Both the Sovereign Society and Nomad Capitalist promote the wisdom of not keeping all of your assets in the USA or in the US Dollar. The general suggestion is to keep a basket of Commodity Country or Safety Country Currencies in case the world de-dollarizes or the Chinese invade North America like they have Africa or the USA markets implode - again.
It makes sense not to have all your eggs in one worn out basket.
The Sovereign Society is changing a bit and is now the weekly Sovereign Investor News Letter and the Bauman Letter and both have a long-standing relationship with Everbank in Jacksonville FLA and their many different baskets of currency CDs that are FDIC insured.
Good info from this weeks Bauman Letter especially in light of the recent Panama Papers scandals (Full disclosure I have their basic $49.00 annual subscription):
THE BAUMAN LETTER | May 25, 2016
Greetings! My dad, ex-Congressman Bob Bauman, was editor of the Offshore Confidential newsletter before I took over. A man like him just doesn’t “retire” … he always has something to say. He often jumps in to answer reader questions before I’ve even had a chance to look at them. (I often kid him that he’s a bit like King Lear, albeit without all the drama.)
Dad also remains one of our most important sources of information about offshore matters due to his extensive contacts and personal knowledge of specific countries. For this week’s Bauman Letter Weekly, I decided to give him the pulpit, from which he addresses some questions related to offshore residence and banking.
Articles seem to pop up periodically about the Iraqi dinar, but lately there seems to be a lot of chatter about many currencies being revalued, making it an attractive alternative. Is there any validity to this?
The Sovereign Society was founded in 1997, and over the years I cannot count the many inquiries we have received about the Iraqi dinar. Based on the opinions of our associates, including currency experts, we have always warned against what amounts to an unreasonable craze — a mini-version of the infamous 17th-century Dutch tulip mania. That position has been well expressed by Robert Laura, Forbes contributor and retirement expert:
Let me reiterate that the Iraqi dinar and the Vietnamese dong do not fit into a retirement portfolio in any way, shape or form. Both monetary units are often referred to as “scam” currencies for good reason. Countless warnings and blood soaked war stories are prevalent online, but to my surprise, investors continue to fall for it, throwing good money at a very bad idea.
How does Nicaragua stack up against other countries for obtaining a second passport? What are the terms, conditions, protocols, costs and time considerations? I have not seen that in your previous publication issues. I am seriously considering Nicaragua as an “escape to” place. I like the Rancho Santana area. Appreciate your thoughts and recommendations.
The government of Nicaragua may grant temporary or permanent residence status to foreigners. Citizenship by naturalization may be conferred on a person who has lived legally as a resident in Nicaragua for at least three years. On average, most countries (such as Panama) require five years of residence before naturalization. Here is an immigration attorney on whom we have done due diligence:
Roberto Arguello, Arias & Muñoz
M 4½ Carretera Masaya, Edificio BAC, 5th Floor, Managua, Nicaragua
Thanks for the great updates! Do you have any banks you might recommend for establishing an offshore account either in Singapore or Panama?
This bank is one of the few in Singapore that will consider opening an account without requiring the applicant to appear in person. They welcome Americans as well.
OCBC Bank (Overseas China Banking Corporation)
53 Ang Mo Kio Avenue 3
#B1-32/33 AMK Hub
While Panama banks aren’t generally hospitable to American or foreign accounts, if the U.S. or foreign person lives in Panama, or has a second home or a legal entity based there, they are usually welcoming. Don’t contact these banks directly, however. Panamanian banks uniformly require an introduction from a local professional to open an account, and may want an initial personal visit. We have arrangements with four reputable banks (see below). Rainelda Mata-Kelly, a senior member of our Council of Experts, assists our members in opening bank accounts and making introductions. There may be a fee for these services.
Rainelda Mata-Kelly, LL.M.
P.O. Box 0818-00534, Panama City, Republic of Panama
Suites 406-407, 4th Floor, Tower B, Torres de las Americas, Punta Pacifica, Panama City
Banco Panameño de la Vivienda, S.A.
Ave. La Rotonda & Boulevard Costa del Este, Panama
+507-306-2000 / +507-306-2100 / +507-300-4700www.banvivienda.com
Vía España # 127, Edificio Prosperidad, Apdo 0823-05627, Panama, Republic of Panama
+507-294-3500 ext. 1530www.multibank.com.pa
Punta Pacifica Branch — Centro Commercial Plaza, Pacifica, #9, Republic de Panama
+507-297-5200 / +507-215-5450 / +507-215-5457
Editor, The Bauman Letter