PANAMA CITY, Feb. 10, 2021 /PRNewswire-PRWeb/ -- In times of economic, and political uncertainty environmental events can trigger chaos in markets, financial institutions and establishments that we all trust in for stability. If we depend on these systems for our livelihood we inevitably tie ourselves to the continuity of these systems.
While we do not need to be completely independent from their influence it is possible to reduce the threat that uncertainty brings by being prepared. There are several ways too reduce you dependence upon any institution. Here are several ways to better prepare yourself.
1. Open up a savings account abroad
Having an offshore bank account in a bank that is strong with adequate capital reserve in a jurisdiction which is financially and politically sound is one of the most strategic thing you can do to protect your wealth
Placing your assets offshore in a offshore bank account that has a reliable track record, cooperates with a fiscally prudent government that encourages conservative lending policies is effective in safeguarding against financial and economic uncertainty where you live.
2. Safeguarding your wealth in an overseas country
Forming a company or trust abroad is a reliable way to secure your assets by creating a separation of powers between you and your company's assets that can also reduce your tax burden, provide security, and protection against potential lawsuits and creditors. Going a step further, having a company or asset protection trust formed overseas in two jurisdictions gives you maximum protection by utilizing two different and separate structures that are based in different countries helps insure assets that are held remain distinct and separate from you as an individual.
https://www.offshore-protection.com/asset-protection-trust
3. Diversification of assets
Diversification is ensured by having assets spread across multiple accounts and countries around the globe. Diversity is about reducing your risk which is done by spreading physical or liquid assets in different classes, accounts, and countries. This is achieved by having several ways to access your assets should a market crash, an institution fail, or a bank collapses.
Having an account overseas to access cash allows you a fall back and is an integral part of anyone's plan b. Diversification is about self-sufficiency and not being dependent on any single type of institution for your survival. http://www.survivalartist.com
4. Maintain a back-up of physical cash
An easy financial preparation tactic is to carry enough cash for you to survive for a few months should events turn south. Having cold hard cash is a simple backup that doesn't call for much planning. If your bank fails you still have access to cash quickly.
5. Store physical gold
Having physical tangible assets that can be liquidated quickly such as gold acts as another failsafe and another step in ones asset diversification plan. Currencies can crash, while gold usually remains steady, is extremely liquid, as well as conveniently exchangeable in case of an emergency. It is a trustworthy back-up plan in addition to an investment that will provide a solid fall back should you need it.
6. Plan on getting a passport
Acquiring a second passport where you are welcomed as a first rate citizen is a crucial part of any kind of emergency plan. A passport from a second country gives you greater mobility, visa free travel and security by having a reliable second place to live in. Obtaining a passport usually requires a financial investment in cash or real-estate if you do not have the time to invest in getting citizenship through other means. A second passport gives you long-term planning capacity and gives you a trustworthy alternative should be caught in an emergency.
Takeaway
Having financial strategy has to do with cutting your dependence from any kind of single establishment, bank, or nation for your financial well-being. Having a solid plan b in place gives you control in times of uncertainty and should all else fail, you will not be left unprepared.
About Offshore Protection
Offshore Protection is an offshore service center based in Panama City and has helped thousands of clients since 1996 specializing offshore solutions. http://www.offshore-protection.com
Offshore Protection offers company formations, offshore accounts, financial licenses, crypto licenses, offshore trusts and foundations as well as second passports. Offshore Protection has over 20 years of experience conducting business in over 35 jurisdictions offering tailor-made offshore solutions.
Media Contact
Company Name: Offshore Protection
Contact Person: David
Email: [email protected]
Phone: +507.838.6842
Address: Apdo 0819-10660 Eldorado
City: Panama City
Country: Panama
Website: https://www.offshore-protection.com
Media Contact
David, Offshore Protection, +507 8386842, [email protected]
SOURCE Offshore Protection
Share this article