A few days ago, in response to questions about how to get started with offshore asset protection, I mentioned Mark Nestmann’s book The Lifeboat Strategy. Mark is a trained international lawyer and one of the world’s top offshore asset protection experts. I own his book and think it’s a fantastic resource, especially for those looking for initial answers.
The number of questions I received from readers in response to the book was overwhelming, so as a special service to Notes subscribers, I decided that we should pin Mark down for an interview.
I called my partner Matt, one of the savviest, most intellectually curious global entrepreneurs I know, and asked him to conduct the interview… as you will see, Matt didn’t pull any punches.
Personally I think he caught Mark a little off-guard, so you’ll hear a lot of candor.
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bank accounts,
taxes
Today I confessed my sins to Uncle Sam.
No, I’m not talking about anything sinister. But in a mad dash through a US stopover today, I dropped US Treasury form TDF-90 in the mail: “Report of Foreign Bank and Financial Accounts.”
It went something like this:
“Forgive me uncle for I have sinned. May last confession was April 15th. Here is all the information on my foreign bank accounts, including those for which I only have signature authority. I am confessing this intensely private information despite the fact that I have no financial interest whatsoever in said account, and the account holder does not even fall under your jurisdiction. I understand that being party to financial accounts outside of the United States must be inherently evil, and I look forward to giving you more of my money next year.”
This form is required by the US government for all persons that have a financial interest or signature authority in any foreign financial account– banking, brokerage, etc. In my case, I listed all the relevant information for a Panamanian bank account– I am very confident banking there as my research from this trip indicates strong liquidity levels and tight loan standards devoid of significant exposure to US agency debt. I am required to submit this form by June 30th.
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Tagged as:
bank accounts,
panama,
taxes
“Offshore” is almost a dirty word these days. But as a savvy investor, you probably realize that it’s a perfectly legitimate way to safeguard wealth.
The dollar is in an irreversible decline. Banks are being nationalized. Anyone with any money left has been deemed evil. Salivating lawyers are already sharpening their knives. The IRS and SEC are on a witch hunt.
Currency controls are coming. The time to move assets is now.
Nearly, everywhere we go (we’re constantly traveling the world) we see enormous opportunities despite the global financial meltdown. It’s sad to say, but the best business opportunities we’ve seen in the last 12 months have NOT been located in the United States.
Starting an offshore business or expanding your current business into overseas markets may seem a bit daunting at first, but the opportunity is huge and the time to diversify is now or never.
We’ll share some (legal) tactics with you on this site and in our daily e-letter: International Man: Notes from the Field. If you’re not already signed up for the e-letter click here to do so now.