Today's comment is by Erika Nolan, Executive Director and Founding Publisher of The Sovereign Society.
Dear A-Letter Reader,
Last week, I suggested you take fifteen minutes and jot down a list of your asset protection and investment goals. This is simple and yet effective way to move towards the "financial freedom" we often talk about here in the A-Letter.
If your list looks anything like mine, it probably includes items like better investments, financial security for your family, protection for your assets, or just diversifying yourself out of the dollar.
There's one step you can take that will help you meet all these goals: opening an offshore bank account.
But wait - what's so special about an offshore bank account?
An offshore bank account gives you special access to the top-performing investments all over the world. This is the easiest way to get your hands on the double and triple digit profits waiting offshore. You have the freedom to invest in the entire investment universe from Chinese stocks and Danish blue-chips to Turkish bonds and Isle of Man insurance contracts.
An offshore bank account is also a simple way to diversify out of the U.S. dollar. Simply holding your wealth in a basket of currencies can protect your assets as the U.S. dollar takes a nosedive. And don't forget, if your offshore bank account holds stronger currencies like the British pound or euro, your account could appreciate without you having to do anything!
And let's talk about financial privacy. An offshore bank account is one of the last ways an American can secure true financial privacy. You still have to report your offshore bank account gains to the IRS, but no one else has to know. That means data-brokers, sue-happy lawyers, ex-spouses, and even creditors will be politely turned away if they try to inquire about your offshore bank holdings.
In places like Switzerland, Liechtenstein, and Singapore, bank confidentiality is the law. Bankers can literally go to prison for breaking that confidentiality. In Liechtenstein, any person inquiring about your bank account has to get a local court order. That means creditors seeking your bank account information face an extremely long and expensive process. Lawyers wanting to know about your account (so they can sue you) face similar obstacles.
So, are you ready to set up your offshore account yet? If so, here are the steps you need to take...
1. Decide where in the world you would like to bank.
2. Once you have a place in mind, you should check out the bank's reputation, financial condition, fees, services, and related costs. Also, ensure that the bank welcomes foreigners and is experienced with foreigners' needs. Its staff must speak fluent English.
3. Figure out how the banking fees will affect your account's holdings. Crunch the numbers and find out what your net profit (or loss) might be.
4. Consult a domestic tax attorney, so you can figure out all the reporting requirements for a U.S. citizen, and about any additional taxes.
5. Call an offshore banking professional, who can help you set up your bank account.
6. Visit your bank personally. Bring all the necessary documentation (such as your positive identification, a passport and/or birth certificate, business and personal references, and a home country utility bill in your name). Get to know your banking contact. Have your questions ready when you meet them.
7. Find out about what accounts they have available and make sure you choose the best one to meet your needs.
8. When you're finally ready to move your assets offshore, the easiest way is to wire your assets to your chosen bank. Don't bother carrying cash offshore, or try to avoid the US$10,000 cash limit by breaking it into smaller accounts (that's a crime known as structuring).
This may sound like a lot of work, but in the end it's definitely worth it.
Also, if you're ready to take this first step, having a qualified consultant can make all the difference in the world. All members of The Sovereign Society can login in to our "Council of Experts" on our homepage at www.sovereignsociety.com , for our list of recommended banking experts.
In Wealth & Prosperity,
ERIKA NOLAN,
P.S. Still thinking about a membership to The Sovereign Society? Join now for our lowest price ever. You’ll receive a year’s subscription to our members-only newsletter, The Sovereign Individual, contact information for our financial experts worldwide, and a chance to set up your own bank account offshore. Click here to learn more.
