Offshore Banking Video Transcript
Today I’m going to take on one of my favorite topics offshore banking. This is a introductory overview of offshore banking. If you take the complete training course you will learn a lot more about offshore banking.
Offshore banking abroad is different than banking in the United States. Why do I even care about offshore banking? Well, remember the first rule of asset protection ‘what you don’t own cannot be taken from you’.
That becomes effective when assets you own are sitting in an offshore country. If someone wants these offshore assets they will have to pay a international lawyer, put up a bond for your fees, in most cases they’re facing rules that make U. S. judgments very difficult or impossible to enforce which makes it not worth it for opponents to go after you.
You always want to have an offshore bank account if you do asset protection planning even though a majority of your money may stay in the United States. You need that account. You need it as a backup.
You need it as a place where you can move money and trigger the second rule which is “no country in the world automatically enforces U.S. judgments”. You can trigger that rule by simply moving your money abroad. Now, what’s the difference?
The differences between U.S. and offshore banking are very significant. Offshore bankers are more like business partners in many ways.
They actually handle many things that U.S. banks don’t want to handle. They’ll help you trade stocks. They’ll accommodate almost any business services you need as long as you’re willing to pay for it.
They also open up a whole lot of investments that are not available in the United States. That’s a good reason to engage in asset protection planning because it opens up a whole plethora of investment options that aren’t available to you through Bank of America or Chase.
I’m actually almost embarrassed about our banking system here. Procuring an account is sometimes difficult. The report your accounts to Uncle Sam.
He’s a ruthless individual when it comes to not telling him everything about offshore accounts. Don’t take the risk. It’s never worth it.