3 thoughts on “HSBC Watch

  1. One way to deal with this issue is to have one’s liquid assets in a bank account in another country other than the one that one lives in. Specifically, I have large value bank accounts outside of Panama (definitely not a US bank) while my corporation is Panamanian. There is one low value account in Panama to pay bills, etc. I use debit cards (or wire transfers) to get the money from offshore & put what I need into the Panamanian account.

    I live part time in the US so I have a low value corporate account in the US for US bills (use same approach as I do in Panama). In both locations the real estate property is owned by corporations that are owned by trusts. This is clearly a weak point so I have taken other measures to protect these assets.

    Now why would I go to all of this trouble? I have owned two companies, both start ups firms in high tech. The companies used to get one attorney contact every week or two for patent or trademark infringement (once we became successful). We tried to negotiate every one of these bogus or not (most were) but were not always successful. A number of them went to trial. A typical patent infringement case that isn’t very technical runs ~ $1M + for attorney fees alone. And I would get personally sued as president or CEO of the companies. Just the cost of doing business in the US… So asset protection is important to me.

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