Factors to Consider When Choosing a Private Offshore Vault
In a world that has seen a financial crisis as debilitating as that of 2008’s, collective faith in banking systems has wavered. Storing wealth and our assets in established financial institutions is seen as a potentially risky decision; if the markets crash again, riches go to waste. This lack of trust over the years has left us all with one question: what other options do we have? You might find your answer in private offshore vaults.
These vaults are private for a reason, putting ample distance between clients and the strict regulations (and not to mention risk) of banking systems and financial institutions. And there is no limit to what you can store in these private offshore vaults: from physical bullion to your most important legal documents, everything that matters to you will want to find a safe space in one such vault.
But before you make the crucial decision of opening up a private offshore vault to save your wealth and possessions, consider these factors.
1. The valuables you intend to store
If you are an investor with physical gold on hand – because physical gold proves to be more reliable, liquid, and divisible than the alternative – and you find that you are running out of space to store your bullion, then private offshore vaults could be the answer for you.
This is true of other assets you might have on hand: fine art collections that need proper care, crucial legal documents like your last will, and even family heirlooms you want to preserve.
All of these valuables and assets justify the use of a private offshore vault, simply because these vaults employ a high level of security that prevents petty thefts and robberies from happening to you. After all, our homes are rarely burglar-proof, and depending on where you live, a financially-corrupt government might defeat the purpose of storing your wealth in the banks.
2. Location and proximity
The location of a private offshore vault is just as important as what you intend to store in them. Countries like Singapore and Switzerland are known to be tax havens, making them both prime choices for where you want to park your wealth and assets.
A country like Singapore, additionally, is highly accessible – its airport is open to countless destinations all over the world. It is certainly something to consider; you would, after all, want to make sure you are able to reach your assets and wealth easily at any time, if necessary.
Some vaults, in addition, offer safe box transportation services to wherever you are when you are in town. If you are someone who prefers to access your assets in a private, safe place, then this key feature is for you. Consider your options and figure out which offshore vault offers exactly what you want and need when it comes to storing and accessing your wealth.
3. Security needs
Speak to the team behind every private offshore vault you are considering and ask them about their security measures. It is important to find a vault that has solutions and security models that meet your needs. For instance, storing a fine art collection of precious paintings would require a private vault that has great environmental control. Temperature and humidity, after all, contribute to the longevity of your art pieces.
Partly related to this is a country’s level of security and rate of crime. For example, a country like Singapore sees a very low crime rate, and would put you more at ease than a country that regularly experiences crime and theft.
Once you have sorted out these three factors, you will have a better idea of whether you should be opening a private offshore vault. It is a hefty decision to make, but certainly worth it if you have plenty of assets and possessions you want to protect.
At the end of the day, your wealth and assets are your best bet in an uncertain world. Store them somewhere reliable and well-guarded, and you can rest easy in the face of unreliable governments, markets, and banking systems.
Ultra Vault provides safe depository services for gold, silver, fine art and your other assets where you can access them 24 hours a day, 7 days a week at your convenience. Learn more about Ultra Vault’s storage services at these locations: