Global Migration of Millionaires. Can Bitcoin change this scenario?

[Wayan_Pedjeng]

Moving from one country to the other has become very easy nowadays. So the super-rich easily moves from countries with high levels of taxation to those countries where the tax slabs are lower. After a certain threshold, the rich people would be looking to maintain their wealth, rather than to increase it. For such people, off shore tax heavens may look attractive.

[1715069671]

1715069671

[countryfree]

I wonder where's the data is coming from.
The people like me who travel all the time, or the people who moved to another country, most often, keep quiet about it.

The data is from here:
https://e.issuu.com/embed.html?u=newworldwealth&d=gwmr_2019

And no, you can't really keep quiet when you change citizenship, those are not expats living abroad, those are people that moved entirely and in most cases for good, besides, the data shows HNWI that were already in their database, people who have not kept a low profile even when they were not thinking of moving out. A lot of companies deal with this kind of data, especially luxury brands and realtors, once a multi-million dollar property changes hand the whole industry knows.

Interesting data, thanks. But much incomplete. They talk of London and NYC are prime cities to relocate, I'm used to see people from those 2 cities leaving for good...
I don't see many people changing citizenship. In Monaco or Switzerland, there are thousands of foreigners living there. They will never go back to their past home, but they don't need local citizenship. The people I see looking for another citizenship are those from a shitty African country. They want a better passport to travel.

[cryptoboss2020]

i think we will see ATH and biggest winners will be ones who hold most of the btc.
this is offcourse if we see the ATH .

[Vishnu.Reang]

Interesting data, thanks. But much incomplete. They talk of London and NYC are prime cities to relocate, I'm used to see people from those 2 cities leaving for good...
I don't see many people changing citizenship. In Monaco or Switzerland, there are thousands of foreigners living there. They will never go back to their past home, but they don't need local citizenship. The people I see looking for another citizenship are those from a shitty African country. They want a better passport to travel.

Passports are expensive. So most of them opt for residence permits, which may come cheaply. For example, if you want EU citizenship then you can purchase passports from Cyprus (€2 million+), Bulgaria (€1 million) or Malta (€1.1 million). But a much cheaper option would be to get a residence permit. For example, Latvia will give you a residence permit, if you are ready to invest just €100,000. With this permit, you can travel freely in the Schengen area. Similar permits are available from dozens of nations, including Spain (€500,000), Switzerland (€1 million), Italy (€500,000).etc.

BTW, if you want the cheapest option, you can opt for the Thailand Elite Residence Visa. It will cost you THB 500,000 ($15,800). A 20-year visa is also available for around THB 2 million ($64,000).

[coinfinger]

Lol, if you’re living in a country that wants to take all your years of hard work from you and leave you empty handed, you will be left with no other option than to leave that country and look for a better country that’s going to benefit you.

Countries that are being repressive really don’t know what they are doing, it’s very wrong to be doing such thing and chasing all the rich guys in the country to move to another place. If these millionaires move to another country, they are moving their business with them and that means that there will be increase in unemployment, and the country will be losing.

[Reatim]

Lol, if you’re living in a country that wants to take all your years of hard work from you and leave you empty handed, you will be left with no other option than to leave that country and look for a better country that’s going to benefit you.

That's nature with human behaviors, they won't allow things to happened so before it might be implemented they will move
away and find comforts from other places to continue living a comfortable life.

Countries that are being repressive really don’t know what they are doing, it’s very wrong to be doing such thing and chasing all the rich guys in the country to move to another place.

We are now more civilized and by doing this you those leaders are not thinking or caring for what will be the possible effects
of this kind of acts.

If these millionaires move to another country, they are moving their business with them and that means that there will be increase in unemployment, and the country will be losing.

Though sometimes political leaders also needs to stand against those billionaires who are controlling the economy of the
country, but not to the point to go this far.

[MCobian]

I don't know whether the data regarding millionaire migration in the opening post can be trusted or not, if that data is true
it is surprising that the Chinese state with a strong economy can occur many millionaires leaving the country. Possible Chinese
government imposes a hefty tax on millionaires in China. So the rich in China feel the government is stealing their money, then
they decide to migrate to countries that have lower taxes. I think Bitcoin is too risky to store large amounts of money, because
the price of Bitcoin is volatile and by moving it into Bitcoin is not the best solution.

[Vishnu.Reang]

I don't know whether the data regarding millionaire migration in the opening post can be trusted or not, if that data is true
it is surprising that the Chinese state with a strong economy can occur many millionaires leaving the country. Possible Chinese
government imposes a hefty tax on millionaires in China. So the rich in China feel the government is stealing their money, then
they decide to migrate to countries that have lower taxes. I think Bitcoin is too risky to store large amounts of money, because
the price of Bitcoin is volatile and by moving it into Bitcoin is not the best solution.

Not all of the Chinese nouveau riche have earned their wealth in legal methods. A number of them are gang leaders and smugglers. These people doesn't feel safe in China, as the authorities can arrest them anytime. And countries such as Dominica and Antigua where such people purchase citizenship are actually concerned that the new citizens may include at least some, who have questionable backgrounds.

[Mauser]

I don't know whether the data regarding millionaire migration in the opening post can be trusted or not, if that data is true
it is surprising that the Chinese state with a strong economy can occur many millionaires leaving the country. Possible Chinese
government imposes a hefty tax on millionaires in China. So the rich in China feel the government is stealing their money, then
they decide to migrate to countries that have lower taxes. I think Bitcoin is too risky to store large amounts of money, because
the price of Bitcoin is volatile and by moving it into Bitcoin is not the best solution.

Also the Yuan is still controlled by government and not trading freely which makes chinese millionaires who have all their wealth lagging behind in comparison to other FIAT currencies. The chinese government doesn't want their currency to appreciate so they will keep it low. Which makes it very interesting to invest outside of China. All around the world rich chinese investors are buying land, apartments and houses in so many different countries. For example in an apartment complex here in Germany half of the apartments where sold to Chinese investors, without them ever seeing the apartment in person. They don't even live here or plan on moving here. The apartments also won't be rented out, they are just empty. It's a storage of value for them in a different currency. Since you won't get any interest from the banks you it's better to just buy real estate because it will likely keep their value or even go up.

[DarkDays]

Very interesting infographic, strange to see such a gigantic exodus of millionaires from Turkey in particular—must be due to the incredibly high levels of government corruption there.

Still, even with China loosing 15,000 millionaires per year (I assume the infographic is measuring outflow by year), that's an incredibly tiny fraction of its millionaire-base. I doubt it is adversely affecting the country that much, and since it doesn't show how many new millionaires it gained, it's hard to see if it is net negative.

I don't know why people are heading to America. As far as I'm concerned, the country is on its last legs and is practically a third world country with first world problems. I mean, no universal healthcare?! People dying because they can't afford their damn insulin and anti-cancer medications? That doesn't sound like the greatest country in the world to me.

[bitmover]

I don't know why people are heading to America. As far as I'm concerned, the country is on its last legs and is practically a third world country with first world problems. I mean, no universal healthcare?! People dying because they can't afford their damn insulin and anti-cancer medications? That doesn't sound like the greatest country in the world to me.

"last legs'?
Half of the world money is in the US.
SP500 (the top 500 companies in US) currently are worth about 50% of world's capitalization (it shows 34% in this graphic, but it may be using different calculation, i know it is about 50%).


https://visual.ly/community/Infographics/economy/top-10-countries-world-stock-market-capitalization

A place where we have silicon valley, where basically all of the world new technologies in the past 20 years where born. Google, Amazon, Apple, and so on... TOp universities, like stanford etc..

They do not have as nearly the problem as any third world country. Millionaires all over the world are migrating to America because it is a free country.

Universal health care, for example, most of third world country have. You have universal health care in Brazil and Cuba. But millionaries are fleeing away from brazil to get treatment in US when they have health problems.

Universal health care, uuniversal incoming for everyone without any job, etc etc, and all those well fare state benefits aren't necessarily good for the economy.
 There is a lot of controversy about that, and often the countries which implement those benefits get broke in a few decades (ofc there are exceptions, and some countries can afford to pay that, but the majority fail)

For example, when you give all those benefits for people who do not work, you are giving incentives for them to keep not work and just parasitizing who does. This is exactly brazil case, where 25% of the population receive money from the government and do not work.

[countryfree]

Interesting data, thanks. But much incomplete. They talk of London and NYC are prime cities to relocate, I'm used to see people from those 2 cities leaving for good...
I don't see many people changing citizenship. In Monaco or Switzerland, there are thousands of foreigners living there. They will never go back to their past home, but they don't need local citizenship. The people I see looking for another citizenship are those from a shitty African country. They want a better passport to travel.

Passports are expensive. So most of them opt for residence permits, which may come cheaply. For example, if you want EU citizenship then you can purchase passports from Cyprus (€2 million+), Bulgaria (€1 million) or Malta (€1.1 million). But a much cheaper option would be to get a residence permit. For example, Latvia will give you a residence permit, if you are ready to invest just €100,000. With this permit, you can travel freely in the Schengen area. Similar permits are available from dozens of nations, including Spain (€500,000), Switzerland (€1 million), Italy (€500,000).etc.

BTW, if you want the cheapest option, you can opt for the Thailand Elite Residence Visa. It will cost you THB 500,000 ($15,800). A 20-year visa is also available for around THB 2 million ($64,000).

Again, that's a huge waste of money.
You don't need a residence permit. I've helped people buying houses in the Schengen area, all they had was a tourist visa (3 months), and everything was fine. Those people travel all the time, they'll get another visa when they'll come back.

[atjiat]

Interesting data, thanks. But much incomplete. They talk of London and NYC are prime cities to relocate, I'm used to see people from those 2 cities leaving for good...
I don't see many people changing citizenship. In Monaco or Switzerland, there are thousands of foreigners living there. They will never go back to their past home, but they don't need local citizenship. The people I see looking for another citizenship are those from a shitty African country. They want a better passport to travel.

Passports are expensive. So most of them opt for residence permits, which may come cheaply. For example, if you want EU citizenship then you can purchase passports from Cyprus (€2 million+), Bulgaria (€1 million) or Malta (€1.1 million). But a much cheaper option would be to get a residence permit. For example, Latvia will give you a residence permit, if you are ready to invest just €100,000. With this permit, you can travel freely in the Schengen area. Similar permits are available from dozens of nations, including Spain (€500,000), Switzerland (€1 million), Italy (€500,000).etc.

BTW, if you want the cheapest option, you can opt for the Thailand Elite Residence Visa. It will cost you THB 500,000 ($15,800). A 20-year visa is also available for around THB 2 million ($64,000).

Again, that's a huge waste of money.
You don't need a residence permit. I've helped people buying houses in the Schengen area, all they had was a tourist visa (3 months), and everything was fine. Those people travel all the time, they'll get another visa when they'll come back.

I suppose when it comes to millionaires, there are no questions of value for them. At least in my country, almost all millionaires have dual citizenship, while hiding basic information, since dual citizenship is prohibited in my country. Nevertheless, millionaires will never skimp for their safety, especially when buying citizenship in the Schengen area.

[cabron]

Interesting data, thanks. But much incomplete. They talk of London and NYC are prime cities to relocate, I'm used to see people from those 2 cities leaving for good...
I don't see many people changing citizenship. In Monaco or Switzerland, there are thousands of foreigners living there. They will never go back to their past home, but they don't need local citizenship. The people I see looking for another citizenship are those from a shitty African country. They want a better passport to travel.

Passports are expensive. So most of them opt for residence permits, which may come cheaply. For example, if you want EU citizenship then you can purchase passports from Cyprus (€2 million+), Bulgaria (€1 million) or Malta (€1.1 million). But a much cheaper option would be to get a residence permit. For example, Latvia will give you a residence permit, if you are ready to invest just €100,000. With this permit, you can travel freely in the Schengen area. Similar permits are available from dozens of nations, including Spain (€500,000), Switzerland (€1 million), Italy (€500,000).etc.

BTW, if you want the cheapest option, you can opt for the Thailand Elite Residence Visa. It will cost you THB 500,000 ($15,800). A 20-year visa is also available for around THB 2 million ($64,000).

Again, that's a huge waste of money.
You don't need a residence permit. I've helped people buying houses in the Schengen area, all they had was a tourist visa (3 months), and everything was fine. Those people travel all the time, they'll get another visa when they'll come back.

A tourist from oher country (alien) can own a property 100% in that Schengen area?

That would be a good place to go if only that place would be a peaceful palce to raise a kid. I always wanted to move somewhere and start fresh without the judging eyes of my neighbors and in laws passing all the time my house.  Thailand is a good warn place than Schengen that is why they consider residential visa.

[TrevorS]

In many dictatorial countries, millionaires and billionaires are the ones who really rule the country and have a great influence on the heads of state, because it is often the money of these people that brought others to power.
However, I agree with you that all people strive for where they have more freedom. A person always wants to break the shackles or get out of the cage in which they are trying to keep him by force.
Therefore, any dictatorship is doomed. The opposition always becomes the current government in the future, as it strives for freedom.
Bitcoin is an excellent example of how a tool that increases the level of human freedom is gaining more and more popularity amid various restrictions and attempts to restrict it among classical systems.

[cabron]

Therefore, any dictatorship is doomed.

Not all. Gadaffi and Saddam managed their country good but then the outside entities like the US are trying to invade these countries. For that to be possible they need to destroy the strong man of the country and misrepresent them like they are the villain to their people.

Look what they are today after Saddam and Gadaffi. It's becoming worse, their country was once strong in terms of economics and military, now they are just peony.  The liberals are doing it again to China.

[AmoreJaz]

In many dictatorial countries, millionaires and billionaires are the ones who really rule the country and have a great influence on the heads of state, because it is often the money of these people that brought others to power.
However, I agree with you that all people strive for where they have more freedom. A person always wants to break the shackles or get out of the cage in which they are trying to keep him by force.
Therefore, any dictatorship is doomed. The opposition always becomes the current government in the future, as it strives for freedom.
Bitcoin is an excellent example of how a tool that increases the level of human freedom is gaining more and more popularity amid various restrictions and attempts to restrict it among classical systems.

and that is why it is no surprise why a lot of these elite people are secretly stashing bitcoin. and they can very well do that without alerting anyone, thats the benefit of crypto. however converting it back to fiat may require identities, but right now, i dont think that is their concern.
but i agree from the above point that many dictatorial countries are influenced by these oligarchs. and i guess we are talking a lot of countries on that effect!