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Hey guys, I will get right to the point. Lets just say that due to certain circumstances I may be inheriting a lot wealth in the next few months. If you guys where to come across some wealth (in the millions) where would you guys move to? What would you do with it? As it is now, If everything goes according to plan I am Highly thinking about moving to Europe. Particularly, getting Austrian Citizenship (they actually have a investors citizenship program) which would allow me to get a EU passport so I can travel throughout the EU. I'm also considering getting a Ukraine investors permanent residence visa (only have to invest 100k). I mainly considering Europe because I would have a greater pool of available women and I wouldn't have to worry too much about Visas too much after I get the EU passport. I do know for certain though I will most likely not take up residence in any of the PIIGS because I see them either (A) getting kicked out the EU sooner or later, or (2) them not getting their fiscal houses in order anytime soon (correct me if I'm wrong). Finally, would there be any places you guys would go in particular inside the EU (or even outside). Are there any places you guys could suggest where the people are generally very intellectual and actually able to think critically?
Thanks in advance,
As for a 2nd passport, any country with a lot of visa-free travel is the best option. I'd assume that Austria's a good fit there, however, if you're not planning on living in Austria long term, a British passport may be better, if you want to be an ex-pat, living throughout Europe and the world. The British have a history of an overseas diaspora, due to the Empire, and they don't tax non-resident British. This is what American billionaire, John Templeton, did when he decided to leave the USA. He later renounced his American citizenship and lived in the Bahamas and thus, didn't owe either Uncle Sam or the Queen on any newly generated income. He would later visit his businesses and family in the US, as a business tourist than as a native, kinda cool if you ask me The UK embassy in Nassau provided all the ex-pat services he needed.
As for non-visa free travel countries like Ukraine, etc, it's probably better just to get a permanent residency and then, you're not hampered by political considerations but can live in your host country without issues.
I wasn't too impressed with the looks of Austrian women when I lived there (Innsbruck) for five months. S_Parc, Americans don't need a visa to go to Ukraine for three months.
Here's what I'm thinking of doing, with some financial resources, but far fewer than yours: getting a residency visa for Germany and living in Berlin, but spending the winter in southern France or Spain. Germany seems to be the easiest EU country to get a residency visa -- just show you've got health insurance, a place to live, and a means of making a living, such as free-lance journalist. Berlin is a hotbed of intellectual activity, as well as many other things. But the grey skies will get to you after a few months of northern Europe after the summer time. No problem -- just head south for a few months, either to Spain, where the women are the flirtiest in the world, according to a survey published here recently, or to France, which also sees itself as a citadel of the intellect. Presumably, the German residency visa allows you to travel anywhere in the Schengen Zone and stay for as long as you like.
But with your resources, you'll probably want to check out all the Euro countries, and see which one resonates the most with you.
S_parc: Well, to be honest I just wanted to get the Austrian Citizenship as a quick way to get a EU passport. Whether I wanted to stay there for long term depended on whether I like it when I spend 2 months or so there (while you wait for your citizenship to be approved they give you a short stay visa in between from my understanding). I have thought about the UK or Ireland since they have a less wait for Citizenship as well (5 year/ 3 years). I'm contemplating giving up my U.S. citizenship because of Austria's rules regarding Dual Citizenship. Generally, they don't allow dual Citizenship "but" you can petition for a exception to be made. I just wonder if its worth all the hassle to keep my U.S. Citizenship when the U.S. is the only country, from my understanding, who taxes you on your world wide income.
Gsjackson: Hey Jackson, do you know of any EU countries that are kind of like Spain, weather wise? I heard most of Spain gets beautiful weather most of the year around. France sounds interesting and I have looked up places there to possibly live. As for Germany, I have heard from people who have lived there (for months or years) that Germans can be pretty rude to people they don't know personally, can you confirm this?
I most definitely will move around and travel the whole EU. Specific places I have on my list are Luxembourg, Spain, and France for sure.
Sure, Americans have visa free travel, however, if one gets a 2nd passport from another visa free country, then it gives great opportunities to travel incognito & be able to function as an ex-pat w/o world taxation (it's already $86K+ exemption via our IRS but esp if one later drops the US passport) and only travels as a Britisher. I think a person, who inherits a great deal of wealth, will eventually start to earn more than $86K per annum, globetreking with his capital gains/dividends, over a long term period of trading/investing.
100K USD for a PR. That's a total rip-off. Yes, Austria is probably your best bet to buying into European citizenship. I don't know if any other countries offer an economic path. Other passports you could aquire with money (and in some cases up to 1-2 years) are Singapore, Dominica (visa free travel to most of EU and many other parts of world), St. Kitts and Nevis, and the Domican Republic. There may be more but be careful cus there's all kinds of scam outfits online trying to sell garbage.
If you are inheriting say US$2-5 mn, that will make you very comfortable in western Europe but certainly not rich. Keep in mind that being a sugar daddy there is very expensive as is whoring. OTH, if you invested the funds for a cash yield of 7-9%, and moved to a developing world country, your income alone would put you in extremely well-off category. You could gets lots of women, buy a flash condo or two, get a sports car, and have fun with few restrictions.
Rock: Yeah, I have thought about going to other parts of the world to live but it would seem like Europe has to most bang for the buck. I mean its hard to beat getting access to 27 countries with one passport. Not to mention that increases my pool of potential women. I will however spend "some" time in other parts of the world for sure though. With my soon to be net worth, in places like Columbia, Thailand, China, or the Philippines I could probably have up to 20 mistresses or more if I wanted to. To be honest though, when I first started thinking about this I wanted to move to Russia for a few years but I found out that even with the Investor visa, you still can only stay in the country for about 90 days then you have to leave the country for 90 days before you can come back (from my understanding). Too bad, I remember reading from another trend, that if you even have a little bit of substantial wealth you'll have Russian woman crawling all over you.
On a side note, after this thing goes through, I will probably head home for a couple days. I'm somewhat interested in seeing how people who use to me will react. Like some here, in high school I was the person who wasn't really popular and didn't get a whole lot of respect. I'm expecting, from the former women I use to know, that they will try to get all cuddly or what not (which I will of course decline). Could probably get any American woman I want now, but really ain't worth the investment in my opinion.
Italy and Greece would be good places to spend the winter. For a decent year-round climate, beautiful country, friendly people (with lots of English speakers) and attractive women, I recommend the coast of Croatia.
I haven't found Germans to be rude. Have heard there might be more of that in Munich than anyplace else, and I did nearly get run over on a sidewalk there by a teutonic goddess type on a bicycle. Maybe Germans can seem a bit brusque at first, especially with all the clipped consonants in their language, but it's kind of the old Europe-US dichotomy. Europeans famously regard Americans as superficially friendly but lacking substance when you get to know them and making poor friends. Europeans don't have the ready PR smile, but once you get to know them you've got a solid friend. That's the stereotype, anyway, which strikes me as about right.
As far as buying permanent Euro citizenship, you might look into Romania. I've heard it's the easiest route. But if you don't want to pony up for full citizenship, I think once you get a residency visa in Germany, it's easy enough to stay indefinitely.
In all honesty, I recommend never going home, unless you're planning some activities in your locale... for instance, the entrepreneur association at MIT/greater Boston area, that is if you're a New Englander. The reason for it is that some of the women in your former orbit, may in fact feel that you *owe them* and may attempt some frivolous lawsuits, just for the heck of it. I wouldn't put it past them.
All and all, you're well on your way to seeing how money can truly lead to happiness. Here's an idea ... have a pretend "consulting" job in London/NYC/Boston, while you're in mainland Europe. Thus, folks will see as being active and on the go. Also, it won't be completely obvious to women around that you're financially independent. Plus, if you do have some good business ideas or trading plans, you can even grow your own consultancy or hedge fund, out of the City of London, with long term possibilities w/ great tax implications.
I may be missing something but my question is where have you traveled/lived before and where did you most like? I mean I would think the advantage to having lots of money is that you should be able to live wherever you like or not live in only one place, if you wanna go from country to country for a while.
I would think that where you can get the most convenient passport is at this point secondary. You already have a pretty convenient US passport. If I had big money I'd travel, see the world, and then worry about where I wanted to put roots down. Hell, maybe I'd never pur those roots down.
As you point out for enough money, there are many places you can get a passport or an extended Visa. Unlike most of us, who must save for an occassional trip, thereby making the decision process more drawn out, you will be able to travel wherever you want and take however much time you need to make an ultimate decision.
I am in the same position. What I have done is learn how to trade stock option. Because I knew this was coming I have been working on it for several years now.
I think it would be realistic to get 5% a month more or less.
Few people will put the time and effort to learn, it will take at least a couple years to get the basics down so you have some idea how to manage risk.
With a few million you could almost do what ever you wanted to. Still you could spend it all and wind up broke, people will have no problem taking it from you. Keep it a secret.
If you did not have any income from your wealth you would still need to budget and spend time learning how to manage your wealth. For me I like being independent and not have to work the 9 to 5.
Youtube "Jim Rogers travel" he toured every country in the world, as a billionaire money was essentially no object.
This is a sample of the trading thing.
As far as women, take your pick, you have the whole world, there is no shortage
Tom, this is a great thing to do, even on the side.
And absolutely, Darth should avoid many former acquaintances from his hometown. If anything & esp the hometown AWs are the leeches who'll try to rob him blind. I don't think most strangers will be able to figure it out but homers seem to always have that angle scoped out for some reason.
If you have money, doors will open for you.
For example, if you have money and wish to live in France, you can visit your local French Consulate and apply for visa de long sÃ©jour (long-stay visa). If you wish to stay longer than 3 months you'd need to apply for carte de sÃ©jour in France. Show them that you're a mufti-millionaire, bring the required docs, and you're good to go.
If I were to win the lotto jackpot tomorrow, you'd find me at a winery in France next week.
I will be blunt - most people who come into money without prior experience with it, usually waste it all in 3 to 5 years or fewer.
Russia, Ukraine and The Baltics are known for having a strong intellectual culture. Poland as well.
Europe is an ok passport, but the EU/Euro may have some big issues so keep your money diversified out of the EU. Do not renounce that USA passport - it may come in handy.
EU as your banking passport - very important. Get a new name if you can. Get the USA off your back, permanently.
Get your EU passport first, and then when you do use ONLY that one to deposit money because all banks either 1) don't want Americans as customers due to the US Gov't being intrusive or 2) they simply won't take your business at all.
Once you get the EU passport, then put your money here:
Belize - Trust
Keep in mind that multiple currency accounts are trading brokerage accounts and are not insured locally. Keep deposits in the single local currency only to keep your amount insured.
You are about to discover that having money is a pain in the ass and that once you have it, all sorts of liars and crooks come out of the woodwork to scam you.
I strongly, STRONGLY suggest sound financial, professional advice. Pay for this. DO NOT CHEAP OUT. Do not sign over power of attorney to anyone.
3 trusts, in multiple jurisdictions, should be your first goal after you get your 2nd passport. This will assure that you keep the USA out of your wallet.
One trust for your real estate
One for your business
One for your personal possessions, auto, etc
LLC's set up to own a car, with the single member being a Trust, keeps your ownership hidden and keeps liability from taking all of your money.
Trusts and LLC's will keep you from spending it all or having it stolen.
It is SO f***ing EASY to blow through 10 million dollars. I could set up a budget for you that would spend you broke in 4 or 5 years, easily.
1) Professional Financial Advice
2) 2nd and 3rd Passports
3) Trusts AND LLC's
Keep your mouth shut and for f***s SAKE do NOT tell any woman. You are going to quickly discover that women have a 6th Sense for money and even though you don't say anything, all of these super hot gold-diggers are going to suddenly appear offering unlimited gold-plated, Playboy centrefold quality p***y.
Do not f**k them and do not get any one pregnant.
If you can dodge all of these bullets, then have a great life!
First thing is get the check and set up a trust and deposit it into several bank accounts. This trust is important to keep you from losing it all. Get yourself your living and financial expenses for the current year in your existing checking account. Put the rest in several banks, in very short term CD's. These can be USA banks, but try to legally diversify as soon as you can so that you have your money in several nations.
Once you get your financial team in place, then you can begin to move the money with your 2nd and 3rd passports.
Keep in mind that while your money is loose like this that if you do anything, all of it can be sued from underneath you.
In the USA people can make a living suing the rich for bullshit. Since you have to spend time and money to defend yourself, you will rather settle and get the matter off your mind. Your new wealth will be a matter of public record. Expect lawsuits, gold-diggers and scammers from the first day.
PM if you want to discuss this more.