In some situations you will have to move your wealth offshore so as to secure it. Such times are like when there is political tension in your country. This move will not only safeguard your wealth but also rake you in some other benefits. As it can be seen as a way to diversify how you invest your wealth. Moving your wealth to an offshore asset management company is the best way to achieve all this. It can be an overwhelming task to find the best offshore asset management company. This makes it necessary for you to take into account some aspects prior to making a decision. Some of these factors that you should consider are outlined below.
To start with, select a jurisdiction that is both politically and economically stable. Do not take high risks when you are moving your assets to an offshore entity. This is of topmost importance. Prior to moving your wealth to a certain jurisdiction, make sure that the research you have done on that place is comprehensive. Find out all there is to know on the economic and political future of the country. By doing this you will know what to expect in the future.
In addition, take into consideration all recommendations given to you. Ensure you get suggestions on which offshore asset management companies are the best, in the jurisdiction you decide to move your money to. The people you ask should have either in the past or currently have also moved their wealth to such offshore companies. To make your pool of options bigger get many suggestions.
The other aspect to consider is the reputation and experience of the company. Only consider offset management companies with many years of experience. Do not waste time focusing on young companies. Reason being, your wealth should be handled by a company that has done it for others many times before over many years. As a result, find out when the company you are considering was established. Remember to find out the kind of reputation the company has. Avoid any company that has had scandals in the past related to how they handled their client’s assets. The company should have a stellar reputation.
To end with, put in mind the safety of your assets. In the event the client’s information in an offshore company is secure, it is an indication the company is good. The measures in place to secure the information of their clients should be strong. Also, consider how favorable the tax rates are in the jurisdiction the company is in.