Why Rich People Should Live in Cheap Countries

Nomad Capitalist
2 Mar 202419:46

Summary

TLDRThe video discusses why financially successful people and investors should consider getting a foothold in emerging markets that offer growth potential. It argues emerging markets can provide diversification, hedge against instability in developed countries, and take advantage of changing momentum. Examples given include Mexico, parts of Latin America, and Eastern European countries. The strategy is not necessarily to live full-time in these places but to have backup citizenship options in faster growing and more affordable markets should economic or political situations shift.

Takeaways

  • 😀 Successful people want access to emerging markets before prices rise
  • 😯 Mexico could overtake the US economically in the long run
  • 💰 Latin America offers cheap, productive farmland for wealthy investors
  • 😎 Having options in politically neutral countries provides safety
  • 👨‍👩‍👧‍👦 Gaining second citizenships opens opportunities for your children
  • 🌎 Wealthy people want residences and citizenships across the globe
  • 📈 Emerging market returns and investments can greatly outpace developed countries
  • ⚖️ Developed countries are moving in the wrong direction politically
  • ✈️ Having multi-country access provides protection in case of unrest
  • 🏡 Residences abroad can lead to future citizenship if desired

Q & A

  • Why would a wealthy investor or entrepreneur want to consider emerging markets for investment or residence?

    -Wealthy investors and entrepreneurs may want to invest in or establish residence in emerging markets to get in early before prices and barriers to entry rise, as well as to diversify their assets and have options in more locations around the world in case issues arise in their home countries.

  • What does the 'global citizen sandwich' refer to in the context of the nomad capitalist lifestyle?

    -The 'global citizen sandwich' refers to having banking set up in established hubs like Singapore or Switzerland, obtaining EU citizenship through ancestry or investment if possible, and also obtaining residence or citizenship options in emerging markets for asset diversification and future opportunity.

  • Why does the speaker recommend considering Mexico for residence or having a child there versus the United States?

    -The speaker believes Mexico's economy and passport strength will improve in the long term compared to the United States. He thinks it presents better opportunity 18 years from now for someone starting out in life compared to the issues he sees unfolding in the US.

  • What are some examples of niche opportunities the speaker sees individual countries competing on?

    -The speaker cites niche opportunities like being the most crypto, Bitcoin or blockchain friendly country as areas where individual countries are trying to establish themselves as leaders to attract investment and talent.

  • What does the speaker see as the potential opportunity in agricultural land investment in Latin America?

    -He believes Latin America presents some of the cheapest agricultural land in the world accessible to foreign buyers. This could be worthwhile for asset diversification and establishing a productive safe haven for someone with even $50 million in net worth.

  • Why does the speaker keep comparing emerging markets to Singapore and its development?

    -Singapore represents an example of a country that grew quickly in economic importance and livability, but became very expensive with high barriers to entry. The speaker believes identifying and investing in the next Singapore while still early presents huge upside.

  • How can passports like Georgia be valuable to a global citizen portfolio?

    -The speaker sees neutral and geopolitically diversified passports like Georgia as providing options without as many barriers compared to Western countries, which could prove valuable if circumstances change.

  • Why host an event showcasing the nomad capitalist lifestyle in Kuala Lumpur?

    -Kuala Lumpur offers a high quality of living for a very reasonable cost. Hosting their event there allows attendees to experience an appealing emerging market opportunity firsthand.

  • How can having residences and passports in emerging markets benefit wealthy people?

    -It allows them to diversify their assets globally, take advantage of growth opportunities, and have additional options if issues arise down the road - all without necessarily changing their day to day lifestyle if not desired.

  • What role does momentum play in the speaker's perspective?

    -Places with upward momentum offer the most wealth creation potential in the speaker's view. He sees many emerging markets on an upward swing, compared to declining momentum in many Western nations.

Outlines

00:00

😕 Misunderstandings about Nomad Capitalist's advice

Andrew explains that many successful investors or entrepreneurs wrongly think Nomad Capitalist advises going to emerging markets only for lower income people. He explains how the wealthy also benefit from getting access to upcoming places before they become expensive and inaccessible.

05:01

🤑 Why the wealthy diversify globally

Wealthy people want banking in places like Singapore and citizenship in European countries, but also want options in up and coming places like Mexico, Argentina, and South America before they become expensive. This geographic diversification protects their assets and provides opportunities.

10:02

😎 Lifestyle benefits of global diversification

Spending time in affordable places like Uruguay, Colombia, and Georgia allows wealthy people to learn about emerging trends and opportunities while enjoying a good lifestyle. Andrew highlights how the quality of life delta between developed and developing countries has shrunk.

15:04

🌎 Having options everywhere as insurance

Wealthy people get residence permits and citizenships around the world not necessarily to live there full time, but as "call options" in case problems arise back home. This geographic diversification provides option value the way Peter Thiel has an option to go to New Zealand if needed.

Mindmap

Keywords

💡Diversification

Diversification refers to spreading out investments, assets, residences, and citizenships across different countries and regions to mitigate risks and maximize opportunities. The video emphasizes how wealthy individuals and families aim to diversify globally for greater stability and access. For example, the narrator states that even those with $50 million seek diversified portfolios of residences and citizenships across continents as a form of protection and optionality.

💡Emerging markets

Emerging markets refer to developing countries and their economies that are progressing toward becoming advanced, stable economies. The video focuses on how wealthy investors and entrepreneurs are interested in emerging markets like those in Latin America and Eastern Europe to get in early before asset prices and visa requirements rise. The narrator gives examples of Mexico, Colombia, and Serbia as places expected to grow in importance.

💡Citizenship by investment

Citizenship by investment refers to programs run by countries that offer citizenship or permanent residency to foreigners in exchange for substantial investment, donation, or purchase of property. As discussed in the video, even those with millions seek secondary citizenships in countries with such programs as a form of diversification and expanded access.

💡Optionality

Optionality refers to having various options and alternative courses of action readily available. The video emphasizes how global diversification provides optionality - wealthy individuals can choose to live, work, invest, or hideout in different countries based on changing personal, financial, or geopolitical circumstances.

💡Black swan events

Black swan events refer to extremely rare, unexpected occurrences that have severe consequences. The video mentions how diversification across emerging and developed countries provides wealthy people better preparation for and insulation from potential black swan events.

💡Lifestyle design

Lifestyle design refers to proactively structuring one's location, assets, and activities to maximize fulfillment and happiness. As per the narrator, global diversification enables greater lifestyle design freedom to live, work, and invest according to changing priorities.

💡Flag theory

Flag theory is the concept put forth by the Nomad Capitalist philosophy that entrepreneurs and investors should live, do business, bank, and invest across different countries for greater freedom and opportunity. The video touches on using flag theory to have bases across both advanced as well as emerging economies.

💡Citizenship planning

Citizenship planning refers to strategically obtaining and passing down citizenship across generations to maximize future opportunity. As mentioned in the video, the narrator recommends Mexican over American citizenship for a child born today based on long-term projections.

💡Neutral countries

Neutral countries like Georgia and Turkey are positioned not to take sides in global conflicts. The video suggests having citizenships from neutral countries can provide wealthy individuals political diversification.

💡Momentum investing

Momentum investing means seeking out markets and countries exhibiting positive trajectories to benefit from accelerating growth. According to the video, identifying and investing early in places with upward momentum is key for the wealthy looking to maximize returns.

Highlights

Nomad Capitalist advises wealthy people on getting citizenship or residency in emerging markets before they become too expensive

Wealthy people want to diversify their assets and have options in different countries in case there are problems where they currently live

Mexico has potential to be a strong passport and economy in the future compared to the U.S.

Colombia and other Latin American countries offer affordable options for residency that could lead to citizenship

South America is a good location to escape to if there are problems in the northern hemisphere

Wealthy people are looking for the next emerging market that will grow rapidly like Singapore did

Having assets and citizenship diversified globally helps prepare for unexpected events

Nomad Capitalist Live event is in Penang, Malaysia which offers a great lifestyle for the cost

Wealthy people want citizenship or residency in every continent to have maximum options

Investing early in emerging markets can produce great returns compared to waiting until they are established

Western countries are moving in the wrong direction politically, while emerging markets are becoming more free

Wealth is created through momentum - being early to opportunities in growing emerging markets

Having citizenship or residency in Latin America provides access to investment opportunities not available to outsiders

Prices for citizenship by investment rise as countries like Singapore become popular - important to get in early

Average person has better chance getting citizenship in Colombia than what Peter Thiel got in New Zealand

Transcripts

play00:00

for some people there's a

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misunderstanding of what we talk about

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here at Nomad capitalist and a lot of

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people are confused about why anyone

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who's financially successful as an

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investor or entrepreneur would want to

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listen to my advice about going to some

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of the emerging markets that we talk

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[Music]

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about so we're going to talk off the

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cuff uh it's in a sense Nomad capist

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I've got a uh slightly cracked mug uh

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with twg Earl Gray Fortune T we haven't

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done this in a while it's just you and

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me talking about uh the reality of The

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Nomad capitalist

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lifestyle and I have worked with a

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number of very successful people their

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companies went public they've made a lot

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of money and one thing I've heard a

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couple different times is yeah you know

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we went to some big four company and

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once or twice I heard yeah they gave us

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some kind of report that was kind of

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like hard to read and like you know they

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really try those companies not to give

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you very much

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information um but you know we think

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that noad ACC has their finger on the

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pulse of what's upcoming and if you're a

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very successful person you realize that

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what the next place to come whether you

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want to invest there whether you want to

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get residents or citizenship to get your

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tow hold there so that whatever happens

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you can always be there the price won't

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go up on you you'll always have access

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for whatever reason you want access to a

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certain country you want to get in

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before everybody knows about it because

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once a country is Singapore I mean

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Singapore has a program now you need

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nine figures to invest in Singapore now

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there's cheaper programs you can start a

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business there's other options but at

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the top level Singapore has a nine

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figure investment program if you want to

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move there and you want to jump to

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permanent residence and even then almost

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nobody now who has permanent residence

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is getting citizenship and I know people

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who were naturalized Singaporean

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citizens it wasn't that long ago you

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could do that but in the last 10 years

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or so it's very much difficult now

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imagine you wanted to go to Singapore

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back in the 1980s it would have been a

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lot easier even up until until the early

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2010s it really wasn't that difficult to

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get into Singapore and again it's still

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possible but even some of the wealthiest

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people that we work with they'll Bank in

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Singapore but when they look at oh I

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have to spend half the year there there

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are more requirements it is a bigger

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Financial commitment you know it's just

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it's not worth it anymore with my

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lifestyle so Singapore even if you can

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afford the nine figure price tag when we

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present that to those people they're

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like just there's too many things

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involved because Singapore can demand

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that to get in so what we talk about is

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looking for the next Singapore and I

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think that the next Singapore is going

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to be a number of different places

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because you have so many different

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countries competing that you're going to

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have a number of different Niche uh

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players that are each going to try and

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and be successful in something one thing

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you've seen is you've seen a handful of

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countries throw their hat in the ring of

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we want to be the most friendly place

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for blockchain or for crypto or for

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Bitcoin and uh you know if you focus on

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a couple of those Niche things as a

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country you can be successful uh and

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you'll be known perhaps as the sing

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Singapore of this or the Singapore of

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that and so I think that the strategy uh

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for a lot of our very successful clients

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you know we take people who have a

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million dollars in liquid assets or who

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have half a million dollars a year at

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income but we go all the way up to

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people who have hundreds of millions of

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of dollars what they're looking to apply

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is what I call the global citizen

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sandwich they'll Bank in Singapore we

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had a guy uh he cashed out he got about

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$500 million and he started to call the

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bank in Singapore and they're like you

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you know let's talk let's think about it

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and I think we were able to to plug him

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in some of our connections and it ended

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up working relatively well for him but

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even at that level of wealth the banks

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sometimes can be cautious but a very

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wealthy person might want a bank in

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Singapore might want a bank in

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Switzerland or lonstein or Luxembourg or

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maybe andur uh maybe the UK for some

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people they like that um there's some

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good Banks there but they are looking

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for a diversified portfolio of

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residences and citizenships what I have

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said is if I were going to have uh with

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my wife a child today I would choose

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giving birth in Mexico over giving birth

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in the United States neither of us are

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Americans or Mexicans both countries

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allow your any child born on their soil

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to get their passport and so if I'm

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looking forward 18 years from now I have

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some resources I wouldn't give a lot of

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my money to my child but I would make

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sure they're not going to starve I'd

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make sure they you know they were safe

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they had a safe place to live uh and so

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all those things be considered I I think

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having a Mexican passport would be much

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stronger and that's why we've advised a

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lot of people to get Mexican residents

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and it's a call option on potentially

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being a citizen in the future that's

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something that a lot of people we work

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with choose to add onto their plans

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Argentina in a different way is now one

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that some people are interested and so

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what I'm telling clients is if you get a

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couple of these more affordable

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residence permits that's a interesting

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call option on potentially having

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citizenships that could be uh highly

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viable in the future I think Mexico

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being one of the most interesting ones

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now it's you know a bigger trading

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partner with the US um taking business

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away from China if I'm looking 18 years

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into the future and I was on CBS News

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talking about the rise of the PES

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against the dollar I think Mexico has a

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bright future I'm not saying that the

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average Mexican will be wealthier than

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the average American although I think

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that the Delta will shrink but I'm

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saying if you already have economic

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stability I think being Mexican both

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from the terms of geopolitically and

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traveling and doing business and

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regulations whether in your country when

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go overseas Mexico will be the superior

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place to be the citizen now my child

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would have multiple citizenships but if

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I can only choose one out of those two

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CU again I'm not Mexican and I'm not

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American my wife's not um I would choose

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Mexico looking forward 18 years and so

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we all like to say oh you know I wish I

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would have discovered something 18 years

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ago but it's really hard to make the

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decision now because it's not popular I

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was saying when Trump was running when

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people were threatening to leave to

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Canada and of course they never do uh

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when it threaten move to Mexico it's

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better and it's the future Canada is not

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I said that in 2016 turns out I was

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right and now you see a lot of people

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moving to Mexico during the pandemic you

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see Canada Canadians who really wanted

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to go to Canada during the pandemic and

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many of them had

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problems and so I think what you want

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and you don't have to have hundreds of

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millions of dollars to do this I mean

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you can we take client with as little as

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a million dollars in liquid assets um

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you might not have as many options to

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that level but if if you're a wealthy

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person I might offer you to say okay

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let's check your family treat do you

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have any citizenship you can claim

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particularly if it's in a European

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country there's also Latin American

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countries we've helped with but let's

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say particularly European countries

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because that's kind of the top grade Tia

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passport as we call it any pretty much

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any European Union country that's one

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part of the strategy so if you're an

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American we've helped people you know

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get citizenship by descent we've helped

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people get multi citizenship by making a

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donation close to a million dollars uh

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We've helped people move to European

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countries or we've had clients who

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already lived in European countries and

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they were

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naturalizing um whether it's you know

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Ireland or the UK where you already

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speak English or maybe you move

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somewhere else and learn it or maybe you

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get a golden visa and work towards it in

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a country like Portugal which is a

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little bit back on track now that's the

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first part of the strategy but I just as

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I have multiple residences and passports

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around the world in emerging countries

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number one you never know where you're

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going to have to go if you're safe now

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if you're Peter teal or a couple of

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other billionaires the Google guys maybe

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you can going to New Zealand I just

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personally don't want to spend any time

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in New Zealand doesn't mean you

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shouldn't want to it's not a place that

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I want to spend my time I'd rather spend

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a couple weeks a year in Colombia

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learning about how Latin America is

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emerging and seeing those opportunities

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and you know talking to people there um

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I'd rather make that a place that I can

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go and you know I don't know if Colombia

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is the best place in South America but

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South America for me outside of New

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Zealand is one of the best places in the

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world to be if the fur starts flying in

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the northern hem Hemisphere and so

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having access to Southern American

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countries South American countries is a

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good thing and you know what you can get

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some very nice homes I bought the

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minimum home that you need to buy to get

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Colombian permanent residents back when

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that program existed but you know I

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could have bought a one I was looking at

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a property the other day for about

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$900,000 beautiful property in a very

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safe neighborhood but by batah standards

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uh if you wanted to spend more money you

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could certainly spend close to a million

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dollars and buy an amazing property and

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live there uh I'm not in Colombia that

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long I'm not in Colombia long enough to

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pay taxes so having a home is

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diversification it's an asset in another

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country it gets me immigration status

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and you know if you are substantially

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wealthier you could buy a a bigger

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apartment but for me I'd rather do that

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from a lifestyle

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basis and than go to New Zealand not

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saying Peter Teal's wrong but I think

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that um the average Among Us have a

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better chance of getting Colombian

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citizenship than what Peter teal got

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which was getting New Zealand

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citizenship uh we know people who've

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been given very high level citizenships

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but you know just the average person and

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by the way average person can mean you

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have $50 million I mean the average

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person with $50 million doesn't have

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some connections and and whatever else

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but if you just want to protect yourself

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having a home in in Mexico or maybe also

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having something in South America is a

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good idea you know having something

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perhaps in Eastern Europe I've taken a

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number of people to Serbia some very

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wealthy people they're like this place

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is is I just feel like I'll be left

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alone uh I'm not saying it's the answer

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to all your problems but hey if Europe

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just falls apart these people are made

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differently Georgia interesting place I

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I love to go to Georgia and enjoy the

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wine you know there's Islands I'm happy

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to have citizenship on small islands and

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so you know if I'm thinking about what

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are all the different possibilities out

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there that could happen in the world

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Black Swan events or white swan events

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let's call them good stuff happens I'd

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rather be seeing all the potential of

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Latin America look at Marcato Libre St

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by the way I I was aware of Marcato

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libbre a long time ago cuz I spend some

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time every year in South America and I

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see you know what's going on with it I

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mean that stock has done incredibly well

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I think you'll find more of those kinds

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of opportunities if you're surrounded by

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people who were down there doing stuff

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earlier I mean there are some real if

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you look at the Latino metrics

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newsletter they talk about real

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interesting opportunities in that part

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of the world if you spend some time

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there you'll find better tips on some

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real world changing companies for that

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part of the world than you would if you

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just spend time in New Zealand and so

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that's why I think for a successful

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person maybe if you have you know $20

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billion maybe New Zealand's better but

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if you have $50 million I'd rather be in

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Uruguay or Colombia or um somewhere like

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that and if I want to bet on a time when

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I want a lot of productive land Latin

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America I mean Ecuador is extremely

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cheap they've had some problems in the

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last year or two I still think I mean it

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could be interesting some of the

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cheapest Farmland in the world that's

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accessible to foreigners to buy is in

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Latin America so you know even if you

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have $50 million and I talked to people

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and I talked to people for years who

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have $50 million they might say you know

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what I don't want to move more than 1%

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of my net worth into foreign property or

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into that one foreign property that's

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productive land that's where I'm going

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to go where I have 500 Acres if if all

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hell breaks loose you're not getting

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much for 500,000 in New Zealand in fact

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the reason Peter teal became a New

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Zealand citizen is you know why we know

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that is because he had to be a citizen

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to buy that land so again unless you're

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a a multi-billionaire you're going to be

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better off just going to a country where

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they already allow you to own their land

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and buying it at extremely low prices

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you know for someone who plans to stay

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in their country which a lot of wealthy

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people that we talk to do they want to

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stay in the US or Canada or Australia uh

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and just have options they're not

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usually saying hey take 25 of my $50

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million and let's go buy land in some

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foreign country uh they're trying to get

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you know started very slowly and so you

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know buying land in some of these

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emerging places uh is interesting uh and

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so

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I think that what makes this all work is

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that wealthy people don't have to be in

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Ecuador or Colombia or any these places

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very often I have the ability to live in

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Colombia as long as I want if something

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crazy happens if my lifestyle requires

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it if I've got a business project that

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requires it we are doing more business

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in Latin America and with Latin

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Americans um but I don't have to be

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there really more than one day a year is

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what I do and so I have the option of

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another requirement the more of those

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you have are because you have a

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residence permit that allows it or

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because you have a citizenship that you

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can always go there for the rest of your

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life you and your children generally and

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their children then it becomes tolerable

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right I mean like I don't spend my life

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in

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Colombia uh and as I get older and more

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successful and I've seen a lot of the

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exotic places in the world and I've

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taken advantage of that there's a part

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of me that you know is say all right let

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me spend a little bit more time in

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places that are a little bit closer to

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what I grew up with in the US but

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hopefully without the baggage and I've

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talked about Ireland and Switzerland I

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think as being places that are

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comfortable enough for wealthy people to

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go that where they function and you can

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get citizenship and you can get good

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taxes and all that kind of stuff so you

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don't have to live in the places that

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are up and coming but imagine if you had

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a second home in Singapore in the 80s

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would that' be worth today and you'd

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seem like a

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genius and everyone would say wow you're

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smart you know it's like people in the

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Bitcoin Community always talk about hey

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people said oh I wish I would have

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bought Bitcoin right well when Bitcoin

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was in the tank not very long ago people

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were laughing at it oh that's stupid

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it's over it's done well now it's back

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and now people wish they did it it's the

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same thing with countries you want to go

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to a country and people are kind of

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laughing at it once it's Singapore it's

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expensive I'm not saying Singapore can't

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be part of your deal even Singaporean

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banks are harder to accept clients these

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days I just talked to a bank the other

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day uh they're the most accepting Bank

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we have in Singapore but they want one

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and a half million us whereas the banks

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that have kind kind of tightened up want

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like 200 250 us so you know there's a

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choice to be made there uh and more

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importantly the Delta has

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shrunk uh both on passports georg's

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passport some our Georgian colleagues

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they just got access Visa free travel to

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China today I think geopolitically

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that's interesting whether you like

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going to China or not it means that more

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countries are opening up to places like

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Georgia they're not opening up to the US

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they're not opening up to other Western

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countries I'd like to have some neutral

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countries in my portfolio but the

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passport difference between the US and

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Georgia Now versus even seven or eight

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years ago was dramatic let alone now

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versus the Soviet times I mean it was

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obviously a far different picture uh you

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couldn't even leave you know Colombia

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Colombians can now go to London the

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exact same way as the American can it

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was only I was in Colombia in 2015 they

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had just gotten Visa free travel to the

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shenen area in Europe so less than a

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decade ago Colombians I mean you could

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travel around Latin America but it

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wasn't that good all right for traveling

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around the West look at a place like

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turkey for example that passport is

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pretty good except for the West not a

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bad passport to have if you're not

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traveling to Europe or the US what if

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one day you know things change in turkey

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and the relations with Europe improve um

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listen that might hurt you in other ways

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maybe it's nice to have some

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geopolitical diversification but they've

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talked about turkey getting access to

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the shenen area now you've got a pretty

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solid passport and all you had to do to

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get it was to buy a property but that

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price keeps going up because more and

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more people are interested in it so as

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noad cus diversifies more and we get

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more clients from some of our efforts

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that you don't see here online we get

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more clients offline we get more

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referrals from around the world we're

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seeing that those people realize the

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benefit of having a plan a plan B plan C

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I saw some of the other day mention like

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Plan F yeah have a plan F have a plan

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for anything that could happen and for

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me I don't mind having multiple plans

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because I My Lifestyle just enjoys it

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it's not like oh my God I'm planning for

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the coup I just like to live in

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different places I like to have

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different homes I like like to have

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different just it's enjoyable for me and

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so I think that's why I mean the

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difference between and by the way no Met

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capist Live this year koal and poor

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again why Best Value City in the world

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not saying it's the best city in the

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world but it's up there in my opinion

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best

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value and uh the difference between koal

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and poor and

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Milwaukee Adelaide you know

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Birmingham it's a lot closer I mean I I

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would probably argue that qualm is

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better than some cities in the US and

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the UK I mean for sure people come

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they're like oh my I I didn't know it

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would be this nice people from all over

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the world came last year to call and

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poor and said I wasn't expecting this

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I've never been here I wasn't expecting

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this people were saying man this isn't

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really this isn't really a trade-off

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when you factor in much better more

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efficient cheaper health care and the

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tasty food and it's cheaper like this is

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a a steal and that's why unlike unlike

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the people who have you know events

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where you go to Austin and they try and

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tell you how to go overseas and

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diversifies a global citizen from Austin

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Texas like you're not learning anything

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you're just being baby they're just

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taking your money our event no math

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capitalist live is in qual andour where

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I think you should see it and you'll

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start to see how the Delta has shrunk so

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my point is why would a wealthy person

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want to have a toe hold in some of these

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emerging countries because they want to

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be Diversified across the globe one guy

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came to me said I want to I want to have

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something on every continent forget

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Australia forget obviously Antarctica uh

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and if you're calling North America just

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the US and Canada like I want Central

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America South America Africa uh Europe

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maybe even Eastern Europe and then he

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already had

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Asia and he uh you know he said hey I'll

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be cover no matter what happens and my

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kids will have

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opportunities and you don't have to live

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in those places you might have some

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great investment returns from some of

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those places uh one of those places

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might become the next big thing in the

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meantime you've Diversified your assets

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around the world so that when bad stuff

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happens you're covered you got places to

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go your money is a little safer that's

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why I think people we we helped people

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move to Switzerland we've helped people

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move to uh to Ireland to Portugal to

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Spain um we've help people moved to

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Greece I don't know that many people

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have moved to

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Singapore uh but we've help people moved

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we have people who already live in like

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I said London who come to us they're

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expats in London but you know when

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someone comes to us us all the Mexican

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clients they're like yeah Canada that's

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what all my friends say and I'm like

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you're not going to save any money in

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taxes you're not going to like the

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weather the politics aren't what you

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think they are you just are being sold

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this brand image and eventually they're

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like all right fine and they at least go

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to one of the more tax friendly European

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countries where they can also get

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citizenship I mean if you're Latin

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American you can go to Spain you can get

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citizenship in a couple of years and you

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can do so in a relatively tax friendly

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basis harder for non uh Latinos but you

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know that's why Eduardo Sab the Facebook

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co-founder lives in Singapore I don't I

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don't I don't believe maybe haven't seen

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I don't believe he's a Singaporean he's

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Brazilian so he doesn't live in Brazil

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he's got the option to live in Brazil or

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around South America like who cares like

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you can live wherever you want but why

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wouldn't you have want access to all

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these different places that's why uh we

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tell people who are successful to have

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these different places in their

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portfolios because that's the growth

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that's the future that's the opportunity

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and in many of these cases they're

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recovering from being anti-freedom and

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they're moving in the right direction

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whereas Western countries are moving in

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the wrong direction I think the secret

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to wealth creation is momentum and

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that's what wealthy people are looking

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for the places that we talk about may

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not be there quite yet but they can get

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them in their portfolio and grow with

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them