By: Nick Giambruno
You may have wondered: “What’s the difference between having a bank account at Bank of America and having an offshore bank account?”
The truth is, there’s possibly all the difference in the world.
Here are the top 10 reasons why you need an offshore bank account.
Reason #1: Dilute Your Political Risk
Doug Casey has said over and over that the biggest risk you face today is not market or financial risk—as big as those risks are—but rather the risk from your own government.
There’s no doubt this kind of risk is rising in most parts of the West. Governments are hopelessly sinking deeper into insolvency. They’re turning to the same desperate measures they always have throughout history, and it’s a big threat to your savings.
It’s only prudent to expect more bail-ins (as we’ve seen in Cyprus), bank deposit taxes (as we’ve seen in Spain), retirement savings nationalizations (as we’ve seen in Poland, Hungary, Portugal, and Argentina), and capital controls (as we’ve seen in Cyprus and Iceland), among other destructive actions. And these are just a few recent examples.
If you think these kinds of things can’t happen in your country, think again. Continue reading "10 Reasons Why You Need an Offshore Bank Account"
By: Nick Giambruno
Whenever I see the words “life-changing opportunity” or something like that, I immediately dismiss it as a lame gimmick or hyperbole.
And while I am truly reluctant to use those often misused words, I can honestly think of no better way to describe Puerto Rico’s tax incentives for traders, hedge funds, private equity firms, and asset managers of all stripes.
This is truly a life-changing opportunity for them, and that’s not BS.
By the end of this article, you’ll see why.
It’s not for no reason that investment legends like hedge fund manager John Paulson and Nick Prouty have planted their flags there. But you don’t have to be a big name to benefit too. As you’ll see, obtaining Puerto Rico’s tax incentives is really a no-brainer for anyone who makes their living off of capital gains.
But first, you need to understand a few things about the uniquely burdensome American tax code to see why this is such an unparalleled opportunity. Continue reading "For Traders and Asset Managers, Puerto Rico's Tax Incentives Are a No-Brainer"
By:Nick Giambruno, Senior Editor, InternationalMan.com
Don't be surprised to lose if you don't make an effort at being competitive.
And if you go out of your way to make yourself less competitive, expect to lose.
If that sounds like simple common sense, that’s because it is.
But it's also exactly what the US has been doing for years—enacting tax policies that sabotage its global economic competitiveness.
It's like trying to get in shape for a marathon by going on an all-McDonald's diet. (Speaking of McDonalds, check out this funny video spoof of what their commercials should really look like.)
Here are two major reasons why the US is lagging in the global economic marathon: Continue reading "Corporations Join Droves Renouncing US Citizenship"
By: Nick Giambruno, Senior Editor, InternationalMan.com
A court ruling involving Microsoft’s offshore data storage offers an instructive lesson on the long reach of the US government—and what you can do to mitigate this political risk.
A federal judge recently agreed with the US government that Microsoft must turn over its customer data that it holds offshore if requested in a search warrant. Microsoft had refused because the digital content being requested physically was located on servers in Ireland.
Microsoft said in a statement that "a US prosecutor cannot obtain a US warrant to search someone's home located in another country, just as another country's prosecutor cannot obtain a court order in her home country to conduct a search in the United States."
The judge disagreed. Continue reading "The Biggest Lesson from Microsoft's Recent Battle with the US Government"