Globalization and internationalization cause crises to impact lives around the world. Economic crisis and political crisis are already at hand as a follow-up to the COVID-19 pandemic. This is just one example of how such crises can have a major impact on the assets of people everywhere - and how offshore banking can be used to quell those impacts.
Crises are What Make or Break a Country - and your Financial Future
Transparency International’s Corruption Perceptions Index ranks 180 countries and territories by perceived levels of public sector corruption from the lends of experts and professionals. Nearly two thirds of the countries that were assessed in the last evaluation ranked in the bottom half.
The United States fell to be outranked by Japan, Hong Kong, Singapore, the UK, Switzerland, Denmark, and more. The Corruption Perceptions Index showed a staggering trend: countries with democratic instability gained less favor and trust from the public sector.
That’s easy to understand when we consider some of the most recent major political and economic crises of our time.
The Greece government-debt crisis, for example, left the Greek economy and people reeling. The recession incurred was the longest one of any modern capitalist economy. Innocent people lost their money and property at the hands of the government.
We also must consider the Eurozone crisis, also known to many as the European debt crisis. Since 2009, several member states, such as Ireland, Portugal, and Greece, have been unable to repay or refinance debt. This has led to a number of heavy impacts on innocent people.
The Perfect Storm: Pandemic, Unemployment, and Riots
Currently, COVID-19 has ravaged global economies. This has forced people with assets to consider their next move. As lockdowns and stay at home orders have become more and more prevalent, many are without jobs. In fact, millions upon millions are on unemployment right now because of circumstances out of their control.
Most recently and happening right now are the riots going on across the United States following the death of George Floyd. The riots are causing business closures and impacting the economy, leaving people to wonder what’s next.
Crises like these are just a few examples of how economics and politics can impact your wealth. While these situations are outside of your control, the good news is that there are ways you can get control of your assets.
Perhaps the best way to do this is with offshore banking.
The Case for Offshore Banking
In the case of offshore banking, you can use an international jurisdiction to shelter your assets from the turmoil going on in your home country. If you are concerned about freezes, seizures, or high taxation, offshore banking offers a solution.
The key, of course, is to find a stable jurisdiction. Fortunately, there are many jurisdictions that can be used to safely stow your assets away from all of the turmoil going on domestically. In keeping your assets safe in an offshore bank account, you also can enjoy a wealth of other benefits.
For example, offshore banking could lead to decreased or even eliminated taxes. Putting your assets in an offshore account can also help you access new investments in new markets, which offers exciting opportunities. Offshore banking offers a wonderful way to safely diversify your assets and ensure that you are creating a strong wealth management strategy.
When you hear about offshore banking, you might be concerned. The media has given offshore banking a bad name in terms of alluding to offshore banking being tied to tax evasion and money laundering. While it’s true that any system can be used for bad intentions, the majority of people participating in offshore banking are doing so with good intent. As long as offshore banking is carried out legally, you never have to worry about legal problems. Staying in compliance will ensure that you can stow your assets away offshore without fear of repercussion.
Preparing Your Asset for the Worst
Throughout history, trends have shown us that when economic and political tensions rise, governments tend to infringe upon the rights and freedoms of innocent people. We are seeing how these types of crises can impact people directly and indirectly right now, at this point in history. We are also seeing a mass exodus to offshore banking, as people realize how easy it is to set up an offshore account and how simple it can be to manage your offshore assets thanks to online banking.
If you are concerned about the state of your financial affairs right now due to economic and political reasons, rest assured you are not alone. Many people like you are moving their assets to offshore bank accounts as a way to hedge against turmoil while also reaping many other benefits.
If you are interested in a new aspect to your wealth management strategy that could yield lower taxes and new investment opportunities, then now is the time to explore offshore banking.
Contact us for a free consultation to learn more about the possibilities.
JUN
2020
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