A well located offshore bank account serves two immediate purposes: it opens a world of investments blocked within your country, it is a first wall of protection from lawsuits at home.
Our current world monetary system is collapsing in slow motion. Soon it may accelerate seemingly overnight. Having money outside your current home country, secured in other currencies including the real money of gold, may save you and your family. Your offshore bank can do these types of investments in your name. It is wise to prepare for the inevitable, even if it is decades away. If it surprises us tomorrow we will survive, and with planning, thrive.
Many fine speculations may be denied you at home. Your brokers are not even allowed to tell you about them. Just like there may be another country that suits you perfectly, there may be an investment niche that seems to draw out your best. You can’t find out about it if information and opportunities are withheld.
The opposite, hiding information and assets from those attacking you is the second benefit of offshore banking.
In most foreign countries a bank is limited in what they can reveal to anyone but someone working within their national legal system. That means if a suit is instituted against you, your antagonist will need to hire lawyers and use local courts to just investigate. They will normally have to prove you’ve broken a law in your safe-house country — this may mean a full legal contest with a legal team. Nosing about by detectives or attorneys from outside the country may get them in trouble. They would need inside information of your bank and balances to justify the risk. If your paperwork never leaves the bank, and you haven’t told your soon to be ex-spouse the account number, they will likely be advised offshore litigation it is not worth the expense. To just freeze your offshore bank account during litigation can be an expensive and long term ordeal.
Protection can be increased using incorporation by IBC or LLC, trusts, and foundations. For Americans however there are draconian rules and penalties attached to accurate reporting. That reporting may be discovered in an American court if tax records are subpoenaed. Don’t count on fair or just enforcement of laws. Once you are in court, the judge favors whoever he wants. Rules change frequently, and offshore services companies may greatly overcharge for what they recommend. Get good advice on a fee only basis from someone you trust. (My personal advice is to be very slow to trust someone that wears a tie.) In most cases – an offshore bank account or two is necessary and may be enough.
If you have sufficient wealth to protect, accounts at different offshore banks in different countries may be a reasonable goal. Find countries that don’t play well with other sovereignties and have many of the following characteristics: stable institutions, respect for human rights, legally protected privacy, growing freedoms, low and decreasing taxes and only on income earned inside the country, and economic viability. There are lists published comparing these attributes, they are worth seeking out.
Offshore banking offers greater diversification for your assets and currency diversification by its location. As an added attraction your assets are better protected in an offshore bank then they will be in any onshore institution. Improved diversification and protection from extortion are available.
You need this.
Josh Morph