If you don’t have an offshore bank account, you’re exposing your assets to risks and missing out on offshore 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, and the Netherlands.
KEY TAKEAWAYS
- Non-residents can obtain domestic asset protection by opening accounts offshore
- Requirements for opening an account offshore and unlocking asset protection offshore will vary between countries, banks, and even bankers
- Offshore banking can offer non-residents asset diversification and asset protection
- Some offshore banks offer remote account opening to foreign non-resident applicants
If you’d like to get a head start on account opening to protect your assets then download our FREE Non-Resident Banking Starter Guide right now!
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Why Keeping Assets in Sue Happy Countries & Ignoring Asset Protection Planning is Dangerous
- Why an Offshore Bank Account Can Offer Offshore Asset Protection
- Frequently Asked Questions
- How to Get Started With Asset Protection With Offshore Accounts
Why Keeping Assets in Sue Happy Countries & Ignoring Asset Protection Planning 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, and 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 toward 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 offshore 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 into an offshore account.
Compare that to what would happen if you have offshore bank accounts…
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 bank accounts and cash abroad that you can rely on and use to defend yourself.
Why an Offshore Bank Account Can Offer Offshore Asset Protection
Opening an offshore bank account is one of the most basic forms of asset protection.
If you’re living in 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 steps toward offshore asset protection?
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open an offshore account to unlock offshore asset protection. If you have further questions on asset protection and banking offshore you would like answered, don’t hesitate to get in touch with us directly.
Why Do Millionaires Bank Offshore?
Foreign non-residents and foreign business owners open accounts offshore for many reasons. These reasons include asset diversification, asset protection, lower fees, and sometimes even reduced taxes. But, it’s important to note, not all offshore banking jurisdictions offer the same advantages.
Note: It’s important to consult a qualified tax advisor or accountant before making any decisions.
Is an Offshore Account Safe?
Opening an offshore account is safe and can offer protection. Of course, not all offshore jurisdictions offer asset protection. Nor are they all suitable banking options for every foreign non-resident. In fact, the options available to you will depend on your citizenship, residency, income, and much more.
How to Get Started With Asset Protection Through Offshore Accounts
Finding the right bank in the right country and getting them to accept you can be a long and overwhelming process. But, it doesn’t have to be. In fact, GlobalBanks IQ members can open accounts offshore faster and cheaper than anyone else.
If you’re ready to take action and start opening offshore bank accounts to unlock offshore asset protection, you can access GlobalBanks IQ, our dedicated international banking intelligence platform.
GlobalBanks IQ gives you everything you need to start finding and opening accounts offshore to unlock asset protection for you or your business today.
When you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of international banks — home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports, including proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you to start accessing the benefits of international banking today.
You can also view all of the account opening solutions offered by GlobalBanks on our products page.
