The Extradition saga of ex-Terraform Labs CEO, Do Hyeong Kwon (Do Kwon), takes an interesting turn as he awaits his fate in Montenegro. Following a four-month incarceration for fabricating travel papers, the Podgorica High Court has ruled in favor of his extradition. However, the final decision on his destination lies with the Justice Minister of Montenegro, who must choose between the United States and South Korea.
Judge Will Decide on Do Kwon’s Extradition
Upon completion of his sentence in Montenegro, Do Kwon is set to be extradited, but the uncertainty remains as to where he will be sent. South Korea has filed an extradition request, accusing Kwon of engaging in fraudulent and unfair trading activities. Similarly, the United States also seeks his extradition for similar offenses, including securities fraud and market manipulation.
A recent press release sheds light on the situation. Although Kwon has agreed to be extradited to South Korea, the Podgorica High Court points out that multiple extradition requests have complicated the matter. Therefore, the final decision rests with the Minister of Justice of Montenegro.
The announcement clarifies, "If the Minister of Justice approves the extradition of the accused, the process will proceed after the completion of Kwon's criminal sentence for document forgery, as imposed by the Basic Court in Podgorica."
What are your thoughts on Do Kwon's impending extradition? Which country do you believe he will be sent to? Share your opinions in the comments section below.
Frequently Asked Questions
How does an IRA with gold or silver work?
An IRA for gold and/or silver allows you to invest without tax in precious metals such as silver and gold. They are a good investment option for those who wish to diversify their portfolios.
You do not have to pay income tax on interest earned from these accounts if you are over 59 1/2. Capital gains tax is not required for any appreciation in account value. However, there are limitations on how much money you can put into this type of account. The minimum amount you can put into this account is $10,000. If you're under the age of 59 1/2, investing is not allowed. Maximum annual contribution: $5,500
Your beneficiaries could receive less if you die before your retirement. Your estate should contain sufficient assets to cover your account's remaining balance after paying any other expenses.
Some banks offer gold and silver IRA options, while others require you to open a regular brokerage account through which you buy shares or certificates.
Can I physically possess gold in my IRA account?
Many people ask themselves whether it is possible to physically own gold in an IRA. This is a fair question because there isn't any legal way to do it.
However, if you examine the law carefully, you will see that there are no restrictions on gold ownership in an IRA.
Most people don't realize the cost savings they could make by putting their gold into an IRA rather than keeping it in their homes.
It's easy to throw away gold coins but not so easy to put them in an IRA. If you decide to keep your gold in your own home, you'll pay taxes on it twice. Once for the IRS and once for the state where you live.
However, it is also possible to lose the gold in your home and pay twice tax. Why would you want to keep your gold in your house?
You might argue that it is important to know that your gold remains safe in your house. You can protect your gold from theft by storing it somewhere more secure.
If you intend to visit often, don't leave your gold unattended in your home. If your gold is left unattended, thieves could easily steal it when you're away from home.
It is better to keep your gold in an insured vault. You can rest assured that your gold is safe from theft, fire, earthquake, flood, and other hazards.
Another advantage to storing your gold in a vault is that you won't have to worry about paying property tax. Instead, any gains that you make by selling your gold will be subject to income tax.
If you'd rather avoid paying taxes on your gold, you may want to consider putting it in an IRA. You won't be subject to income tax if you earn interest from your gold with an IRA.
Since you aren't required to pay capital gains tax on your gold, you'll have access to the full value of your investment whenever you want to cash it out.
You won't have to move your gold because IRAs are federally regulated.
The bottom line is: You can own gold in an IRA. Your fear of it being stolen is what holds you back.
Which is stronger, 14k or sterling gold?
While gold and silver are both strong metals but sterling silver is less expensive than silver because it contains 92% pure Silver rather than 24%.
Sterling silver is also called fine silver. It is made from a combination silver and other metals, such as zinc and copper.
Gold is usually considered to be extremely strong. It is very difficult to separate it from its metal counterpart. If you dropped an object on top to a gold piece, it would shatter into thousands rather than breaking into two halves.
Silver isn't nearly as strong as either gold or silver. If you dropped something onto a sheet made of silver, it would most likely bend and fold easily without breaking.
Silver is often used in jewelry and coins. Its value fluctuates based on demand and supply.
Should you open a Precious Metal IRA
This will depend on whether or not you have an investment objective and what level of risk you are willing to accept.
You should start an account if you intend to retire with the money.
Because precious metals are highly likely to appreciate over time, They also offer diversification benefits.
Additionally, silver and Gold prices tends to move together. They are therefore a better option for investing in both assets.
You should not invest in precious-metal IRAs if it is not your intention to use your money for retirement, or if you are unwilling to take any risks.
How much do gold IRA fees cost?
The average annual fee for an individual retirement account (IRA) is $1,000. There are many types available: SIMPLE IRAs (SEP-IRAs), Roth IRAs, Traditional IRAs and Roth IRAs. Each type has their own set of rules. You may be required to pay taxes on earnings earned from investments that aren't tax-deferred. Also, consider how long the money will be kept. You will save money if you intend to keep your funds longer than a Roth IRA.
A traditional IRA allows for contributions up to $5500 ($6,500 if older than 50). A Roth IRA lets you contribute unlimited amounts each year. The difference is that a traditional IRA allows you to withdraw your money without having to pay taxes. With a Roth IRA, however, any withdrawals will be subject to taxes.
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to Open a Precious Metal IRA
Precious and precious metals are one the most sought-after investment vehicles. Precious metals are a popular investment option because they provide investors with higher returns than traditional bonds and stocks. However, investing in precious metals requires careful planning and research before purchasing. These are the first things you need to know if you're looking to open a precious metal IRA.
There are two main types to precious metal accounts. The physical precious metallic accounts and the paper gold-silver certificates (GSCs). Each type has its advantages and disadvantages. GSCs can be traded and access physical precious metals accounts, which offer diversification benefits. Read on to find out more.
Physical precious metals accounts include bullion, bars and coins. While this option provides diversification benefits, it also comes with some drawbacks. Precious metals can be expensive to store, buy and sell. It can also be difficult to transport their large sizes from one place to the next.
However, silver and gold certificates made of paper are quite affordable. They can also be traded online and are easily accessible. This makes them ideal for people who don't want to invest in precious physical metals. However, they aren't as diversified as their physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.
Choose the best account for you financial situation when opening a precious metal IRA. Before you make that decision, here are some things to consider:
- Your tolerance level
- Your preferred asset allocation strategy
- How long do you have to spend?
- No matter if you intend to use the funds in short-term trading.
- What tax treatment do you prefer?
- What precious metal(s), would you like to invest?
- How liquid should your portfolio be?
- Your retirement age
- Where to store precious metals
- Your income level
- Current savings rate
- Your future goals
- Your net worth
- Special circumstances that may influence your decision
- Your overall financial position
- Your preference between physical or paper assets
- You are willing to take chances
- Your ability to handle losses
- Your budget constraints
- You desire to be financially independent
- Your investment experience
- Precious metals are familiar to you
- Your knowledge of precious metals
- Your confidence in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. You can find these companies through referrals, word of mouth, or online research.
Once you've opened your precious metal IRA, you'll need to determine how much money you want to put into it. You should note that every precious metal IRA account has a different minimum deposit amount. Some account require just $100, while some allow you to put up to $50,000.
As mentioned above, you can decide how much money you want to invest in your precious metal IRA. A larger initial deposit is better if you are looking to build wealth over a longer period of time. You might prefer a lower initial deposit if you intend to invest smaller amounts every month.
As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. Here are some of the most common:
- Bullion bars, coins, and rounds in gold
- Silver – Rounds & coins
- Platinum – Coins
- Palladium Round and Bar Forms
- Mercury – Round and bar forms
By: Jamie Redman
Title: Do Kwon Faces Extradition Dilemma: Montenegro’s Justice Minister to Decide Between US and South Korea
Sourced From: news.bitcoin.com/do-kwon-faces-extradition-dilemma-montenegros-justice-minister-to-decide-between-us-and-south-korea/
Published Date: Fri, 24 Nov 2023 14:30:47 +0000