Get Your Money out of the Country Before Your Country Gets Your Money out of You
A bank account in the same country where you live and work is a sitting target for any litigant or government who wants to take it. It can easily be frozen and then confiscated. No transactions going through the account are private. There’s a full record of your life. Any snoop can easily find details, not only of how much money you have but what you spend your money on.
Governments are facing rising expenses and reducing income. Rising interest rates and ever increasing costs are a recipe for economic disaster. Anyone with wealth is going to be a target. More so than they already are. If you don’t want to become the next target you need to get your wealth stashed in a safe jurisdiction outside the country.
One of the few things governments are good at is creating new criminals. They take things that were once legal and make them illegal at the stroke of a pen. I’m not talking about morality here. You can behave perfectly morally but still be breaking a law. Governments have invented so many financial crimes that almost everybody inadvertently breaks them at one time or another. Even a cash gift from a family member can make you a criminal if it’s not declared.
Tainted money can be anything from money that tax hasn’t been paid on to cash that’s suspected of being obtained from criminal activity. In reality the government can declare any money as tainted if they want to. If you’re a target your money can be arbitrarily seized.
Look at what happened to this guy who didn’t like keeping his money in banks:
Act Before it’s Too Late – Exchange Controls
As economies decline and recognition increases that the national debt can never be repaid, exchange controls are inevitable. Exchange controls still exist in several countries, such as South Africa. This means that you would need government permission to move your money outside the country. Some have called FATCA a kind of soft version of exchange controls as it makes it more difficult for American residents to open overseas accounts. Many banks and financial institutions don’t want the extra compliance costs required for dealing with American clients. It’s easy to see how soft exchange controls could become real exchange controls within a few years.
Don’t Own Anything You Can’t walk Away From
Of course it’s not only cash that’s at increasing risk of seizure. Any asset you own in your own name is also at risk. Immovable assets such as real estate are more difficult to protect. Any asset you own in your own country should be heavily mortgaged. Maybe with a mortgage one of your offshore entities holds, as described in Bullet Proof Asset Protection. In any case when things are so obviously headed in the wrong direction you must be prepared to walk away. The easiest way to do this is to a have a nice, liberated pile of money and assets in a friendly and private jurisdiction.
Solutions to liberate your assets from future financial tyranny exist. Action is required to set up your overseas structures and accounts to get your money out to a safe jurisdiction. Of course, much planning is needed to do this and to avoid potentially fatal errors. The world is changing quickly. Taking action to protect your wealth will give you the peace of mind to deal with it.