Your bank isn't safe.

[image]() {NAME}, The United States just saw it's second largest bank failure IN HISTORY. Three of the largest US bank failures have happened in the last two months. And as bank stocks in the west tank, my Asian bank stocks remained unaffected. This is another example of why geographic diversification matters. Let me explain a few options you can take today. This email may be a little long, but I want you to understand what most people don't about banking internationally. The easiest "one to one" swap you can make is moving assets from one bank in your country, to a bank in another country. Banks in Singapore are among the safest in the world, while smaller banks in countries like Switzerland and even the UK can also offer safety. There has been only one bank failure in Austrian history. I can't even find a single bank failure in Singapore's history. And even in countries like Malaysia, bank failures don't happen. If you only have $1,000 or so to move, our partners at [Nomos Law Firm in Georgia]() can help you open a bank account, and you'll pay them for that service. If you have a larger sum, my favorite is Singapore but our clients often like banks in the UK, Switzerland, Liechtenstein, UAE, and more exotic places like Armenia and Ecuador. Opening an offshore bank account is legal for most people (including US citizens), but often must be disclosed. And opening an offshore account isn't the same as going to your local bank and just opening it. The due diligence is higher, there will be more questions, and not all banks will accept you. A bank that accepts one of our clients may not accept another. For example, I've held one account in Singapore since 2012, but I can't upgrade it to make investments because the bank won't upgrade non-residents. They literally wanted to see tax returns from when I worked at a restaurant in university. Meanwhile, a good friend of mine loves banking with them and they treat him well. Many years ago, we sold an e-book on how to open an offshore bank account, complete with names of actual banks. Some banks didn't like that, but more importantly results varied. It's even worse today; I could literally send five people to the same bank and not everyone would get an account. That's partially because different banks have different goals. For example, an Asian bank may reject someone for dressing too casually, whereas a true offshore bank on an island somewhere may open accounts remotely but freak out if your entire life isn't in one country. The first step in choosing a good bank for you is ruling out those that don't work. Put out of your mind the idea of banking on some tiny island; while we work with a few banks in the Bahamas, Cook Islands, Dominica, and Cayman Islands, they're not the most common choices and often come with restrictions. Some don't accept Americans (ie: Swiss banks), others don't open remotely (ie: Singaporean banks), others have high fees (ie: Caribbean banks), and each have their own service offerings and minimums. My advice is to be willing to travel for the best options, which means you'll need a valid passport. This will save you money in the long run, with the cost of the flight being paid back by lower fees charged by remote-only banks. Since the US and Canada are threatening long waits for passports this summer, get started on that now if you haven't already. I would also plan to apply to several banks in case one rejects you. These banks don't have your local credit report and entire life history, so they take fewer risks. That's what makes them good banks; while US banks accept anyone with a pulse, banks overseas are more particular. Hong Kong banks have so much cash, for example, that they literally don't want anymore because they have no clue what to do with it. That's happening in more and more places. One thing you can also consider is getting residence in another country as a Plan B. As a resident, you have a higher chance of getting a bank account; in fact, some countries require it as a condition of your residence. By now, you're probably seeing a number of factors involved: - Opening the actual offshore bank account(s) - Handling taxes and reporting at home - Determining if you need residence in another country - Determining how to move money - Deciding if you want a foreign trust or corporation to hold the bank accounts for greater privacy or estate planning These are all questions we help our clients with every day. Even the process of diversifying some money overseas often involves 3-4 different law firms, accountants, and professionals. Nomad Capitalist is your "one stop shop" for everything offshore, and we've spent over a decade building a trusted network of those people to help you diversify overseas with confidence. It's not just as simple as walking into a bank in Singapore and saying "here I am". Seriously, you're welcome to try it... I've been doing this for years and I've encountered so many roadblocks that we now help our clients with. If geographic diversification seems like a good idea, I'd be happy to help. We take an agnostic approach that doesn't push any one jurisdiction, and charges a fee for holistic advice to make sure you stay legal. Here's how we can help: First... If you have $1 million or more and are ready to move part of it, our Nomad Capitalist Action Plan is the best way to merge asset protection, banking, tax planning, and residence and citizenship together. If there's an option available in the world, chances are it's in our database and we'll walk you through all of these steps to make sure you get everything you need (ie: bank accounts and trusts) and nothing you don't (ie: shiny objects). Most people who think "I just want a bank account" find this service eye-opening and helpful. The fee for this service is $25,000 for 99% of clients, and you'll get plugged into our hard-fought network worldwide. [Speak to a salesperson about the Action Plan]() If that's not you.... We'll be sharing pretty much everything we know about offshore banking and diversification - and how to do it 100% legally - this September 6-9 at Nomad Capitalist Live. This year's live event is in Kuala Lumpur, right next door to prime banking locations in Singapore and Bangkok, and not too shabby a place to live and diversify itself. You won't get personalized advice, but you'll get everything you need to get started connecting with our favorite banks with plenty of specifics we don't publish anywhere else. Plus, you'll have all-access to our Q&A Session with my Strategy and Execution teams to ask anything you want. [Learn more about Nomad Capitalist Live](=) Whether you want to DIY with confidence, or just want it done, in these crazy times I can tell you that I sleep better knowing I'm probably over-diversified, and not held hostage by one country or one bank. I'd like you to know that feeling, too. Yours in freedom and prosperity, [image] = = [Unsubscribe]( Nomad Capitalist LLC Kidnah, Block A Plot 4 Fujairah, Al Fujayrah United Arab Emirates (the) +1 (979) 966-6623