Comments by "Matthew Nirenberg" (@matthewnirenberg) on "Why You Shouldn’t Bank Where You Live" video.

@jeremyleonbarlow Whilst I encourage everyone to not break the law, there will always be ways to hide money. Consider the following: Art, bullion, luxury homes, land, luxury vehicles and boats. These are all ways of hiding money as they can be owned through living trusts, shell companies, etc. The most corrupt industry in the world which is also responsible for the most money laundering in the world is the Art industry. If you're wondering why art, its because the value of art is subjective. To me it might be worthless but to Joe Bloggs to the right of me, it might be worth billions. Bullion is the next most common option as its a tangible that can be purchased without registration and taken wherever the owner wants it. As for why hiding money or assets is critical - privacy and safety. Public knowledge of who has what money and assets simply puts the individual in danger or kidnap and ransom or extortion. Not having privacy makes people targets. If you're not a US citizen, there are plenty of ways to legally have privacy however it will involve lawyers and govt's vouching that they know the legal owner but are not making it public for the safety of the individual and through the use of complex legal structures. Live full-time in a tax haven and its easy, live anywhere else and you're basically screwed.
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@sgill4833 That just means that you have to plan to deposit or withdraw money from those accounts every so often. Its no more difficult than paying bills in multiple countries. Heck if you don't do anything with your bank account every six months (used to be ever three years) in Australia they'll close it and then good luck getting your money back from the government - this is even if you're a local. The excuse is to help you find your money because you "forgot" about your account supposedly - completely ignoring the fact that your money was where you left it. Governments do this as once money is in their "general revenues" account for more than two years, they can keep it for "the public good". What's not convenient is being denied paying certain government departments or bills because you're trying to use a foreign account. Many countries such as Australia only permit money to come from local sources to pay taxes and bills - they claim this is for AML/KYC requirements. Most of Central and Eastern Europe have the same requirement for the same reasons.
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The tax haven's will reject CBDC or use it parallel to their own currencies - similar to how some places have a local currency and also accept the Euro. The reason tax havens will remain is they are where the "elite" keep their money and tax-free status. The "elites" aren't going to make their own lives harder.
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@tntfyah Something must be getting "lost in translation" between the embassy and you. Whether or not your parents or grandparents have current passports is 100% irrelevant. What matters is that you must be able to prove that they are citizens. If they have never held passports from that country then the issue is that their status isn't confirmed and thus you have to start with the first generation who aren't confirmed and work your way down to you. If there's a gap in the line of citizenship or if one of them ever renounced or was stripped of citizenship then you're stuffed. What are the four countries? Maybe only focus on one or two for now and deal with the others once they pass so you can file based on their birth and death certificates.
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@tntfyah sorry that you have such a governmental nightmare. I think part of why they want your parents or grandparents to sort themselves out is to see which country or countries they claim to belong to add it sounds like none of the countries wants them if the others do.
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