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The top 5 reasons for an offshore bank account are follows:
All of these reasons are the basic foundations of a healthy financial portfolio—there’s nothing new about this information. BUT, once you start to pair the basic elements of your personal finances with the current political climate and state of the world today, these 5 reasons will make much more immediate sense.
“If there’s one word I want to leave you with today, it’s this…Glocal.” -Natalie Keener from the movie Up in the Air
The US has 4.4% of the world’s population, 80% of the world’s attorneys and 96% of all lawsuits in the world. Like millions of Americans, you are exposed to the risk of lawsuits every time you get into your car and drive, every time you take on a new customer, every time someone walks across your property, with your permission or not.
Keep in mind, laws were written by human beings, not some fair and just force in the sky. Also remind yourself of the occupation of those who write the laws. Politicians. Most of whom are lawyers. And when they write the laws, do you think they write them for or against benefit of their own profession? So, we have to assume, that whatever stilts the laws in the favor of a lawyer getting his or her hands in your pockets, just shy of public mutiny, is the way the law has been written. Laws are not written for “fairness.” Most laws are primarily written by, and for the benefit of, members of the legal profession.
We had a formerly wealthy client who was so battered by a series of lawsuits that after five years of fighting, he opted for bankruptcy. He had just proudly put his daughter through college and had supported his wife, son and ailing mother. Not only did the attorney serving as bankruptcy trustee strip him of everything not tied down. He also sued his wife, children and mother for any support they had received from him during the prior four years. Yes, his daughter was sued for the money her father paid her for college, housing, food, etc. He was furious. Absolutely livid. Is it “fair” that his daughter should be sued personally for the amount of her parent’s support to get her an education? Perhaps the right question, is, “What ups the odds that lawyers get their hands in someone’s pockets?” Asking that question will often tell you the way the law was written. Oh, by the way, the lawyer acting as bankruptcy trustee got one-third of the spoil.
Don’t rely on insurance. The exceptions written into today’s policies are tantamount to the fine print of a bait and switch scam. We have seen it repeatedly when clients call with woeful tales. Attorneys can often collect three times the damages plus attorneys fees if they can convince a Robin Hood judge that there was an inkling of fraud. As a result, they will often throw in a line or two about fraud in the lawsuit, legitimate or not.
One of our clients was an unpaid member of the board of directors at a bank. One of his employees, in his main business, recommended the bank to a customer of his. Our client’s employee did not mention that our client was also a director of the bank. When the bank failed in the real estate crash our client was sued by his customer for fraud, because his employee’s inadvertent failure to let him know of our client’s position with the bank. His insurance policy refused to defend him because of the word “fraud” was included in the lawsuit. Though he was paid nothing for his position at the bank, the California Supreme Court just affirmed a $2+ million judgment against our client. Fortunately for him, we put an asset protection plan in place.
So, regardless of your profession, the only certainty to plan on is uncertainty when it comes to who will sue you next. Opening an offshore account, held in an asset protection trust or company, can provide you with a way to keepsake your money without it being affected by this turbulent legal landscape.
What if you got sued and the lawsuit immediately froze all of your US bank accounts? What money would you use to defend yourself? How would you pay your bills? We have an associate of the company who is a contractor. Out of the blue, a state agency came and arrested him and six of his employees and then froze all of his bank accounts for a minor workers’ compensation insurance violation. They literally had no idea they had done anything wrong. Though he made millions of dollars per year, he did not even have ready access to the money to bail himself out, let alone hire an attorney to defend him. US judges do not have the authority to put the immediate clamps on money in accounts in other countries, especially if the bank does not have corresponding US branches…and especially if held in a proper offshore trust.
Having some money offshore gives you power to prevent someone from squishing you by the press of a thumb. It can help prevent a legal enemy or overzealous official from falsely accusing you and suddenly pulling the rug out from underneath you, then falling at their mercy. It puts you in control and helps keep you in the driver’s seat of your own hard-earned cash.
On another note, you may already be ahead of the financial curve if you are seeking investment alternatives and better ways to manage your money. And, more than likely, you frequent news channels like: CNN, MSNBC, Fox, Bloomberg and YouTube, to keep abreast of economic trends and the state of the stock market.
Major financial players such as Warren Buffett, George Soros, and, Dr. Michael Burry (Founder of Scion Capital, LLC and was one of the only predictors of the 2008 US housing failure) have been expressing warnings of the next Great Depression and collapse of the US dollar—and they currently say it is looming very soon.
You may already know that Buffett and Soros have been making moves of taking cash out American Banks for a number of years. The investment bankers have not learned anything from the greed and fraud they perpetrated on the American people and will expect yet another financial bailout. This time, there will not be a bail out by the US government because the US government has insufficient money to give.
America is the country with the most debt on the planet. The debt figure is the highest ever accumulated by any country in the history of the world. In fact, there are websites where you can track the US Debt in real time. Experts predict that that amount of money could not even be paid back in 40 years. Facing the sober reality that we lack an ISDA Trading Agreement so we can be privy to the secrets of the “big boys”, the next best thing the rest of us can do is to safeguard their money in an offshore account.
On Global Finance’s most recent report, called, “The World’s 50 Safest Banks,” no big-name US based banks even made the list—not one. Out of 50 banks the United States only has three on the list. Three small agriculture-based banks ranking at #30, #45 and #50 were the only US banks that made it. There is a phrase that is used in conjunction with the big US banks to describe the impending doom that is forecasted to occur shortly: Too big to fail. This could not be furthest from the truth.
Once the banks start to become insolvent (not able to pay debts) due to the ridiculously high debt and having nowhere to turn this time for a government bailout, the money in your investments will be lost. Gone.
The banks will use your savings to pay its debt. Just like what recently happened in Greece, the banks will close and you will not be able to take money from the ATM because there will be no money left. One may mistakenly say, “Yeah but what if I put my money over yonder and the same thing happens.” That is where we come in . We research the strongest, safest banks in the world and make most recommendations based on their economic data. Banks don’t just jump from the “safest in the world” list to insolvency in a nanosecond. But if one holds a fortune in bank not on the “safest” list, especially in the most in-debt country in the world, now, that is a cause for real concern.
Many major financial players and economists warn of the dollar collapsing due to the astronomical amount of debt, a decrease in oil prices and the 0.84% rate of inflation, which is extremely low. According to Thomas Metcalf, economist, stockbroker and contributing writer for the online finance website, Zacks, “The Federal Reserve’s target rate for inflation is 2 percent. When inflation fell below its target and showed no signs of picking up, the Federal Reserve and many economists expressed serious concern. With the rate of inflation falling, you cannot help but ask what happens if it drops below zero. That is economists’ concern.”
Put your money in a safer haven, which is not in a large, US bank and not a US stock broker, often tied closely to US banks. Diversify a portion of your investments in a safe, legal, offshore account in one of the safest banks on the globe.
Never put all of your eggs in one basket. If you do, you significantly increase your chances of losing your money and investments. If you are in an occupation where you may be sued at any time, it is a good idea to move some assets to a safe place where they cannot be connected to you. If you are married, if you are single and have a family or if you are just a progressive thinker, putting money offshore is a very smart way to minimize your financial vulnerability.
Don’t forget, although we love and care for our family members, that does not mean that we need to use our inheritance to pay off all of their debts once they pass on. The surviving family members are responsible for paying for a deceased loved-ones’ debts. Allocating family money in an offshore account, held by an offshore trust, can shield you birthright from being wiped out after the death of a loved one.
Do not go down with a sinking ship.
Doug Casey, financial author and free-market economist made the keen parallel between the (fall of the) US and the fall of the Roman Empire. Casey said, “We can’t evade the second law of thermodynamics, which holds that entropy conquers everything and that over time all systems degrade and wind down. And that the more complex a system becomes, the more energy it takes to maintain it. The larger and more complex, interconnected, and interdependent it becomes, the more prone it is to breakdown and catastrophic failure. That includes countries and civilizations.”
Or, we can quote the famous music group, Blood, Sweat and Tears, “What goes up must come down.”
In the 2009 movie starring George Clooney, titled “Up in the Air,” a young, ambitious, go-getter, Natalie Keener, played by Anna Kendrick mentions the term “glocal.” Anna’s elders, including Mr. Clooney, are perplexed by this term. Anna then explains that “glocal” is new terminology used to describe the merging of both the global and local marketplace.
Glocal demonstrates that the world is smaller due to technology, free trade and overall business acumen. Either jump on the wagon and expand your horizons, or get left behind. Having a glocal mindset in this day and age is not cutting edge anymore—it is necessary. Offshore banking provides very important and sound ways in which to broaden your investment horizons.
There has been far too much trickery, fraud, manipulation and thievery by the US banking institutions, the stock market players and the Federal Reserve. The combination of the abovementioned financial issues we are facing domestically and ‘glocally’ is the perfect storm for another financial collapse.
Use the number or inquiry box on this page for support and help. Do your own research. Think for yourself and think outside the box—and—think outside the country. Do not become a victim of the US banking system.
By Carla Giglio