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Protecting Your Future by Diversifying Geographically
Since the financial collapse of 2008, the world has been changing so rapidly it is difficult to keep up. Every week we hear news of another country, city, currency, asset class or company in trouble. It does not help that we have wars, currency wars, price controls and trade wars looming in the very near future. This time of uncertainty has forced many of us to contemplate protecting our future by diversifying our assets geographically.
Daily I see and comment on conversations on social media concerning the palpable fear in the hearts of people from Europe to the USA. The media and politicians have pushed the people to the brink of class warfare. This has prompted many of us to either expatriate or to move assets to locations deemed safe.
People often ask how they can protect their family and assets from the creeping government controls. The easiest step to take would be to take your IRA or savings offshore in a safe jurisdiction like Switzerland, Panama or Singapore. Did you know you can own a corporation within your IRA? This corporation can legally own real estate, strategic metals and precious metals. Why not open an offshore bank account, it is becoming more difficult for Americans but for the rest of the world it is pretty easy to do.
The next step is gaining residency in another country. Recently Panama announced a program for expats to gain permanent residency. The current programs are still in place for retirees. A house in Panama could easily be purchased for under $50k if you choose to live outside Panama City. Many countries have residency programs. Make sure to travel to and spend time in a country before making the decision to live there full time. Culture shock can be difficult for many people to overcome.
A second passport is another wonderful option. If you want a second passport there are a few countries that offer passports to people who are willing to invest money in a country. This option can be quite expensive. You can also qualify for a second passport through residency. Some countries offer passports to expats if they live and work within the country for a set amount of time. Programs change often so contact a lawyer within your preferred country.
Will you make the decision to diversify now while you are still able to? History has taught us that in times of crisis governments make it more difficult for citizens to move money and to travel. It is prudent to diversify geographically, what have you done to protect your future?