As all of you know, we live in challenging times. With all the uncertainty, there are some very practical steps that can be taken to ensure that you get through this without taking a massive financial hit.
Financial Diversification is the single greatest move you can make to ensure long term survival of your assets, especially during times of uncertainty. This means to ensure that your assets are not in a single country, bank, currency, account, asset etc...
Spreading your risk reduces your exposure to any single event should any single domino fall. Keeping some of your assets in an overseas account has many benefits. Here are a list of just a few things to consider:
1. Financial diversification to reduce risk in having all your money in one bank, one account, currency, country etc...
2. Greater security and stability in other banking systems that have stronger banking policies, that have less risk taking, less debt, more liquid, more capital reserve, greater solvency
3. Confidentiality and asset protection by having a separate set of laws outside the country where you live helps to shields you in any emergency situation where someone want to take your money!
4. Higher interest rates in many other countries you can get upwards of 3-10% ie. Belize, India, Mexico, Seychelles !
5. Access to investment opportunities not available to US based accounts, so having an offshore account/llc gives you access to a wider range of investment possibilities
6. Currency diversification helps by having assets in different currencies in case one economy starts to tank
7. Lawsuit protection if you are any type of professional doc, lawyer, accountant, business owner, and if you get sued, your assets frozen, court seizes your property etc...you have money outside the system for a ‘rainy day’
And thats just a short list. For more info go here.