The world feels like a very different place today than it did even just six months ago, and it can be incredibly difficult to predict where the geopolitical scene is heading in the future. Conventional wisdom, after all, didn't accurately predict Brexit and the European Union's uncertain future, nor did the media correctly assess the political movement that elected Donald Trump in November 2016.
Even if you're not particularly interested in global politics, these major events have shaken up the current world order, including business, governments and economies — and that will directly affect you and your family in ways that are often not easy to forecast. For example, President Trump's recent executive order seeking to levy travel restrictions to the United States highlights the importance of keeping your options open in changing times.
Will you be able to move your family and your money to a more secure location quickly if need be?
Why Global Mobility Is a Must for a HNWI
If you're a high net worth investor (HNWI) — and especially if you live in a politically and/or economically troubled country — you may assume you have the resources to pick up and move if you ever needed to relocate your family. The truth is, however, that an overseas move takes time, and you may find that getting a visa in the midst of chaos is harder than you think. As recent events have shown, travel restrictions could also keep you from getting out of a desperate situation when you most need to.
It pays to plan ahead for multiple citizenships and visa-free travel now to provide security for your family in the future. Like an insurance policy, you may never need to utilize this freedom of movement, but knowing you have a place to go — and quickly — will provide you enormous peace of mind.
Consider these reasons why you'd be grateful for a quick, visa-free move to another country:
Political Conflicts: Nationalism is on the rise around the world, and these movements may seek to restrict personal freedom. When you have wealth, you become a target for those seeking to overtax or strip you of your financial power as well.
Economic Turmoil: War, waning resources and economic boom-and-bust cycles all lead to uncertainty in the markets. Is your country's currency strong enough to handle unexpected ups and downs?
Armed Conflicts: When there's political and economic unrest, military coups and warfare are more likely. When you're able to move to a safe haven quickly, you can provide the ultimate security for your family.
Climate Change: Is your current location threatened by rising sea levels or severe weather events? When Mother Nature ravages an area, you'll be glad to have somewhere else to escape to.
Quality of Life: Sometimes global changes aren't outright disastrous, but they can noticeably diminish your quality of life. If your current location is suffering, taking up residence elsewhere can restore your family's happiness and overall wellbeing.
Knowing that you have another option to secure your family's physical wellbeing as well as your financial assets will bring you peace of mind in a troubled world. Preserving your wealth and making sure you have the freedom to move to several locations around the world at the moment of your choosing is all part of today's wealth planning for high net worth investors.