If we have learned anything from 2020, it is that it pays to be prepared and diversified so that you can weather any storm - because there will be storms. Between pandemics, politics, cultural backlash, civil unrest, and natural disasters, there is always something that you could be concerned about these days.
But personally, I have never felt greater peace in my life than I have this year.
For over a decade, I have been traveling the world, researching, and putting into practice holistic, legal strategies that enable successful entrepreneurs and investors to reduce their tax bill, grow wealth overseas, and become global citizens.
Through our premium holistic offshore consulting service at Nomad Capitalist, we have helped hundreds of entrepreneurs and investors legally gain more money, more freedom, and more options by taking themselves, their businesses, and their investments overseas.
Using these strategies in my own life has given me a quiet confidence that I will be fine no matter what happens – because I will be. Which is why I relentlessly share these strategies with other high-net-worth individuals who are looking to create lives of greater luxury, freedom, and prosperity.
Today, let me share a few of these strategies with you to show you how you can follow my five magic words to “go where you’re treated best.”
1. DIVERSIFY YOUR ASSETS VIA OFFSHORE BANKING
I am always astounded when I work with entrepreneurs running multi-million-dollar companies who still keep all their assets in one bank account. The risk that something would happen to that bank or to their account – closures, freezes, bank errors – that would lead them to lose access to their money and stall business operations is very real. I have seen it happen.
For that reason alone, it is smart to create a banking portfolio to spread your assets across different accounts that provide various and unique benefits alongside diversification. Then, take that a step further and set up multiple bank accounts around the world.
This is not only legal, but also a solid diversification strategy that will protect you from any real or perceived panic that may occur in just one country. And you may be surprised to find that offshore banks rank higher than many UK and US banks in terms of safety.
In addition, as central banks in many western countries slash interest rates, moving your savings into a high-interest bank account offshore can give you higher returns, as well as benefits such as currency diversification and greater liquidity.
2. CUT BUSINESS COSTS BY REDUCING TAXES
Want to know the easiest, safest way to increase your business profits? Reduce your tax bill. Especially in a year when business owners are concerned about falling revenues, saving money is a top priority.
While you can try everything from A/B split testing to raising prices to maximise profits, there is no guarantee that those methods will actually get you the results you need.
Moving your business offshore, on the other hand – if done legally and as part of a holistic plan – eliminates the guessing by guaranteeing that you will eliminate one of the biggest ongoing costs of your business: taxes.
The process of forming an offshore company can usually be done remotely. That is the easy part. Before you decide where to set up shop, there are several questions you should ask yourself to find the right offshore jurisdiction for your business.
Everything from what you sell to how you make payments and get paid, to who you sell to and where they are located, all matter when it comes to picking the right jurisdiction and saving the most on tax without sacrificing any other part of your business equation.
3. INVEST IN CITIZENSHIP INSURANCE
Having a second citizenship is one of the best ways to increase your freedom, especially in 2020. Not only does dual citizenship ensure that you are no longer tethered to just one country it also gives you more rights in more places around the world.
For example, at the height of quarantine and the unknowns of the initial days of COVID-19, many countries closed their borders to everyone except their own citizens and residents. The US passport went from being one of the strongest in the world to one of the weakest as US citizens were denied entrance to many countries around the world.
A second passport can give you greater tax-planning strategies, increase your travel freedom, and provide a solid Plan B in the case that you ever needed to renounce your current citizenship or permanently move overseas.
And just as dual citizenship gives you options in times of trouble, obtaining a second residence can provide many similar benefits.
In late January, I returned to my base in Malaysia on my long-term Malaysian residence permit and was able to live and travel throughout the region during the following months. Then, just a few weeks ago, I was able to fly to my new base in Serbia where the purchase of a home in the city centre had qualified me for residence there.
My wife and I have since enjoyed traveling throughout the Serbian countryside with friends and meeting with our entire team for a night of dinner and celebration.
As a global citizen, I thrive on options.
I own apartments in cities all around the world, usually in places where I also have a residence permit or citizenship. Even in 2020, I can go from home to home with no need to deal with hotels or worry about getting rejected at the airport.
The knowledge that I can stay in Malaysia, Montenegro, Colombia, or Turkey for as long as I want, or explore Serbia without restraint is a major benefit to my lifestyle, freedom, and business. With second citizenships and residence permits in hand, I can know that no matter where I find myself in the world, I have a safe place to stay.
4. MAKE PROFITABLE INTERNATIONAL INVESTMENTS
One of the best ways to qualify for a second residence or citizenship, is to invest in foreign real estate. But there are more benefits of owning international real estate than investment migration. And there are even more ways to invest overseas and get higher yields than you could ever get in your western home country.
On our website and YouTube channel, we frequently discuss overseas investment opportunities that get returns in the double digits. Our team is constantly doing boots-on-the-ground research to find the best real estate investment markets, high-interest bank deposits, foreign stocks and bonds, and offshore gold storage facilities.
You can adopt many of these strategies from your home, while others will require some travel and in-country navigation on your part. But it is possible to get higher yields than the single-digit rates that you have likely come to expect in places like London.
And now is the time to buy. Just this year, my wife and I were able to negotiate a price for a home in Malaysia that was 10% lower than when I had been in the country nine months earlier.
They say, “Buy when there’s blood in the streets.” Now is the time to follow through on that advice and go overseas where you can benefit from the growth of emerging markets with solid investment fundamentals.
GO WHERE YOU’RE TREATED BEST
The motto to go where you’re treated best can be scary to some people. It requires you to do what most people have never even considered and are likely unwilling to do.
Successful entrepreneurs and investors are already rare enough. If you’re willing to take that success and invest in Cambodia, bank in Singapore, live in Colombia, have citizenship in St. Lucia, and incorporate in the UAE, you can take that success to the next level and find the places where you truly belong and can live the life you want.
Of course, those countries and examples are merely examples. What is right for you will depend on your unique desires, business needs, investment interests, and possibly even your family tree.
But the opportunities are there.
There is no need to live in fear or give into panic when you can create a lifestyle of freedom and prosperity overseas that is all your own.
And as with most things, “now” is always the best time to start. Take bold action to control and create the life you want, reclaim your freedoms, and grow and protect your wealth overseas. EG