If you don’t have a foreign bank account, you’re exposing your assets to risks and missing out on asset protection opportunities.
Why? Because you’re keeping all your eggs in one basket.
So, if you live in a sue-happy country, like the United States, your risk is even higher.
Here are some figures to consider:
- 9 out of 10 lawsuits in the world are filed in North America
- 40 million lawsuits are filed annually in the US
- If you own a business, you have a 33% chance of being involved in a lawsuit
And while you might be thinking to yourself, “I don’t live in the US, so this isn’t an issue for me,” think again…
Above all, if you live, work, or do business in any lawsuit-happy country, your assets are at risk too and you need to take asset protection seriously.
What other countries have crazy high lawsuit rates besides the US? The UK, Canada, Germany, Sweden, Israel, Austria, Denmark, France, Poland, Netherlands.
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Why Keeping Assets in Sue Happy Countries & Ignoring Asset Protection is Dangerous
In many of these countries, courts are like slot machines. And, any person (or business) with money is a prime target.
Remember the McDonald’s hot coffee case? McDonald’s awarded a customer $2.8 million because they spilled hot coffee on themselves in a drive-through.
Not a bad deal, right? Spill, sue, go home with $2.8 million.
Money hungry plaintiffs will target anyone who appears wealthy (or has a wealthy family), has easily “collectible” assets, or has a high liability job.
The result? Hardworking professionals, business owners, and even retirees are high-ticket targets. So are children and spouses who inherit money or have wealthy families. These are all justifiable reasons to consider steps towards asset protection.
So, if you live in a country that allows frivolous suits, be prepared to be sued for anything. Swimming pools, whiplash, emotional distress, a dog bite.
In fact, you could be left penniless and in debt for any of the following reasons:
- You, your child, or your spouse gets in a traffic accident or injures someone
- A negligence or injury claim, even if you aren’t at fault and completely innocent
- A claim for injury or damages from someone who hurt themselves on your property
- Breach of contract – even if you’re not at fault
- A malpractice lawsuit if you are a licensed professional (doctor, lawyer, architect, engineer, etc)
- Lawsuits from disgruntled business partners, employees, or customers
- Divorce, separation or breakup from someone who wants a larger share of your assets
- Penalties, fines, or lawsuits for your business if an employee breaks the law
- Claims from creditors
- Seizure of your home, property, or other assets without due process
- Fraudulent claims from people looking to make a quick buck…
The worst-case scenario is this: if you get sued the courts will freeze your bank accounts and cut off access to your cash.
Overnight, your assets are frozen. And you have no cash to defend yourself. With all your assets neatly locked up, they’re now easily accessible to the plaintiffs and whatever frivolous lawsuits they throw at you.
In other words, if you are simply accused or the victim of an unproven claim – your life savings can be frozen by authorities in minutes. Even if you are completely innocent and did nothing wrong.
Think about that for a second…
If you’re accused of something or have a claim filed against you – the courts, government agencies, police departments, and even the banks can easily (and legally) freeze any assets in that same jurisdiction.
It’s on you to prove your innocence. But, with all your money locked up, you can’t even pay for your defense.
And once someone files a lawsuit against you – or makes a claim on your assets – it’s too late to try to protect your wealth or move your money offshore.
Compare that to what would happen if you have an offshore account…
Holding funds outside of your home country through an asset protection plan that includes offshore bank accounts makes sense. Putting it beyond the reach of a government agency, court system, and frivolous lawsuits makes common sense no matter what.
When a lawsuit or crisis arises at home, you’ll always have a bank account and cash abroad that you can rely on and use to defend yourself.
Why an Offshore Bank Account Can Offer Asset Protection
Opening an offshore bank account is one of the most basic forms of asset protection.
If you’re living a litigious country with 40 million lawsuits per year, it makes financial sense to keep an emergency fund in a stable, less risky jurisdiction.
Banking offshore is something that anyone with a good job and a nice home should consider doing, especially if there’s a chance you could be sued.
Depending on where you live, work, and do business, you might be more likely to end up in a lawsuit, especially if you have something to lose if you ever got sued. Why wouldn’t you consider this basic step towards asset protection?
How to Get Started With Asset Protection Through Offshore Accounts
While finding the right bank in the right country and getting them to accept you can be a long and overwhelming process, it doesn’t have to be. In fact, GlobalBanks IQ members can open accounts faster and cheaper than anyone else.
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