I remember a U.S. that celebrated wealth creation and rewarded hard work. Now I fear that the opposite is happening. Every day I read about greedy lawyers preying on hard-working families. I watch with horror as our right to privacy is dismantled. And I see an economy spiraling out of control, with a $20-trillion debt problem and a dangerous addiction to printing money.
No doubt about it, we’re walking into one of the most uncertain decades in recent history. Given this, now is a good time to consider getting at least some of your wealth out of the U.S.
You might still ask why you’d want to do this. For me, a better question is “why not?” Right now, there’s a whole host of benefits to getting some of your wealth out of the U.S.
Foreign assets won’t show up on a domestic U.S. search. If a greedy lawyer is looking for “deep pockets,” he won’t find yours. Plus, many overseas jurisdictions still work hard to protect your privacy. Financial privacy is often more respected overseas than in the States. Data sharing among banks and governments, for example, is often banned.
There are countries outside the U.S. where the banks have never failed—ever. So holding some wealth offshore will keep it safe should the U.S. banking system ever collapse or shut down.
International assets fall outside U.S. jurisdiction, making it difficult for creditors to seize them. Offshore investments can protect you from business loss, court rulings, or even government seizure. No other country in the world automatically enforces U.S. civil judgements.
Foreign assets allow you to spread your risk if the U.S. economy takes a turn for the worse. Diversifying into more stable foreign currencies, for example, is a great way to protect your wealth. And if said currencies grow in value, you can reap a nice windfall if you decide to sell.
You can gain access to new overseas markets and the lucrative opportunities they hold. While you can, of course, buy foreign stocks on a U.S. stock exchange, these will often be only the largest stocks, in the most developed markets. More than half of all stock opportunities lie outside the U.S. Often, the best up-and-coming companies are only found on local stock exchanges.
Getting your money out of the U.S. is a prudent way to double down on privacy and asset protection. But it also opens new doors to opportunity, and spreads your risk if the worst happens at home. I know I sleep better at night knowing my wealth is a little safer. I think you will, too.
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