Offshore Safe Deposit Boxes
A User Guide
Safe deposit boxes can be the optimal solution for storing valuables in offshore locations.
What does ‘offshore’ actually mean?
A term much-used by politicians and the media, ‘offshore’ is a business-world geographical metaphor used to define the status of a particular location. In layman’s terms, offshore simply means ‘abroad’ – i.e. anywhere that your home country’s own rules do not apply. So legally, an offshore location is any place physically beyond the jurisdiction of a particular country.
The impact of modern communications in general, and Internet connectivity in particular, means that the popular image of an offshore location being some remote island in a vast ocean is outmoded to say the least. The offshore concept is, of course, well understood in the corporate world of business and finance. And here, the term regularly crops up in the context of foreign companies, global trade, banking, asset protection and the world of investment.
Why adopt an offshore strategy?
A wide range of individuals and corporate entities discharge their responsibilities by adopting a coherent offshore strategy. These could include anything from companies and institutions charged with working on behalf of their clients and shareholders, to families and individuals seeking to preserve and protect their assets against unforeseen and unpredictable events in a volatile world.
Broadly speaking, all such parties have some kind of duty – legal, moral or otherwise – to manage business and/or private asset portfolios to the best of their ability, with minimum exposure to risk. And while an astute grasp of global finance and its associated legal frameworks is thus essential, it’s also important to appreciate that asset portfolios invariably consist of an assortment of valuables. That’s why offshore safe deposit boxes providing discreet storage facilities in a reputable jurisdiction have a role to play in any comprehensive offshore asset-protection strategy.
Why use an offshore safe deposit box?
Theoretically at least, one could easily rent an affordable property overseas and just install a domestic safe to store a range of assets. But the limited security this could realistically provide, plus the prohibitive insurance costs, would make such an arrangement both risky and negligent.
By comparison, privately managed professional storage in a safe deposit box held within an ultra-secure vault is a practical, efficient solution owners and managers can employ to achieve the following important strategic asset-protection goals:
Why an optimum location is important
As regards the choice of location, developing a sound offshore asset-protection strategy is all about achieving a practical balance. Storage needs to be secure, yet access should not be unnecessarily troublesome, and Switzerland is an excellent example of a country meeting these important criteria.
The Swiss federal republic is an independent nation at the very heart of Europe. Furthermore, Switzerland is not a member of the European Union, nor is it a participant in the European Economic Area. This long-established sovereign independence is underpinned by Switzerland’s reputation as one of the most economically and politically stable democracies in the world: A jurisdiction where privacy is respected and individual property rights are robustly protected. These features also illustrate why the Swiss Confederation also benefits from its historic ties with all major gold producers, and why this sovereign state remains one of the world’s most vibrant bullion-trading centres.
Clients seeking to create or expand an asset-protection portfolio will find Swiss Gold Safe, a company based in Switzerland, an ideal partner for such projects. An offshore location trusted by corporate institutions and private individuals alike, Swiss Gold Safe can rent non-bank safe deposit boxes housed in ultra-secure locations.