The French Revolutionary and Swiss philosopher Jean-Jacque Rousseau once wrote that happiness is “a good bank account, a good cook and good digestion.” Sadly, if Mr. Rousseau were an American today, he wouldn’t find much happiness outside of his kitchen.
He’d be tangled up in Washington’s red tape, forced to undergo various invasions of privacy and he probably wouldn’t be able to find a bank outside the U.S. that would accept him as a customer.
As of late, Americans who have lived abroad for years and have established lives, families and businesses overseas are now finding their bank accounts being closed. The simple reason: they hold U.S. citizenship.[adcode]
It is not because foreign banks, particularly those in Europe, have a problem with Americans or their money. The guilty party is the Internal Revenue Service and its raft of new regulations, which now demand that overseas banks “fess up” on their U.S. customers’ financial information or face a 30% withholding tax on the bank’s U.S. business.
Consequently, many overseas banks are dropping their U.S. customers because they can service a German, Japanese or Moroccan client with much less hassle and less risk.
Thanks to the IRS, American citizenship overseas is no longer a privilege – it’s a liability. But do not give up. There is a top notch group in Denmark who sees great value in U.S. clients and is catering to us.
Better Than an Offshore Bank
In fall of 2001, I had lunch in downtown Baltimore at a small Italian restaurant with a Forex trader turned private banker from Denmark. Thomas Fischer was representing a private bank in Copenhagen. Back then, Switzerland and Austria dominated the private banking scene in Europe, and the thought of banking in Denmark was akin to vacationing in Iowa – not bad, but definitely out of the ordinary.
However, I like things that are out of the ordinary, because this is where I often find the best opportunities. Thomas and his bank proved to be a rare find. Over the next eight years, we built a strong relationship between our two groups and many Sovereign Society members were able to gain valuable overseas exposure with complete peace of mind, thanks to Thomas.
In 2008, when many banks began to look negatively at their American customer base, I got a call from Thomas. Rather than walk away from U.S. business as I had feared, his bank committed itself to improving services and focused on catering exclusively to Americans. That’s when Jyske Global Asset Management, or JGAM, was born.
JGAM in not a bank. Rather it is an asset management group that was created by Jyske Bank, Denmark’s second largest bank. After seeing the value in U.S. clients, the bank created this boutique subsidiary and worked through all the financial regulations.
JGAM is registered with the SEC so their relationship managers can legally visit clients in the States and have open communication without any concerns. JGAM also issues straightforward end-of-year tax statements, which helps simplify the offshore tax-reporting requirements – saving your accountant a great deal of time.
Boutique investment groups like JGAM are now much better alternatives to private banks. Everyone on the team is fluent in English and well-versed in the needs of an American client. They know our tax reporting issues, our currency concerns, our communication expectations and most of them know more about life in the U.S. than I do.
JGAM opens accounts starting at $100,000. This makes them the most affordable group of its kind, bar none. And their account-opening process is as straightforward as it gets.
You simply complete a detailed application showing your name and address, the type of account you wish to open and the currency in which you want your funds to be denominated. (Please don’t choose dollars.)
To meet all the “Know Your Customer” rules, you must prove your identity and nationality by providing a notarized copy of your passport or certified birth certificate, as well as a utility bill to confirm your home address. You may also be asked to specify the source of your funds, and in some cases, obtain a reference letter from a bank in your home country to confirm the funds are legitimate.
Lastly, you will be asked to complete an investor profile so the folks at JGAM know your personal investment objectives, investment experience and your risk level. That’s it.
Store Your Money Out of Harm’s Way
Then, with the ease of a wire transfer, you can fund your account and have peace of mind that you have money out of harm’s way in quiet and stable Denmark.
I opened my account with them in 2009 and Jeff Opdyke became a client a little over a year ago. The service I’ve experienced from Thomas and his team has been far superior to my prior experience with offshore banks. But it’s not just me. I continue to receive positive emails from Sovereign Society members about JGAM’s service.
If you are looking to diversify your wealth, I suggest you visit their website at www.jgam.com to learn about their full range of services. They also offer a free newsletter which shares their view on the markets. You can also email Thomas directly at email@example.com, however, he’s on his way to Cabo this weekend to speak at our Total Wealth Symposium. It might take him an extra day or two to reply to you.
In Wealth & Prosperity,
Publisher, The Sovereign Society
P.S. Diversifying your wealth with a boutique investment house like JGAM is a solid step towards protecting your wealth, but it’s not the only one you need to take. My colleague, Bob Bauman, has spent years researching the biggest threats to your personal wealth, and the best ways to deal with them. In his latest special report, you can find out how to start securing your wealth offshore, just like America’s growing population of “Missing Millionaires.” Click here to read it now.
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