Dateline: Hong Kong
Earlier this year, two British newspapers, the Guardian and the Mirror, reported on something revealed during the annual meeting of the super rich and the pandering politicians who do their bidding in Davos, Switzerland.
Of course, being British newspapers in the style of Rupert Murdoch, they crafted sensationalistic headlines to accompany the articles.
“As Inequality Soars, the Nervous Super Rich are Already Planning Their Escapes”, said the Guardian. “Panicked Super Rich Buying Boltholes with Private Airstrips to Escape if Poor Rise Up”, reported the Mirror.
The crux of the reporting is simply that some very wealthy people are so concerned about the very real possibility of civil unrest in their own countries that they are making arrangements to live somewhere else.
Unlike you and I, because they have personally benefited from the financial plunder of the masses, they have the added worry of personally being blamed when the fertilizer hits the ventilator and face the possibility that the proverbial ‘blood in the streets’ could be their own.
So they are making a plan right now.
The takeaway — even for those of us who don’t own our own jet with intercontinental range and a private ranch with a paved 5,000-foot runway — is that smart people with the personal flexibility to do anything they want to do to improve their lives are investing in their own ability to live and work somewhere else.
In short, the one percent have a plan to become an expat if and when the need arises.
If that’s the plan a billionaire makes with the benefit of the best financial and political insight and with the best insider information, why wouldn’t the rest of us want to do something similar in the event of the same turmoil?
Who wants to be in the crossfire when millions of people find out the retirement they had planned is now impossible because their money was used to prop up a bank, or a car company, or to purchase a new fighter jet, or to pay interest to the lenders of the trillions in federal debt, or any other reason?
When Joe Billionaire flies out of a rioting city to live a pastoral life somewhere far away, why would I want to be left behind to protect myself and my family?
I’d sooner be somewhere nice already that I picked out way ahead of time, whether that’s in Andrew’s beloved Georgia or the fan favorite countries of Latin America.
I’d prefer to be a legal permanent resident, or even a citizen, of said place. I’d prefer to have some or all of my money outside my home country. I’d prefer to have friends and neighbors there who already know and like me.
And here’s the thing: all of that stuff takes time. You can’t start the day the riots do. You have to plan ahead… something most people don’t seem to do.
In my opinion, I’d prefer to have a substantial, portable income from an online business that did well in normal times and would do exceptionally well in times of turmoil. And I’d make sure that business would not be incorporated in any jurisdiction that would make it easy for drowning politicians to grab my livelihood.
These things are not difficult. But some of them take time because they involve legal prerequisites that can’t be sped up.
In my case, I was able to acquire a second citizenship and passport with a top-tier country, establish legal permanent residence in another country, open bank accounts in several countries and incorporate a business in none of the above countries.
All in about three years.
Your mileage may vary and you could get it done faster, or it could take longer. But the reality is that those years are going to pass anyway. Soon it will be 2, 3 or 5 years from now no matter what you do. Tick, tock.
So, do you want the same basic protections a billionaire wants, or do you want to be a passive victim of whatever happens in the place you are legally marooned when the government money runs out for the 47% of people who rely upon it, and for the rest who responsibly saved and planned on their pensions being there when they were promised?
The latter is an ugly picture I’d prefer to watch on CNN while my family and I are safe and happy somewhere else.
If you are ready to take action and to begin building your Plan B today, Nomad Capitalist has successfully helped people do just that and can do the same for you. Simply contact us here.