In the past I read books like Harry Browns the coming devalutaion and Doug Casey,s Crisis Investing, That was years ago and in the eighties.
In those books it was suggested to open a bank account offshore in Switzerland or Austria or even the Bahamas or Caymans, or sometimes Isle of Man or Channel Islands, does anyone remember Sark?
Anyways the days when an American could easily open a bank account and have strict bank secrecy have been over for years so that option is out.
The other advice in those books would usually be use said offshore account to accumulate gold silver and hard currencies like the Swiss Franc or Dutch Gilder or even the Austrian Shilling, with the exception of the Swiss Franc those currencies dont excist and have been folded into the Euro and now days the Euro and Swiss franc have the same central bank policy of devaluing the currency over time and or in a coordinated fasion.
Under some cercumstanses you can still open up an offshore account and buy gold and silver but its easier now just to open up a goldmoney.com account or an account with bullionvault. Both are offshore for Americans and both have easy sign up procedures and vaults of gold and silver that is audited and allocated. So its one option of storing wealth offshore in gold and avoideding potential wealth taxes that may soon be coming our way.
Then the other suggestion in those books would be to have a residency offshore usually in Europe or sometimes in Latin America, or the carrebean.
Those options are still available but more expencive than ever and are harder to set up as there are many new requirements that are time consuming and in some cases many Americans cant meet. As an example many countries need a FBI background check, which is ok if you havent been convicted of anything but if you smoked weed or got a DUI you cant immigrate easily to some countries with those things on your record. There are still options if you have that problem but there mostly in Latin America but the window is closing or already closed for some, so get in if thats what you walue.
The way I see it to survive and prosper in these new polital envirenment you will need a residency in Latin America if things get to interesting in the United States or Canada, or wherever you live. As the welfare state comes unglued the state will start taxing more wealth in the form of pension assets and just plain old wealth taxes not to mention the inflation tax.
So to that end I would have a residency or a place I can retire to in South America, Paraguay has a relitively easy process to get residency. Then you can live work and play and continue working on your online business there. Panama has another residency package that many are taking advantage of but its not always leading to a passport, but maybe will work for you.
The second thing to consider is getting some of your savings either offshore or out of your local jusrisdiction. A simple offshore account can do that but in many places if you dont have residency they wont open the account or require an opening balance that is in the six figueres or even higher, if you cant meet that requirement your not welcome to bank there. So as I said bullionvault.com isnt strictly speaking a bank account but its offshore there vaults are in different parts of the world and your gold will be allocated and audited and you can protect your saving from currency devaluation.
If thats not an option consider an LLC set up in your jusrisdiction of choice those can come in handy and are easier to set up.
The next thing to think about is how you earn your living. We live in a world where traditional ways of working are coming to an end, I mean working in an office or in a manufactering plant. Most of those jobs are being outsourced to lower wage countries and soon those kind of jobs will be gone.
I suggest working for yourself as a contractor or starting an online service business. Or start selling and earning commisions either online or on the phone and have the commisions paid to your offshore LLC or SA company.
I say all this because its never been easier to work online and now with corona virus many companies will want you to work online for them anyways so you can live anywhere in the country or outside your country of birth.
I want to talk about crypto currency. I see it as not money but a new tech. As such you may want to consider speculationg in it. Bitcoin can be stored on a wallet and hidden away from inflation, wealth taxes and if you ever need to leave the country you can have your cold wallet or trezor hidden away and safely move a portion of cash or wealth quietly to where ever you decide to start all over in.
So if the developing world of defi assets intrest you check it out. I think it will change the world forever and bring more liberty to people all over the world.
Another strategy to consider if your single and can earn income online or on the phone consulting is the P.T. lifestyle. I wont describe it in to much detail because it can mean different things to different people.
Basically you have a bank account or business in one or multipe juristictions then a residency in another and various playgrounds you hang out in, so as not to be a tax resident. If you can get a second passport or residency its easier to live tax free without breking any laws.
In my case I like residency in Latin America then spending part of the year in Canada or the States hiking and or doing other business projects, then spending another chunk in Asia, like the Philippines or Thailand or wherever. Then its back to the residency country.
Now its easy to live that lifestyle or it was before corona virus but if you have said second passport or residency its still pretty easy.
Even without a residency you can live part of the year in Mexico where its cheap to live and they have nice beach resorts and colonial towns to beat the heat, and then its easy to get a tourist visa and then you can leave for your home country and come back or continue on to Central America or Asia.
Its never been easier to make money in different countries too so you dont really need as much money as you think. One of my friends she used to home sit houses all over the world so she would make a small amount of money online which she built up over time and in some cases she got paid to house sit.
She had many opportunites like that and over the years built her income up from her online activities she gave it up and just pays rent, but rent can be your biggest expence and if you can get it to zero then you dont need much to survive out there just an internet connection and money to buy food and in many countries an airbnb will be 250 USD and food 200 USD and 100 USD for everything else and thats under 600USD and if you can live like that and enjoy your life and then build up your assets and business,s thats one option.
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