Yes. It is best to have the trust set up prior to the RV and the currencies exchanged into the trusts prior to the RV. If you have a good trust writer set the trusts up for you, then upon your request, he can also provide you a template document you can adapt for your trust called “Addendum to Schedule “A” Personal Property – [Foreign] Currency exchanged into the trust”. As you know, there is not supposed to be any capital gains tax imposed on ANY Dinar or Dong holders anywhere, but it is to be designated as a “currency exchange” and not an “investment”. However, even if the taxman does try to impose a capital gains tax, it would be totally inapplicable to exchanges conducted for currencies owned by these trusts, because they are nontaxable. That is, providing the exchange has been documented PRIOR TO the RV. That’s why we recommend that the “Addendum to Schedule “A” Personal Property – [Foreign] Currency exchanged into the trust” be notarized, to prove that the date of execution was prior to the RV date.
