But, are people today more worldly? Or it is just a lie they tell themselves to feel like they are so much more evolved and sophisticated than previous generations were?
When it comes down to it, sure, you may have spent time in Europe and Asia. But the vast majority of people will be born, live, and die in the same country, aside from a vacation here or there. They continue to stay in their home country, even as it deteriorates around them, because “that’s how it’s always been done” or because “that country over there is too dangerous”. Is it though?
And are you actually more worldly, or is your cage just a little bit bigger, or your leash a little bit longer?
Let’s face it: at this point in Western society, it is your duty to both yourself and your family to diversify yourself from your home country. If you are invested all in one country, one currency, or one asset, you have put all your eggs into one basket and that, my friends, is a dangerous place to be. Especially if Trudeau or Biden is the one holding said basket!
This is where Flag Theory comes in. Flag Theory is all about diversifying yourself between countries so that no one government has absolute control over you and your assets. In this article, we will discuss the importance of implementing Flag Theory in 2024 and some of the best ways to do it, even if you can’t officially leave just yet.
Why Flag Theory in 2024?
My goodness, it has never been clearer why you need to start implementing Flag Theory. Perhaps we should all thank the pandemic for being the excuse our governments here in the West needed to lay bare their intentions for us. Let’s list just a few of the reasons:
- Healthcare is in shambles – Check out this article I wrote the state of our healthcare and the resulting increase in medical tourism.
- Constant government corruption (see Canada’s ArriveScam debacle for a great example of this).
- Constantly increasing taxes, also known as theft.
- Persistent inflation due to government overspending, which they refuse to rein in, that continues to increase our cost of living month after month.
Do I really need to go on? You get it, and I don’t want to sound like a broken record.
Things are not improving around here, so it’s up to YOU to protect yourself and your family. To do that, you need to look beyond your backyard and choose from the buffet of choices available to you around the world.
This doesn’t mean you need to become a perpetual traveler or up and leave your home country tomorrow. Sure, you can do that, but it is more about building options for yourself to reduce your exposure to your corrupt government, potentially helping you save on taxes, and giving you somewhere you can go when you’ve finally had enough.
5 Ways to Implement Flag Theory (Mostly) from Home
Since most of our Escape Artist readers are wannabe expats like myself, I wanted to include five ways you can plant your flags (mostly) from home. Some of these do involve some travel, but none of them will require you to move out of your home country… yet.
Open an offshore bank account
Opening an offshore bank account is a nice, relatively easy way to plant a flag. We’ve seen how disastrous it can be to have all your money in one place, as numerous people have been debanked or had their bank accounts frozen for having the wrong opinions. Opening another account in the same jurisdiction? Not good enough.
There are many countries around the world with solid banking systems to choose from, where you can stash some cash and diversify yourself. And, yes, in many cases, you can do this right from the comfort of your own home.
One of our favorite banking destinations is Belize for its stability and the privacy/asset protection it provides. Our in-house banking expert and President of Belize’s Caye International Bank, Luigi Wewege, wrote a whole book about banking offshore, so make sure to check that out for more in-depth information.
Luigi also writes a monthly column in Escape Artist Insiders magazine, so you can subscribe to that as well for more offshore banking insights!
Invest in offshore assets
Another great way to plant a flag is to invest in hard assets like real estate and teak, both great ways to diversify your portfolio. That real estate may serve as your Plan B landing pad and, in the meantime, can earn you some income as a rental. Teak is a long-term play that pays off handsomely in the future, an ideal way to steward your wealth to future generations and build your own retirement fund.
Our partners at ECI Development have fabulous options for both real estate and teak in Nicaragua, Panama, and more!
Precious metals in overseas storage
You may be under the impression that when you buy silver and gold, you need to keep it stored at home, at a bank in a safety deposit box, or perhaps buried in your backyard. But, did you know, you could also use it to plant a flag by storing it somewhere like Singapore or Australia?
Precious metals are already a great way to preserve your wealth, and storing them overseas is just another great way to further diversify yourself. There are many reputable storage facilities abroad to choose from. Get in touch with our friends at Asset Strategies International to learn more about how to do this.
You can also purchase our 2024 Gold Investment Strategies guide here for up to date advice and information from our precious metals expert, Rich Checkan.
Residencies and citizenships
Okay, okay, this one does require you to leave your house. But most of the prep work can be done at home, I promise!
Having a backup residency (or two, or three) is paramount for your Flag Theory plan. It’s the ultimate in protection for you and your family, giving you a place to go if you want to escape wherever you are from. I’ve personally gone through the residency process in Mexico and it was a breeze! Pair your immigration visit with a family vacation and you are good to go.
Obtaining a second citizenship will take substantially longer if you are going the naturalization route. But there are also Citizenship by Investment (CBI) programs that are a much quicker option, if you can spare the cash. Your best bet for these is likely the Caribbean countries, as they have the most well-established programs and are, in comparison to other offerings, the most reasonably priced.
Invest in an offshore business
When it comes to establishing a business, it is actually possible to do it without ever leaving your home country.
What many investors choose to do (both at home and abroad) is purchase an existing business, either alone or as part of a group of investors, and hire someone to be at the physical location to manage the day-to-day operations of the business. I actually wrote an article about this last year, it’s got some great links and resources you can check out if you want to learn more about the process.
Simply choose a tax-friendly jurisdiction and start doing your research. Acquiring or starting a business is a lot of work and will definitely take you some time. But it is another great way to plant your flag abroad and also generate some tax-friendly income, if you set it up correctly.
Are you ready to start planting flags?
Think about it – do you have any flags planted outside your home country yet? If not, you really need to get on it. We can all see how quickly things are deteriorating in Western countries. Between the increasing taxes, cost of living, and crime, our governments seem determined to break things.
Many of us will likely not receive the pensions we’ve paid into our whole lives (by force), not to mention have access to the healthcare and other services we need as we get into our golden years.
When I look at the future, I just assume that none of those things will be there, and my default is to plan for that eventuality so that my family and I will be taken care of, regardless of the incompetence or malfeasance of our government overlords.
I suggest you do the same and be ready with some alternatives for your future. You are the only one you can count on to look after yourself and your family. So set up your offshore infrastructure now by planting those flags. Your future self will thank you for your efforts as you are sitting on a beach, the ocean lapping at your feet, reading about the antics and injustices occurring back home. And being far, far away from it all.
I hope you enjoyed this week’s article! Subscribe to Escape Artist Insiders magazine for all the most up to date advice straight from our offshore experts. This month’s issue is all about Costa Rica and you don’t want to miss it. Get your copy today!
