BRIAN DOBBIN, FOUNDER
This is not the first time we’ve seen a pandemic sweep across the world, but the interconnectivity we enjoy today has made this unlike anything in history. What happens as we start to relax the global lockdown we are experiencing?
Weighing most heavily on everyone’s mind is likely the economy and how it responds to the rapid freeze-up that has happened over the last months. The losses of jobs and stock equity in the US alone over the 30+ months of the great financial crisis a decade ago was replicated in just three weeks this March.
And like that crisis, the major central banks and world’s reserve currencies have turned back to Quantitative Easing as a solution. We have experienced the effects of this wealth creation in Citizens International over the last decade, and have seen the unprecedented economic migration it has spurred on.
Some other symptoms of this pandemic did not occur in the last financial crisis – complete disruption of the travel industry and the pancaking of oil pricing being just two – and these two complications add more fuel to a fire of uncertainty.
In particular, those who find themselves in autocratic jurisdictions face the specter of more loss of liberty. Crisis of this scale exposes poor governance and institutional corruption, and large portions of government income being affected by this new reality in these circumstances can only cause instability in the populace as economies and social programs are impacted.
If you have ever thought of migrating economically or physically to the west, there are a lot more reasons to do it now. The single biggest reason is rule of law, not just for the safety of you and your family, but also for your wealth. Without rule of law, what appears to be a safe haven is really a money trap.
Those whom had their bank accounts emptied by the Cypriot government of billions of dollars in 2013 can attest to that, and in the last year, we have seen some very troubling happenings in Dubai and the UAE that have also reminded us how important rule of law is.
Dubai has been the destination over the last two decades for enormous fortune coming from surrounding regions, but getting that money out can prove to be a lot harder than bringing it in. We have witnessed this jurisdiction using the central bank (CBUAE) as a chokepoint for international transfers trying to leave the jurisdiction.
As international transactions need to be approved by CBUAE, some have been held on very flimsy grounds. Fighting these machinations as a private individual can prove very costly, as the questioning of bank account activity going back years then leads to hearings and finally exorbitant fines designed to make it cheaper to keep money in a losing economy than move it out.
Although there are many good stories about people investing in the UAE and making excellent returns in the real estate market these last years have not been kind, and gains made become much less when the resulting wealth is trapped in an autocratic regime. When considering where to migrate economically and/or personally, it is critical that one considers rule of law.
Citizens International has investment, citizenship, and banking solutions that span North America, Western Europe, and the tax advantageous nations of the Caribbean. We like places that are based on British Civil Law and which have stable parliamentary democracies, or in the case of the United States a constitution and checks and balances – even with a Trump presidency.
Citizens International was created over a decade ago by partners whom invested in these routes and shelters themselves, and whom have enjoyed the freedoms and rewards derived by that for some time. It is our pleasure to arrange a private video conference with one of the company partners or international directors to discuss these potential solutions for protecting your family and your wealth.
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