What's interesting about diversification is that it intuitively makes sense, meanwhile the cornerstone of market economies and free trade remains that we all get increasingly wealthy with increasing specialization. Indeed most people accumulate wealth, not all of course, by having a business, which, almost by definition, is the exactly opposite of diversification.
I think that's the wrong way to look at it. Diversification isn't just about wealth accumulation. It's a safety net. Specialization is the money maker.
Hub Banking...great idea...find a bank that works as a "go between" to bridge the gap between the "stuffy" banks that don't want to deal directly with banks in the low tax jurisdictions, like the eastern Caribbean or investments in the frontier markets... a kind of tier A, B & C for banking. Thanks.
I do my banking with a major Swiss bank for many years. They’re very good at what they do, not at all stuffy. They have clients who are famous sports stars, musicians, and of course, regular business people.
and most importantly - they very aggressively take your money on every step you make you're basically a pinata, letting them hit you with a bat saying this as a lawyer working in private wealth management
And I bet you are paying over 1.5%+ in fees every year for the pleasure if you take the time to work out all the layers, custody, transaction fees, Swiss stamp duty, spread, FX, non-Swiss ISIN. It’s daylight robbery.
Thank you for this video. What you explain has a lot of common sense. Being on the ground, do local banking to do local investments is indeed the way to get the best ones.
30 years ago I found the local people in the Cook Islands not too friendly with us as foreigners. I had the impression, that they were jealous that we could leave any time but they had to stay in what we thought was paradise. The world is crazy and I hope it changed for the better for the locals there. Great deep sea fishing and having your "catch of the day" served at "Trader Jacks" was great. Piti that we did not get the huge mai mai in the boat that I had battled for 2 hours .....
great stuff Andrew. I am looking to move my business from Germany to Singapore. Purely because my focus is based in South east Asia region and also the ease of business in Singapore.
Really appreciate the information! I can't stand banks that are not efficient. Just as a side note: I don't know who did your lighting setup for this video but it is absolutely stunning! Please pass along my appreciation.
The way I see it and i am sure many savvy investors do as well. "If it is advertised to the masses. IF they need a salesman to sell the investment..." AVOID
Interesting.. nice touch on the asian markets. I generally just use an hsbc expat account and most of my investing is on IKBR. Granted some limitations but the main old school warren buffet stuff around dividends or vanguard etfs are covered there. I know Nomad was talking about to not put all your eggs inside HSBC's expat accounts but yeah working on that atm... (most likely they'll freeze stuff like they normally do but so far the support folks in that bank have been wonderful). I stay around in philippines (they have a territorial taxation system where as long as you don't make bank on filipinos/local populace or the local tourists you're fine)
The reality is that most currencies lost value against the USD whenever the Fed decide to raise the interest rate. The long term trend is that USD perform better than most currencies. (Correct me if I'm wrong) As a result, you already lose your net worth if you diversify away from USD/ USD assets. There are only few exceptions, the best being Bitcoin.
@@nomadcapitalist I watch the video what you share me. I need a cheap cost checking account where I can sign up on online with my international ID card. Is there any bank can I open on online? Like as Monzo in UK, N26 in Ireland. I just mention here the example. I want to open a bank account online from abroad. I can show my international ID card for identity verification. Is there any cheap bank available can I open a account on online in the world? Please help me.
Can you recommend services for us lesser mortals? Not many of us are going to have this earning capacity. And we will be the ones that truly suffer in all of this.
His lot are escaping and leaving the rest behind. It's possible to pick upideas about places and their legislative frameworks from here but maybe some more ordinary boots on the ground expat channels are more useful to us mere mortals.
Andrew I have $100 in my account how do I diversify so I can become Uber wealthy?💰 I was thinking a Vietnamese ETF or a rice paddy or chickens. Hopefully by the end of the year I'll be driving a Rolls-Royce through Bangkok.
imagine how big problems people with wealth ( the 1% ) have... having money diversified by country 😂 i dont have that issue. All my wealth is in #bitcoin. geographically replicated, transaparent, uncensorable, divisible, and most of all in my total control.
I am a traders. Diversification is a thing of the past. Property is no longer that interesting as countries in the west have gotten smart to it and levy huge taxes, yearly and when you sell the property . On top of that maintenance. What the rich do is have one bank they negotiate with a very low fee . You can buy etf s from all the countries in the world through the New York stock exchange , so you do not need to open bank accounts in the countries you want to trade in. But as I said diversification is a thing from the past. Right now it is winner takes all.
This video was excellent! 👍🏻👍🏻👍🏻
What's interesting about diversification is that it intuitively makes sense, meanwhile the cornerstone of market economies and free trade remains that we all get increasingly wealthy with increasing specialization. Indeed most people accumulate wealth, not all of course, by having a business, which, almost by definition, is the exactly opposite of diversification.
Correct
I think that's the wrong way to look at it.
Diversification isn't just about wealth accumulation. It's a safety net.
Specialization is the money maker.
Hub Banking...great idea...find a bank that works as a "go between" to bridge the gap between the "stuffy" banks that don't want to deal directly with banks in the low tax jurisdictions, like the eastern Caribbean or investments in the frontier markets... a kind of tier A, B & C for banking. Thanks.
Andrew, have you read The Great Taking? What did you think of its ideas?
I do my banking with a major Swiss bank for many years. They’re very good at what they do, not at all stuffy. They have clients who are famous sports stars, musicians, and of course, regular business people.
and most importantly - they very aggressively take your money on every step you make
you're basically a pinata, letting them hit you with a bat
saying this as a lawyer working in private wealth management
Can't trust swiss banks. They froze Russians bank accounts at the request of Biden
And I bet you are paying over 1.5%+ in fees every year for the pleasure if you take the time to work out all the layers, custody, transaction fees, Swiss stamp duty, spread, FX, non-Swiss ISIN. It’s daylight robbery.
@shaun3713 I came to China to associate with a "crappy" dictatorship . I seem fine lol😂
Seems u may be paid by the Swiss bank lobby
Thank you for this video. What you explain has a lot of common sense. Being on the ground, do local banking to do local investments is indeed the way to get the best ones.
Beautiful video. Thank you
30 years ago I found the local people in the Cook Islands not too friendly with us as foreigners.
I had the impression, that they were jealous that we could leave any time but they had to stay in what we thought was paradise.
The world is crazy and I hope it changed for the better for the locals there. Great deep sea fishing and having your "catch of the day" served at "Trader Jacks" was great. Piti that we did not get the huge mai mai in the boat that I had battled for 2 hours .....
People in the Cook Islands are all NZ citizens... They have world class travel freedoms.
Thanks!
great stuff Andrew. I am looking to move my business from Germany to Singapore. Purely because my focus is based in South east Asia region and also the ease of business in Singapore.
Really appreciate the information! I can't stand banks that are not efficient. Just as a side note: I don't know who did your lighting setup for this video but it is absolutely stunning! Please pass along my appreciation.
Fascinating!!!
Bitcoin is the answer! #BTC #Bitcoin
Absolutely agree
Thanks,Andrew.
When renouncing, is the exit tax based on what I own personally? Or are they able to discover cash flowing assets in a land trust as well?
No way new foreign clients are getting in on favorable PE deals
The way I see it and i am sure many savvy investors do as well.
"If it is advertised to the masses. IF they need a salesman to sell the investment..." AVOID
The Nomad individualist! 🎩👌🏻
Interesting.. nice touch on the asian markets. I generally just use an hsbc expat account and most of my investing is on IKBR. Granted some limitations but the main old school warren buffet stuff around dividends or vanguard etfs are covered there. I know Nomad was talking about to not put all your eggs inside HSBC's expat accounts but yeah working on that atm... (most likely they'll freeze stuff like they normally do but so far the support folks in that bank have been wonderful).
I stay around in philippines (they have a territorial taxation system where as long as you don't make bank on filipinos/local populace or the local tourists you're fine)
I'm glad you've had good luck with them. Wiring funds with HSBC can be an absolute pain. I've probably just been unlucky lol
Interesting
The reality is that most currencies lost value against the USD whenever the Fed decide to raise the interest rate.
The long term trend is that USD perform better than most currencies. (Correct me if I'm wrong)
As a result, you already lose your net worth if you diversify away from USD/ USD assets.
There are only few exceptions, the best being Bitcoin.
Hello! Can you tell me what country easiest to open a normal bank account on online with a international ID?
In this video we have covered them all, hope it helps: th-cam.com/video/HTKNXelF8Sk/w-d-xo.html
@@nomadcapitalist I watch the video what you share me. I need a cheap cost checking account where I can sign up on online with my international ID card. Is there any bank can I open on online? Like as Monzo in UK, N26 in Ireland. I just mention here the example. I want to open a bank account online from abroad. I can show my international ID card for identity verification. Is there any cheap bank available can I open a account on online in the world? Please help me.
@@ats7024use Revolut - allows a multitude of currencies.
@@nomadcapitalist we all knew about SINGAMORE yesrs ago..
People should boycott Swiss banks purely on the basis that Switzerland accommodate the WEF.
Can you recommend services for us lesser mortals? Not many of us are going to have this earning capacity. And we will be the ones that truly suffer in all of this.
His lot are escaping and leaving the rest behind.
It's possible to pick upideas about places and their legislative frameworks from here but maybe some more ordinary boots on the ground expat channels are more useful to us mere mortals.
You are 100% correct about who is going to suffer.
I thought this was about investment strategies, not banking.
Hi. Do you guys have someone in your team that speaks norwegian?
Gold is totally manipulated.
All markets are manipulated.
We'd like to see a collab between nomad and schiffgold...
It's just a shame how much effort has to be undertaken to minimize the strangulation of taxes imposed by taxpayer funded governments.
If diversifying into fine art, I would start by discarding that crappy painting on the back wall, and find a better work of art.
Or do something radical, simpler and very effective … look at Kinesis money, KMS.
I want some passports and some properties. Money is no problem but suggest me a way. I am from a poor country India
Most important is to only bank in countries that are nuclear powers. France, Israel, India, Iran and so on.
Hmm, what about those with under 10M but over 5M?
What do you think about Bank of China here in the US?
Andrew I have $100 in my account how do I diversify so I can become Uber wealthy?💰 I was thinking a Vietnamese ETF or a rice paddy or chickens. Hopefully by the end of the year I'll be driving a Rolls-Royce through Bangkok.
You need a time machine to take you back to 2011 to get that 100 bucks into Bitcoin at a few $ or less. Not investment advice!😂
imagine how big problems people with wealth ( the 1% ) have... having money diversified by country 😂 i dont have that issue. All my wealth is in #bitcoin. geographically replicated, transaparent, uncensorable, divisible, and most of all in my total control.
When was your barmitzvah?
I am a traders. Diversification is a thing of the past. Property is no longer that interesting as countries in the west have gotten smart to it and levy huge taxes, yearly and when you sell the property . On top of that maintenance. What the rich do is have one bank they negotiate with a very low fee . You can buy etf s from all the countries in the world through the New York stock exchange , so you do not need to open bank accounts in the countries you want to trade in. But as I said diversification is a thing from the past. Right now it is winner takes all.
Invest in Chinese yuan
seriously？😂
@@Eddie-m2w you can laugh now all you want, you’ll be cry in the next 2 years buddy
I’d rather invest in toilet paper.
@@thetapheonix I’ll come back here in 2 years and remind ya
@@GG-ug9hd I’ll be here.
Nomad is hands down the OG of this space.