WEBVTT 00:00.000 --> 00:04.940 Kamala Harris didn't tell you that she has a planned tax armageddon. 00:05.060 --> 00:10.160 That's what they're calling a double whammy to increase your taxes and it has more Americans 00:10.160 --> 00:11.280 looking for the exit. 00:11.660 --> 00:16.320 We're going to share the article from London's Telegraph newspaper and tell you how to prepare 00:16.320 --> 00:17.720 for tax armageddon. 00:21.280 --> 00:26.170 Grieving Americans will be hit with a so-called tax armageddon if Kamala Harris wins the 00:26.170 --> 00:30.890 presidential election under new rules to raise federal funds from inheritance. 00:31.590 --> 00:35.770 The vice president is planning a double raid by lowering the threshold at which relatives 00:35.770 --> 00:41.330 pay a state tax and abolishing a rule that allows children to inherit properties without 00:41.330 --> 00:42.730 paying capital gains tax. 00:43.010 --> 00:47.870 So this is in addition to the idea of an unrealized capital gains tax, or even what 00:47.870 --> 00:52.350 Elizabeth Warren has talked about she wants, is a wealth tax every year. 00:52.350 --> 00:57.710 Wealthy Americans have begun passing on their assets to their children as gifts to avoid 00:57.710 --> 01:03.770 the potential new rules which could come into effect in mid-2025 if Ms. Harris wins the 01:03.770 --> 01:04.930 election this November. 01:05.430 --> 01:08.690 I was on Fox Business in December of 2020. 01:09.290 --> 01:13.050 Joe Biden had just been elected but not inaugurated yet. 01:13.450 --> 01:16.950 The question was what do we do before the end of the year because if Joe Biden 01:16.950 --> 01:20.810 gets in, here's the thing, people talk about the rule of law in the US and how 01:20.810 --> 01:22.290 strong the institutions are. 01:22.750 --> 01:29.190 The thought was he'll get in, they'll pass a law in June, for example, but it'll cover 01:29.190 --> 01:30.270 the entire year. 01:30.870 --> 01:32.470 And so what have I always told you? 01:32.530 --> 01:33.990 Well, here's what I said on Fox Business. 01:34.530 --> 01:40.570 I said you have to prepare in advance, better years too early than a day too late. 01:40.670 --> 01:43.590 And I think a lot of people are trying to play it by the seat of their pants. 01:43.870 --> 01:45.450 First they're going to see if Kamala gets elected. 01:45.730 --> 01:47.250 Then they're going to kind of think what's going to happen. 01:47.730 --> 01:50.010 Then they're going to like, you know, slowly take steps. 01:50.010 --> 01:55.930 Guys, I don't care if Kamala wins or not this time, the direction, the momentum, the voice 01:55.930 --> 02:02.030 of the average person is take those rich people's money, whether it's through inheritance, whether 02:02.030 --> 02:08.290 it's through new capital gains on those estates, whether it's capital gains tax on your business 02:08.290 --> 02:11.150 or your farm or whatever else that you haven't realized yet. 02:11.930 --> 02:14.490 You know, there's an education crisis in the US. 02:14.710 --> 02:17.990 A lot of people don't know basic economics and so they don't understand how this 02:17.990 --> 02:19.410 stuff works, but it sounds good. 02:20.050 --> 02:24.530 And Kamala, she's not the first and she will not be the last politician to use demagoguery 02:24.530 --> 02:25.010 to do that. 02:25.230 --> 02:29.770 Now, by the way, Trump had taxes that were retroactive. 02:30.010 --> 02:32.570 So the idea that if Trump wins, you're totally safe. 02:33.050 --> 02:34.510 That's not the answer either. 02:34.850 --> 02:39.210 They all do it and they're going to have to do more of it because the countries broke. 02:39.690 --> 02:43.150 You've got a trillion dollars just in interest now. 02:43.430 --> 02:44.670 I don't care who wins. 02:44.670 --> 02:49.230 I mean, look at other Western countries where they've gotten to the level of that the US 02:49.230 --> 02:49.810 is at now. 02:50.450 --> 02:52.450 You elect the more right-wing guy. 02:52.730 --> 02:55.650 They're just a caretaker running as well as they can. 02:55.810 --> 02:56.690 They're not making things better. 02:57.030 --> 02:59.530 The momentum is headed in the wrong direction. 02:59.730 --> 03:05.010 So wealthy Americans have begun passing on assets to their children as gifts to avoid 03:05.010 --> 03:05.950 potential new roles. 03:06.310 --> 03:08.150 This is not tax or financial advice. 03:08.470 --> 03:12.730 What I do know is you should do something, not because of Kamala, but because of 03:12.730 --> 03:13.270 the trend. 03:13.690 --> 03:17.170 And whether it happens six months from now or four and a half years from now or eight 03:17.170 --> 03:21.230 and a half years from now, there is going to be this and other nasty stuff. 03:21.550 --> 03:25.670 I'll tell you my more aggressive solution to this in a minute that I think is actually 03:25.670 --> 03:26.290 better. 03:26.890 --> 03:27.570 But let's continue. 03:27.870 --> 03:31.450 Kamala has adopted several tax proposals originally suggested by Joe Biden. 03:31.890 --> 03:33.790 So stuff he never got around to. 03:33.970 --> 03:38.270 She might carry that torch from the 2020 campaign, including the changes to inheritance 03:38.270 --> 03:42.070 tax rules under her plan, the threshold at which inheritors pay estate tax 03:42.070 --> 03:46.790 will fall from its current level of 13.6 million to three and a half million. 03:47.350 --> 03:51.030 So if you're the seven and eight-figure entrepreneurs that we talk to here at 03:51.030 --> 03:55.210 Nomad Capitalist, the ones we serve as clients at nomadcapitalist.com slash 03:55.210 --> 03:59.170 apply, you're going to have $10 million in exemption whacked. 03:59.430 --> 04:03.130 On top of that, the article says she will also abolish the step-up basis 04:03.130 --> 04:07.370 which cancels that capital gains bills for inherited properties. 04:07.470 --> 04:08.210 Now I'll tell you what. 04:08.210 --> 04:12.390 But we don't serve very many of any trust fund kids around here. 04:12.570 --> 04:13.770 I believe in hard work. 04:13.970 --> 04:18.510 I wouldn't believe in my kids a lot of money, but I'll be damned if Kamala Harris 04:18.510 --> 04:22.610 is going to tell me that the money I've earned, when it all comes down to it, 04:22.830 --> 04:24.210 she's going to take more of it again. 04:24.370 --> 04:24.570 Why? 04:24.890 --> 04:25.630 It's just wrong. 04:26.430 --> 04:30.070 And yet in a speech, Ms. Harris made no reference to her plans to change 04:30.070 --> 04:32.430 estate tax policy and step-up basis policy. 04:33.010 --> 04:34.210 I don't know entirely why. 04:34.470 --> 04:36.430 I think we've talked about the surveys. 04:36.430 --> 04:42.970 We look anecdotally at comments people make here and on other things online. 04:43.330 --> 04:47.030 Seems people in the Western world are pretty comfortable in taking rich people's 04:47.030 --> 04:49.090 money, hey, past three and a half million, who cares? 04:49.510 --> 04:53.290 I know people who are pretty right-leaning who are like, hey, if it's over 04:53.290 --> 04:55.250 a hundred million, fine, squeeze them. 04:55.650 --> 04:57.850 Not realizing it always comes down over time. 04:57.950 --> 05:01.410 The numbers come down not only because once they're in, they just 05:01.410 --> 05:04.390 lower the number, but also because inflation, the number becomes 05:04.390 --> 05:05.310 worth less and less. 05:05.870 --> 05:09.530 So I don't know why Ms. Harris is not making a reference to this. 05:09.570 --> 05:10.530 I think it'd be plenty popular. 05:10.730 --> 05:11.510 Take money from the rich. 05:11.610 --> 05:12.290 It always works. 05:12.370 --> 05:13.170 It worked for Obama. 05:13.710 --> 05:15.530 His number for income tax was 250. 05:16.130 --> 05:18.870 Biden, again, largely inflationary. 05:19.190 --> 05:20.430 His number was 400K. 05:20.990 --> 05:22.630 It's a class warfare game. 05:23.330 --> 05:27.230 It's basically take money from the guy with $13.6 million because, hey, 05:27.330 --> 05:28.570 why should his kids get it? 05:28.910 --> 05:32.610 Well, again, not a huge fan of some kid just getting $13.6 million, 05:33.210 --> 05:37.030 less a fan of Kamala Harris getting it to waste on something stupid. 05:37.590 --> 05:39.370 A document published by her campaign 05:39.370 --> 05:41.690 pledges to increase the rate of capital gains tax, 05:42.270 --> 05:45.010 but notes it is the same rate previously put in place 05:45.010 --> 05:47.490 in the 1996 bipartisan, da, da, da, da, da, da, da. 05:47.910 --> 05:50.030 We're going to raise your taxes, but we're going to make it 05:50.030 --> 05:51.390 seem like we're not raising your taxes. 05:51.610 --> 05:54.010 Telegraph says headline grabbing over concrete plans. 05:54.210 --> 05:56.270 Ms. Harris has said little about her plans 05:56.270 --> 05:59.370 to continue an estimated $5 trillion tax rate, 05:59.370 --> 06:02.350 first planned by Mr. Biden, focusing instead 06:02.350 --> 06:04.610 on headline grabbing policies to counter inflation 06:04.610 --> 06:05.410 that's what Biden did. 06:05.850 --> 06:07.350 However, analysts by the Telegraph 06:07.350 --> 06:09.410 suggest that they could almost quadruple 06:09.410 --> 06:12.710 the tax paid on a $20 million inherited property 06:12.710 --> 06:16.030 that's been owned by a deceased relative since the 1960s. 06:16.410 --> 06:18.310 So basically, right now, you'd pay $3.5 million. 06:18.730 --> 06:20.430 Now, you'll pay $13.2 million. 06:20.770 --> 06:23.630 That's $9 million, it says, in estate taxes at 55%, 06:24.150 --> 06:26.990 and another $4.2 million in capital gains tax 06:27.550 --> 06:28.870 versus where the property was purchased. 06:29.650 --> 06:31.470 You know, obviously most people don't have $20 million, 06:32.210 --> 06:35.090 but plenty of normal people have $20 million. 06:35.850 --> 06:37.290 You build a business and you sell it. 06:37.410 --> 06:40.190 I know a lot of people who are leading very normal lives 06:40.190 --> 06:43.030 who've sold businesses for much more than $20 million, 06:43.530 --> 06:45.330 and they worked hard their entire life 06:45.330 --> 06:46.930 and they're honest, ethical people, 06:47.230 --> 06:48.790 and they came to nomad countless 06:48.790 --> 06:50.830 because they like that we're the goody two shoes 06:50.830 --> 06:53.210 of the offshore world, and we don't cut corners 06:53.210 --> 06:55.490 and we do it right, but they've paid enough. 06:56.730 --> 06:58.950 And you know, I think that's the problem 06:58.950 --> 07:01.130 is we have this image in politicians 07:01.130 --> 07:03.290 like Kamala Harris play into it, and again, 07:03.350 --> 07:04.730 she's just the current stand-in. 07:04.910 --> 07:06.630 There'll be plenty more where she came from, 07:06.710 --> 07:08.510 and there'll be plenty more surrounding her 07:08.510 --> 07:11.090 in the Congress and in the media and everywhere else, 07:11.410 --> 07:13.270 but they have so demonized the person 07:13.270 --> 07:14.930 who built a business over the course 07:14.930 --> 07:15.990 of some number of years. 07:16.350 --> 07:18.090 It makes a couple million bucks a year. 07:18.550 --> 07:20.390 They pay taxes at the highest level, 07:20.610 --> 07:22.510 and then one day they sell it for 20 million 07:22.510 --> 07:23.190 and they get squeezed. 07:24.030 --> 07:27.030 And that's the challenge. 07:27.450 --> 07:30.230 There are places in the world where no one, 07:30.410 --> 07:34.390 as one of my friends says, looks in someone else's pocket. 07:35.030 --> 07:38.330 There is less of a culture and envy in some places. 07:38.910 --> 07:42.310 The Middle East certainly wants to welcome people with money. 07:42.610 --> 07:45.010 I think Asia wants to welcome people with money. 07:45.290 --> 07:48.250 There's lots of places you can go and be left alone 07:48.630 --> 07:50.370 where they want to welcome you. 07:50.570 --> 07:52.470 Why would you stay in a place 07:52.470 --> 07:53.970 where you are a political football 07:53.970 --> 07:57.210 because they paint you as some guy, 07:57.530 --> 07:59.190 some playboy and a yacht, 07:59.910 --> 08:02.970 you know, licking caviar out of a supermodel's navel? 08:03.410 --> 08:05.470 You just built a business and you sold it. 08:05.710 --> 08:08.370 In this case, they talked about an asset from the mid-1960s. 08:08.390 --> 08:09.390 That person's pretty old. 08:09.490 --> 08:11.590 They spent an entire life building wealth. 08:11.890 --> 08:14.050 What they paid for in the mid-1960s, my goodness, 08:14.290 --> 08:17.730 how has the dollar depreciated since the mid-1960s? 08:17.850 --> 08:19.430 That's what these politicians never tell you. 08:19.430 --> 08:22.890 Their policies devalue your currency 08:22.890 --> 08:24.050 and then they're like, hey, 08:24.070 --> 08:25.950 you got to pay this huge gain you have. 08:26.230 --> 08:27.970 In many cases, you don't have a gain, 08:28.170 --> 08:30.610 but they will paint you as the rich fat cat 08:30.610 --> 08:32.670 on the yacht with the supermodels. 08:32.790 --> 08:34.490 By the way, it's the point where I've just said, 08:34.570 --> 08:36.230 you know what, I'm going to be overseas 08:36.230 --> 08:38.950 and I'm going to have my series, Live Like a King, 08:39.310 --> 08:41.750 and I'm going to sip champagne and eat caviar 08:41.750 --> 08:44.170 and associate with attractive people. 08:44.530 --> 08:45.450 And you know what? 08:45.730 --> 08:47.670 Come and get me because I left. 08:48.050 --> 08:50.170 And that brings me to the more aggressive suggestion. 08:50.590 --> 08:52.070 All these families are talking 08:52.070 --> 08:53.970 about how can they give their stuff to their kids. 08:54.130 --> 08:56.510 My suggestion is, why don't you at least 08:56.510 --> 08:59.730 get somewhere in the spectrum of making an exit? 09:00.270 --> 09:03.210 Now, we have about a 50-50 splint of what I'm told 09:03.210 --> 09:06.430 these days of clients who want to plan A 09:06.430 --> 09:07.970 versus who want to plan B. 09:08.530 --> 09:10.970 Plan B is I'm going to get a second passport 09:10.970 --> 09:13.090 because if I'm an American, here's the worst part, 09:13.530 --> 09:16.210 these policies will follow me no matter where I live 09:16.210 --> 09:18.530 because the United States taxes its citizens 09:18.530 --> 09:19.430 no matter where they live. 09:19.610 --> 09:21.970 Elizabeth Warren said, hey, those European countries 09:21.970 --> 09:23.210 couldn't figure out wealth tax. 09:23.310 --> 09:25.330 A lot of them scrapped it since the turn of the century. 09:25.550 --> 09:26.190 Didn't work. 09:26.610 --> 09:27.610 She said, we'll make it work 09:27.610 --> 09:29.750 because we tax people no matter where they live. 09:29.890 --> 09:30.950 You can't run and hide. 09:31.810 --> 09:33.610 And so if you get a second passport, 09:33.850 --> 09:35.470 whether it's the Caribbean Citizenship 09:35.470 --> 09:36.450 Buy Investment Program, 09:37.310 --> 09:39.810 whether it's through a real estate program like Turkey, 09:40.210 --> 09:42.350 whether you're going to spend close to a million dollars 09:42.810 --> 09:44.690 and you're going to get citizenship in Malta, 09:44.690 --> 09:48.790 which Good News has just been affirmed by Europe. 09:48.890 --> 09:50.210 They can continue that program. 09:50.610 --> 09:53.950 That's the gold standard of passports you can get 09:53.950 --> 09:55.170 by making an investment. 09:55.490 --> 09:56.710 If you're going to get one of those passports, 09:56.790 --> 09:57.910 now you're in the driver's seat 09:57.910 --> 09:59.990 and it's going to be a lot easier for you 09:59.990 --> 10:01.410 once you have that second passport 10:01.410 --> 10:04.010 and you start traveling perhaps on that second passport, 10:04.170 --> 10:05.910 you start feeling a little bit different 10:05.910 --> 10:06.690 being a dual citizen. 10:06.910 --> 10:08.790 One thing I've heard clients tell me to my face, 10:09.070 --> 10:10.210 I feel different. 10:10.330 --> 10:12.370 That passport came, I feel different. 10:12.450 --> 10:13.950 I feel I have more options. 10:13.950 --> 10:15.510 And what are the options you have? 10:16.230 --> 10:18.090 Well, if it ever gets so bad 10:18.090 --> 10:21.870 that they want to take $10 million extra from you, 10:22.670 --> 10:24.650 you can choose to walk into a U.S. Embassy 10:24.650 --> 10:25.750 outside of the U.S. 10:26.090 --> 10:27.110 And you can say, you know what? 10:27.290 --> 10:29.090 I'm Maltese or I'm St. Lucian 10:29.090 --> 10:30.590 or I'm from whatever country. 10:31.010 --> 10:32.330 I don't want to be American anymore. 10:32.750 --> 10:34.970 And you can do that before the policy comes into place. 10:35.230 --> 10:37.710 But don't be the person calling nomad capitalist 10:37.710 --> 10:40.310 a week before the policy goes into place 10:40.310 --> 10:42.930 because it's often too late then. 10:42.930 --> 10:45.090 So you want to have the second passport now. 10:45.470 --> 10:47.950 And so I look at this kind of in an actuarial basis. 10:48.390 --> 10:50.530 If I'm looking at with $20 million, 10:51.110 --> 10:53.390 getting stung for an extra 10 million bucks, 10:53.930 --> 10:56.330 hey, can I go out and spend a quarter of a million dollars 10:56.830 --> 10:59.550 to increase my freedom by having a second citizenship? 10:59.950 --> 11:01.730 I'm not saying people should give up their citizenship 11:01.730 --> 11:03.290 just for the taxes, but you know what? 11:03.350 --> 11:04.490 It's not just about the taxes. 11:04.830 --> 11:07.330 It's you are being reviled, right? 11:07.770 --> 11:09.010 I give up my citizenship. 11:09.230 --> 11:11.730 The taxes really, it wasn't the factor. 11:11.730 --> 11:13.850 It's about where is the country going 11:13.850 --> 11:15.510 and how am I treated as an entrepreneur 11:15.510 --> 11:17.090 plus a number of personal factors. 11:17.510 --> 11:19.690 So it's really never about the taxes themselves. 11:19.990 --> 11:22.350 But my point now is you're going to have to commit 11:22.350 --> 11:24.170 some amount of capital to set that up 11:24.170 --> 11:25.690 if you want to be ready 11:25.690 --> 11:28.070 whenever some new policy comes down the pike. 11:28.210 --> 11:29.630 And you don't know if Kamala gets in 11:29.630 --> 11:31.170 and that comes in place six months from now 11:31.170 --> 11:31.990 and you're going to be scrambling 11:32.470 --> 11:33.910 or maybe it takes your two years. 11:34.110 --> 11:34.610 Who knows? 11:35.650 --> 11:37.950 But there's nothing wrong with having two citizenships. 11:38.150 --> 11:40.570 There's other opportunities that opens up for you. 11:41.030 --> 11:42.930 And you know no matter what happens in your country 11:42.930 --> 11:43.830 you've got another option. 11:43.990 --> 11:44.930 You don't even have to spend the money. 11:44.990 --> 11:45.810 If you've got ancestry 11:45.810 --> 11:47.770 we help people get citizenship by descent 11:47.770 --> 11:49.030 through Ireland or Poland, 11:49.190 --> 11:50.790 all countries all over Europe and Latin America. 11:51.110 --> 11:52.650 That's going to cost you a heck of a lot less 11:52.650 --> 11:53.730 but it's going to take longer. 11:53.930 --> 11:55.150 That could be the concern in this case. 11:55.350 --> 11:57.990 But my point is rather than be moving assets 11:57.990 --> 11:59.950 around between your kids and giving up control 11:59.950 --> 12:01.630 to me I look at that as inorganic. 12:02.070 --> 12:04.710 I'd rather be in the driver's seat organically. 12:05.090 --> 12:07.270 If I own an asset, I want to own the asset. 12:07.570 --> 12:08.790 I'd rather change where I live. 12:08.790 --> 12:10.450 I'd rather even change my citizenship 12:10.450 --> 12:13.310 than take inorganic measures. 12:13.870 --> 12:15.030 Because I think that sometimes 12:15.470 --> 12:16.630 that doesn't work out too well. 12:16.770 --> 12:18.590 When you're like I just gave all my stuff to my kids. 12:19.130 --> 12:22.170 I also think that they're not going to like that too much. 12:22.830 --> 12:24.710 So that's what I would do if you want to learn more 12:24.710 --> 12:26.170 how we help people get second passports 12:26.170 --> 12:28.470 and plan that all out from best to worst case scenario. 12:28.930 --> 12:31.090 How we work with the network of experts around the world. 12:31.590 --> 12:33.770 Go to nomadcapitalist.com slash apply. 12:33.930 --> 12:35.150 We have more second passports 12:35.150 --> 12:36.850 than I think pretty much anybody out there. 12:37.370 --> 12:40.830 We are not beholden to any one or three or five countries. 12:41.210 --> 12:42.050 The article continues. 12:42.770 --> 12:45.130 A financial advisor who once took me out to dinner 12:45.130 --> 12:47.270 when I was just starting out and said I'm the greatest 12:47.270 --> 12:49.610 and now makes snarky comments behind my back 12:49.610 --> 12:51.110 because we are number one in the industry. 12:51.330 --> 12:53.650 Says many of his clients were transferring their assets 12:53.650 --> 12:55.190 to their children under the current rules 12:55.190 --> 12:57.690 fearing tougher policies under a Harris administration. 12:58.310 --> 12:59.570 Use it or lose it. 12:59.630 --> 13:03.030 The article says don't wait until you die. 13:03.490 --> 13:05.130 This is a change and I think it's a change. 13:05.130 --> 13:06.190 Yes. There's been politicians. 13:06.450 --> 13:07.630 Obama they were concerned about. 13:08.290 --> 13:09.970 Listen your taxes went up under Obama. 13:10.490 --> 13:12.510 You know haven't you paid enough at a certain point. 13:12.590 --> 13:14.330 I think that as much as you push back 13:14.330 --> 13:16.790 on the fair share argument because you realize 13:16.790 --> 13:18.890 you do pay a lot of taxes as a wealthy person. 13:19.050 --> 13:20.130 You're not Amazon. 13:20.770 --> 13:22.010 You know you are paying a lot 13:22.010 --> 13:23.830 if you just have a successful business. 13:24.210 --> 13:26.350 I think there is still some creep 13:26.890 --> 13:29.450 where people think well you know 13:29.450 --> 13:31.450 how much better can it be somewhere else. 13:31.870 --> 13:32.590 I'll just pay. 13:33.130 --> 13:34.110 I'm living proof. 13:34.110 --> 13:36.410 There's plenty of places both in the developing 13:37.170 --> 13:39.830 and developed world that you can go and live 13:40.270 --> 13:42.710 with your second passport and have a much better life 13:42.710 --> 13:44.930 where just the culture is going to be more 13:44.930 --> 13:46.830 in favor of you having wealth. 13:47.010 --> 13:48.670 But people are gifting like crazy. 13:49.050 --> 13:49.770 That's one option. 13:50.090 --> 13:50.950 My options the other. 13:51.490 --> 13:53.530 Democrats have long sought to abolish a loophole 13:53.530 --> 13:55.350 in capital gains tax which allows children 13:55.350 --> 13:57.530 to inherit their parents assets without paying tax 13:57.530 --> 13:59.170 on the gains since it was originally purchased. 13:59.350 --> 14:01.250 Again how much of that is an actual gain 14:01.250 --> 14:03.470 and how much of that is the dollar is just worth less. 14:04.170 --> 14:07.250 But guess what the government like any toxic relationship 14:07.830 --> 14:09.050 they're not going to blame themselves 14:09.050 --> 14:10.090 and their own policies. 14:10.490 --> 14:12.910 No no Kamala Harris doesn't get into power 14:13.550 --> 14:16.590 by blaming the government by blaming herself. 14:16.830 --> 14:18.970 She gets into power by blaming you 14:18.970 --> 14:20.810 because there's not very many of you. 14:20.870 --> 14:22.050 There's not very many of me. 14:22.390 --> 14:25.210 And I think to say well is 10 million dollars 14:25.210 --> 14:25.970 that important to you. 14:26.030 --> 14:28.110 First of all 10 million dollars is a hell of a lot of money 14:28.110 --> 14:30.170 and if you let that 10 million dollars to charity. 14:30.170 --> 14:31.970 Now I understand that if you live to certain charities 14:31.970 --> 14:33.110 you'll get out of this. 14:33.310 --> 14:35.350 But if you live to charity that 10 million dollars 14:35.350 --> 14:37.390 is going to do a lot more for a charity 14:37.390 --> 14:39.590 than for Kamala Harris' U.S. government. 14:39.650 --> 14:40.350 That'll be gone like that. 14:40.750 --> 14:41.270 Like that. 14:41.730 --> 14:42.050 It's gone. 14:42.370 --> 14:44.810 Listen if the momentum's going in the wrong direction 14:44.810 --> 14:46.770 no politician's going to save you. 14:46.950 --> 14:47.890 And so it goes on and on 14:47.890 --> 14:49.690 about one of the worst tax ideas floating around. 14:49.770 --> 14:50.410 Here's the bottom line. 14:50.570 --> 14:51.210 You want options. 14:51.850 --> 14:54.490 Half of our clients are setting up plan B give or take 14:54.490 --> 14:56.330 where they're getting the second passport. 14:56.730 --> 14:58.410 They're getting comfortable with where would they go. 14:58.410 --> 15:00.030 Maybe they move some assets. 15:00.190 --> 15:00.850 They open a trust. 15:00.910 --> 15:01.910 They do any number of things. 15:02.450 --> 15:04.230 Just putting your money in an offshore company 15:04.230 --> 15:07.230 or an offshore trust doesn't change the tax policy 15:07.230 --> 15:08.170 where you live. 15:08.290 --> 15:09.330 They've figured that one out. 15:09.390 --> 15:10.310 It's more about moving your 15:11.310 --> 15:12.670 than just your assets. 15:13.090 --> 15:14.190 But they're getting a head start 15:14.190 --> 15:15.610 so that they're in the driver's seat 15:15.610 --> 15:17.790 because it doesn't take three days 15:17.790 --> 15:18.770 to get the second passport. 15:19.230 --> 15:20.830 It takes a little bit longer these days 15:20.830 --> 15:22.490 to get some of these investment passports 15:22.490 --> 15:23.030 in the Caribbean. 15:23.230 --> 15:25.490 It used to be four, five, six, seven months 15:25.490 --> 15:26.170 with all the paperwork. 15:26.550 --> 15:27.910 If we handle it for you 15:28.950 --> 15:30.930 now, it could take close to a year. 15:31.050 --> 15:31.230 Why? 15:31.730 --> 15:32.990 Because people like Kamala Harris 15:32.990 --> 15:34.030 go down to the Caribbean 15:34.030 --> 15:35.870 and they throw their weight around 15:35.870 --> 15:37.790 and they say you got to do interviews over the phone 15:37.790 --> 15:39.510 and you got to do this and got to do that 15:39.510 --> 15:40.650 and that slows down the process. 15:41.190 --> 15:42.570 But now it takes longer to get a passport. 15:43.030 --> 15:44.550 So you don't want to be the person that's 15:45.190 --> 15:47.430 in the queue waiting around 15:47.430 --> 15:49.270 and it takes longer than it used to 15:49.270 --> 15:51.290 when some new policy comes into place. 15:51.650 --> 15:53.050 I've been telling you this for the years. 15:53.370 --> 15:55.510 We've seen people ringing us up 15:55.510 --> 15:57.030 when something bad happens 15:57.030 --> 15:58.830 and hoping we can save them in a week or two. 15:58.930 --> 15:59.550 We can't. 15:59.710 --> 16:00.830 You got to do it in advance. 16:01.350 --> 16:04.250 So, you know, go to nomadcapitalist.com slash apply. 16:04.850 --> 16:07.070 There's a whole plan you want to put in place. 16:07.170 --> 16:08.210 Just getting a passport 16:08.210 --> 16:09.270 and not knowing what to do with it 16:09.270 --> 16:10.150 is not going to save you. 16:10.410 --> 16:11.410 You want to be prepared. 16:11.690 --> 16:13.450 The other half of the clients are doing a plan A 16:13.450 --> 16:14.870 where they're moving overseas. 16:15.170 --> 16:16.790 There's an American that has a lesser impact 16:16.790 --> 16:18.110 because they do follow you 16:18.110 --> 16:19.170 in the capital gains tax. 16:19.390 --> 16:20.990 Some of them are moving to places like Puerto Rico. 16:21.430 --> 16:22.930 Some of them are just taking the tax savings 16:22.930 --> 16:23.390 in the business. 16:23.770 --> 16:25.250 Some of them, they're planning to 16:25.250 --> 16:26.650 to renounce U.S. citizenship. 16:27.410 --> 16:28.370 So, you can choose. 16:28.630 --> 16:29.850 Are you starting with plan B 16:29.850 --> 16:31.930 and being ready with triggers for plan A? 16:32.250 --> 16:34.110 Are you starting with some version of plan A? 16:34.470 --> 16:35.670 That's what you have to figure out. 16:35.770 --> 16:37.810 That's what you've got to decide for yourself. 16:38.270 --> 16:39.390 But what I want to tell you is 16:39.390 --> 16:41.130 don't be stuck holding the bag 16:41.130 --> 16:42.510 when quote, unquote, 16:42.710 --> 16:44.410 one of the worst tax ideas 16:44.410 --> 16:45.930 floating around comes to fruition.