The financial world in the bankrupt west is going mad. One study suggested banks in the United States were only the fortieth safest in the world. Many European countries fared worse. It seems every time I turn around, some new stress test is uncovering a bunch of insolvent western banks.
Having an offshore bank account is an effective way to reduce your sovereign risk.
Imagine your local bank were to go under: who would protect your money? If you answered deposit insurance, think again. Not only do many western banks keep mere pennies on hand to pay depositors, but sovereign insurance funds dont even have 1% of bank deposits on hand.
Thats why having a bank account overseas can offer you higher returns, greater diversification, and financial peace of mind.
Youve heard the old saying, never keep all your eggs in one basket. In fact, you probably diversify your assets across numerous asset classes, such as growth stocks, Blue Chip stocks, bonds, and real estate.
Yet few people diversify geographically. Having an offshore bank account is a form of risk mitigation that offers the added benefit of potentially high returns and access to new opportunities. Quite simply, having a bank account overseas is the first step to protecting your wealth and your freedom.
One reason why you should opt for an offshore bank account is that offshore bank accounts are never controlled by federal or local governments, and this means only one thing added protection to your money. This further translates as an almost 100% guarantee that your money will not be used or frozen by any government for any reason. Such immunity also serves as your assurance that full secrecy is to be imposed on your bank account.
The governments of the west are broke. The United States is the largest offender, having run up a $127 trillion tab of national debt and unfunded liabilities. The whole situation is a ticking time bomb. When governments get desperate, they turn to their citizens to clean up the mess. Asset confiscation is now the norm in countries in Europe Cyprus, Ireland, Hungary, and Poland have all helped themselves to their citizens money in one way or another.
When structured properly, having an offshore bank account can help protect your money from fat-finger wealth confiscation. When your money is in a bank account in your home country, all some bureaucrat has to do is push a button to freeze, seize, or levy your funds. In a previous business, I worked with a number of businesses who had their local bank accounts frozen at the drop of a hat with no notice.
I even had a government steal almost $2,000 from my bank account once. The thing is, I had already paid my taxes in full. My attorney said the California government had no legal right to help themselves to funds in a bank account in another state, but that didnt stop them from doing so. Or my bank from going along with their request, no matter how wrong it was.
Read more from the original source:
Offshore Banking: How to open an offshore bank account …