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Robert Kiyosaki, world-renowned entrepreneur, financial educator and NY Times bestselling author said, “If you want to go somewhere, it is best to find someone who has already been there.” When financially successful people speak, it is always best to listen.
Opening an offshore account provides an alternate and legal option to safeguarding your money—and this company has “been there” since 1977.
Approximately, 26.2 million Americans have their money in offshore accounts. US politicians, wealthy investors and celebrities alike take advantage of offshore opportunities. This number excludes the 7.6 million US citizens living and banking abroad, according to the US State Department. Also, not included in this total, are the numbers of US military living all around the world. Whether you are a US citizen or an expatriate living overseas for whatever reason, you can legally benefit from having an offshore account.
THE FINANCIALLY UN-SAVVY US
The last domestic financial disaster in the US occurred in 2008, when some of the largest banking institutions went bankrupt due to fraudulent practices perpetrated on the working people of America. Billions of dollars in savings and pensions were lost, leaving many people broke, having to start over. Who’s to say that won’t happen again?
Before that, the US stock market crashed in 2000, otherwise known as the “dot com bubble.” Then there was that famous day on October 19, 1987 was known as “Black Monday” and was the biggest one-day financial meltdown in American history. It resulted in over 500 billion dollars vanishing from the markets. Prior to that, the largest well-known financial pandemic was the Great Depression in 1929. Added to this are many recessions between now and then that have ravaged the finances of millions Americans.
Moreover, the US is by far the most in-debt country in the world. As the interest on the national debt skyrockets, the odds of many more financial catastrophes in the United States do too. This includes the collapse of banks…that your money may be in. Don’t rely on the FDIC do bail you out. The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in US banks. The only problem is that, yes, it is backed by the most in debt country on the planet.
DO WHAT THE RICH AND INFORMED DO
It is widely known that diversifying your financial portfolio is the right way to go. Putting your money into stocks, mutual funds, index funds and real estate are only a few options for the average investor. But if all of those investments are in the USA, they can all be pulled down the same sinkhole in the event of another US financial collapse.
What if there were other investment options?
What if there were more ways to invest, safeguard and diversify your financial portfolio, all with the added bonus of have the utmost confidentiality of your investments?
That is where offshore banking comes in.
To prove just how substantial the offshore account market is, over $32 trillion dollars have been placed in offshore accounts. Savvy investors realize that the US is not and has not been the “go to” place to secure their money. Actually, as far as secure banks are concerned, the US ranks poorly on the list of the world’s most secure banks.
According to the Global Finance list of “The World’s 50 Safest Banks 2015,” the US ranks #30, #45 and #50 on the list of the world’s safest banks! The tiny farming banks, AgriBank, CoBank and AgFirst are the only US banks that made the list. The banks that most US citizens use for the finances, Chase, Citi and Bank of America are nowhere to be found.
Makes you think…
Making less interest on your money than the annual inflation rate erodes it, or taking steep chances investing blindly in the stock market are hardly ways in which you can reach your financial goals.
THE DYING AMERICAN DREAM
Chances are you work really hard every day, possibly in a business you don’t like, paying bills and being financially responsible. The money you have left over and save (and attempt to invest at the mercy of the stock market) is your nest egg, your retirement, and your dream to a better life.
At any time, your bank accounts can be frozen by a greedy lawyer and rendered unusable by you. Perceived issues with the IRS, divorce, unpaid medical bills, child support issues or any judgment against you can result in having your bank accounts ripped out from under you.
Even getting married and potentially divorced has proven to result in financial disaster, that many do not recover from. Why? Because all of your assets are in the US and are visible and susceptible to judgments and confiscation, leaving you in the poor house.
Ending a marriage is emotionally painful, yes, but it also devastates people financially. Divorce proceedings can take years to conclude and tens of thousands or even millions of dollars later, you can be left with a mere fraction of what you have built. Being financially conscious of this fact provides yet another reason to allocate some of your money to an offshore account where it can be kept out of harm’s way.
Opening an offshore account gives you the freedom to keep your money private and not susceptible to domestic moochers.
POSITIVE FINANCIAL OUTLOOK
Offshore accounts have been commonly referred to in the media as “tax shelters” or “tax havens.” In the past, money invested offshore was not scrutinized heavily by the IRS. Because there were so many advantages to investing money off shore, the IRS has now made it harder for those looking to seek financial benefits—and the IRS wants its share.
In 2009, the Foreign Account Tax Compliance Act (FATCA) was passed, stating that US citizens living abroad need to file their taxes with the IRS and that financial institutions abroad needed to reveal their US clients who bank with them. The country got most of the news in this regard was Switzerland, famously noted for the Swiss Bank Account. Switzerland is a great country in which to invest or save money as it is known for banking safety and a plethora of investment options. These regulations turned out to be a godsend because now it is almost foolish for someone to accuse a US person of offshore tax evasion when the bank they use is obligated to report. It makes compliance by US people that much easier.
There are dozens of other countries, in addition to Switzerland, to invest your money.
Please note that it is perfectly legal to bank in offshore accounts. US citizens need to report their offshore profits to the IRS. This a simple layer of due diligence for you to do during tax season. But also note that CPAs and attorneys who understand offshore banking tax regulations well-versed in these new laws and will walk you through the simple reporting process.
Keeping all of your money in the US banking system nowadays is an outdated, unsafe and uniformed way to invest. Why have your savings at the mercy of a fraudulent, corrupt, rigged system?
Opening an offshore account is not difficult; however, due to new laws and hoops to jump through, as well as the number of offshore banks who do not accept US, Canadian or Australian depositors, it is highly recommended to seek a company that is experienced with the ins-and-outs of offshore banking.
By Carla Giglio