Many people in the world focus just on one single country – their home country. They have their homes, their bank accounts, their jobs, their savings in the same country.
Now, let’s just imagine, this country is sliding into a strong economic crisis. The banks get insolvent, the government prohibits personal possession of precious metals and other valuables, you are allowed to get only a limited amount of cash, the houses get additional financial burden imposed by the government, riots in the streets and rise of crime rate crest the rest. The government announces a general mobilization and captures any male person (or even females) whom they can find in the streets for the military service. Citizens would not be allowed anymore to leave the country, the border would remain open only to foreigners, traveller passports of own citizens would be cancelled. A scenario which could appear a bit exaggerated and more than dystopic but nowadays might be closer than anyone could imagine, even in some of the developed countries which steadily increasing the control over their citizens and the control mechanisms become more and more sophisticated and elaborated.
And the planned introductions of CBDC can significantly increase the danger: digital currency controlled by central banks can be programmed in different ways:
- Spending only for defined purposes and nothing else (= limitation of your purchases to allowed ones only),
- Spending only within the radius of X km from your registered address (= limitation of your freedom of movement),
- Validity only until the end of the current month or quarter (= limitation of your savings) etc. etc. etc.
Someone being caught unexpectedly in such situation and having just this country as an option would hardly be able to save himself and his family, leaving the country and going elsewhere in hope of finding a more secure life.
The smarter way would be to spread important personal points of interest across different countries and regions. This was first introduced in the last century by Harry D. Schultz in his Three Flags Theory. The flags mark different areas of your life and different countries where you can exercise them. You put your flags or plant your seeds in those countries. It suggested that everyone should have a second passport/ citizenship, an address in a second country and their assets outside of their home country.
The idea was later expanded to Five Flags Theory adding the country where the money is earned and the country for recreation.
In the meantime, the Flag Theory is very common between digital nomads, expats, libertarians and other groups looking for individual freedom and liberty. Some of influencers and consultants in social media increase the number of flags even further. But actually, it does not matter how many flags you can identify for yourself. On top of the above, it could be education of your children, insurances, medical treatments, driving licenses, retirement and much more. More important is, that you secure your life by not putting all eggs into one basket or – in other words – not keeping your whole life into one country.
And our today’s world offers a lot of opportunities to optimize your life, making it more international and more secure at the same time. Even if you have the center of your interests in your home country, it is not illegal per se to open bank accounts in other countries, to invest in other countries, to have a permanent residency or a second (third, fourth…) citizenship in other countries, to store your wealth in different countries, to have your companies in different countries, to get your revenues from different countries and to have your housing in different countries.
As an example, you can have a European citizenship, but at the same time get a permanent residency in Paraguay, Panama, Philippines or other countries, have a second passport from Vanuatu, Nauru or quite few Caribbean islands, maintain your company in the USA, UAE, on Cyprus or elsewhere, invest into real estate in Dubai, have bank accounts in Georgia, Philippines, Germany or other countries, store your precious metals in Switzerland or Singapore and use your credit cards issued by banks in the USA.
Having done such or similar setup, it would be easier for you to avoid any traps appearing suddenly in your home country, as your means will not be locked in if anything negative would happen there. You would still have access at least to a bigger part of your wealth stored in other countries and your passports and residencies will open doors to your personal security elsewhere if you get into a situation that the home country would not be secure anymore and would not allow its own citizens to leave the country.
The portfolio of Singabiz is perfectly well developed to serve customers looking for internationalization of their lives. We can assist you with company incorporations in many different jurisdictions in the world, you can get permanent residencies and citizenships, find suitable ways of investments and asset protection. And all this – from one single point of contact. And on top – Singabiz can also assist you to efficiently travel between your destinations by providing consultations which can significantly optimize your travel experience.
If you plan to optimize your life based on the Flag Theory, do not hesitate to contact us and one of Singabiz® representatives will be glad to assist you.
