BOO! (Don’t miss this “scary” offshore story)

[image]( {NAME}, Let’s talk about fear. Specifically the fear of living a Nomad Capitalist lifestyle with “Plan B” second passports, wealth diversified globally, and plenty of options for your taxes, wealth, and freedom. Few accountants or bankers will talk about fear because they only deal in numbers. But I realize that fear is an important element because if you can’t overcome it, you’ll never achieve your goals. That’s why my team creates holistic client Plans that factor in how you FEEL about our chosen strategies, rather than just whether they work. Leaving your home country or just moving your money can be scary. I remember feeling scared when I gave up my US citizenship back in 2017. I couldn’t help but feel that “life is easier as an American”, and even as the Nomad Capitalist himself, I had irrational, scary thoughts creep into my head. I’ve long talked about how - according to actual statistics - the United States doesn’t rank #1 for practically anything. But we often allow emotions to overcome statistics. And as men, it’s hard for us to admit - even to ourselves - that our emotions are setting our strategy. When I gave up US citizenship, I wondered if I’d ever regret it. If I’d ever have an issue traveling anywhere. I knew I was making the right decision, but I had to push back all of the “what if”s… the same “what if”s you’ve thought of if you’ve ever ended a long-term relationship with someone you wish the best but know you can’t be with. It didn’t take long to realize that while I had to update a few bank accounts or get the occasional visa, my life is barely any different. I feel free knowing that an identity I never felt comfortable with is gone, and my business has increased dramatically as people have seen an even more authentic version of me. [image] I believe you can achieve the same results, even if you don’t go nearly as far as renouncing your citizenship. I also know that it’s my job to help the people I work with get over the mental hurdle of taking those first baby steps. That’s why I often recommend starting out small; doing what we need to do now and dipping a toe into other areas for future growth. I recently spoke with an American named Mark, whose net worth is $47 million. I told Mark to bite the bullet and get his family Caribbean citizenship as a “Plan B” against any number of potential issues that could happen while he awaits European citizenship by descent. I also advised him that if his European passport isn’t approved in twelve months, we should consider that the country wouldn’t approve him at all based on our past experience, and we created a backup plan for that scenario. On the other hand, I had an Australian named Fernando whose net worth of $1.3 million is entirely in cryptocurrency, and who is extremely bullish on his investments in HEX. In his case, spending $130,000 on a second passport wouldn’t solve as many problems and would be more of an insurance policy that - given the returns he expects - would have a huge opportunity cost from his smaller portfolio. I had to push Mark over the hump to spend money on insurance, whereas I had to talk Fernando into spending about 90% less on a residence permit that will qualify him for citizenship in about four years. Even though Fernando is entirely in crypto, I’m helping him open a few tiny bank accounts as “tunnels” for storing wealth - including one that’s very crypto-friendly - partially for strategic reasons but also to help him get comfortable with diversifying overseas. And even though Mark plans to keep his US passport unless “things get really bad”, I advised him to switch his residence permit in Mexico over to his new passport and to start traveling on his new Caribbean passport when he gets it. Except for during the pandemic, a US passport is better for travel than any Caribbean passport, but my idea is for Mark to get comfortable traveling under his second passport so if the time ever comes where he can’t use a US passport, he won’t be afraid. He’ll already know what to expect. And he’ll already know that most countries are just as welcoming of St. Lucians as they are of Americans. Helping people overcome the fears that I’ve had myself - and many more - is part of what we do here at Nomad Capitalist. The strategies mentioned here may or may not apply to you, but they speak to the fact that life isn’t just about strategy. It’s about living, and it’s about you. Yours in freedom and prosperity, [image] [image]( = = [Unsubscribe]( Nomad Capitalist LLC Kidnah, Block A Plot 4 Fujairah, Al Fujayrah United Arab Emirates (the) +1 (979) 966-6623