Protecting Your Future Lifestyle
Oct 15, 2013
Have you been on the fence about moving abroad? Maybe you’ve even visited some countries, trying to find that ‘perfect’ location… well, chances are, if you’re an American citizen, you’re closer then ever to wanting to make that move right now.
With the US government in the midst of (partial) closure, there seems to be no end in sight to the bitter division between the Republicans and the White House.
Aside from lost incomes and vacant tourist attractions, the elephant in the room is growing every day… is the United States headed for another recession?
But hang on… has this nation even fully recovered from the last recession? That depends on whom you talk to. Many would say no…
If you’re currently living in this star-spangled country, you’re likely paying very close attention to the series of events that have brought this situation to a head… and even closer attention to the impending deadlines that have the power to either end all of this or create an even bigger mess.
So what to do? The options are slim… sit and wait, or take your life (and wealth) into you own hands.
For those of you who lost thousands in the last economic fiasco, you likely have much less to play with this time around… what are the odds you moved what you could offshore at that point? Again, that depends whom you talk to… with retirees having to forge out a living from a leftover pittance (depending on your initial savings/pension) and the middle class losing site of retirement altogether, likely a very few looked to offshore options. Mainly because most are unsure of how to even do such a thing… trusting your money to a foreign country; isn’t that something that only happens in Hollywood movies or a practice followed by criminals?
No, and that’s probably the biggest misconception about moving your money offshore. It’s not illegal; instead, it’s a way to protect what you have and make sure it stays yours.
It’s also not just for the über wealthy… another common misconception. That being said, the higher the tax bracket you’re in, the more you want to make sure you stay there! There are strategies and opportunities out there that are allowing the wealthiest to take advantage of protecting their liberties and privacy… in fact, most consider it as an essential part of international diversification; especially during a time like this when government regulations and currency controls are getting more rigorous. By choosing to bank offshore, you can place a portion of your wealth outside of your own country and never risk the government freezing or confiscating all your assets.
Why is that even a concern? Well, if you’re not in the know, governments – especially the US government – can confiscate and/or freeze your assets without having solid proof… they can do it strictly on a hunch. Unsettling? Definitely. Especially since it can take months or years to get your money back! Now how do you propose paying for a lawyer if all of your bank accounts are frozen?
Ok, we’re not in the business of fear-mongering here at Where International. We are, however, in the business of offering unbiased opinions and advice, usually on travelling and living abroad. In this case, we just want to assure the regular, everyday, hard-working people out there that there are options to protect your well-earned pennies. Just like purchasing property in a foreign land, do your due diligence before making any major financial decisions - such as opening an offshore account.
Securing a plan for the future that involves the type of retirement lifestyle you envision shouldn’t be a stress-factor. You’ll thank yourself for building a stable foundation now, instead of waiting until it’s too late.
Although not necessary, opening a bank account in a country where you own property is typically easier. Not only do they like to see you in person, but also signatures, reference letters, etc., are all part of the process. The nice part is, once it’s set up, you can manage it online from anywhere in the world. Plus… if the US does end up in another financial downward spiral, you’ll have a warm, tropical paradise to escape to! Not such a bad trade-off…