Why Internationalize?

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Category: Global Perspectives

Published on Friday, 07 October 2011 10:00

Written by Brandon Rowe

I attended the Casey Research / Sprott summit last week in Arizona. It was an interesting and educational event.

Along the way, I had an opportunity to meet a number of our members, as well as a number of people interested in internationalization but not quite sure where to start. I had a conversation with one young fellow in particular that is worth sharing today; someone I'll call Sam. It went something like this:

Sam: I'm an employee working in such and such industry - a union job - making less than $100,000 a year and losing about half of it in taxes. I would really like to internationalize myself but am not sure where to start. Where are the best overseas opportunities? Where can I make the most money?

Me: Well, how much money do you want to make?

Sam: A lot.

Me: How much is "a lot"?

Sam: I don't know. Just a lot to let me live a free life rather than being stuck in the job I have?

Me: How do you define a 'free life'?

Sam: You know, free to do what I want.

Me: And what do you want?

... Well, the conversation went like this for a while - I asked a question and he responded with a generic answer that required another clarifying question. Eventually, I said to him:

"Sam, at this point, having me spout of a list of the 'best' overseas opportunities would be pretty useless as it's only the 'best' if you are clear on what you want and why you are willing to do it."

His example raises an important point:

The whole effort of internationalization is pretty useless
if you aren't perfectly clear on the reason why you are doing it.

That's an obvious statement I know, and yet it's one that is constantly ignored in the face for the latest and greatest internationalization flavor of the week.

And while I know many of our members are different, many up-and-coming internationalists aren't always clear.

When I ask people why they are taking a step - whether moving gold overseas, setting up a trust or buying a piece of real estate property, it's quite common to hear the response, "Because I heard it's a good idea."

However, internationalization is not something to do just because other people think it's a good idea. You do so because you think there is value in it.

And that starts with figuring out exactly what you want.

If you can be perfectly clear about this, then it becomes much easier to create a plan that will fit your needs, wants, and unique situation.

The 3 Elements of Successful Diversification

Once you have done so, then it's just a matter of determining which element(s) of The IM Triangle will help you achieve it:

• Asset Internationalization: Moving gold overseas, setting up foreign bank accounts and structures, international brokerage accounts etc.
• Personal Internationalization: 2nd Passports, 2nd residencies, non-investment overseas real estate (i.e. a 'bolthole') etc.
• Income Internationalization: Diversifying an existing business, building a virtual or overseas business, active foreign investments etc.

But it all starts with the "why".

Once you've got that, the "how" is pretty straightforward.

Tags: alternative citizenship , alternative residence , benefits internationalization , Casey Research , diversify gold internationally , Doug Casey , international account , international asset protection , international bank account , international corporation , international planning , internationalize your assets , multiple passports