{"id":47928,"date":"2023-06-15T22:14:25","date_gmt":"2023-06-16T03:14:25","guid":{"rendered":"https:\/\/www.escapeartist.com\/?p=47928"},"modified":"2023-06-17T22:53:59","modified_gmt":"2023-06-18T03:53:59","slug":"reader-question-should-i-move-my-wealth-offshore","status":"publish","type":"post","link":"https:\/\/www.escapeartist.com\/blog\/reader-question-should-i-move-my-wealth-offshore\/","title":{"rendered":"Reader Question: Should I move my wealth offshore?"},"content":{"rendered":"
The short answer? In my opinion, yes. 100%. Not necessarily all of it, but definitely some of it.<\/p>\n
If you are asking this question, chances are you already know the answer in your gut.<\/p>\n
Let\u2019s cover some of the more recent issues making headlines that demonstrate why it is time to start investigating how to move your wealth offshore.<\/p>\n
We are all experiencing the effects of high inflation right now. Thanks to the rampant money printing during the pandemic, inflation skyrocketed and we now see costs for most goods consistently increasing, month after month. This has caused an affordability crisis in many countries around the world. As a Canadian, I can attest to the fact that many people in this country are hurting due to inflation alone.<\/p>\n
But it gets worse. To quell the inflation they caused, the Bank of Canada has increased interest rates more quickly than at any other time in history. Add to that the fact that Canada has the highest household debt among the G7 countries. The result of massive interest rate hikes for a population that is already drastically overleveraged? Disastrous.<\/p>\n
Inflation and increasing interest rates are a formidable duo and at the rate both are going, it makes it extremely difficult to get ahead. The government risks completely breaking the system if they continue on the current path, although I\u2019m sure, like me, many of you are already suspecting that that is the point.<\/p>\n
To cover for their excessive spending, governments are always finding a way to increase taxes. Here in Canada we have the much-loathed carbon tax, which is supposed to somehow protect the environment by making us all poorer. This tax literally adds extra costs to everything and further fuels inflation by making things more expensive. And, because the carbon tax is doing such a great job at fleecing the citizens, we are getting a second carbon tax, called the Clean Fuel Standard, starting in July.<\/p>\n
I can\u2019t speak much to the taxes in other countries, but the phenomenon of taxes the world over is pretty similar:<\/p>\n
The whole thing is a racket, to be sure.<\/p>\n
Got what is considered the wrong political opinion? They can freeze your bank account!<\/p>\n
Canada set the amazing precedent for doing this with the trucker protest in 2022. For merely donating to the trucker convoy, even if it was just $5, Canadian citizens had their bank accounts frozen.<\/p>\n
As we\u2019ve seen governments crack down on political dissent, including just opinions they don\u2019t like, I think there is potential to see more of this in the future. Several other financial platforms including PayPal, Patreon and even GoFundMe have also banned people for political reasons, sometimes even withholding their own funds from them. If you are not an ideal citizen, at least according to your government, at some point you could be next on the hit list.<\/p>\n
I heard someone say once that you should not live and bank in the same place and this is exactly why. Political persecution is alive and well and in our so-called \u201cprogressive\u201d societies.<\/p>\n
Lastly, we have seen some banks fail recently, mostly in the US with the fall of Silicon Valley Bank and others. Not only that, but banks are making it more difficult to access your own money, mainly because they don\u2019t have the liquidity to sustain much outflow of capital. So, how safe are your funds in a bank anyway? Is your money even yours once it\u2019s in the bank, if they won\u2019t let you have access to it?<\/p>\n
The \u201cbail-in\u201d prospect, whereby banks seize funds from depositors and unsecured creditors to help themselves avoid bankruptcy, is a threatening option banks (and governments, for that matter) have been mentioning with increasing frequency. I don\u2019t know about you but, given the state of our nation\u2019s finances, it would not surprise me if this happened at some point.<\/p>\n
<\/p>\n
So, let\u2019s bring it back to the point of this article \u2013 the question of whether you should move your wealth offshore. My answer, based on the reasons above and many more, is yes, but only with appropriate research and planning. What you want to avoid is moving all your eggs from one basket to another or making any rash decisions, because then you are in the exact same situation, right?<\/p>\n
Here are some tips to get started with diversifying your finances and protecting yourself:<\/p>\n
I\u2019m going to ask you at this point to believe your own eyes and ears. Look around you. Things are progressing rapidly in an unsettling direction. Even if you only have access to news from the mainstream media with all its narrative spin, it is apparent that our economies in Canada, the US, and many countries across the globe are in trouble.<\/p>\n
Your best protection is to diversify where you hold your wealth and in which asset types you hold it so you can spread your exposure around. This way, if any part of your investment eco-system becomes untenable for any reason, you\u2019ve got enough assets in other places that you will be okay. And that peace of mind is priceless!<\/p>\n
So, my answer is a definite YES, you should move some of your wealth offshore. And sooner, rather than later! Because better a year too early than a day too late.<\/p>\n
Want to stay in the know about current events and all things offshore? Make sure you subscribe to Escape Artist Insiders magazine<\/a>. It keeps you up to date on the latest offshore investment trends and provides great insights on how to build a Plan B and diversify your wealth. The June 2023 \u201cYour Privacy Toolkit\u201d issue is one of the best issues I have ever read, so this is a great time to become a subscriber<\/a>. I promise, you won\u2019t be disappointed!<\/p>\n See you next week!<\/p>\n","protected":false},"excerpt":{"rendered":" The short answer? In my opinion, yes. 100%. Not necessarily all of it, but definitely some of it. If you are asking this question, chances are you already know the answer in your gut. Let\u2019s cover some of the more recent issues making headlines that demonstrate why it is time to start investigating how to […]<\/p>\n","protected":false},"author":705,"featured_media":47924,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"yst_prominent_words":[1724,38703,2274,1712,5096,23793,2236,23124,4032,1960,4621,38701,38700,2061,38702,9547,2131,3477,2121,34567],"acf":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.escapeartist.com\/wp-content\/uploads\/2023\/06\/running-for-the-exit.png","_links":{"self":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/47928"}],"collection":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/users\/705"}],"replies":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/comments?post=47928"}],"version-history":[{"count":2,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/47928\/revisions"}],"predecessor-version":[{"id":47930,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/posts\/47928\/revisions\/47930"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media\/47924"}],"wp:attachment":[{"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/media?parent=47928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/categories?post=47928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/tags?post=47928"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.escapeartist.com\/wp-json\/wp\/v2\/yst_prominent_words?post=47928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}