image sourceNick Giambruno, Senior Editor, International ManCasey ResearchYou may have wondered: “What’s the difference between having a bank account at Bank of America and having an offshore bank account?”The truth is, there’s possibly all the difference in the world.Here are the top 10 reasons why you need an offshore bank account.Reason #1: Dilute Your Political RiskDoug Casey has said over and over that the biggest risk you face today is not market or financial risk—as big as those risks are—but rather the risk from your own government.There’s no doubt this kind of risk is rising in most parts of the West. Governments are hopelessly sinking deeper into insolvency. They’re turning to the same desperate measures they always have throughout history, and it’s a big threat to your savings.It’s only prudent to expect more bail-ins (as we’ve seen in Cyprus), bank deposit taxes (as we’ve seen in Spain), retirement savings nationalizations (as we’ve seen in Poland, Hungary, Portugal, and Argentina), and capital controls (as we’ve seen in Cyprus and Iceland), among other destructive actions. And these are just a few recent examples.If you think these kinds of things can’t happen in your country, think again.According to Judge Andrew Napolitano: “People who have more than $100,000 in the bank are targets for any government that’s looking for money to shore up its own inability to manage its finances.”A big part of any strategy to reduce your political risk is to place some of your savings outside the immediate reach of the thieving bureaucrats in your home country.
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