If you want to diversify where your money is stored, you may want to consider opening an international bank account. Offshore banking is a great way to secure your assets and stay protected. Plus, if you were wondering, it's totally legal. Here's what you need to know about bank accounts outside of the U.S.
1. Foreign institutions are not so crazy about managing Americans' assets.
Why? Because starting in the early 2000s, our government (which was having some fiscal challenges) was looking for ways to increase tax revenue. The problem was, U.S. citizens had undeclared foreign assets abroad. So foreign banks that still supported non-compliant individuals were under scrutiny. But how do we get around this? The best thing to do is report your worldwide income. The more information you're willing to give up, the more they're going to trust you.
2. Use an OSP.
An OSP is an Offshore Service Provider. This is like an agency that will take care of all your paperwork for you. So all you'll need to do is fill out their application and get a notarized copy of your passport and proof of address. The OSP also provides you a reference if needed for certain offshore banks. An OSP takes all of the hassle out of figuring this stuff out on your own.
3. If you can, visit the bank.
Facetime is important, especially when it comes to people dealing with your money. You'll also have more options, as some banks only allow you to open an account in person. Also, if you go in person, the bank will trust you as a low-risk individual and will be more likely to have reduced paperwork.
4. Have all your documents in order.
You'll need a notarized copy of your passport, a notarized copy of a utility bill, a bank reference, professional reference, and proof of income. If you're opening a corporate account, you'll also need notarized company documents and a detailed business plan. (A notary is just a fancy word for a person who can perform official stuff. You can find one, here.)
With these things in mind, you'll be able to successfully diversify your assets all around the world.
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Airbnb offers an affordable option for people looking to be more comfortable as they travel.
However, there are downsides to staying in a host's home rather than a hotel. Whereas hotels are designed for constant streams of visitors and often have furniture built to last, at an Airbnb, you may be staying on old or cheap furniture that a host is using in order to maximize their profits.
And while most reputable hotels will have regular room inspections from staff to check for any wear and tear, Airbnb damage disputes are oftentimes he said, she said situations. If you are in an Airbnb and something breaks, there are a few steps you should take in order to ensure that you are not on the hook for damages out of your control.
If you're keeping tabs on the art and tech worlds, you've probably been hearing whispers about "NFTs" for the past month. Just over the past week they've entered the mainstream lexicon.
Twitter founder Jack Dorsey made the news for selling his first ever tweet. The app has been teasing paid subscription models and newsletter-like features, but tweets for sale is "the next frontier."
just setting up my twttr— jack (@jack)1142974214.0
The 2006 tweet went up for auction as an NFT, and the current bid is $2.5 Million. But what does it mean to own that? Why would anyone want to? And what even is an NFT?
Long gone are the days when the majority of Americans dreamed about owning a home with a white picket fence.
The traditional American Dream may be on its deathbed, but that doesn't mean a core component of the vision can't survive. It simply takes a diverse perspective. People can still believe they can attain their own vision of success in society with hard work, knowledge, and risk-taking. Investing in today's American Dream may literally mean investing money in our modern economy, starting with our infrastructure.
Real estate investing in particular is a lucrative method that can boost income and secure a better financial future for many. There's always risk involved, but the payoffs can far outweigh the uncertainty. Selecting solid financial investments is about confidence and competence. If you're looking for some advice on this kind of investment, here are a few savvy tips for new real estate investors.
Stick To a Specific Strategy or Niche
Real estate is a challenging sphere of the business world, one that requires several key skills: groundwork knowledge, networking, perseverance, and organization. True knowledge of the real estate market will come with time and experience, but it's a smart idea to select one area of the market and stick to it. This is the best way to attain in-depth familiarity with your specific niche.
First, choose a geographical area close by and then a niche strategy within it, such as house flips, rental rehabs, or residential or commercial properties. By doing so, you can become aware of current inner working conditions in the market and you'll have a better idea of how these trends may change in the future.
Be Vigilant About Viable Financing Options
While it takes money to make money, you don't have to use all your own money. A common misconception about real estate investing is that you must be wealthy to start off. This isn't straight fact, however. A majority of people can test the waters of real estate investing without a lot of initial cash in their pocket.
Aside from traditional financing options from banks and institutions, private lending options can be worthy solutions. Hard money lenders are popular, reasonable choices, and they tend to have fewer qualification requirements upfront. However, be sure to strategically choose a hard money lender to find the best possible fit.
Master the Art of Finding Good Deals
There may be hundreds of thousands of available properties for sale on the current market, but the bulk of them will never amount to the final money-making result you desire. Another great tip for new real estate investors is to use good math to estimate profit. Taking risks is part of the process, but you have the ability to analyze properties and use networking sources to find the greatest deal. You can't win every deal, but you can steadily work towards a thriving financial future.