‘American Dream Is Dead’, These Are Top Passports, Safest Banks & Ways to Protect Wealth – Henderson

there are people who are so angry now because the American dream for them is dead they can't graduate high school get married have three kids live in a five bedroom house drive three cars it's not possible anymore Western countries are going down they're going down in economic freedom rankings they're going down in personal freedom rankings you're going to see more taxation you're going to see more surveillance you're going to see more restrictions of freedoms including on citizens who go overseas they use the dollar as a weapon and so what I think happens with dollarization is the the less you know dollar hegemony they have the more they're going to be backed into a corner the governments get heavy-handed we've seen Western countries coming in confiscate people's assets including the United States in some cases uh including people who are perfectly innocent just got swept up in something so uh I want to have bank accounts in other countries that might have access to money in case someone pushes the wrong button I don't know what's going to happen but something bad is going to [Music] happen hello I'm Michelle M thank you for joining us go where you're treated best that's the founding policy of my next guest Andrew Henderson is the founder of nomad capitalist helping entrepreneurs and investors reduce their taxes and live a more Global lifestyle Andrew has spent more than a decade visiting and living in over a 100 countries in search of freedom and opportunity and perfecting offshore strategies his goal is to help people live a life of true Freedom where they can choose how they spend their money Pay Less in taxes diversify their risks and Safeguard their assets by planting Flags worldwide meaning finding different countries that offer the best benefits for different aspects of Life Andrew is also the author of nomad capitalist and the executive producer of The Nomad capitalist events Andrew welcome to Kito it's good to be with you excited to have you with us Andrew and to get your Insight and given you have access to so many successful people around the world and you have a Global Perspective want to get your thoughts on a number of topics including the top Global risks or concerns the role of gold and Bitcoin in asset protection asset diversification strategies where in the world the most secure banks are which countries are safest from cbdcs and what's the best passport in the world to hold so we have a lot of discuss as well as of course the upcoming Nomad capitalist event which I'm super excited about but given that this is the first time you're with us let's get you introduced to the Kido audience and let's start off with the founding principle go where you're treated best what is the driving philosophy of The Nomad capitalist well the driving philosophy is most people settle that the place they're born is the place that they get a job they go to school they raise their kids they get married they keep their bank accounts they keep everything everything is in that one basket and what we've been seeing uh in my lifetime certainly over the last 30 plus years uh is Western countries are going down they're going down in economic freedom rankings they're going down in personal freedom rankings you mentioned the best passports we put out the Nomad passport index every year uh eighth year in a row it's US passports the 44th best in the world that's actual uh quantitative data of ranking passports and so I was told by my father when I was very young that the trajectory in the US was going in the wrong direction that doesn't mean it's going to become a third world country although there's certainly elements of it that have become that way with corruption and with some of the cost of living and so many issues uh but it means it's going to be a lot worse it's not going to be the best country there's a lot more competition and in the world with a lot of competition somehow countries are the only thing we don't shop for so go where you're treated best those are the five magic words my father told me that I was 12 years old and I've applied it now as an adult to say why do I pay 43% tax to live in a country that doesn't give me a lot why do I have a passport that's the 44th best and accept that's my only option when they're increasingly heavy-handed why do I accept anything from one country I want to pick the best places not the ones that feel emotionally good to me so Andrew you share many of the same libertarian ideals and beliefs of decentralization and less government overreach that many of our viewers and our guests share which is why there's a big syy here and while be I'm seeing the Nomad capitalist event in Malaysia in September this year and there'll be lots of KidCo fan favorites at the event this year George gamon Danielle de Martino Booth Mark Moss for example you've previously had a number of other Kito fan favorites Jim Rogers Peter Schiff Robert kosaki and we'll get more into this later in the show but briefly what is the agenda behind Nomad capitalist live in koala lumur this year well it's a 4-day event it's almost like a concert we don't have sponsors we don't have anybody paying you're not going to go outside the ballroom and have somebody uh shoving an order form in your face you buy a ticket and we serve you so uh a couple of folks have been you mentioned have been there before uh we do have a couple of folks that are coming again we have Air Asia CEO um Tony Fernandez took 26 Cents turned it into billions one of the largest Airlines in Asia how do you learn how to generate wealth in other countries Malaysia is one of my second homes I love it there there's opportunity he's going to talk about that Emerging Markets lower taxes everything that a nomad CCE needs to know we're going to talk about second passports we've got a team that I think is second to none in the world I think a lot of the competitors think it's Second To None uh and we're going to be talking from their perspective how do we hire around the world how do we build our and manage our corporate strategy we've got companies all over the world how do we do that it is a hassle how do you you know save yourself the hassle that we've had to learn the hard way so it's a lot of Real World experience for 4 days it's fun uh there's some emotion behind it the theme this year is love you think hey I'm I'm here to lower my taxes What about love I think a lot of people right now especially in the west don't feel very loved they don't feel very heard they don't feel very respected we're going to tell you where you can go to solve not just the lower taxes not just more freedom that when the next Black Swan event happens you're not stuck not just the latest opportunities for what's the cool new market where people are making money from the actual EXP experts but where do you go to feel comfortable because I talked to a lot of folks in the US that are at each other's throats I'm out of that and I'm proud to be out of that and I want to show people that that's why the events not in Las Vegas I want people to see the alternative it's in qual and por it's a place that I love it's tax friendly and I I hope people join us all right well I hope they do too I'm excited to be joining and also learning more about where to feel loved and appreciated on the world stage again we'll get more on the event later on the show but let's focus on one of the main principles of the Nomad capitalist and that is having multiple passports and multiple citizenships hence the Nomad why do you advocate for that what are the advantages there well I grew up the United States and what was interesting is I grew up very very close to the border of Canada had some event happened uh I could have been born across the lake and I would have been Canadian maybe none of this would have happened but Americans have this unique problem where uh your tax to no matter where you live now I was an entrepreneur and so I was able to dramatically reduce and most years eliminate my tax but I was restricted and how I used the money if you're an investor you don't have that many options of where you can move as an American and so the first step is I think more countries in the west are going to put in some kind of system that makes you their Perpetual slave even if you want to leave and so you want to be able to say you know what I don't agree with this I'm out because I'm a big believer in following the law if I don't agree with the law I go where the law agrees with me and I think every country gets to make their own laws and we can pick and choose what works for us so I gave up my US Passport and I won't say taxes were really the main driving issue but I've got a lot less paperwork to do in my life uh I have a lot more free time I have a lot less stress that's a nice bonus so I think being able to you know leave your current nationality is not the worst thing to have I think that uh you look at the pandemic we had Americans I was selling a house to an American took a here to get a passport I was getting my passport renewed in one day so that's because I have citizenships um that you you know they actually serve the population of their country they're not big enough to be able to have the impact that the US does and to not care about you I just think you're going to see more taxation you're going to see more surveillance you're going to see more restrictions of freedoms including on citizens who go overseas I have American friends doing business in Asia they're held to an American standard for how they do business in Asia that mean it how Asia works but they're Americans so they're held to it or else they can be they can be thrown in prison for not following that for following the way business is done in Asia they can be thrown in prison and so I just think from a from a freedom perspective from a financial perspective and as Jim Rogers told us last year on stage he can't invest in a lot of places certain crypto Investments aren't available because you're American so big brother in a big way if you have other passports you have the freedom to do that and I also think uh as the US continues to alienate a number of countries I don't want to travel around as an American I've had a much easier time getting residence permits as a non-american I think that if you have a passport that brings some drama with it you're going to have fewer opportunities and lastly look at this Tik Tock thing it was under Trump now it's under Biden uh which countries are going to say you know what the us stiffed us we're going to stiff them back I do business all over the world we have clients from all over the world what if Brazil said hey we don't like your passport uh you can't sell to our people anymore that would be a problem so having multiple passports gives you the ability to avoid all those things travel to more countries uh have more opportunities whether it's opening bank accounts buying different funds uh but for Americans the big question is do you want to be American well what would you say that it's contrary to a patriotic spirit that you should want to be American and bring those values that made America back to America listen if you're in a relationship and the person starts punching you in the face so you're going to say well I'm loyal I promised I would stay in the relationship or you're going to say listen I'm being punched in the face I need to get out of here uh you know I'm a big believer and equal exchange of value and that's the premise that citizenship has been sold uh to people on I think the pandemic woke a lot of people up where Australians for example couldn't go back to their own country or we had clients that got exemptions to leave and they're told don't come back that's not the basis of citizenship even the United Nations hardly a Libertarian organization that's been their thing for decades if you're a citizen you can leave and you can and you can come back and they've just tonally thrown that out the window so I think this whole construct of citizenship is something that you get and it's a privilege and you're part of us you're one of us you're part of the tribe look at Canada they did a survey there was a substantial minority of people who said Canadians who choose to leave and live overseas should be taxed in Canada because they've had the privilege to grow up in Canada and live there I thought it was a priv I thought it was a a part of you I thought we were all part of the same group Canadian no When people's backs are against the wall and they need to raise revenue and they need to stick the bill on someone you've paid enough if you're a successful person you paid more than everybody else but emotionally speaking the population in countries in the west which wages are going down in real terms people are getting angrier and angrier people are at each other's throats they're going to try and impose more things on you so it's not a two-way pack um and quite frankly I'm I'm I'm grateful to my parents I'm grateful to certain teachers that I grew up with I sent one of them a copy of my book um I'm grateful to people I'm not grateful to a country what did the country do uh for me the country set up you know something I paid them a lot of money over the years and eventually I said this is no longer for me like I'm no longer going to a restaurant that stopped providing a good service but for some reason this is the one thing where we're supposed to be patriotic good marketing to If I Were a country and I wanted to make people pay what amount of taxes I want and follow any rules I wanted to might be a pretty good marketing tool to say that you're not patriotic if you choose to opt out of that system all right I get your point I get that the system is no longer working for you as it's no longer working for many people given that a lot of those values that some of these countries are supposed to uphold and represent are eroding as we speak now it's important to note though that everything you do is by the book you're working within the system it's all legally within the system so how many citizenships can one person hold at once legally what's the maximum amount and I get that it differs on which countries those are but what's the maximum amount yeah I you've got Singapore the Netherlands it's pretty strict on you can only have one you've got countries that are not that strict on you can only have one they've got a few countries where it's you can have duel or maybe you can have three uh but by and large if you're American Canadian Australian British Irish and most countries countries these days really dual citizenship this Century has become the norm um you can have as many as you want uh I had I think three additional ones when I was American and I've gotten two more SS I've dropped the Americans so I mean we had a guy who called and said I want plan J get me as many passports we actually sat in a mapped out for uh I think about like $4 million in donations and like $8 million in Investments and some fees on top of that they guy could get like 14 different pretty unique passports from the European Union to uh smaller countries you might not think of and and that's allowed as long as your country allows dual citizenship which the united states does Canada does uh most countries increasingly do you mentioned by the way that the American passport is 44th in the list in terms of most desirable passports by what criteria is that and I guess it brings the question what is passport number one yeah so I mean there most of European passports um you you saw Switzerland and Ireland and Luxembourg you know they're generally right up there um the criteria is 50% Visa free travel and then the rest being perception taxation uh and personal freedom uh and so you know the US reputation I think in the eyes of a number of countries is going down now I understand if you go to the UK you're going to be treated relatively well but I think that the problem is that people like Americans they say oh there's nowhere to go why would I bother with all this well there's nowhere to go because you went to the UK I just flew through Heathrow um yeah it's the same kind of thing even in Ireland it's a bit more laid-back let alone Malaysia go to Malaysia and see how different going through the airport feels go just see how any you know procedure feels and so there's that daily experience there's the reputation who hates the am Malaysians who hates the Irish right and so you can go to more places I'm a big believer when the f starts flying you're not going to want to go to the UK and I think again Co proved this right where were some of the most free places we had people going to Mexico well I mean what could happen with the US you know reputation with Mexico is it gon to ever go away no but I think Mexico is standing up for itself more now the peso's done well they're doing better with their resources they're pushing back on some of the US interference uh you know I think that there's I've seen experiences where having a US passport is harder to to get certain residence permits as I said so reputation matters I'd like to be from a country where no one's got a problem with me whether I want to do business there whether there's no geopolitical problem that's the kind of passport that I want and so I think that that lowered the US score uh obviously EU passports you've got multiple countries you can live in so if you're an Irish Citizen and you decide hey this place is going to the birds I'm moving to Bulgaria low taxes maybe they leave me alone to a greater extent you have all those different countries in Europe that you can move to and the other benefit of a European passport is uh you can live in any country in Europe so if you're Irish and you decide hey this place isn't for me anymore I want lower taxes somewhere else I want to go to Bulgaria I want to go to Switzerland I want to go to Italy which has a deal uh you can do that you just move on in kind of like changing states so you know having and now you're seeing the Caribbean passports they're getting together the Caribbean Community you could live in 14 or 15 different countries some of which are very tax-friendly so you know some of these passports offer you more than one country to live in which I think is also a great benefit now certainly having options and choice is a huge benefit and as you mentioned when you're faced with a global crisis as we saw during Co you want to have that flexibility and your company guides people in developing a passport portfolio in obtaining citizenship through investment allowing people to relocate to other countries to lower their taxes to keep more of their wealth and for various other reasons so where are the majority of your clients origin from people are from all over uh We've historically had a lot of folks from the United States and from Canada and from Australia and from uh the United Kingdom and from Germany uh but I'll tell you we're reaching more and more people all around the world uh we have people from Brazil we have people from Vietnam we have people from Egypt what's fascinating to me and what I would say to push back on people in the west who say you know this isn't fair this is still the best place to be you know tell me how the guy in Vietnam made a hundred million do building a company from scratch he grew up in a village tell me how the guy in Egypt who grew up again in a small town has a $5 million income from building an online business uh how is that the case when all the opportunities are in the west you're seeing more democratization of wealth and therefore as we've expanded our business we see people from all over the place um but a lot of westerners certainly because I think they resonate with the message that I understand which is things have been going in the wrong direction again I've been following that for my entire life since I was a teenager uh but they're picking up on it now so what would you say is the profile of the majority of your clients then in terms of net worth in terms of where they're coming from it starts with you know people with a million or $2 millionar net worth all the way up to multi-billionaires uh who you know maybe want to work with this just for one piece of their puzzle at the high end uh other people you know with the you know1 million $10 million want an entire holistic plan uh and so you're seeing more and more families what we saw you know eight or 10 years ago is a lot of e-commerce entrepreneurs people making money online crypto Traders very early on they believed in what we're talking about they wanted a legal solution now I think since the pandemic you're seeing more families uh that are saying you know what let's get everybody a passport let's get everybody a couple passports hey can I add on my 25-year-old son is it too late for him I want the family protected they're doing more buying of real estate in other countries maybe that gets them a residence permit or a citizenship maybe it's just a lifestyle purchase but there's a l lot of countries if you buy property you can get a residence permit and you can also get a bank account and you can diversify in a couple different ways uh in the case of a place like turkey you can even get citizenship right at the bat by buying property H and they're saying listen we want to have diverse places to go I think that's the big thing that people are being convinced of is we're not trying to go to the same place maybe for from the US we're going to live in Ireland they have a good tax deal for foreigners it's english- speaking we can get a passport in 5 years but you know if things really go crazy sure Ireland's probably better they stay to the military alliances it's small country nobody dislikes them really uh but I need to place in Asia I need to place in South America we're seeing a lot of people who want to go to South America just to have a tow hold there give me a residence permit maybe I'll buy a small property maybe I'll buy some land people are increasingly saying so that I have places I can go to so if you're an American you're looking at land in somewhere in Central or South America that you think if if the worst comes to worst you're chartering a jet and you're flying down to your home with your residence permit where in a Black Swan event uh you know I went to Colombia where I've got a residence permit during the pandemic it was easier for me to get in than any tourist who wasn't already set up so that's what they're thinking so Andrew you mentioned this worst comes to worst and I'm curious what that scenario could be because you've spoken extensively about the end of the American dream how social cohesion in the US is arguably worse than ever before so from the T people that are looking to relocate from the US or get a second citizenship or have more passports in their portfolio as you put it what is the top concern for Americans right now I think it's a matter of levers I don't think there's any one top concern I think people are taking it in the totality of what it is I look at three buckets Finance freedom and lifestyle and if you have 100 marbles how many go in each for me leaving the us as a young person I think lifestyle is more of an issue but taxes also bothered me um you know I I did feel somewhat unfree in the US but I think it's gotten worse since then so I think some people's lever un freedom is very high we had multi-millionaires who wanted to move to Mexico and Nicaragua back during covid because that was where they felt the most free to avoid what they didn't want to do um we have people who are much more focused on taxes but I I think if you look at them in the totality the fact that people you know Biden wants to raise your taxes and there's more people than ever coming out and saying crime a river Croc tears oh the poor rich people that's a cultural shift and so that's not just about taxes that's about where's the country going 25 years ago if someone said let's have a maximum wage let's have a wealth tax they were On The Fringe they are no longer on The Fringe and so you can say hey I don't really really worry about reducing my taxes do you worry about being around people some of whom are increasingly saying let's go back to the pre Kennedy era let's go back to 90% I heard it in the UK let's go back to when it was in the 80s and 90s uh there are people who are so angry now because the American dream for them is dead they can't graduate high school get married have three kids live in a five bedroom house drive three cars it's not possible anymore because people like me are hiring people in Georgia and Malaysia and Colombia uh and so there's more competition and their governments have done a bad job so I think that that's what people are afraid of and they're afraid of look at what happened during any of these Black Swan events I mean the average person goes along with the government you can be a Libertarian and and and act arrogant that everyone agrees with you but it's not the case so they're afraid of all of that right and as you say it's the momentum it's the trend that seems to be moving in the wrong direction and part of that Trend as we start to see lack of faith in America in the American dream in American Military might is this trend of dollarization which I'm assuming you have a firsthand experience with I mean we know countries like the bricks are opting to trade in their own currency moving away from the dollar countries are holding less dollar backed reserved assets according to the latest IMF data the US dollar accounted for 59% of global allocated foreign reserves in the third quarter of 2023 uh that's quite a significant drop from several years ago so what are your thoughts on the dollar being dethroned as king of Reserve currencies having this Global Perspective that you do well I think one of your guests said it will happen in his life time and he's a little bit older than I am I I think the throne sounds very violent I think things happen to the margins and every year you see a percent here a percent there I think it was in the low to mid 70s at the turn of the century so now you're down to 59 I think at one point it was even a little bit lower than that um that's what happens at the margins I mean marginal changes Drive big results and uh what what does that lead to uh the US uses that dollar Reserve position to do a lot of things number one to go and Bully countries to impose sanctions you saw in the Russia Ukraine more they wanted to look at secondary sanctions if you buy Russian oil if you do whatever else you're going to get sanctioned they realized it would backfire with that have backfired 25 years ago so I see the kind of countries we're talking about now I'm not I'm not saying that we're talking about Russia or China or some of these you know countries that are in the oil business but the kind of uh upand cominging economies that I look at uh that I invest in in some cases that I have the ability to live in I think they're emboldened and they realize that the US government has used this strong to sanction almost four times as many countries and people as the turn of the century I don't think there's four times as many bad guys I think a country got drunk on power got used to no competition you think they're going to treat you the citizen any better than they treat everybody else around the world they use the dollar as a weapon and so what I think happens with dollarization is the the less you know dollar hegemony they have the more they're going to be backed into a corner the more they're G have to come out and look to raise taxes look to bring in money on things like crypto with taxes there and or you know people who aren't paying their taxes on crypto they have to go after those people they're going to go out and you know probably start some more conflicts they're going to probably start more trade Wars they're going to increasingly get down they're the tiger backed into the corner uh that's what I see dollarization I think it's going to gradually happen over time I think we talked about how you know maybe it gets down to somewhere in the 30s in the next two decades or so you know that's kind of like the hasbin business you went to back in the 80s or 990s and they still exist but it's like no one ever thinks about them whatever that business is where you are you're kind of getting into that territory and it's easy to sit in the United States and say hey this seems like the center of the world to us go to Asia go to Singapore ask the bankers in Singapore as I did where would you rather the money come from they say we have plenty of Indonesian clients we have plenty of Indian clients we have plenty of people from here in Singapore we have plenty of Thai and Vietnamese we don't want American money we don't need it we're conservative we're some of the strongest banks in the world um the US is hardly the center of the world to us and I think that's the way the world is going that's the consequence well if you're seeing the move away from the dollar as a gradual development not something happening suddenly and not necessarily bringing in other assets into the conversation like gold and Bitcoin we'll get to that later but from your experience which fiat currency is gaining popularity if there is is one or if there's a group of existing fat currencies that seem to be more appealing in this new era well you know listen I mean I know that any fiat currency is super appealing I like to be Diversified I think there's opportunities in that I mean look at the Mexican peso um it was on CBS News not long ago talking about that's the pesos amazing rise that speaks to what's changing in Mexico if I were to give birth or if I were with someone who gave birth to a child today I would rather give birth physically in Mexico and have a Mexican citizen child because I'm not an American uh then I would to have you know give birth in the United States to have an American child I think that Mexico with all of its problems uh will be TR trending in the right direction more than the United States in the next 18 years uh so the peso has done well look at some of the countries that we've talked about the georgean Larry The Armenian Dram have benefited uh from migration due to the war those currencies have done incredibly well uh in the last two years and if you look at stocks like Bank of Georgia TBC and those look like incredible Bargains on the stock market giving anyone a tip uh but uh you know if you look at PE ratios if you look at dividend yields if you look at all the performance of those Banks I not performs any uh Western Bank so you're seeing in some of those Emerging Market countries they've benefited from some of this stuff Mexico is benefiting from some of the the issues in China uh and a push to near Shoring so those are some of the better ones I like the Singapore dollar as a developed currency I think that it's a very well-run country and currency so uh you know those are those are four that I would look at all right well one of the tips that you give is on asset protection via Geographic diversification so not only diversifying the types of assets that you have but where you should have them break that down for us I believe in having assets around the world I have homes in seven different places around the world that's a form of Lifestyle diversification I can go and live there I can see what's happening for my business I can enjoy being in different cultures I can pull the lever that if something bad is happening in one place and there's a lockdown or there's problem or whatever I can go somewhere else I don't have to live in one place full-time which helps with tax planning so I can you know reduce my taxes if I need to I also have places that are tax friendly that I wanted to go there to live fulltime I could but you know that real estate helps me in many cases get residence permits or citizenships which means I have more personal freedom I'm more than a tourist when I go there if something bad happens they're generally going to let me in I have a higher level status maybe I can invest in local markets once I get that citizenship where a foreigner can't uh but it's a form of asset protection people set up these offshore trusts and they put their us real estate in it well you know if you're going to get in trouble in the United States uh the judge and I've seen this happen uh they're just going to uh say hey great the real estate's here we'll take that thank you very much we don't care what some guy in the Island of Man or the cook Island says and obviously I suggest people follow all the laws but you know the governments get heavy-handed we've seen Western countries come in and confiscate people's assets including the United States in some cases uh including people who are perfectly innocent just got swept up in something so uh I want to have bank accounts in other countries that might have access to money in case someone pushes the wrong button it happened to me before I paid my taxes they limited my account I to fight them for months to get the money I already had paid them and have proof of paying them back they don't care didn't bother them I was without my money and so I think you know you want to look at not just having a holding company offshore or a trust offshore you want to make sure you have a property you can live in with passports to go there are residence permits bank accounts if you hold gold consider putting somewhere some either in your house overseas or at a safe deposit box or a foreign Vault overseas and if you have Bitcoin or crypto maybe you put a physical Ledger in a box somewhere overseas I I want to have assets where they're fully Diversified not just the structure is Diversified all right well let's talk about the structure though because you mentioned gold and Bitcoin let's start off with gold because we talked about the demise of the dollar the demise of feed currencies at large and we have central banks buying gold at record levels gold just hitting a new all-time high another record high this week with June Futures Rising above 2,300 an ounce up around 11.7% year to date gold is seen traditionally as a safe haven what are your views on gold as a safe haven as a store of value as an asset for The Nomad capitalist for the global citizen it's part of my portfolio I'm not all on anything I mean one of my big philosophies is you want to take a couple percentage points of your net worth and you want to buy some some insurance the way you would for your house burning down or your car crashing or whatever uh insurance for me is residence permits citizenships asset protection structures like trusts I mean that's what makes sure the rest of the stuff is kept safe I think people don't realize that until it's too late entrepreneurs don't realize it until they get too big and they start having problems every business does investors everybody else thinks you know it'll never happen to me and that it does you want to take some of the money off the table to do that I think Gold's a nice part of the equation uh you know you can borrow against it in some of these places offshore uh as I suppose you could in the US um you know I don't borrow but I let it sit there uh so it doesn't yield anything it's done very well in the last couple months and it's done very well you know since I bought it uh but to me that's protection it's something that's not you know digitized I let it sit there uh in a private vault in places around the world that I believe are safe so that I'm fully Diversified and whenever I want to go and grab it I can and in some cases I have so that's my philosophy on it I'm not all inm gold I'm not all inm Bitcoin I think you want to be extremely Diversified because there any number of risks that each different asset class Hedges against all right well let's talk about Bitcoin because that is seen as the asset that appeals to many Global Citizens given that it's seen as digital gold it has many of the same factors bitcoiners would argue except that it also has the ease of transportability Bitcoin also hitting a record high earlier over $73,000 up over what 56% year to date so good performance there I know you have some big b Bitcoin experts at the upcoming event what are your thoughts on bitcoin then I'm bullish in Bitcoin I like it I like the premise I think that we want to avoid getting too much stuck in our own press the wider adoption gets in Bitcoin the more uh average people are going to get into it remember my father and I were in the internet uh many many years ago the inent days of the internet and he said listen one day it's not going to be nearly as libertarian because the average person's going to get on and they're not libertarian and he was correct uh so you have this very libertarian Bitcoin I got my first one for about 800 bucks in 2014 I stupidly sold it I got back in probably around 4200 bucks in 2017 and and and a bunch more thereafter um you know the more adoption you have the more people are going to want it to work like a bank the more people going to want regulations the average person wants to be regulated what we're talking about does not apply in the average country the culture has changed maybe the places that we talk about where people just say hey let them on their Bitcoin but in Western countries I think there's going to be a risk and so I I don't believe that you know a senator in Wyoming is going to single-handedly stand up at the system and makes it that Bitcoin is is ushered into the United States I I would have concerns being a US citizen owning crypto assets because you've been locked out of certain markets we've got people who have wanted to get second passports just to get more opportunities in those markets I think there's going to be increasing regulation not outright bans but regulation you're seeing that the European Union they think they're going to go after it in tax if you're not paying tax on your Bitcoin uh or your crypto when you're selling it I think you're crazy they're going to come for you U but overall I'm bullish on it I just think people should be concerned it's not going to be some libertarian Panacea forever so it's interesting that you're raising a point that many Bitcoin purists or Bitcoin Maxis have and that is with this widespread adoption and with it becoming part of the traditional Financial system with the likes of Black Rock launching their spot Bitcoin ETFs with it becoming an Institutional asset it takes away from its decentralized libertarian yeah ethos which is a point of concern for many bitcoiners but in terms of how your client see it is it now an established asset is there still concern about government overreach over regulation because you recently made a video discussing second passports to protect your Bitcoin so what do you see coming there do you see regulation or excess taxation as a big risk to bitcoin when I gave up my US citizenship I had a number of personal reasons that not everybody has um obviously not having to fill out somebody forms is a nice thing but it wasn't a key driver what I said was the mood is changing I've wanted to renounce for some time I feel that some of the conversations now are I don't know what's going to happen but something bad is going to happen now it's proven right during the pandemic when people literally couldn't renounce and there were people who owned Bitcoin it was going through the roof and they're subject to an exit tax that they may not have hand have been subject to uh had they been able to renounce promptly so I just said you know I think some bad things are going to happen I think we're moving in the right dire the wrong direction and I don't want to necessarily prognosticate about what that is again it comes down to culture and it comes down to intent I'm a citizen of among other countes St Lucia obviously if I go and live in St Lucia I'm G to follow the laws of St Lucia they actually do have personal income tax there I could live in other countries nearby that with that passport that don't have income tax but uh I don't think they're going to chase me run the world and tell me how to hold my Bitcoin as long as I do things legally and ethically where I live they're going to leave me alone uh and I'm happy to do things legally and ethically but you know the US to me uh in countries like that could be China as well could be Australia could be anything like that they're going to want to be more heavy-handed and I don't know what it's going to be I don't think it's an outright ban uh but you're seeing the EU you know restrictions on uh privacy and that kind of thing who knows what it could be all I know is including under Trump laws came in where hey you know what let's go back a few decades and uh let's rewrite the rules you can play by those rules now that's scary when they can go back decades and say Hey listen uh we were just kind of joking uh can you you know do what we didn't say they'll do that again right I mean people forget that there was a time in US history and gold was banned right so it's not beyond the Realms of comprehension that those kind of Regulation changes happen and just because something is a certain way now and doesn't mean it's going to stay that way uh Andrew we saw a lot of interest in Bitcoin particularly after the bank crisis in March of last year we had three of the largest US Bank collapses in history and you've recently highlighted that American banks are still very much at risk especially for those that have more than the FDIC insured amount you looked at other Banks globally as being safer so so give us a sense of how risky you think the US banking sector is at the moment because I believe you said the top banks in the US are actually 60th in terms of safety on the global stage break that down for us yeah so they put an index together of the safest banks in the world it used to be the 50 safest Banks and really no US Bank would show up now it's a hundred safest Banks and you're starting to see a couple of them but you compare Morgan Chase stock has done pretty well in the last year but you compare that to the big three banks in Singapore it's a head and shoulders difference conservative if you go to Hong Kong for example whether you like Hong Kong or not I mean for years it's been we don't really want more money if we don't know who you are if you're not referred to us if you don't really live here full-time we're conservative like we don't want money uh how many banks are falling over in Hong Kong how many banks are falling over in Singapore uh a lot of banks fail the US it's the most failed Bank uh country in the world by far that course because there are a lot more Banks but I mean look at second third and fourth biggest bank failers in the world in the US History last year if you hold large balances we basically the whim of Congress stepping in and again I go back to the earlier point of who's going to bail at the rich Fat Cats anymore when the average person doesn't have $500 for for a car repair and that's been the case for a long time but I getting worse now uh who's going to want to you know let Congress go in and say yeah you know what let's let's let's put some money uh and override the fdac if they can't find someone to take over this bank um and and what if it what if it heats up I mean things were were not as bad as they were expected to be by many people last year and you still had these bank failures so you're basically at the mercy of Congress stepping in now if you're in the UAE during the Great Recession you were the mercy of the government stepping in but they said listen we're going to ensure every dollar every Durham every everything no matter what happens in our banks because we have stter standards for what it takes to be a bank you got to be publicly traded uh there's all sorts of things so I I just think that other countri I'm not a huge fan of UAE Banks service is that great uh the interface isn't that great but like Singapore for example far superior in terms of my opinion safety for large depositors the problem is if you're an American maybe they'll open an account for you but it's increasingly tough because they don't need Americans you've highlighted Singapore as having the safest Banks what's the criteria for safety well the criteria is some of the banks are more conservative I me the DBS bank I believe was lending money to the central bank I mean they're just better run Banks um they keep you know stronger balance sheets and uh you know the US I think it's just much more aggressive listen maybe that contributes to some positive things if you're a shareholder but if you're a depositor I you know I just I mean listen look at the index right I mean people say I'm going to keep my money to save this place well number 60 is not number one so Development Bank of Singapore DBS one of the safest banks in your estimation now I get the concern that if you have more than the FDIC is ensuring you want to spread around that money for people that are able to diversify where they keep some of their deposits spread around a number of banks globally how much of that is actually legal though what are the implications of that and I get that it differs depending on where you're from in the world and the jurisdictions there but for the purpose of our audience we'll keep it to Americans and some Canadians so what is the strategy then of The Nomad capitalist when it comes to Diversified banking the strategy is uh your average accountant who does domestic work is not going to understand what you're doing they're probably going to talk you out of it and they're not going to understand which form is to file when I've seen people who come to me who they had accountants they were living overseas for example they were told they to file forms there are one or two relatively simple forms you have a trust structure maybe there's an extra form if you've got a foreign corporation there's an extra form or two uh but there's not that many forms they're not that difficult to fill out if you have an international focused you know tax professional uh they'll handle it for you in fact when I did my taxes as an exat when I was an American those forms were just part of the deal basically it wasn't an extra cost uh and so I don't think that should be an impediment if you're doing the other stuff uh if you if you're doing enough to be able to justify having some kind of international accountant it didn't cost me much more to have that but you don't want to go down to your domestic prepared of the street there's a couple forms to file you report the high balance you report you know movements between the accounts and there's a few things to be aware of that some countries you know some banks might you might I might have three accounts in One bank and you want to be aware of all those different account numbers but yeah I mean I at one point had some of like 40 Banks I just went through recently and closed about eight of them because they were too duplicative and I realized they weren't serving me but I tested on a lot of banks I like having diversification I like having you know Assets in different places and if it's in the country of Georgia you can open an account with like a dollar uh I'm going to keep a smaller amount there maybe I'll take advantage on the short-term basis at the very very high interest rates there and I'll keep much larger amounts in Singapore I think European banks are probably pretty difficult to deal with uh in many cases there are some exceptions but uh I think people should be looking at Emerging Markets or hubs like Singapore I've got Sirens blaring in the backround Andrew as though they're signaling that they think that the US banking sector could be in a major sense of distress as they're figurativ Michelle as though they're figuratively echoing your sentiments there look speaking of banks Andrew one of the speakers at this year's event in koala lumur is Nigel farage and he'll be talking about how to avoid bank accounts being cancelled with cancel culture and the future of the West now Nigel farage of course former British politician and broadcaster very well known for his strong advocacy of the United Kingdom leing the European Union or brexit as he will he was the leader of uh the UK independence party and later the brexit party and there was a lot of controversy when Nigel farage's bank account was closed when he was essentially debanked from a prestigious private bank owned by the NatWest group and he was essentially taken out of the system which is a big concern and you could argue there was because of his political position explain how much of this is a growing issue that cancel culture political opinions people not agreeing with your sentiments or ideologies gets you cancelled out of the system and what we can do about it well Nigel spoke at our event in 2022 in Mexico and when he told me when I met him recently was he said I came to this think this is a good plan B he said I'm increasingly think it's the plan a and what's funny is not long before he spoke at that event we ran into him in Montenegro where I have a a summer home and he's looking for opport OPP unities and I told him when this happened I said I understand you know politically exposed person former politically exposed person that's an issue but for the average person if you have an opinion they don't like in the UK you're for brexit the banks don't like that you think they care in Montenegro they probably have the opposite opin they're probably happy with you they probably love you right it's a different opinion so that's what I tell people there's different opinions everywhere and I think that you know people think oh that sounds odd different countries see things differently you could have America First in the US Montenegro wants to have a Montenegro first and that means if they have different views they're going to promote those now they're not extremely different it's not Iran but I I told him he should be looking at places like that what he told me was there are a lot of people in the UK that have had this problem that don't have a voice and it is an issue uh I've had accounts in the US clothes I don't think because of who I am I think it's because of where I travel I think it's because of US Banks when you use their credit card in Colombia they freak out and they have this stereotype uh I remember at one point JP Morgan Chase cards my parents would come in Malaysia you can't use your card in Malaysia I'm not sure if that's still the case but they said it's a fraud country I've never heard of that in my life no other card I have dozens of them does not work in Malaysia so there's the insular thinking of the United States Banks and how they don't be able to travel they don't like expats in many cases but I think a lot of people are having that happen Nigel says that in the UK they're looking at legislation to fix that but um you know if you're going to live in a free market world I guess Banks can can work with who they want uh if you're the wrong side that's why I want to be Diversified because whether it's Montenegro or you fill in the blank any number number of other countries especially smaller countries that aren't big banking hubs they're not really going to Care uh what you're doing they want to know that your money's clean uh and that you're clean and they don't care about your perspective because those aren't their problems well you know Andrew this is where the issue of C Bank digital currencies come in because then you will be under supposedly the ultimate form of cancel culture and censorship and of course to remind our viewer Central Bank digital currency a form of Fiat issued by a country Central Bank allowing the government to monitor every single transaction thereby eliminating all privacy and anonymity and the currency can also be programmable meaning that with a simple click of the button it can decide what purchases you can or cannot make what transactions are allowed who can make those transactions and so Central Bank digital currencies are seen as the antithesis to I guess the values of The Nomad capitalist and Libertarians you've studied this because you see that this trend is happening over 130 countries according to the Atlantic Council in active stages of developing a cbdc which countries are safest from a cbdc perspective in terms of least likely to adopt one well L they've done something very recently I was in Serbia over the new year and they were uh pretty clear I think on not doing this I think that's a country where they they lift up the middle finger to a lot of this kind of stuff I think people there are pretty educated which is one thing you can't say in the west I mean if you meet someone who's 25 years old in some of these Eastern European countries they're a lot more educated a lot more knowledgeable about history they speak more languages they understand what's happening in the world much more than someone in the United States I I've Got a Friend in Ireland he said uh you know I'm dating a 45-year-old woman all we ever talk about is her favorite Tik toks of the day I said this is the perfect uh sign of the decline of the west where you have people who are 25 years old in Georgia listening to jakovsky and they can tell you the entire geopolitical you know situation what happens when you have Western populations and they just they don't know what's going on I mean that is a problem and so I think you know Serbia is one country that's done a good job with that think there's always going to be some countries I mean part of the reason I'm advocating uh it's kind of maybe a plan D or E of having some kind of African passport uh is I think there's going be countries there that don't do it and you're seeing an emerging middle class in Africa uh not everywhere but there's places where you can go and you can live so you know I think Eastern Europe's been a decent Bull workk against some of these anti-freedom policies but I'll just say this I've been thinking for 15 or 20 years this stuff would happen not with CBD DCS but they would treack you know through even your credit card oh you go to the pub too often you know what we're rationing health care now because we're R we ran out of money so you know what if you have curosis to deliver that's not our problem uh I think that the government always is going to ration the freebies they gave away because the freebies uh can never be covered and you've even seen Republican politicians in the US saying that they always want to raise the cap on Social Security uh or the age limit rather now they're saying you know if you're Warren Buffett or Mark you don't need Social Security well you paid into it maybe you should get it so they keep changing the definitions and that that happened well before cbdcs yeah changing the rules as we go along are cbdcs inevitable though do you think if you said you saw the trend coming in a different format are they inevitable is it inevitable that we will have some kind of digitally controlled and monitored currency potentially linked to some kind of social credit system where the government can monitor your behavior and adjust your financial allocation of Freedom accordingly I say this I don't know if it's inevitable or not I say this go to Montenegro and talk to the woman who pays the bills for my home and for my land and she goes in on a Tuesday at a 2 pm and people are smoking around a card table playing cards maybe they're sipping a glass of scotch that's how it works I don't think that those kinds of people who are running that country of 600,000 people have the impetus the desire or the inclination to do the same kinds of things that you know they talked about britcoin in the UK or the EU or the US I don't think it's the same level of nefariousness and so even if it was inevitable I would think that you know what you'd see with countries that were independent which have their own Fiat currencies which went on this you know on their own uh you know if you give me a choice between a us cbdc and the Bahamas cbdc maybe the Bahamas is too close to the US I'll take the Bahamas um and so listen if it's an inevitability I guess it's an an inevitability and if that's the case you're not going to stop it I'm not going to stop it the viewers aren't going to stop it I'd rather give myself a fighting chance I'd rather be Diversified I think one place to go is places where cash is widely accepted there's places I go they don't take credit cards they're still in Cash There's places I go people take cash out of the bank or they put cash into the bank you can't do that in Western countries anymore they don't allow it cash is nothing but to them and so I think that's at least a good start I think that you know when in a country we had the former president of Georgia speak a couple years ago and he said when we took a hatchet to all the institutions and we kicked the IMF out you would meet people in a cafe and their mother got laid off or they had some problem thanks to what you did they would come up and tell you about it that's a lot different than in Washington where they're in this in this walled City or in Australia or South Africa or even Canada these cities that aren't even the capital city isn't really a significant City where you're isolated in a lot of these countries you know when you do stuff in a small country you hear about it and you better actually deal with your citizens that's why I get my passport renewed in one day not one year they've got to actually deal with their citizens and they're not busy going out starting feuds with people and you know pissing people off uh they're actually serving their citizens I'm not saying that you know it's the most efficient service in some of these places but hey one day to renew your passports pretty good I just think rather than prognosticating what could happen we have to have some faith that countries operate a little bit differently and a lot of these people if they had the the ability to maybe they would take power but they don't and therefore I think the culture is different where where are you seeing that cash is still very much King which areas which countries parts of Asia parts of the Middle East um I was just in South America um more so there they're doing more of the card stuff you're seeing a lot of fintex and ghost kitchens a lot of the stuff you're seeing in the US because there's that US influence but it's still acceptable uh you go to Western Europe it's largely not acceptable um but yeah those are the I mean Asia the Middle East primarily which is where wealth is going back where the they the center of wealth is heading back in that direction ironically so I get the philosophy is instead of worrying about it or prognosticating as to what will or will not be just prepare yourself diverse ify make sure you have a plan a b c and d but before worrying about a cbdc we may need to worry about a nuclear war Andrew because you've highlighted that topic in one of your recent videos and look it makes sense we've got billionaires increasingly investing in these elaborate Doomsday Bunkers with speculation swirling around their motivations with all of the global uncertainty that we seeing you mentioned Mark Zuckerberg we know that he's reportedly investing what around $270 million in constructing some underground Fortress in Hawaii Peter teal the PayPal founder he's reportedly working on his own bunker in New Zealand there's also talk of him sharing it with Sam ultman from open AI so you recently started to look at this concern of nuclear war given that so many of the world's Elite or not so many but a fair number are seemingly taking some action there how high do you think the Chan is that something like this could happen it doesn't keep me up at night particularly it seems a little farfetched to me and yet you see headlines from some of Putin's people hey it could be likely and they've been saying that in various different ways since the beginning of the war um I wasn't I mean we've seen you know decades ago how it came very close um so I guess I number one I think that to be a successful entrepreneur just to be a happy person you have to kind of focus on some things you can control for me controlling is where do I spend time and you know I I don't want to be in belligerent countries that are targets whether it's a Cyber attack nuclear war you name it I think those are bigger targets and so I don't worry about it as much because I like I've taken steps to protect myself you know people say oh well if there's a nuclear war you're not going to have time to go anywhere right you want to be there before anything bad happens uh that's what I've done we help people create plan BS they get the passports the bank accounts the trusts they get all it ready and maybe they'll get on their private jet or a commercial flight when the time comes to uh to go somewhere but a lot of people want to plan a as Nigel farage said we're getting closer to plan a territory there's better options for taxes for freedom and maybe to protect yourself from some of the stuff I don't I don't sit around spending a lot of my time thinking about nuclear war uh but it's in the news and you'd be silly have to spend any time thinking about it and I just frankly think if I had to be stuck in New York City or in Chile uh I know where I'd be I guess it's not New York City uh but in terms of what you reported on are there particular Geographic locations that you think are probably safer in the event something like this yeah I they talked about Peter teel's New Zealand I mean what he did was great he went in and basically got citizenship granted to him through what's called an exceptional citizenship procedure there's other countries that do that uh so now he has the ability to go there at an even playing field to buy land at an even playing field and to do whatever he wants I I mean that's a little bit harder to get to but I like that better uh I think the poor man's version of that is is somewhere in South America I'm I'm you know it's just there uh it's wide open uh mostly the southern hemisphere uh you've got a lot of you know mountainous Terrain in some areas that maybe helps you um you know Iceland's been also been mentioned that seems kind of right in the middle of some of the problems but uh I think kind of the South Pacific uh and I think South America are interesting places and also maybe parts of um you know the Indian Ocean like icious or something like that safe to say me being in the heart of Manhattan is probably the worst place in the world to be good place to be in general and especially for any kind of Black Swan event or geopolitical development How concerned are you though about one of those hitting this year because we've had a lot of guests come on the show saying that 2024 is the time for The Perfect Storm considering that there's so many unvaried so much uncertainty particularly if we look at the United States and the election coming up and the political divisiveness that that brings and the sense of chaos that is sort of rampant in the US at large as you just mentioned now granted the US isn't the center or everything in the world but it would impact the opportunities for other major geopolitical players to perhaps take a chance at wreaking havoc this year from what you're hearing and from your own General sense how concerned are you about some major event happening this year I know it's this year and suppose the China Taiwan thing uh bothers me obviously I mean the recent uh earthquake in Taiwan is is unfortunate and and maybe that you know creates some kind of opening but I know that happens this year um listen I think bad stuff happens eventually and I listen I think there's a relative peace and prosperity in the world these days but you're still going to see a lot of bad stuff crop up um you know in the Middle East you continue to see some problems rriv by larger Powers I think that the less power a country like the US has the better off you are uh again I I just think that um you know the idea that like Malaysia is gonna get dragged into something with China or that Singapore is going to be invaded I I push back on that I think that's things that people who live in the United States and other countries do to justify staying where they're at and not doing anything about it uh I don't really see uh some of that more far-fetched stuff but sure China Taiwan um you know that could be an issue I mean there was talk of Russia mova seem there's been no movement on that but um I mean there's always going to be bad stuff happening it's to me it's levers how do you adjust right and again with you I understand that the idea is to have options right to have the ability to move to relocate but you know it's interesting because in another one of your videos you discussed how one should survive the age of disorder and you said in that video that it feels like we're in the age of dis order more so now than ever before but you also point out that countries that seem to have order are really not that orderly if you start to look at how institutions and faith in those institutions is crumbling in the west well I mean people have entrusted Congress in the US for as long as they've been alive I think on the institutions I mean look at what lot of people think about the FBI and the intelligence community and the disease community and um I'm not maybe on the far Fringe of that but I think they have some valid reasons to feel like hey some stuff has been withheld I think people are finally realizing the government does not represent you in Western Country in the big countries I mean there's certainly some you know andur or something or even in Ireland I think people maybe do a little bit more for the citizens it's a little bit less bureaucratic it's a little bit less you know Mak alian um but yeah I mean I think those countries in the west are also very corrupt I mean it's going to cost2 billion dollars to elect a president you telling me there's no corruption in there um it's high level corruption the average person is not get to partake in that corruption uh but that's why Washington's the wealthiest place in the world and so the idea that that they represent you really um that's not true I don't think anyone believes it anymore I think people realize that's kind of a you know an elite class that is you know gorging up of their hard work and that doesn't sound like the American dream so uh I think that a lot of faith in institutions is eroding and I think it's happening in other Western countries as well partially because the government sat back and did nothing to innovate did nothing to be competitive I mean again Ireland did for example they they used their status in the EU to bring a lot of companies in and create jobs it's got some of the highest incomes if not the highest incomes in the world right now so they did something good for people but again uh why are people so angry they can't get ahead in the US wages haven't gone up that much costs have gone up a lot over the years can't afford a house that's the case in a lot of other countries but for the first time competition has come to countries like the US and the people don't like it and the government didn't do anything about it but you know the government's pretty good at it's deflecting the blame onto entrepreneurs like us and that's where people are going now well you know it's very tragic that the American dream is fading as we speak especially for someone such as myself a legal immigrant who came here to pursue the American dream and I know that you've said that the idea is to find the next best country to go to before everybody is going to that country now I'm not so sure I'm ready to do that not even close but from what you're seeing what is the next American Dream if if you're able to put it in that way I think it's a multipolarity so look 40 or so years ago at Singapore maybe that was one of a few places South Korea was in the fold at that point coming up um everyone's competing now and I think it's niche right so if you're an AI there's going to be certain places to go uh you know if you're in the tech space and you're the it space there's a lot of countries I me even Armenia for example has big you know benefits and you're seeing a lot of Indian companies actually outsourced to Armenia for affordable labor and tax breaks so there's going to be Niche players you if you're just a regular entrepreneur Armenia be happy to have you but they're not going to really roll the red carpet for you so I mean for some people I think Mexico has been a good place similar culture warmer you know people the America is generally a very immigrant friendly you can become a citizen um you speak the language you can become a citizen I mean that's interesting um you know I think southeast Asia is more L fair I would call it soft Freedom not hard Freedom it's not in Trine in a constitution necessarily to the extent but they just leave you alone um so that's the way it is in a number of places I would say Eastern Europe as well um you know certainly parts of Africa I would say it's the case so there's a lot of places to go um I think you see places like the Uruguay of the world that are really pushing to become kind of a Switzerland kind of place um but you know for investment I'm looking at emerging markets and Frontier markets uh I'm looking for yield from you know developed markets in Asia uh for a place to live uh you know I'm going to be Diversified between South America southeast Asia and um you know a place like Ireland for example so you're suggesting investing in in Emerging Markets right now I'm entirely invested in Emerging Markets like gold at crypto I have developed Market you know equities and things like that um but yeah I I mean I think if you get on the ground ground or if you get close to the ground um you know through banks in Singapore Malaysia Etc I can get um you know certain Investments that perform better than a US listed ETF and let's say Indonesia or India those have been two pretty good performing markets for me um because they they're they're buying you know more stocks just kind of the typical you know Index Fund there uh there's more stock picking going on they've outperformed the the uh the US ETFs so markets like that I like I'm a big fan of direct investment in places like Cambodia have been for many years I think places like Nepal and Bangladesh are coming up I think Colombia is interesting uh has its challenges but it's interesting I think Mexico will be very interesting um I think perhaps the time in countries like Georgia has has passed you would have made a lot of money if you would have been there you know five years ago my suggestion um so not a lot not a lot in Europe uh and I think India I think India really you know great Equity markets uh as well as you know for just boring yield performance I'm a Believer in Singapore but you're talking in terms of more active involved investing as opposed to buying you know the S&P 500 versus uh an Emerging Market ETF because you could see that the S&P 500 is outperformed I mean many argue that you know that's where the best returns have been lately like it or not the S&P 500 hitting multiple new record highs this year so again not asking for investment advice per se yeah but what what are your thoughts there I I'm I'm in stocks in the S&P 5 00 and I've advised my entire team they say what should we do to invest our money said put your first $60,000 in S&P 500 x fund after that you're not American you have the state tax issues so you know for me um I think if you get into individual not even you know active investing but you go to someone who deals in putting together portfolios in a place like Indonesia um you can have them create you know better performing funds for you uh and just kind of let it ride uh and that has outperformed I mean look at look at the Nigerian stock market I think in January this year it went to the roof like 40% or something and then I looked at what was happening in the US markets and it was just it was a totally different picture I know people who were on the ground in Africa they're making huge returns you know look at every Africa Fund in the US I don't know any of them that are doing very well or that they're all in terrible shape so you know just going and buying a few key stocks is different than having people who are on the ground and doing it um listen I I have a business as a growth investment that's my growth that's my grow stock I don't need to buy Nvidia I quit money into my business and the long run that performs that for me and I get to be in control but the money that I'm not in control of I took a 50-year horizon uh I think you're going to see uh managed you know stocks in some of these markets do better I mean which country is going to grow faster the next 50 years India the United States you'll have some us companies selling to people to places in India but you look at so many stumbles in some of these markets I mean India is essentially what close to a dozen countries if you break it down um look at Disney most recently I mean they they fumbled with Investments there I don't know that us companies the best ones to play in the large emerging markets in the future and I think if you have people on the ground you'll hear at our event for example a guy who's doing business in Cambodia some of the real estate returns there are are incredible because you're seeing Zero skyscrapers going to a lot of skyscrapers I like that play so what do you recommend to people who don't have millions of dollars to allow themselves a passport portfolio to invest in citizenship around the world but still want to explore this idea of nomad capitalism what can they get out of your events what can they get out of listening to you what is the alternative for those that hear the sentiment agree with your philosophy but are not necessarily at the financial position that they'd like to be to allow themselves this global citizenship in the flexibility that that allows well the first thing is if you're paying a high rate of tax um which you could pay just by making1 or $200,000 and maybe you don't save a lot of it but you have a decent income uh the best thing you can do is find a way to move that business move that remote job move whatever it is to a place where you legally pay less even if you're an American you can make when you add it all up close to $140,000 taxfree if you work with your spouse in a business potentially they can take the same thing uh so you know that's a way to save a lot of money we looked at hiring someone from the US we don't have any Americans but we said uh listen you have to move I don't want to deal with all the regulations and the and the consequences of hiring someone who's in the US but you're welcome to move and listen it's a perk you're going to save on that first you know hundred and some thousand dollars you're going to save coming from California a hell of a lot of money and so that's more money to put back into uh your Investments which you're young especially over time will will grow to be a lot um what I would suggest right now is get a residence permit in a Central or South American country most of those don't require wealth or deposits they require proof of income so even if you have a decent job um you can get in there some of them are like a thousand bucks a month or even less get one or two of those those will lead to citizenship so if you ever wanted to live in a country like Mexico in the future you could start the clock ticking and then go and eventually put your time in for citizenship um with the residence permit time counting I would look at bank accounts if you don't have a couple hundred grand for Singapore I would look at a country like Georgia you can walk in you can open an account we have our lawyer uh who helps people open accounts remotely there coming to the event and she can help you um but there's like basically no minum deposit in those Banks um there's two that are on the London Stock Exchange so those are larger Banks um that's what I would do and I would look at maybe have some some kind of brokerage account where I could at least have exposure to actual International stocks not to something that they want to you know offer me where it's just a basket of whatever they're selling but I can go and buy International stocks in other countries uh those are oh and lastly if I have a family tree uh with someone from overseas I would check that and see if I'm entitled to what's called citizenship by descent we help people with that as an Allard service and uh it could be your parents could be your grandparents in some cases it could be your great-grandparents in some cases or even further in a couple of countries so if you had a grandfather from Italy you may be entitled to Italian citizenship and therefore citizenship that allows you to live anywhere in Europe so those are what's those are the things I would do if I'm just starting out all right so final thought as we wrap up here very excited for the event in September as we mentioned a lot of very interesting people attending from around the globe what are you most excited about for the event Ander well I love bringing people together from all over the world the events in qual and poor because we get a very diverse group of people we get very highlevel North Americans who come it's a little bit longer of a trip I happen to think once you're on the plane you're just on the plane and it's a nice place to come and see go down to Singapore afterwards check out the banks check out the gold depositories but we got people from Malaysia we got people from Singapore we got expats who live in Asia we got people from all over the world and so you don't get that in an event in West Palm Beach or in Austin Texas where people are just talking Doom and Gloom you get to meet not only our team from Georgia from Venezuela from Serbia from Montenegro from Malaysia from Ireland from uh you know Bulgaria other countries uh you get to meet guests from all over the world people love that Nigel farage two years ago was going out saying hello to everybody you get to talk to uh luminaries like that um great food you get to experience a place that is uh in my opinion the Best Value City on planet Earth I'm not saying it's the absolute best place in the world but I live there I mean talk about saving money amazing service amazingly nice people uh amazing consumer convenience in qual lur it's it's half the price or less of what we would have paid in Mexico uh for our guest hotel room so I'm excited to be able to see that because I've been there for almost 11 years now and I want people to know how great qualum poor is but I love putting on the event we have great speakers it's four days no one can pay to speak on the stage no one can pay to sponsor us it's just everyone that I've curated that I think a nomad capitalist should learn from and I don't agree with every single thing that every single person's going to say but you should know the perspective um of they've made their money overseas or how our team has run you know companies all around the world or how our team hires people all around the world following what we call the culture map you'll learn about that uh we actually do this stuff and I love sharing with people here's how it actually works to a higher level than we talk about on YouTube because it's intimate and we can talk about here's what actually works here's what doesn't we can squash people's misconceptions and people leave with their minds exploding quite frankly because I uh we have some very very packed days well I'm looking forward to having my mind explode there is one point of concern though Andrew that people have raised when they hear Malaysian koala lumor so you say when you want to dispel misconceptions how do you address the idea of well religious tolerance is not exactly very high in Malaysia not exactly the most welcoming to people in the lgbtq community where certain rights that people have gotten used to in the west perhaps are not upheld so much in in a place like Malaysia should that be a concern for people attending what do you say to that well if you're looking to come and have a protest I mean there is some freedom of speech I see people protesting but I don't think it's necessar a protest culture and they probably don't want to see a protest for some of the things you'd protest in the west I don't think you should do that um but what I've been told for many years and I my mother came to me many years ago we went to a Christian church we went to a Christian bookstore she she's an Evangelical Christian she talked to a lot of people uh they're there you've got Chinese Christians you've got exat Christians you've got obviously in Malaysia not only the Muslims the malays but you've got Malaysian Chinese you've got Malaysian Indians you've got people from all over the world who are there some of them are Muslim many of them are not uh but what the Muslim population would tell you is uh we have our God that we follow uh and you have your God or maybe you don't uh but we're going to judge our own people we're not going to judge you it's a very little place people dress how they want they eat what they want they drink what they want uh the Muslim sales clerk is not going to sell you the pork there's going to be a separate counter if you want to buy pork at the grocery store um you know you can't do drugs in Malaysia that's a pretty bad idea to come and do that they're very against that um but quite frankly I think it's one of the most open tolerant places not because someone tells them they have to be I think that's just a culture there's a layback approach to life there's a l affir approach to you know just kind of everyday management especially for foreigners and you know to me you can't beat that it's like in my company half of our positions we've got to train people from scratch and so I'm not looking necessarily for the best skills I'm looking for aptitude I'm looking for agreeableness if you have those things you can mold the right person if they have the right attitude uh and so I would say the same thing about a culture if the idea is hey we've got a constitution we're going to cling to that one day the politicians the people said hey you know what let's not follow that anymore and they ripped the thing up so what is that Constitution worth what you want is the spirit of the people I think they're some of the nicest people and they'll tell you to your face we've had LGBT guests before and they were concerned and they came to the exact same conclusion one of them told me the end of the event yeah I talked to people hey that's that's you and your God uh you know you're allowed to be different we're not going to judge you for that all right well I am looking forward to the event in September to hear the excellent speakers that you have curated and to get more perspective on how to be a nomad capitalist Andrew thank you so much looking forward to seeing you then and thank you for joining us today on KidCo looking forward to it all right thank you as always thank you to our viewers for watching for me Michelle mccy the rest of the Kido team if you're watching us on YouTube be sure to subscribe and we'll see you next [Music] time

Channel: Kitco NEWS

Views: 259,464

Keywords: gold, silver, finance, news, investing, investing news, finance news, financial news, economy, precious metals, gold price, silver price, gold price today, silver price forecast, gold price forecast, kitco news, global citizen, citizenship, dual citizenship, best passports, world's safest banks, safest banks, dollar, Bitcoin, American Dream, Economic Freedom, Nomad Capitalist, Andrew Henderson, Michelle Makori, go where youre treated best, second citizenship, best places to live

Id: GpwfJW9SLW0

Length: 77min 28sec (4648 seconds)

Published: Fri Apr 05 2024