Sovereign Man Simon Black: ‘Have Some Non-Reportable Assets’

Regular readers of Offshore Safe Deposit Boxes know I’ve brought up Simon Black of Sovereign Man website-fame occasionally. Black is an international investor, entrepreneur, “permanent traveler”, and self-described “free man.” I’ve been following his work for some years now for his insights on offshore asset protection. And yesterday, a post entitled “100 billion reasons to have non-reportable assets” appeared on his blog. Those “100 billion reasons” referred to a low-end estimate of the billions of dollars Black claims the cash-strapped government of Saudi Arabia will seize in their ongoing anti-corruption purge. He surmised:

Saudi Arabia needs cash. Now.

So over the past few weeks they’ve found their source: theft.

Under the guise of a ‘corruption crackdown’, the government of Saudi Arabia has arrested hundreds of its wealthiest, most prominent citizens, and frozen more than 1700 bank accounts.

Black paralleled the Saudi situation with the United States. He added:

This is really no different than Civil Asset Forfeiture in the Land of the Free, the legal framework where countless federal, state, and local agencies have the authority to seize and freeze every asset you own without even so much as charging you with a crime.

(They can even take your kids away!)

I think there’s a pretty big lesson here: desperate governments almost invariably resort to stealing from their own citizens.

And that’s why one step in a Plan B is to have some non-reportable assets.

(Editor’s note: Bold added for emphasis)

One of those “assets that you’re not legally required to tell them about” mentioned was precious metals.

Black has discussed physical gold- and offshoring it- on the Sovereign Man website before. A little over three years ago I blogged:

Simon Black of Sovereign Man-fame talked about that additional line of defense with storing physical gold overseas. He wrote Wednesday on his site:

I’ve long been an advocate of moving a portion of one’s savings overseas.

After all, what’s the sense of leaving 100% of your assets within a country ruled by a morally and financially bankrupt government that treats you like a dairy cow?

Moving some of your gold abroad to a jurisdiction that prides itself on maintaining a high level of financial security and privacy protects you against legal thievery your government might commit against you.

Sure, it’s a risk that might never come to fruition. But you won’t be worse off for having stashed some of your gold away privately in a safe, stable jurisdiction…

(Editor’s note: Bold added for emphasis)

“What’s the sense of leaving 100% of your assets within a country ruled by a morally and financially bankrupt government that treats you like a dairy cow?”

Some would argue this applies to good old Uncle Sam. However, while I believe the American Republic is in real danger of becoming “morally and financially bankrupt”- we’re not quite there yet.

That being said, if we continue down the same path we’ve been on for a while now, that gold of yours could look pretty tempting to the Feds.

All-in-all, another fine piece by Simon Black, which you can read in its entirety here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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