I want to open this article with a quote, which in my opinion should be the quote of the decade:
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. Increasing America ‘s debt weakens us domestically and internationally. Leadership means that, ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” ~ Senator Barack H. Obama, March 2006
I couldn’t agree with him more. Too bad Obama thought it necessary to steal Bush’s playbook and destroy the last remnants of American greatness.
Many of you may have read this passage before, but I think it is worth reiterating. The US Treasury is now borrowing record amounts of money from creditors both foreign, and domestically.
The Federal Reserve alone is purchasing $45B per month of US Treasury bonds!!! Per month!!! That is $540B per year is new, fresh dollar bills that were printed out of thin air to prop up the ponzie scheme known as the United States government.
The anointed ones at the US’ own central bank are now printing over $1T per year in fresh, crisp new dollar bills that have ABSOLUTELY ZERO INTRINSIC VALUE.
Is anyone listening? Are you as fed (pun intended) up as I am? I am angry. These bloodsucking Washington parasites are enslaving you, me and the next several generations just to ensure they get their pay raises, new car, 2 martini lunches, and free healthcare.
How much more are you willing to take?
For the faux-patriots out there reading this, keep in mind, the US is the ONLY country in the world that forces its citizens to file tax returns, pay tax, and report assets abroad even whilst living outside the US. (Ok, except for Eritrea – but who the hell even knows where that is anyway…)
The real patriots are the ones who are effecting change. Change comes through leaders who spread the word and expose the tyrants for what they are.
In my experience, there are far too many parasites and far too few true producers.
Maybe it’s time for you to start protecting your family’s financial future.
As previously noted, the financial reporting requirements for assets held abroad are very difficult and onerous. Many are so vague that some of the most talented offshore tax planners I know are flummoxed.
The lack of clarity is intentional though. It is intended to make each and every one of you a potential criminal.
Land of the free, home of the brave? Innocent until proven guilty? Bullshit.
However, I do want to make you aware of some opportunities to hold financial assets offshore with absolutely zero reporting requirements – legally.
There is a bit of confusion related to whether or not you must report offshore held precious metals due to the various ways you can hold such assets.
But if held in a private vault or safe box offshore, you do not need to report this asset. You can have millions of gold, silver and platinum bars and coins sitting in a vault or safe box offshore and NO ONE needs to know about it.
Another little known fact is that CASH held offshore does not need to be reported. By cash, I mean cold, hard cash. Not zeros in your bank balance.
This week I was speaking with an American client living in Malaysia who was relatively well off and looking for a way to run his consulting business but not report any of the assets held offshore.
Please note, I only advised him (or any client) on completely legal strategies for asset protection and offshore planning. In “Mike’s” case, I advised that he would still need to file a US tax return and pay any tax owed on his excess income that goes beyond his foreign earned income exclusion.
Mike was not concerned about the tax consequence as he did not earn much more than the excludable amount. His primary concern was privacy. Mike rightly believes that his financial matters are his and his alone and wanted to find a solution that allowed him to keep his matters to himself.
Mike earns approximately $8-10k per month meaning he could take advantage of the $97k in excludable earned income by living in Malaysia. My suggested strategy for Mike to was establish an offshore bank account for him to receive his payments.
In addition to the deposit account, we also opened a physical precious metals holding that is associated with this same bank. Mike also has a personal bank account in his country of residence – Malaysia.
As Mike receives his payments, he does 3 things;He immediately buys some gold and silver coins to be placed in his vaultHe immediately wires the excess funds to his Malaysian accountOnce the funds hit his Malaysian account, he empties the account and places the cash in his safe deposit box with the bank.
As you can see, this strategy may not work for everyone. But for those of you in a similar situation, you can take advantage of this strategy and build a nest egg offshore in complete anonymity.
By doing this, Mike never exceeds the $10k threshold that triggers the FBAR reporting. However, he can save a significant amount of money in precious metals outside of the reach of anyone, as well as operate in cash for his daily needs. (If you are interested in opening an account with the bank mentioned that allows for precious metals purchases and private vault storage, contact me through http://www.globalwealthprotection.com for details).