I’ve written about this a couple times on X and each time, it’s resonated greatly with you.
And in this article I’ll break down what exactly that means and what to do about it assuming your perspective has changed.
Let’s get into it:
How are countries corporations?
When you go to your favorite grocery store, there’s a reason you buy what you buy.
- Price
- Quality
- Benefits
- Nutrition
- Brand reputation
- Features & specs
Maybe you like to shop around. Maybe you like to stick with the same products because it’s what you know.
When your parents brought you into this world, they gave you your nationality. Essentially, your taxes, quality of life, culture, were determined at birth.
It would be foolish not to seek out other options and test them. Right?
Up until two years ago, I didn’t think so. I didn’t even know there were other options.
Now after traveling around the Western Hemisphere living in seven countries in the last two years, I’ve found there’s more to this world than where I grew up.
Each country has a unique characteristic set, features and brand.
What served me 10 years ago won’t necessarily serve me now – and of course, vice versa. What serves you doesn’t necessarily serve me. I wouldn’t pretend that Colombia is as great a country for you as it is for me in my current stage of life. That’d be ignorant.
Just as companies exist on the open market and try to attract customers, countries do the same (citizens) through their …
- Culture
- Tax policy
- Quality of life
- Business climate
- And other features
It’s your duty to find which nation(s) provides the best opportunity for you to thrive, be happy and make money for the price you must pay (taxes). High quality of life, low taxes.
reminder 🚨 you do NOT owe your home country anything
— James Nuveen (@jamesnuveen) September 20, 2023
just like a company, it’s THEIR job to recruit and retain customers (citizens like you)
if their …
• opportunities
• tax policy
• culture
… don’t appeal to you,
L - E - A - V - E 🛫
Do you owe your home country loyalty?
As someone who used to work in Congress, who’s a patriot deep-down and who still believes thoroughly in the American Dream, I’ll give my frank but everchanging answer.
In the past citizens didn’t have the means to diversify their nationality. Neither the information to learn that other countries offer a better quality of life than their current one. Nor the ability to travel between countries so quickly and affordably.
Now, we’re blasted with this information and mobility every day.
Yesterday, El Salvador 🇸🇻 staked its ground as the beacon for Bitcoiners. Today, zero-tax Caribbean island Saint Kitts & Nevis 🇰🇳 doubles its citizenship-by-investment price. Tomorrow, Thailand 🇹🇭 will claim they’re taxing foreign income.
It cost me $72 to fly from the U.S. 🇺🇸 to Medellín, Colombia 🇨🇴 in 2021 when I first made my leap to Latin America. 🇮🇩
This level of global access didn’t exist decades ago.
So sure, you can owe your country loyalty all you want. But isn’t it ignorant not to explore life in others? And if you love it elsewhere, can you be loyal to several countries at once?
I think the answer to both questions is a resounding YES!
Adopting & diversifying your nationality stack
For the first time in my 26 years on this planet, I saw major government overreach during COVID. It was blatant and tyrannical in so many ways.
- Forcing medical procedures
- Shutting down bank accounts
- Closing airports and migration routes
Going forward, I don’t want any one government to have that much control over my or my family’s life again.
So what am I doing about it? Two things – 1) Minimizing my exposure to one nationality and 2) diversifying my nationality stack.
- Citizenship — A second passport allows you freedom of mobility and ease of access to all the below 👇 Example: Spain 🇪🇸
- Residency — You must have a tax residency – preferably, in a low-tax country. If you’re taxed on citizenship, your home country is your best bet. Example: Paraguay 🇵🇾
- Business base — Start your fully-digital company in a business-friendly, low-tax country. Example: United Arab Emirates 🇦🇪
- Asset haven — Keep your money and assets somewhere safe and with zero or low capital gains tax. Example: Panamá 🇵🇦
- Playgrounds — Buy real estate and/or spend your most time in a high quality-of-life country. Example: Colombia 🇨🇴
- Banking — Stash your cash where security is taken very seriously. Example: Hong Kong 🇭🇰
- Digital security — Keep your Bitcoin and digital life absolutely private.
By no means should you aim to do this all at once. This is a generational play.
The whole idea is to avoid putting all your eggs in one basket. Come time for the next government tyranny, you’re protected and can move your assets, business and life elsewhere.
This is another reason I invested in Colombia as my first play outside the U.S. I believe in the growth of this country, but I also wanted to diversify my nationality stack.
Does this get you thinking about the future? As you stand today, are you at risk if another scary global event happens?
I’m interested in hearing about your experience. DM me on X or email me.
