WEBVTT

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There are more millionaires than ever leaving the United States and acting their own plan A

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and going and living in other more free and tax-friendly countries,

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but the millionaires who aren't leaving also want to plan a plan B.

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And today I'm going to tell you what that is and how you can build one for yourself.

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And there's an article in Fortune Magazine which says rich Americans prefer Harris over Trump,

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but they want a second passport no matter who wins.

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Now you might say, hey, a lot of wealthy people would like Donald Trump to win.

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That just shows to me how divided the United States is. You have certain wealthy people

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like the Mark Cubans of the world who want Harris to win, who thinks she's the answer.

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Obviously she wants to raise your taxes. She wants unrealized capital gains tax.

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Who knows how far it goes. Elizabeth Warren talked about a wealth tax.

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But one thing we do see here at nomad capitalist is our clients have become more and more

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diverse over the years. Not everybody cares as much about lowering their taxes.

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Hey, if they're moving overseas, they might as well get some tax savings,

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but we have fewer clients looking to pay zero tax. They will push back if they think

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Kamala Harris or Donald Trump or anyone is wasting their tax dollars,

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but they're increasingly feeling like the US and other legacy brand Western countries

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are holding them back. They're choking them. They're holding back their freedom.

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And I think that's why you're seeing more Americans according to Fortune magazine and many

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others want a second passport. Now, the article talks about how affluent Americans

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are more likely to support Kamala Harris. Again, that seems perhaps a regional thing,

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but they are looking for a backup plan to escape the political environment in the US

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through what the media calls golden passport and citizenship by investment programs.

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Now, why would an American want a second passport? Why would someone who's wealthy in a country,

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people say, Oh, it's the best country to be a millionaire. Ironically, it's only people in

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that country who say it's the best country to be a millionaire, but you would want a second passport

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because no matter who wins increasing tensions, trade war, tariffs, whatever you want to call

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with China and probably with more countries to come. What does that mean for your business,

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especially if you do business internationally as I do? It means that having a US passport could be

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a sort of scarlet letter. We've seen that with the cryptocurrency community. We've had investors

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as our clients over the years. I can't open a certain account. I can't invest in a certain

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project as an American. There are folks who can't invest in certain mutual funds and make

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certain foreign investments as an American. So you already have had, we've talked about this

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for years, more and more reasons why if you're a wealthy entrepreneur or wealthy investor, you

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have been at a disadvantage. You will be at a disadvantage. Forget the fact that things like

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FACA made it more difficult, although not impossible to open a foreign bank account. There's plenty

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of banks now that don't want Americans. And I think what more wealthy people are seeing is,

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wow, the country is kind of starting to fall apart. One thing that I have been told by

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folks is I never thought I'd call Nomad capitalist five years ago. I never thought

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I'd go to nomadcompolis.com slash apply and ask to become a client because, hey,

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I thought five years ago, yeah, I pay too much in taxes, but things overall are good here.

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What we hear anecdotally, but everyone I talk to says the same thing. Articles like those,

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like this one in fortune, say the same thing. Wealthy folks are saying the cracks are

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starting to show. And so when they went into the survey of people who had between

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one in five million and five million plus, Americans said, no matter who they vote for,

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they have deep anxieties about the country's economic outlook. More than 50% said theoretically,

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they could leave the United States after November's election. Now obviously, you know,

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you can ask people, you can put that question any way you want. Most people aren't leaving,

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kind of like, hey, if so and so wins, I'm moving to Canada. Most people don't move to Canada.

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But the article says they're seeking to secure passports in countries like Canada.

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Not so sure about that one so much. Australia, I think that one's jumped the shark too. New Zealand

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wasn't always the most friendly towards Americans. These are the ones they want you to think you

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want. The UK, okay, this is totally out. Ireland, there are some folks interested in Ireland,

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it's close enough, time zones close enough, you can get citizenship there after five years,

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language is the same. All right, there's some people want that. Spain, that is a popular

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and Portugal. No more tax deal there. Still the golden visa, but that jumped the shark.

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I think what you're seeing here is a magazine like Fortune Goes Out and talks to wealthy people

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and says, hey, would you leave the country? Oh yeah, we're scared of the direction the country

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is going. Where would you go? And it's like I told a story at No Med Capitalist Live. But when

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I was 16 years old, I was in love with the Petronas Towers in Malaysia in Kuala Lumpur,

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where our event is and where I now have a home all these years later. But I always felt,

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even though I couldn't stop talking in speech class, but how beautiful the Petronas Towers

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were, I always felt like that was a bridge too far. And so when I was 15 or 16 and I decided

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I wanted to move overseas, I thought I'm going to move to London because that seemed like a

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reasonable place for a white guy from Ohio to go, I'll go to London. Okay. Never really

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thought about, can I get in there? I mean, the UK doesn't really have, we had an actual

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barrage talking this year, I asked him, why don't you guys have a policy for entrepreneurs

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and investors like the kind our clients had. They got rid of the investor visa right before

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the Russia-Ukrainian war broke out. They don't have anything for well people to move there.

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You know, Canada has been squirrely, Australia and New Zealand have been squirrely about those.

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I think people think these are the kinds of places they're supposed to go. And that the

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reality is what our clients, once they get educated are saying is, let me have one foot in

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the West and one foot in the East. So if I'm coming from the United States and I'm worried

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about what's happening and I'm seeing the cracks emerge, I wouldn't be able to pivot to a Western

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country that's more responsive, has more love for its citizens, has fewer beefs with other

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countries around the world, they're going to blow back on me, they're going to make my passport

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look like a scarlet letter. I want one in the West. And then I want one in the East.

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We've had more folks interested in Turkey citizenship by investment that we have in

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the past. So do people ask about Australia and New Zealand? Sure. And then they get

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told about how long it takes and how much money to put in and how difficult it can be.

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And they say, okay, tell me what else I can do. One thing that we've had tremendous success

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within the last year is multi-citizenship, which now it seems is going to be a program that

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sticks around. It's going to cost you about a million dollars of fees to get citizenship

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in a country that isn't big enough to have a beef with anybody. They're not big enough to

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go around telling people what to do or even, you know, bossing their own citizens around.

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They have to be responsive to their own citizens in malta. It's a small place.

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And so you can go and you can spend about a million dollars of fees. You and your family

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can get citizenship. It'll take you about 18 months, which is a lot faster than moving there.

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You don't have to move there other than you've got to be there for a little bit of time during

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the process, but not a long time. And yeah, a million dollars is a lot of money. But if

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you're someone who's in that five million dollar plus category or 10 million or 20 million

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dollar plus category, that's a one time fee to get a passport as good as your American

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one. Plus you can live anywhere you want in Europe. Plus your kids can and they can go to

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school. Plus your grandkids can and their kids and their kids and their kids, you're buying a legacy

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for your family and you can do that in the Caribbean through citizenship by investment,

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a fraction of the cost. Obviously you get fewer benefits, but it's still good to have a

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backup plan. Either way, I don't see Malta or St. Lucia, which is one of the citizenship

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I hold or Dominica. I don't see those on the list. Why? Because wealthy people,

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they think the way I did when I was 15 years old, I'll go to the UK. The UK doesn't want you,

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and they just cancel their non-dom tax program. Ireland can work, Spain can work,

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Portugal can work, a lot of the taxes aren't going to work out well. To me,

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if you're going to move and you're wealthy, you might as well save taxes. I mean,

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there's nothing wrong with paying some taxes. If you're open minded to that,

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you don't have to go to a zero tax jurisdiction. But if you're paying 45% plus,

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if you're going to get to the hassle of moving, get paid for it, get a couple of

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hundred grand in your pocket every year. And as they say, every extra couple hundred grand,

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it goes a long way. So what I see from this is people feel like the country's changed.

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They feel the economy's going in the right direction. I think people are seeing

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and feeling what I've been talking about for years. The countries where I live,

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the Malaysias, for example, they're doing pretty well. They're going in the right

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direction. People there are optimistic. And as some of the folks in the Trump administration said,

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a middle class is emerging in Asia, has emerged in Asia, and is emerging in other parts of the

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world. And what they didn't say exactly what they meant, I think, is, and that hurt our ability

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to be competitive because we don't want to be competitive in legacy brand countries like the

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U.S. We just think, hey, if we can't run the show, we're going to take our ball and go

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home. Look at what's happening in the U.K. They made all the tax policies that have been around for

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centuries that made it friendly for foreigners to come in. They're getting rid of it all. And now

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that everyone realizes the jig is up, they're like, well, why don't you let people leave?

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We're going to impose new taxes when you leave. So rather than trying to be competitive,

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the U.K. is like, we're going to not be competitive. And then to make sure you don't

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escape our uncompetitive grasp, we're going to be even more uncompetitive. And I think that

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whether you can put your finger on that exactly, whether you watch Nomad Capitalist and you've

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heard me say that for all those years or whether you're just kind of coming to the feeling that my

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dad and I talked about as far back in the 90s, one day these Western countries are going to be so

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broke, they're going to have to be so nasty and people are going to want to leave, but they're

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not going to know exactly where to go. Yes, the article says, few people take the drastic

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step of moving abroad if their candidate doesn't win. But here's the paradigm shift. Whether

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your candidate wins or not doesn't matter. Let's say you're a Kamala Harris supporter in