In this time of global uncertainty, you can’t hang all your hopes on any one country… any one economy… or any one currency.
You need to diversify.
I’ve been beating this drum for more than 25 years but never more urgently.
Please, I hope you can see that, if everything you own is tied to the United States, the U.S. dollar, and the U.S. stock market, you’re putting yourself at risk.
The trouble is, if you’re considering a plan for true global diversification for the first time in your life, you might be uncertain how to proceed.
How do you get started diversifying not only your investment capital but also your lifestyle so that you’re truly in control of your future not matter what happens next?
Let’s break this down…
Diversification Strategy #1: Open A Foreign Bank Account
Opening a bank account overseas can be the quickest going-offshore box to check. Some offshore banks and banking destinations will still open a bank account long-distance, meaning you don’t have to make a trip to meet with the bank in person.
An offshore account not only allows you to get some of your money out of your home country’s banking system, but it also can allow you to hold multiple currencies, meaning additional diversification without any additional effort.
Diversification Strategy #2: Protect Yourself With A Backup Residency
If you were to adopt just one of these six strategies right now, it should be this one.
Get yourself a backup residency... and get it as soon as possible. This is important even if you intend to continue living in the United States.
The COVID-19 pandemic has shown that diversification is critical not only for your investment portfolio, but also for your personal safety. Having legal residency in another country allows you to stay there indefinitely should you decide life is too uncomfortable or unsafe where you’re currently living… whether because of a global pandemic, country-wide protests, or something even worse.
Because we believe the idea of a backup residency is so important right now, we’re making my just-updated and expanded “Passport To Freedom: The World’s Top Havens For Residency, Citizenship, And A Second Passport” program available for a special reduced price.
Diversification Strategy #3: Consider Second Citizenship
Faced with a lockdown in the future, where would you hang out? Having a second citizenship gives you more options.
Legal residency allows you to stay in a country. Citizenship does that, as well, giving you additional rights including the ability to work if you so choose.
Having a second passport can also make travel in general easier and safer at times.
Diversification Strategy #4: Protect Your Assets
Moving at least some of your wealth offshore is wise no matter where you live. Diversifying your investments across multiple currencies and economies protects your wealth long-term and reduces the overall volatility of your portfolio.
It also can help protect you from frivolous law suits if you structure the ownership of assets carefully.
This isn’t about hiding your income or assets from the IRS. It’s about keeping others from trying to take away what’s yours.
Diversification Strategy #5: Move Your Business Offshore
Depending on your situation, taking your existing business offshore or starting a new business in another country could provide huge legal and tax advantages. Incorporating offshore won’t make sense for everyone, but, if you’re operating your own business, for example, or working in a high-risk profession, you should consider an offshore corporation.
Diversification Strategy #6: Grow Your Wealth Away From The Stock Market
You know my preference. Give me real estate over stocks any and every day of the week.
Holding tangible property in other countries is what makes it possible for me to sleep at night, no matter what new or impending disasters the media is reporting.
In addition, property in a foreign jurisdiction is safe from any U.S. court, meaning safe from any potential U.S. litigant.
The best part, though, and the bottom line is that key overseas property markets right now offer the potential for turn-key double-digit returns.
If you’re interested in learning more on this diversification strategy in particular, make sure you’re reading my free weeklyOverseas Property Alert.