{"id":46497,"date":"2022-09-27T12:59:21","date_gmt":"2022-09-27T17:59:21","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=46497"},"modified":"2022-09-27T12:59:21","modified_gmt":"2022-09-27T17:59:21","slug":"foreign-traveller-asset-protection","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/foreign-traveller-asset-protection\/","title":{"rendered":"Foreign Traveller Asset Protection"},"content":{"rendered":"

Establishing an international company is an effective legal way of protecting your hard-earned income against lawsuits, benefiting from international tax cuts, and providing more opportunities for your business to progress internationally.\u00a0 Setting up a strong asset protection program is crucial.
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A foreign incorporation strategy for the continuous traveller and how to incorporate international banks into your financial plan is an asset protection avenue to seriously consider.<\/span><\/p>\n

International banking or setting up an international business is often misunderstood. An international plan is not necessarily done to avoid local taxes or keep money illegally from your government. It is about formulating your business strategies and affairs in a way to let you thrive from international laws created for everyone who wants to benefit from them per their business.<\/span><\/p>\n

To protect international companies and investments, foreign investors opt for international banking. International bank accounts may help protect your assets from lawsuits, creditors and judgments, excessive taxes, and help with your business expansion.<\/span><\/p>\n

Why Incorporating an International Bank Account in Your Financial Plan Benefits You<\/b><\/p>\n

It\u2019s important to realize international banking is no different than your local bank. You can use online banking or acquire debit cards. There are international companies that will issue you a prepaid debit card. No matter what your citizenship is, obtaining international banking services is imperative to the growth of your international company. Here are some reasons why:<\/span><\/p>\n

Asset Protection<\/b><\/p>\n

Five percent of the world\u2019s population resides in the U.S., which includes 80 percent of the attorneys and 96 percent of the world\u2019s lawsuits. Every resident is equally exposed to the threat of a lawsuit. The U.S. is the most litigious country in the world.\u00a0<\/span><\/p>\n

Whatever your profession is, there is always a risk of getting sued. Setting up an international bank account provides safety to your assets and can be the only way to keep your business and finances protected against all possible legal turmoil.<\/span><\/p>\n

And let’s remember what happened to the Canadian truckers’ “Freedom Convoy” and those who donated to their cause. Deputy Prime Minister Chrystia Freeland said <\/span>banks were obligated to flag, freeze, or suspend accounts financing the “illegal blockades.”<\/span><\/a> Trudeau’s administration then authorized banks to freeze or suspend accounts suspected of being involved in illegal activity without a court order.<\/span><\/p>\n

Diversified Currency Holdings<\/b><\/p>\n

International banks allow you to hold various currencies leading to diversified investments, higher returns, and lower risks. Diversification in currency holding is crucial to the safety and stability of your investment portfolio in the long run. Few local banks allow you to hold diverse currencies.<\/span><\/p>\n

You can reap benefits from the fluctuations in monetary policies and the value of the currency if you are holding assets internationally. <\/span>After 9\/11, many locals opened Canadian bank accounts and earned 30 percent profit by converting their U.S. dollars into Canadian dollars.<\/p>\n

Diversified Flow of Income<\/b><\/p>\n

Remember the recession in 2008? At that time, Asia’s economy was experiencing a boom. Limiting yourself to domestic bank accounts can be an obstruction for your business to profit from growing economies when your economy is facing a dip. You can even consider opening multiple international bank accounts to reap the benefits of various international laws.<\/span><\/p>\n

For example, in Switzerland, banks also perform the functions of investment management firms that guide you through your financial planning while suggesting portfolios for your business growth and financial safety. Many state laws cap the number of trades and transactions per day. This limit can be avoided if you have international bank accounts.<\/span><\/p>\n

Higher Interests on Deposits<\/b><\/p>\n

If you are a resident in the United States, your local bank may only offer you an interest rate of 1 percent to 2 percent annually for your deposits in a savings account. You might be satisfied with your local rates, but examining other international banks will make you realize how you can earn a higher interest on your deposits.<\/span><\/p>\n

Flexibility in Moving Funds<\/b><\/p>\n

Having an international bank account allows you to easily move your funds. Domestic banks can make it difficult to access your money by limiting the funds on hand for large cash withdrawals. This type of asset protection, as well as policies, can be lethal in various situations.\u00a0<\/span><\/p>\n

Setting up an International Bank Account<\/b><\/p>\n

If you are having trouble getting a hold of an international bank account, an experienced professional can save you the hardship.<\/span><\/p>\n

Due Diligence<\/b><\/p>\n

Here are a few things not to overlook while you plan to open an international bank account. These requirements are called “Due Diligence” in banking language, where the bank typically tries to get to know its customers. Following are a few examples of things required while banks perform Due Diligence:<\/span><\/p>\n