Not sure if I've chosen the correct forum but.....
My brother, a NZ expat who lives in Japan, has just over 2 mill in a NZ bank account. He has previously had these funds invested in term deposits (with the same bank). He is keen on using these funds to buy a house in NZ but is understandably hesitant atm. He cannot move back to NZ currently and doesn't want to either at this stage (maybe to retire but due to when he moved overseas he is unable to get the NZ Pension), which would therefore make the process of managing the house more complicated. Not to mention the fact that rates and other house-related costs are increasing, and he is aware that house prices are falling. So he is thinking about putting his funds in a 6 month TD for now (with the same bank).
I live in Australia and have full operating authority on his bank account. I have previously been able to request on his behalf, the bank roll over his TD and the last request was to pay his TD proceeds to his bank account. So I assume I am able to request the bank puts his money on a new TD. However I am not sure if I am able to withdraw his money (I will have to find out) and as for opening an account with another bank or other institution in order to bank or invest his funds elsewhere, he would need to do that (which would be more complicated and may be impossible as the only NZ address he has would be care of our mum - but he does have an IRD number) as I don't have POA financial authority.
Any ideas of what to do?
Ps Also I have become aware recently that NZ doesn't even have deposit insurance in place (most countries have it). There is a proposed deposit takers bill which is not going to be implemented until sometime next year at the earliest. The depositor compensation scheme will protect up to 100K only though, per depositor.
ps he has dabbled in crypto before but I think he has sold it all (not sure).
These are risky times and I am aware that there is a push in many countries towards using a centralised digital currency (some are saying programmable as well), to replace other forms of currency. So I don't know if any other type of crypto is going to be safe. But full disclosure, I barely know anything about crypto.
