Reporting from Becici, Montenegro
In March 2010, President Obama signed into law one of the most arrogant, unfeasible bills ever to hit the books.
Known as FATCA [Foreign Account Tax Compliance Act], it was enacted as part of the inappropriately titled HIRE Act; the law requires that foreign banks must disclose personal account details for their US clients, essentially agreeing to get in bed with the US government.
If a foreign bank does not agree to disclose information on all of its US customers, then the law further requires that non-compliant banks withhold a 30% tax on all payments that may have originated from the United States.
The arrogance of this law is overwhelming. It would be as if the Saudi King issued a decree forbidding US grocery store chains to sell pork to Saudi citizens while on US soil. Crazy, right? Americans would be up in arms– who do those Saudi’s think they are, trying to control a US company on US soil?
But that’s exactly what FATCA does. Needless to say, the international banking scene has been up in arms since March 2010 when the law was passed. Those cries have largely fallen on deaf ears… until late last week when the US government granted a brief extension for the law to take effect.
This is important, and I’ll explain why.
We’re in the early stages of what I call the Age of Turmoil– a tumultuous time in which governments turn to increasingly desperate, authoritarian measures in order to maintain the status quo.
The drive their economies into the ground, generate painful inflation, and destroy the livelihoods of millions, even hundreds of millions… and when you don’t like it, they turn their police forces after you to ensure they still get to live a life of power and privilege on your dime.
We’ve already seen these people in action– they’ve seized pension accounts, turned the nation into a police state, ruined the economy with corrupt, reckless spending programs, inflated the currency to dangerous levels, and made it extremely difficult to do basic things like establish a business or even open a bank account.
There are a few things you can try to do about it. The default option for most people is to do nothing. They’ll stick their heads in the sand as things continue to get worse and their families’ livelihoods get eaten away by public policy.
Others think they can ‘vote the bums out,’ only later to realize that the brand new crop of politicians is just as bad as the old batch.
I’ve long been an advocate of the internationalization approach– diversifying your assets and interests overseas to reduce the control that one single government has over you.
If you live, work, bank, invest, own property, store gold, operate a business, etc. in the same country of your citizenship, you are truly putting all of your eggs in one basket.
Internationalization is an approach to take back your privacy, cut your ‘sovereign risk,’ and declare your economic independence, and it’s what I discuss every month in our premium service, Sovereign Man: Confidential. Think of it as your personal, offshore intelligence service.
To give you an idea, here’s what you missed in the July edition that just came out over the weekend:
– How to LEGALLY establish a private, numbered account in one of the world’s strongest banking jurisdictions… as well as how to remain compliant with the law. I tell you exactly who to contact to get started.
– How to establish residency in an extremely safe, modern, vibrant, cost effective, beautiful, and FREEDOM LOVING European location… it’s a fantastic choice for families, retirees, and even singles. Again, I tell you exactly who to contact.
– My boots on the ground recommendations for entrepreneurial business ideas in one of the world’s most opportunity-rich boom towns. Some require very little up-front capital, and you can make a fortune;
– New intelligence just revealed about relinquishing US citizenship;
– Portfolio strategies to protect against (and profit from) the coming economic slowdown that we see happening in China
– How to make the right kinds of internationalization decisions– walking through your own situation, and what to do about it.
This is the sort of actionable intelligence that can help you survive and thrive in the Age of Turmoil by reducing your exposure to any one single government. It will take time for you to implement these strategies… and given the FATCA extension I told you about earlier, the limited window of opportunity is now open.
I strongly encourage you to consider these strategies; no matter what happens, you will sleep better at night knowing that your family’s livelihood is much better protected.
The alternative– doing nothing– could be devastating.
Click here to read more about a risk-free trial to our premium intelligence service, Sovereign Man: Confidential.