Earlier this year, it was revealed that federal agents can hack our smartphones, computers, and even televisions. They can scrape passwords from web browsers, and they’re working on technology that could remotely control a smartphone’s camera—to secretly take pictures of U.S. citizens.
They say the grass is always greener on the other side. I’ve not always found that to be the case. But when it comes to getting your money out of the U.S., it rings true. I remember a U.S. that celebrated wealth creation and rewarded hard work. Now I fear that the opposite is happening.
Did you know that, as a U.S. citizen, you can get citizenship and a passport from another country—without giving up your U.S. passport? And you don’t need a spouse or ancestor from that country to get it, either.
As retirement nears, your goal is to build a nest egg. Something to retire on and perhaps even leave in part to pass to your children and grandchildren. Maybe you’ve diversified your assets: gold and silver, securities accounts, cash, and even a rental property for cash flow.
Despite the bad reputation it gets these days, opening a bank account in another country is still a perfectly legal way to protect your wealth. Indeed, in an age in which “full disclosure” is the norm and privacy nearly non-existent, the need to go offshore has never been greater.
Now, more than ever, it makes sense to put some of your wealth overseas. Offshoring can allow you to shield (and grow) your wealth by diversifying into different, stronger currencies. Placing your wealth overseas (whether it’s cash, gold, or buying real estate) can help keep it safe from asset grabs by rapacious governments or from political turmoil.
The U.S. government has a pretty dismal record when it comes to computer security. Last year, the Office of Personnel Management (OPM) revealed that hackers had stolen the personal information of more than 20 million current and former federal-government job applicants and employees. The stolen data included more than 6 million fingerprints, considered the gold standard for proof of identity.
When it comes to keeping your assets safe from creditors, an offshore trust (that is, where your property is held for your benefit in an overseas location) might seem the way to go. Offshoring your assets can make it very difficult (if not impossible) for a U.S. court to seize them. This is because of the strong asset-protection laws in many offshore havens…and the fact that many offshore jurisdictions don’t recognize judgments made in a foreign country.
It was a spectacular bust. On February 10, police in Thailand arrested a kingpin of passport scams, Hamid Reza Jafary, a.k.a. “The Doctor,” and five of his accomplices. Nearly 200 forged or altered passports were found in his home, along with a laser-engraving machine, rolls of ribbon, and thin leather for passport covers, as well as fake metal plates and stamps from various countries.
Where should you stash your rare coins, precious metals, or other long-term investments you want to keep safe and secure? You could hold them in the U.S., in a bank safe deposit box (if it’s big enough) or a private vault. But if you really want to keep them safe, you’ll want to consider storing them internationally, to diversify where you keep your wealth. There are some other great reasons for doing this.