David Concannon said
Forgive my ignorant questioning - out of curiosity, how legal is all of this?
Very ;)
I've always gotten the opinion from the press/media that private investment groups are (or potentially are) corrupt, or are by their nature, exploitive of loopholes, or that general sort of deal.
That depends on the press/media that you read. Investment groups are perfectly legal, and are often encouraged as a means of improving financial education. On the larger scale, all of those property deals you hear about, like the purchase of the Savoy by a "group of high net worth individuals", are done on this basis. All that Dave's proposing is banding together to create one notional individual of high net worth, on the basis that money makes money, and more money makes more...
e.g. could we be reefed by the tax man if we were to place a load of money in a post office account overseas, moreso as a group of people? :-)
Only if tax is due. That'd be covered on a case-by-case basis.
My initial plan would be to get some better rate etc due to us building up a large amount of money. If we're talking about funds etc (And the Davy funds actually look pretty competitive) then it's a matter of just doing it individually, or in small groups to meet the minimum investment amount.
Multiple small groups, perhaps. If anyone has some free time, Omega Financial offer a free hour long consultation, and they might be able to point out more options. They're out in Booterstown. (www.omegafinancial.ie) -- "Once more, the forces of evil are as rotting [] Mike (but you knew that) meat before the maggots of justice" - Peter Puppy []