Your First Lesson In Offshore Asset Protection—Remember, This Is Not Illegal
Going offshore can be a big, scary idea.
In fact, thanks to the well-publicized stories of criminals who have indeed taken their ill-gotten gains offshore, many people think that “going offshore” is illegal. This is not true, of course.
For the record, there is nothing at all illegal about taking whatever you’ve got and placing it or investing it in another country, even (at least not yet) if you’re an American. Although, if you’re a U.S. person, going offshore does come with a long and growing list of compliance factors and restrictions.
The truth is that, not only is going offshore not illegal, it is also, in today’s world, the most important agenda item for all of us, a practical necessity of our age.
To understand why diversifying in this way is so important given the world we live in, consider Argentina. Over the last century, Argentina’s economy has been a roller coaster, with wild ups and downs to do with inflation, currency restrictions, price freezes, and other economic woes and complications. A friend, an Argentine, helped to put Argentina’s situation into perspective when he told me once, “In my lifetime, 13 zeros have been knocked off my country’s currency.
“You are an American,” he continued. “You haven’t had to live through the experience of
...Continue Reading »