Hi there,
It seems to me that there is a real threat looming in the shape of Capital Control. Already the IRS are freezing US business and retail accounts for no other reason than they are exporting money to other countries ... even LLCs registered outside US are effected.
Cyprus and now Greece are showing that no longer can we call our money our own.
Perhaps it is time to move ahead of the game and find a Broker located in places that would collapse overnight with the imposition of Currency Controls ...HK,Singapore are two that come readily to mind.
NZ would shot itself in the foot if it tried this line of action and the Aussies would shot both feet and perhaps a knee or two if they tried to follow... just because an idea is both stupid and immoral does not grant it impunity from gov. action ... quite the opposite in fact.
We are only talking about accounts that have a direct lineage back to the trading account, so it is obvious to a child that the account balance and any subsequent transfer originates solely from the Account Holders trading skills.
One thought that I have is to select a reputable Broker/Bank so that the documentation remains in-house .... bank to bank transfers seem to be more acceptable in this crazy (and getting crazier) world.
I think that this matter needs to be addressed first and then some thought could be given to a trading platform if the choice arises .. my experience is that if we deal with the important things first, the rest tends to fall into line.
Your thoughts and any recommendations would be appreciated
John
It seems to me that there is a real threat looming in the shape of Capital Control. Already the IRS are freezing US business and retail accounts for no other reason than they are exporting money to other countries ... even LLCs registered outside US are effected.
Cyprus and now Greece are showing that no longer can we call our money our own.
Perhaps it is time to move ahead of the game and find a Broker located in places that would collapse overnight with the imposition of Currency Controls ...HK,Singapore are two that come readily to mind.
NZ would shot itself in the foot if it tried this line of action and the Aussies would shot both feet and perhaps a knee or two if they tried to follow... just because an idea is both stupid and immoral does not grant it impunity from gov. action ... quite the opposite in fact.
We are only talking about accounts that have a direct lineage back to the trading account, so it is obvious to a child that the account balance and any subsequent transfer originates solely from the Account Holders trading skills.
One thought that I have is to select a reputable Broker/Bank so that the documentation remains in-house .... bank to bank transfers seem to be more acceptable in this crazy (and getting crazier) world.
I think that this matter needs to be addressed first and then some thought could be given to a trading platform if the choice arises .. my experience is that if we deal with the important things first, the rest tends to fall into line.
Your thoughts and any recommendations would be appreciated
John