Back on March 2, 2014, I published a post entitled “Why Would An American Citizen Need An Offshore Safe Deposit Box?” Several scenarios were put forth:
-Potential confiscation of legally-obtained and owned wealth by an Uncle Sam-gone-rogue
-Increased asset protection via geographical diversification (“prepping” included)
-Working/studying abroad, and requiring a secured container to store valuables
As well as this one:
Speaking of living abroad, it’s not uncommon for Americans to have residences outside the United States. For example, another one of my girlfriend’s relatives not only lives nearby us in Chicago, but also has a house in Ireland from what I understand. Those spending a good deal of time at these residences might also find an overseas safe deposit box useful…
Related to this, and yet one more reason why an offshore safe deposit box might be needed, is the growing number of Americans retiring outside the country. From a December 27 Associated Press piece:
A growing number of Americans are retiring outside the United States.
In many cases, they’re looking for a way to stretch their retirement income.
The percent of American retirees living abroad rose 17 percent between 2010 and 2015. All told, the Social Security Administration says there are just under 400,000 American retirees living elsewhere.
Countries they’ve chosen most often: Canada, Japan, Mexico, Germany and the United Kingdom…
(Editor’s note: Bold added for emphasis)
Not too long ago I understood Americans were finding it difficult to obtain bank accounts- and by extension, bank safe deposit boxes- abroad.
At least boxes may have been available at private, non-bank vaults- depending on the country.
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)
“Growing number of Americans retiring outside the US.” Associated Press. 27 Dec. 2016. (http://www.foxbusiness.com/markets/2016/12/27/growing-number-americans-retiring-outside-us.html). 29 Dec. 2016.