It’s over a decade since the wave of the last global recession thrust nations into their darkest epoch. The trauma is still extant for many citizens and recovery means exercising extreme measures to fail-safe assets. Who else to ask for advice on disaster-proofing assets, but wealth protection management guru, Ted Bauman, Banyan Hill Publishing chief editor/writer. At Banyan Hill, he hosts three blogs, including his daily financial newsletter series “The Bauman Letter.” Bauman recommendations come from real-world experience and knowledge, having developed an eclectic background throughout his travels. With his rich professional profile, he’s erudite in all matters relating to low-risk investments, privacy, asset protection, and international migration. The UTC (University of Cape Town) graduate holds respective Masters in History and Economics.
Today, Ted Bauman strives to educate everyone about becoming smarter investors and safeguarding their wealth against future disaster. While conventional financial institutions do offer some safe options to store money and valuables, it’s not without risks, Bauman explains. He further suggests any of the following five options to securely put assets and valuables away for future access. The first being a high-security home lockbox or custom safe. Bauman stresses the need to choose one that is waterproof and fireproof. He’s well aware of the risk involved with storing money and/or valuable possessions at home. Consequently, he recommends that one finds a secure storage location for the lockbox or safe. It’s also paramount to avoid putting all assets or belongings in one location.
Ted Bauman also finds foreign-protected vaults highly secure for wealth protection. He’s positively optimistic about foreign nations like Austria, Switzerland, and Singapore that provide first-rate asset protection facilities to secure valuables. The cost is exorbitant for such services, but it does give the account owner solace knowing his or her assets are safe. The foreign countries that offer independent vault storage require account holders to establish a contract in person. However, New Zealand allows them to open an account remotely. In these territories, IRS or government regulations are powerless because FATCA (Foreign Account Tax Compliance Act) protects client accounts.
The U.S. offer independent vault services to store valuables as well. While it’s another sound option Bauman recommends, he advises it’s not totally protected from invasion. Should the courts find a reason to investigate, this private organization cannot deny access. Rest assured, Ted Bauman also sees promise in using foreign banks, safe-deposit box service. The laws protecting such services vary from one country to another. Switzerland, for instance, shields client accounts from confiscation. Unfortunately, American safe-deposit box services don’t offer such protection. Although FDIC (Federal Deposit Insurance Corporation) doesn’t provide coverage for this particular service, Ted Bauman still encourages the idea.