Chapter 5 Managing Currency & Finances Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved.

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Chapter 5 Managing Currency & Finances Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

Budget Considerations  Higher air travel, shipping & communication costs  More & longer site visits  Customs/duty/taxes  Interpretation/translation costs  Changes in local politics & economy  Contingency/emergency funds  Currency issues Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

Getting Advice  International banks & currency brokers  International accounting firms & stock brokers  Planners with multinational corporations  International currency & foreign exchange specialists Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

Currency Strategies  Know what questions to ask  Capital preservation –Options contract –Forward contract –Layering –Spot price Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

Planning Guidelines  Contract & registration currency  Paying for day-to-day expenses –Cash in local currency –Letter of credit, bank draft or travelers checks –High limit credit cards –Local checking account –Cash from hotel master account –Local fiduciary Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

Tax Issues  US & Canadian tax codes  VAT, GST or IVA –What is level of tax? (5-25%) –Should be included on all bids –Are any items exempt? –Reclamation requirements for organization and individuals Copyright © 2007 by John Wiley & Sons, Inc. All rights reserved

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