In some situations you will have to move your wealth offshore so as to secure it. One such time is when your country of residence is not politically stable. This move will not only safeguard your wealth but also rake you in some other benefits. Reason being, such a move is also a way to diversify how you invest your wealth. All this can be achieved by finding a good offshore asset management company. 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. Outlined below are some of such factors.
The first thing is to find a jurisdiction that is stable both politically and economically. When moving your assets to an offshore asset management company, ensure the risks you are taking are very low. This is a very critical factor. Make sure you do thorough research on the place you intend to move your wealth in. Get to know all you need to know about the political and economic future of the country. This will prepare you for any eventuality in the future.
Also, consider what recommendations you get. The moment you have made the decision on the jurisdiction of your choice, get recommendations on the best offshore companies there. The people you ask should have either in the past or currently have also moved their wealth to such offshore companies. Get more than one such suggestion, so that you have options.
Another aspect to put into consideration what reputation and experience the company has. Highly prioritize companies that have experience which spent over many years. Do not waste time focusing on young companies. This is because it is preferable that a company that has been in the business for many years take care of your wealth and not some young company. Therefore get to know when the company began its operations. Do not forget to look into the track record and reputation of the country. 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.
Finally, consider how safe your assets will be in the hands of the company. One indication of a good offshore asset management company is the security of their client’s information. 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.