The 'B' word

Brigantia4444

Hello,
Quick query;
I understand that the Brexiteer General, Rees-Mogg (and friends) is busy squirrelling his money away 'off-shore' in e.g. Ireland ('other off-shore tax havens are available') to protect it if the worst/Brexit happens.
Apparently, he is stashing away hundreds of thousands, of course. (I just have a teeny-tiny fraction of that, sadly!).
Nevertheless, how can I secure MY savings 'off-shore' so that me and my family will be protected if/when the value of Sterling tanks on the international money markets?
How to do this? Anyone know, please?

qwert_yuiop

Brigantia4444 wrote: »

Hello,
Quick query:
The Brexiteer General, Rees-Mogg (and friends) is busy squirrelling his money away 'off-shore' in e.g. Ireland ('other off-shore tax havens are available') to protect it if the worst/Brexit happens.
He is stashing away hundreds of thousands, of course. (I just have a teeny-tiny fraction of that, sadly!).
Nevertheless, how can I secure MY savings 'off-shore' so that me and my family will be protected if/when the value of Sterling tanks on the international money markets?
How to do this? Anyone know, please?

Try HSBC for a Swiss franc account. I don’t think anyone ever regrets buying Swiss francs. I certainly didn’t.

Yes, he’s some scoundrel, isn’t he? And he wants to be PM. Heaven help us.

jonnygee2

so that me and my family will be protected if/when the value of Sterling tanks on the international money markets?

Why would the sterling's price on international markets affect you and your family? If you have significant interests abroad I suggest you save in the country it is most likely you will spend it.

If you will only likely be spending the money in the UK then the safest place for it will be a UK bank with FCSC protection, assuming it's less than 85k.

The Brexiteer General, Rees-Mogg (and friends) is busy squirrelling his money away 'off-shore'

Rees Mogg most probably has much more money than you. The rules for people worth £100m+ don't really apply to your average family of four with 30k in the bank.

jonnygee2

Yes, he’s some scoundrel, isn’t he? And he wants to be PM. Heaven help us.

When it comes to Brexit, it's clear heaven abandoned us quite some time ago.

Brigantia4444

Hi Qwerty!
Swiss francs - that seems like a brilliant idea to check out!
Thanks for that, and for replying to my post so quickly.
Very best.

Thrugelmir

Brigantia4444 wrote: »

Hello,
Quick query;
I understand that the Brexiteer General, Rees-Mogg (and friends) is busy squirrelling his money away 'off-shore' in e.g. Ireland ('other off-shore tax havens are available') to protect it if the worst/Brexit happens.
Apparently, he is stashing away hundreds of thousands, of course. (I just have a teeny-tiny fraction of that, sadly!).
Nevertheless, how can I secure MY savings 'off-shore' so that me and my family will be protected if/when the value of Sterling tanks on the international money markets?
How to do this? Anyone know, please?

Move abroad.

Brigantia4444

jonnygee2 wrote: »

Why would the sterling's price on international markets affect you and your family? If you have significant interests abroad I suggest you save in the country it is most likely you will spend it.

If you will only likely be spending the money in the UK then the safest place for it will be a UK bank with FCSC protection, assuming it's less than 85k.



Rees Mogg most probably has much more money than you. The rules for people worth £100m+ don't really apply to your average family of four with 30k in the bank.

Ah, but we have made sure we have a really super-fast broadband link and we're popping over the channel to live there, instead. If our funds are left here, even for a medium length of time.....who knows?

qwert_yuiop

jonnygee2 wrote: »

Why would the sterling's price on international markets affect you and your family?

Of course it matters. Imported goods cost more if the pound sinks. If you’re old enough to remember the pound crashing back in 1992, you’ll know that petrol for instance promptly got a lot dearer, since oil is priced in dollars.

The pound has been fairly stable this year. I’d say that’s because the city reckon brexit isn’t going to happen. They may well be right.

Thrugelmir

qwert_yuiop wrote: »

The pound has been fairly stable this year. I’d say that’s because the city reckon brexit isn’t going to happen. They may well be right.

Foreign investment into the UK remains high. A weak exchange rate is ideal for vulture investors from overseas. Hold large stakes in LLoyds and Barclays for example. Money being cheap to borrow.

dunstonh

I understand that the Brexiteer General, Rees-Mogg (and friends) is busy squirrelling his money away 'off-shore' in e.g. Ireland ('other off-shore tax havens are available') to protect it if the worst/Brexit happens.

How about sticking to facts? That is not actually correct. It's a dodgy remainer myth. They took the fact that a fund house he is linked to created some funds that were not domiciled in the UK. Totally ignoring the fact that the fund house already had many overseas domiciled funds before Brexit was even put to the vote.

Apparently, he is stashing away hundreds of thousands, of course. (I just have a teeny-tiny fraction of that, sadly!).

Except he isn't.

Nevertheless, how can I secure MY savings 'off-shore' so that me and my family will be protected if/when the value of Sterling tanks on the international money markets?

Keep the money domiciled in the UK but select overseas investments.

qwert_yuiop

dunstonh wrote: »

How about sticking to facts? That is not actually correct. It's a dodgy remainer myth. They took the fact that a fund house he is linked to created some funds that were not domiciled in the UK. Totally ignoring the fact that the fund house already had many overseas domiciled funds before Brexit was even put to the vote.

Can this either be proved or disproved?

Nonetheless, he is a scoundrel and the mere idea that he’s ( was?) considered pm material is depressing.