This Train Is Fast Approaching…But You’ve Still Got Time To Get Out Of The Way
Like many Americans, you may already have seen your nest egg shrink, the value of your home fall, your investment portfolio lose half its worth or more…
The really bad news is that there’s more hardship to come. Though the Bush tax cuts were temporarily extended late last year, an ever-mounting U.S. deficit will almost certainly lead to new tax legislation. The December 2010 extension was only a temporary reprieve.
From Jan. 1, 2013, Americans across the board are going to experience significant tax increases, leaving us all with less in our pockets.
And it’s not just your finances that are at stake. Crazy new laws have been crafted to restrict and control the foreign investment activities of U.S. citizens. That’s an attack on your personal freedoms.
Effectively, what this means is that the more assets you have in the United States, the less control you have over them.
So, if you really want to protect your wealth, now and for your future–and prevent your estate being reduced potentially to 30 cents on the dollar (it happens all the time)–you have one sensible course of action:
This is an idea whose time has come.
Opportunities for going offshore come in all shapes and sizes. But, generally speaking, going offshore involves moving your assets, your business, your banking–and, perhaps, yourself–to a safe haven…a place where it’s harder for anyone to lay claim to what you’ve got.
Diversifying your portfolio into foreign investments, particularly foreign real estate investments, and foreign currency is another important aspect to going offshore.
If visions of precious metals locked away in the vaults of a faraway haven are enough to make your palms sweat, let me reassure you that going offshore isn’t anything as cloak-and-dagger…or glamorous…as it may sound.
It’s about legally defending what’s yours in a way that makes it more difficult for creditors to attack. Offshore strategies include trusts, foundations, international life insurance, and owning a foreign bank account, to name a few. These are all legal ways for you to build a wall around your assets. Pretty boring stuff, really.
And you don’t need to be a multi-millionaire to benefit from going offshore. You could get started by simply opening a bank account in a haven that offers continues to offer banking secrecy. This is the easiest and the most sensible first step.
Can’t meet the minimum deposit of US$100,000 required to open an Austrian bank account? Then why not try Belize…
In this little Caribbean haven, you can open a private bank account today without depositing a single dollar. And you can set this up–and manage deposits and withdrawals–all from the comfort of your own home.
Opening a foreign bank account is just one of the important offshore strategies we’ll be exploring at the Emergency Offshore Summit we’re convening this September.
Your wealth is affected by all sorts of things that often you feel you have no control over.
But, I say again, you still have a card to play, and you still have time to play it. By going offshore, you get to hold on to more of your assets, to protect them so that they grow safely, even tax-free.
That’s why we’re convening this Emergency Offshore Summit before year-end in Panama City. With the help of an army of offshore experts, with, among them, many decades of experience using offshore strategies to protect assets, we’ll look at the biggest risks to your wealth today…and then we’ll show you how you can exercise control over each one so that you’re able to keep and to enjoy more of what’s yours.
The U.S. government has been taking steps to make it more difficult than ever for you to hold assets anywhere outside the United States. Starting Jan. 1, 2013, for example, U.S. citizens with foreign bank accounts may be forced to pay a withholding tax of 30% on transfers of funds to and from these accounts. This is one of the provisions of the recently amended Hiring Incentives to Restore Employment, or HIRE, Act. Foreign banks that fail to comply with these laws face huge penalties (and, at the same time, it’s worth noting, no penalty at all if they mistakenly withhold the 30%).
How these new laws got mixed up in an employment act is beside the point. What matters is that the 20 or so pages of legalese related to the reporting of foreign holdings could be summarized in one sentence: The window of opportunity available to you to take advantage of overseas investing and banking options is closing.
Time is running out to take advantage of important opportunities to protect what’s yours–before it becomes too difficult (and costly) to do so.
Here, therefore, is what I strongly recommend:
First, pay attention this week. With the help of some of the savviest offshore pros we know, we’re going to explore, in these dispatches, some of the best opportunities for taking your assets, your business, and yourself offshore and for diversifying into foreign investments.
Then, plan to join us in Panama City Sept. 14-16, when we’re going to convene with all these offshore experts in person.
We’ll have complete details of the program we’re planning for our Emergency Offshore Summit available for you within the next 24 hours.
Continue Reading: Taxation For Foreign Residents In Ecuador