How to Invest in Offshore Money Market Accounts

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A popular way of investing in offshore money market accounts is to participate with euros, although U.S. citizens are taxed accordingly on worldwide returns. Discover new ways to diversify a financial life with help from a registered financial consultant in this free video on investing and money management.

Part of the Video Series: Investment Basics
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Video Transcript

This is financial adviser Patrick Munro talking about how to invest in offshore money market accounts. In this world of changing currencies and changing fortunes of companies and countries, many individuals are following a stronger currency, and they're able to take their dollars offshore. One of the most popular places in recent times has been to go to Europe and participate in the fortunes of the euro or euro dollar, as it's known, now the strongest currency in the European marketplace. It's possible to do that, but you also have to follow IRS guidelines if you're a U.S. citizen, and you would be taxed accordingly on your worldwide returns in the currency that you have chosen. If you're going to Switzerland and involving yourself in francs -- Swiss francs -- et cetera, all of this has to be kept in a record-keeping system and file with the IRS on an annual basis. And it's possible to diversify your financial life and, you know, diversification is a good situation and it's possible to do that with offshore money market accounts. This is financial adviser Patrick Munro.

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