Why you need to diversify your passport portfolio (as an EU citizen)

I have been talking about why I think an EU citizenship is not as appealing as it used to be.

In fact, if you are a high-net-worth individual and you only have an EU passport, you're most likely taking a massive risk in your wealth planning strategy.

Let me explain:

Europe de-industrialized and blew up the economy. Now, EU countries are bankrupt and preparing for asset seizure. Central banks are insolvent. This is how they bail them out:

First, they printed trillions and told you inflation was transitory.

Now, they're taxing billions and telling you taxes are transitory!

Don't believe me?

Wealth tax spreading among European countries.

France just announced new tax hikes. But don't worry: they only target the rich. The problem is, with inflation, the real wealth required to be rich is lower and lower every year. Soon, everybody will be wealthy. At least wealthy enough to pay wealth taxes.

Norway raised wealth taxes to bring an additional $146M in yearly tax revenue. Instead, individuals worth $54B left the country, leading to a loss of $594M in yearly wealth tax revenue. A net decrease of $448M.

Spain just recorded 1,000 fewer high-net-worth taxpayers — the first negative millionaire migration since the country imposed a tax on wealth. Thousands of millionaires are leaving while (coincidentally) tax pressure is at all-time highs.

When voice is no longer an option, exit...

Preventing high-net-worth individuals from leaving: exit tax.

In the UK, millionaires and billionaires are escaping as fast as they can. Just in 2023, the UK lost around 12,500 high-net-worth individuals (HNWls). 9,500 more are expected to leave in 2024.

The proposed solution? An exit tax for citizens leaving the country!

The Netherlands also proposed an exit tax for citizens leaving the country.