You may have wondered: Whats the difference between having a bank account at Bank of America and having an offshore bank account?
The truth is, theres possibly all the difference in the world.
Here are the top 10 reasons why you need an offshore bank account.
Doug Casey has said over and over that the biggest risk you face today is not market or financial riskas big as those risks arebut rather the risk from your own government.
Theres no doubt this kind of risk is rising in most parts of the West. Governments are hopelessly sinking deeper into insolvency. Theyre turning to the same desperate measures they always have throughout history, and its a big threat to your savings.
Its only prudent to expect more bail-ins (as weve seen in Cyprus), bank deposit taxes (as weve seen in Spain), retirement savings nationalizations (as weve seen in Poland, Hungary, Portugal, and Argentina), and capital controls (as weve seen in Cyprus and Iceland), among other destructive actions. And these are just a few recent examples.
If you think these kinds of things cant happen in your country, think again.
According to Judge Andrew Napolitano: People who have more than $100,000 in the bank are targets forany governmentthats looking for money to shore up its own inability to manage its finances.
A big part of any strategy to reduce your political risk is to place some of your savings outside the immediate reach of the thieving bureaucrats in your home country. Obtaining an offshore bank account is a convenient way to do just that.
That way your savings cannot be easily confiscated, frozen, or devalued at the drop of a hat or with a couple of taps on the keyboard. In the event capital controls are imposed, an offshore bank account will help ensure that you have access to your money when you need it the most.
Originally posted here:
Offshore Banking | International Man