VALENCIA, Calif., April 3, 2015 /PRNewswire/ — Offshore banking is growing in leaps and bounds as both the rich and the not so rich look for safe places to stash their cash. They are doing it in record numbers and record amounts according to a recent Bloomberg News report, which said that as much as $32 trillion has been stuffed in offshore bank accounts. Of the world’s 50 safest banks, according to Global Finance, not even one of the top 25 safest are in the United States. In fact, there were 45 banks outside of the US that were on the top 50 safest bank list and only five (5) headquartered inside the US, California based Asset Protection Planners reports.
“For most people, it is not only the objective of not paying taxes,” says Philip Marcovici, a tax lawyer and board member a Lichtenstein wealth adviser. “It’s the objective of obtaining the right to privacy and seeking financial confidentiality.”
Asset protection from lawsuits is another major objective. E. Valdes, a firefighter located in Miami, Florida says, “I just don’t trust the courts here. I want to set up an offshore account to protect myself from the unknown. Plus, if I can put my money in a safer bank than any of the local banks, I don’t see why I shouldn’t.”
Mr. Valdes is not alone. The debt of nations can wreak havoc on its banking system and US isby far the most in-debt country in the world. The United States has over $18 trillion in debt. That is a little over $58,000 per citizen and an unsustainable 106% of its gross domestic product. China, on the other hand, the world’s fifth (5th) most in-debt country, has $3 trillion in debt, which is just a little over $2,000 per citizen, or 37.5% of its GDP.
Where are the Safest Banks Located?
Regarding the safest banks, Canada has six (6) banks on the world’s 50 safest banks list. The United States, which has nine (9) times as many people as Canada, has onlyfive (5) banks on the list. Germany, which is about one-fourth (1/4) the size of the United states has six (6) banks on the world’s safest banks list. The United States is almost fourteen (14) times bigger than Australia in population, yet the Aussies have four (4) banks showing, all of which are on the top half of the 50 safest banks list.
The top 10 safest banks are located in Germany, Switzerland, Germany, Germany, Netherlands, Netherlands, Germany, France, Luxembourg and France, in that order. Of the top 50 safest banks,zero (0) were in Africa, 15 were located in Asia, four (4) in Australia, 19 in Europe, 11 in North America and one (1) in South America.
Banks in jurisdictions such as Switzerland can also act as money management firms. They have expert financial advisors who work with their clients to invest funds in a combination of interest bearing and stock market investments that suit their clients’ desires.
Who Has Offshore Accounts?
There are an estimated 26.2 million US citizens who have offshore bank accounts. Many of these individuals do not hold their bank accounts in their own names but in companies and/or trusts for enhanced protection from US litigation. Plus many foreign banks will not open personal accounts for US people, so a foreign corporation or LLC must be filed to hold title to the account.
$32 Trillion Stashed in Offshore Bank Accounts – Asset Protection Planners Examine the Facts