(Kitco News) – The American Dream is “dead,” said Nomad Capitalist founder Andrew Henderson. He is the go-to expert on where to find financial freedom with global citizenship, and his founding philosophy is “Go where you are most favored.” ”
“There are people who are very angry right now. Their American dream is gone,” Henderson told Kitco News lead anchor and editor-in-chief Michelle Makori. “They can’t graduate high school, get married, have three kids, live in a five-bedroom house and drive three cars. That’s not possible anymore. . People realize that the elites are eating away at hard work.”
Henderson said he sees the U.S. trajectory heading in the wrong direction and many obstacles for investors looking to prosper.
“Western countries are in decline. They are going down in economic freedom rankings. They are going down in personal freedom rankings,” he said. “There will be more taxes. There will be more scrutiny. There will be more restrictions on freedom, including for citizens traveling abroad.”
Nomad Capitalist has released its Passport Index, and the US passport has dropped to 44th in the world. This is why the philosophy of “global citizenship” is gaining traction, with investors now having access to some of the safest banks and most powerful passports, Henderson noted.
“I don’t know what’s going to happen, but something bad is going to happen,” he said. “We’re going in the wrong direction. And I’m not necessarily going to predict what that is. Again, it comes down to culture and intent.”
As for how risky the U.S. banking sector is right now, Henderson points to the World’s Safest Banks Index. Watch the video above for insights.
For Mr. Henderson, the risk of private bank accounts being canceled due to unpopularity with account holders also continues to increase.
One famous case happened to Nigel Farage, a former British politician and broadcaster known for being a strong advocate of Brexit. A major controversy was the closure of Mr Farage’s bank accounts, which also involved Coutts, the prestigious private bank owned by NatWest Group.
Henderson discusses how this risk is higher in Western countries compared to the rest of the world. Watch the video above for insight.
Why you need a passport portfolio
The main principle of a nomad capitalist is to have a passport portfolio that opens the door to financial freedom. “In a competitive world, for some reason the only thing we don’t shop around for is the country. So go where you’re treated the best,” Henderson said.
Recent high-profile billionaire investors who have embraced the idea of second citizenship include PayPal founder Peter Thiel, who has applied for New Zealand citizenship, and former Google CEO Eric Schmidt, who has applied for Cypriot citizenship. Includes Mr.
Mr Henderson added that the top passports include Switzerland, Ireland, Luxembourg and Switzerland. “The criteria is 50% visa-free travel, and the rest is recognition, taxation and personal freedom,” he said. “Caribbean passports are also emerging. He can live in 14 or 15 countries, some of which have very favorable tax treatment.”
As a U.S. investor, your options may be limited, Henderson noted. “Having multiple passports allows you to travel to more countries and gives you more opportunities, such as opening bank accounts and buying different funds.” He said. “More and more countries in the West are going to introduce some kind of system that will make you an eternal slave. And you want to be able to say, ‘I don’t agree with this, I’m against it.’ I strongly believe in obeying the law. If you don’t agree with the law, go where the law agrees. ”
He also shares the legal maximum number of citizenships that one person can hold at the same time. Watch the video above for more details.
Henderson noted that more people are flocking to dual citizenship for three purposes: economy, freedom and lifestyle.
“For me, having left the United States at a young age, it was more of a lifestyle issue, but I was also concerned about taxes. I felt a little less free in America, and I think it’s gotten worse since then,” Henderson says. said. “During the pandemic, some very wealthy people wanted to move to Mexico and Nicaragua because that was where they felt the most free. We have people who care more about taxes.”
dollar as a weapon
As economic strategies evolve amid renewed geopolitical tensions, the de-dollarization trend is also gaining momentum. The initiative includes reducing the US dollar’s dominance in international trade and foreign exchange reserves, with several countries exploring alternatives to reduce their dependence on the dollar.
According to the latest data from the IMF, the US dollar accounted for 59% of the world’s allocated foreign exchange reserves in the third quarter of 2023. According to the data, the US dollar’s share has fallen by about 6% since the beginning of 2016.
Henderson believes this is economically problematic for Americans. “Do you really think they’re going to treat you as a citizen better than the rest of the world?” They use the dollar as a weapon. The less dollar hegemony they have, the more cornered they will be and the more they will have to go for tax increases,” he explained.
Accelerating de-dollarization could also mean more conflict, Henderson added. “[The U.S.] More trade wars will likely begin. They will become increasingly in debt. They are cornered tigers. I see that as de-dollarization,” he explained.
For more of Henderson’s insights into the historic new record highs for gold and Bitcoin, and the role these two assets play in the portfolios of global citizens, Watch the video above.
Mr. Henderson also analyzes which countries are safest from the risks posed by central bank digital currencies (CBDCs) and shares the biggest geopolitical threats he is watching for in 2024. Watch the video above to learn more.
Nomad Capitalist Live Event
Henderson hosts annual event Nomad Capitalist Live The event will be held in Malaysia from September 25th to 28th. This year’s MC will be Kitco’s lead anchor and editor-in-chief Michelle Makori.
This event will teach investors how to obtain multiple passports and the benefits of becoming a global citizen, from lower taxes to securing bank accounts and protecting your assets.
This year’s distinguished speakers include AirAsia CEO Tony Fernandes, Nigel Farage, ‘Bitcoin Standard’ author Saifedeen Amos, former Estonian President Tomas Hendrik Ilves, and former Maltese Prime Minister Joseph Muscat. .
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation for the exchange of products, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept liability for losses and/or damages arising from the use of this publication.
