LUCAECOM | 100mio+$ eCom Rev@Lucaecom
ASSET PROTECTION
One of the most commonly ignored yet so important topics, in my opinion same important to actually be able to make money. I don’t have any qualifications for that but in the meantime I could write a book about asset protection and actually being a global citizen.
Story line I learned it the hard way, in 2019 90% of my personal money was on a single bank account I haven’t had access to for three weeks, not because it was my fault, but because the bank itself (yes a German bank) had an accusation review, and this leads to the first point already:
1- never only have bank accounts in one country, this applies to both, business banking and personal bank. This has nothing to do with tax residencies or where you live. It is a simple yet effective way to spread your collateral risk. In some European countries a failed sepa of an insurance is enough to lock all your bank accounts for 3-4 weeks until resolved
2- never keep your money in a single bank account in general, spread it is much as possible, don’t be so stupid like I was 6 years ago
3- you can have multiple residences in multiple countries, unconnected to where you actually live, this gives you access to local banking and loans, and a real estate market (or easier, a simply LLC in the USA is enough to credit cards, cashback and excellent banking)
4- don’t put all of your eggs in one basket, don’t invest only in one country real estate wise but also stock wise, use different banks, brokers across the globe
5- to dig deeper within this 🧵 would be too much but the more financial power you have, and the more flexible you are when it comes to the point you want to live, the better the options will be even if you keep it very easy. A perfect global citizen just to summarise it, has many residences, different companies with substance in different countries with business banking, different assets in many countries and uses the best banking options out there (for example Swiss personal banking and US based business banking), if you want to have the highest legal protection layer without any structures you don’t actually own anymore, you have a passport from country A, live in country B, have your personal money in in countries C,D,E, your company in country F and so on. You get the point
6- pro tips: yes you can have multiple residencies, yes you can register cars in some countries without living there, yes there are good insurances even if you don’t live in your home country anymore. Yes it is completely legal to have bank accounts in different countries all over the world as long as you declare them in your tax report.