In the last few decades, there have been constant talks about moving overseas. However, this isn’t something that has always come to fruition. Even for the super rich, some have opted to remain in their birth countries. Though, there may have been countless countries out there that qualify as some of the best destinations for the super rich.
However, there has been a change in the previous year, and there’s a rise in those moving overseas.
We’ve seen countless people who consider themselves the world’s super rich move to different countries. Although, is it just the pandemic that triggered this widespread movement?
According to an article from NDTV, there’s a particular country that’s considered as one of the best destinations for the super rich. This is the country where they have been moving themselves, their families, and their businesses. I, for one, have spent a reasonable amount of time in this country over the last decade.
Although, is this a place that’s compatible for every single millionaire or billionaire?
In that same article, they tell how a car dealer named Keith Oh was shocked to read a message he received via Facebook. A client appeared to be Chinese, and they were ordering a Bentley that amounted to $830,000.
This was an astounding amount of money. It wasn’t something that Keith had seen over the social media platform. Although the inquiry was precise, they simply asked for the price and when the delivery could be done. That’s all.
This particular Bentley was a lot of money. Though, for these millionaires, it was probably nothing.
It was a quick sale and a testament to a broader trend that money is simply sloshing all over Singapore. It was like something that they’d never seen before.
Why the Super Rich Are Moving Overseas to Singapore
We have to note that it’s not just the Asians flocking all over Singapore. Americans are too!
These Americans have decided to renounce their citizenship, and they classify as the rich who can choose where they want to live and settle down.
According to Stephan Repkow, the founder of Wealth Management Alliance, two of his foreign clients have become residents of Singapore in the last 12 months. He later added that more people are on their way to set up base in this tiny island nation.
Singapore has long been a significant draw for wealthy Chinese, Indonesians, and Malaysians who come for short trips. They shop, play at their casinos, or even get medical checkups at the country’s world-class clinics.
This same article from NDTV discusses how this pandemic has encouraged all the super rich to go to Singapore. Although, is this tiny island nation one of the best destinations for the super rich?
Looking at Other Parts of Asia as Destinations for the Super Rich
This same thing applies to other places in Central Asia, whether it’s Thailand or Hong Kong.
The article refers to the fact that Singapore has been deemed by some people in emerging parts of the world as a bastion of personal freedom.
Naturally, they would view it as a place you can go since Singapore has better management than their own countries. There’s no doubt that Singapore is small, but it’s also a very well-run country.
Now, these people, the super rich, they’re looking for a place to put all of their money in.
This is what I think when I see trends from people who aren’t necessarily considered “nomad capitalists” but are continually moving and taking all their wealth to move somewhere else.
The Strategy That Emerging Nomad Capitalists Moving Overseas Should Adapt
What you want to do, is you want to diversify your assets. If you’re also going to live in the same region, you need to have assets somewhere else, preferable in a whole other continent.
There are places that you can do this from. There are places in the Americas, in Europe, and all around Asia. These are the main continents, depending on the region that you’re from.
New Zealand can even appeal since the country is growing to be an asset protection haven, especially for investors and entrepreneurs.
However, if you’re going to live in Singapore, you shouldn’t move all your banking there.
Perhaps some of these people aren’t, but it seems that people are disproportionately moving everything to Singapore.
Now, that might’ve worked some 25 years ago, but that’s not how you should do it today. You’ll want to have bank accounts in Switzerland or even the United States of America. Plus, if you’re a super rich Chinese or Indonesian, you’ll even want to have a bank account in Canada.
You’ll need bank accounts offshore when you choose to live in Singapore since you need to be diversified. If you have gold or any precious metals, you’ll need to have them stored somewhere else too.
These Strategies Aren’t Just for the Super Rich Moving Overseas
However, for those standing by and simply looking, this isn’t just about the super rich who are planning on moving overseas. It isn’t just about finding the best destinations for the super rich.
We’ve seen a course here at Nomad Capitalist of a four or five-fold interest in people moving overseas in the last few years. This is probably because the prior year has shocked people.
Then again, some people say that they’ll only consider moving overseas when things get bad enough.
Fortunately, some people said that what’s happening to their countries is now bad enough. In the last year, we’ve seen Australia locking up its citizens in their country. They can’t leave. Not only that, but if you’re an Australian abroad, then you can’t even come back.
Maybe that’s what “bad enough” is.
These people are finding out that maybe other places like Singapore aren’t perfect, and you might not like things in the country. This is why you need to treat the world as a buffet, and you need to plant different flags worldwide.
Look through the competitiveness of these countries, and go where your business might flourish more. Maybe this means moving overseas. As we always say, you can go where you’re treated best.
Why Do People Want to Live in Countries Like Singapore?
Maybe you want to live in Singapore because you like the country’s stability, and they pretty much lack crime. That’s great because the country also has beautiful surroundings and everything seems perfectly manicured.
Their post office not only works, but the people who work there are so lovely. So it’s not a mystery why people are starting to love Singapore. Everything just works in the country with relative harmony. Well, at least that’s the image that they’re trying to produce.
Nowadays, you can find some of these things somewhere else. Today, it’s so easy to find the best destinations for the super rich all thanks to technology.
If you’re looking to find a place with a crime rate so low, you can take a look at the Republic of Georgia. Although, I doubt that many Indonesian billionaires would want to move to Georgia as much as it might be a fascinating place for them to invest in.
So if you like these things about Singapore, then go for it.
Countless westerners now understand that Singapore is now a seven-figure price tag to get into. This is the price of moving overseas.
Malaysia also had suspended its Malaysia My Second Home Program last year, and that was under a five-figure price tag. Although the MM2H Program will be reactivated later this year as per the Malaysian Government’s announcement.
Then there are other regional programs for investment opportunities that are generally a six-figure price tag to get into. That could be awesome, and they’re cheaper than Singapore.
Although there are other big names like Thailand where you’re required to invest in six figures if you want to get into their Thai Elite Visa.
Now, Singapore is next level. They now have a seven-figure price tag, and they have extensive requirements. It’s just not as easy for everyone to get in, and moving overseas isn’t as easy as it used to be.
When to Know if Things Are “Bad Enough”
As I’m talking about people who say that we should get out before things are bad enough, you have to understand that when things are bad enough, then that’s when your competition is increasing.
I think what a lot of people from the west don’t consider is how they’ll watch television, and they’ll say how everyone must want to flee Hong Kong.
In reality, I know many people who are still in the country with no plans of moving overseas. Yes, they’re getting Plan B’s, but many of them have no plans on going.
Although, if you see people from all over the world now fleeing their countries, and moving overseas. Where do you think they’re all going? How do you think these people are choosing the best destinations for the super rich?
Yes, these people are all going to the same places that you’re considering.
They’re looking at countries like Singapore and New Zealand, and many of them are even looking at the United Kingdom. These people are doing Golden Visas in Europe, and some might even go to the United States.
Although, the interest in the latter is not keeping up with what I can tell.
So you have to understand that there are so many people out there who are increasingly wealthy.
The number of billionaires in China has risen dramatically. It’s not too far off from the number of billionaires in the United States.
Of course, it’s not just the billionaires we’re talking about. There are plenty of other people making their money through cryptocurrency or through other businesses that are surging. Then there are businesses like ours where the pandemic has fortunately or unfortunately been very good to them.
These people have many assets now, and they simply want to take their capital and their families, and they want to go where they’re treated best.
The “Real” Price of Citizenship by Investment
Yes, a lot of people out there have a crazy amount of money. Although, when people come to me and say that maybe the price for citizenship by investment will go down, I just laugh a little bit.
Do you think that the price for some residency programs will go down?
Just last year, residency and citizenship programs have generally gone up in price. Sometimes even dramatically. Some of them even simply go away, and then you either get kicked over to a more expensive program in the same country, or there is merely no program in that country anymore.
There are some easy options, and these are the same ones that are always the first to go.
Why the Destinations for the Super Rich Are Mostly Smaller Countries
During our latest Nomad Capitalist Live, I had the privilege of talking to President Mikheil Saakashvili. I said that I love small countries because these are the places where you can maneuver more.
Well, maybe four million in an emerging nation is a bit too small, so you might want to go a little bit bigger so you can get more things done.
However, you know that these countries need to be more competitive.
This is why Singapore needs to be competitive if they want to maintain their place as one of the best destinations for the world’s super rich.
When I was there in 2013, I wrote a post stating that this could be your last chance to get in the country before they dramatically make it extremely difficult for entrepreneurs. I was right.
As I’ve always said, you have to lock in the kind of strategies you want now. You also shouldn’t put all your eggs in one basket. You’ll have to establish several different safe havens if seven-figures is too much.
There are people out there with $100,000,000, and they still feel uncomfortable with investing either $2,000,000 or $3,000,000.
Then some people only have $10,000,000 but are ready and more than willing to invest $3,000,000.
So the first thing that you’ll have to figure out is how much you’re willing to invest.
The next thing that we have to understand is that we have to be diversified.
Finding the Best Place to Relocate To
Now, there are still people out there who even watch and follow us here at Nomad Capitalist, who say that there are still people who want to head over to the United States.
For what though?
People don’t want to go to the United States due to tax reasons. Even people say that they don’t want to go to the United States because they don’t want to go to a place where they know that there’s a possibility of getting shot at the grocery store.
As a matter of fact, now more than ever, a lot of people are moving to Singapore from USA.
Where people want to go is to a place where they’re not going to pay immense taxes, where they’re not going to have to risk their securities, and where their children can have an excellent education.
They don’t want to go to a place like the United States, where the society, culture, and tax situation is getting worse and worse. This country, no matter how “great” people think it is, isn’t included on the list of the best destinations for the super rich.
They’re going to want to live in countries like Singapore or Malaysia.
Various Citizenship and Immigration Programs
Some people probably don’t even see who is doing all the raises in investment programs. You’ll also have to ask why they’re doing that.
The answer? It’s simply because they can.
So this is why programs like these have become more expensive in the last year. This is why you’re going to have to lock it in.
You’ll have to think, then ask yourselves if you want the Singapores of the world as your strategy.
As I’ve talked with a global citizen sandwich, have some Singapore assets, live somewhere in the middle, then invest in frontier markets below it. This is the strategy for Asia and the other continents as well.
So what do you want to invest in?
Are you in that five, six, or seven-figure level of setting up your strategy?
You’ll have to answer these questions, and then you’re going to have to go from there. It’s going to become more and more difficult for others since more people are joining the game.
Sure, go to Singapore if you’re looking to follow the destinations for the super rich, and especially the super rich of Asia. They’ve been going there for quite some time, and it’s slowly picking up the pace. It’s now being considered as one of the best safe haven countries in the world.
So it’s best to keep these things in mind if you’re planning your safe haven strategy.