trusted regional banking center for over 1000 years. No longer. Think it can’t happen at home… think again. Think it can’t happen fast… think again.
At the risk of beating a dead horse…. let me restate what you can do today.
To sum up again a few steps you may want to follow, sooner rather than later:
- Step 1: Investigate other countries and settle on one where you would be comfortable living with your family if you do need to “get out of dodge”
- Step 2: Start to establish residency or citizenship in another country so that you have a legitimate, irrefutable right to move you and your family and your assets in and out of your selected countries
- Step 3: Start to move some of your assets offshore or to your chosen second country, while you still can
- Step 4: Find a piece of land or home in your new country so that you have a safe and comfortable place to park you and your family when you visit or move to your second home.
- Step 5: Start to build your own mini network of like minded people that can cover your back and cooperate with you in times of need or opportunity.
Maybe for some of you the north coast of the Dominican Republic may be part of the solution. That is why we volunteer our time on our Discovery Tours, so you can rule in or rule out this place. But whether you end up here or somewhere else, I really do hope you will explore your options while you can.
Personal note: Since Cyprus I’ve received several emails from our readers in Spain and Italy regarding how the lines are fierce and it’s tough to get your hands on your own funds. Getting money out of the country for purchasing anything is starting to take on a long never ending tunnel of curves appearance. Many are emailing how sorry they are about mistakenly thinking time was not of the essence. Now for the other side of the story…the fuel that keeps me going with unstoppable passion.
Received three emails from families in those same two countries with much the same message but vastly different results. It goes something like this. Originally we only knew you from your website and pictures. We trusted what you’ve been saying for a least 6 or more months now and came out to take a visit. Besides being overwhelmed by the country and its people decided to take your suggestion and open an account and purchase a piece of vacant property. We were nervous but some how felt a sincere caring coming from your actions and the actions of all the wonderful family you introduced us to. I’ll skip the rest but I’m confident you get the picture. It was the last lines that meant it all for me. All were slightly different but saying the exact same thing. “Bless you and your wife and team for what you are doing for people you don’t even know”.
It’s back on the road again with our next group of Tour participants. We really love meeting all of these like minded people… action takers. For now, it’s Barry in the DR. and I’m out.