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Yesterday, China halted trading on its Shanghai Composite Exchange for the second time in history (and the second time this week).
The index plunged another 7%… after Monday’s 7% drop. The chaos has motivated Chinese citizens to get creative about safeguarding their wealth…
Sovereign Man reports the Chinese have developed a safe, easy, effective way to transfer wealth overseas: buying Internet domains.
Popular Internet domains—the “dot-coms” and “dot-orgs” of the Web—can cost tens of thousands to millions of dollars. Facebook bought FB.com for $8.5 million in 2010. 360.com sold for $17 million last year.
But the Chinese aren’t buying the domain names as a speculation on their prices going higher. They’re using them to store and transfer their wealth abroad.
Here’s how it works…
Anyone in the world can buy a domain name using any currency. So a Chinese national can buy a domain in Chinese currency (the yuan)… travel overseas… open a foreign bank account… then sell the domain for dollars. Voila! You’ve transferred your wealth overseas—in a snap.
No customs declarations. No money-changing fees. There are a few low brokerage fees for the transaction. That’s it.
Regular Daily readers know “portability” is another reason we like gold coins and other collectibles: They’re an easy, non-reportable way to transfer wealth.
Here’s what Mark said about them in the December issue of Creating Wealth:
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I get the greatest pleasure from my collections of investment-grade art, first edition books, rare cognacs, vintage cars, etc. The main drawback of collectibles is they don’t produce income. And I love income. But the benefit—besides a lifetime of pleasure they can give you—is that they are tangible, portable, and non-reportable. |
The portability of Internet domains is similar to that of collectibles… and domains are even easier to take “with you” anywhere on Earth. If you need to transfer some wealth abroad, consider using this unique “currency” to do so.
Reeves’ Note: Do you want to learn how to use Internet domains as a way to transfer wealth? Let us know, right here. If there’s a large response, we’ll write up a special report for you on the safest, easiest way to do so.
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