{"id":5034,"date":"2012-05-31T15:10:11","date_gmt":"2012-05-31T20:10:11","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=5034"},"modified":"2012-06-02T09:11:54","modified_gmt":"2012-06-02T14:11:54","slug":"the-mass-migration-of-the-super-rich","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/the-mass-migration-of-the-super-rich\/","title":{"rendered":"The Mass Migration of the Super-Rich and Not So Rich"},"content":{"rendered":"<p><a href=\"https:\/\/plus.google.com\/photos\/107568131307386112998\/albums\/5382192155204094033\/5382192168067910338\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5046\" title=\"super rich\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/super-rich.jpg\" alt=\"\" width=\"513\" height=\"342\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/super-rich.jpg 513w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/super-rich-300x200.jpg 300w\" sizes=\"auto, (max-width: 513px) 100vw, 513px\" \/><\/a><\/p>\n<p>While it is no secret that the super rich have been on the move recently to protect life, liberty and the pursuit of happiness, a lot more not so rich people have also chosen to take a step across the border.\u00a0 Call it fear, greed, high anxiety or whatever, the goal is to protect ones family and ones wealth whatever size that may be from the storm brewing in the world today.\u00a0 My choice was Panama.\u00a0 I am one of those not so rich people who wanted a fuller life and to not outlive my money.\u00a0 I took great care in deciding to move here and as to exactly where to settle back in 2006 when I saw the problems that were coming.\u00a0 Boquete is a great place to weather the storm that is brewing once again and I am afraid that it may make 2008 look like a cake walk.\u00a0\u00a0 If you do not think that there will be more turmoil in the the US and Europe and have made no plans for an alternative safe haven, I suggest that you look around real carefully at current events.\u00a0 The 10 year T-Bill rates hit historic lows this week as investors were satisfied with a negative return just to have safety and liquidity while leading economic indicators suggest that rates are positioned to rise significantly over the next several years, do I hear the word inflation? \u00a0 Europe continues to struggle financially and the Euro may implode which will end up having a huge negative impact in the US. \u00a0\u00a0 In August the US could get downgraded which could force rates up even higher and more&#8230;<\/p>\n<p>While I will not delve deeper into the economic situation that we are in right now, I am afraid that any hope of turning things around have long past and certainly nothing will happen this year with the elections coming up so tighten your seat belt, we are in for a bumpy ride.<\/p>\n<p>OK, just one more thing.\u00a0 Quantitative easing has always fascinated me.\u00a0 If you are still unsure of what that is, take a moment and watch this.\u00a0 Funny but also very sad.\u00a0 Click on the picture to watch.<\/p>\n<p><a href=\"http:\/\/www.youtube.com\/watch?v=PTUY16CkS-k\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-medium wp-image-5060\" title=\"Quantative Easing\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/Quantative-Easing-300x185.jpg\" alt=\"\" width=\"300\" height=\"185\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/Quantative-Easing-300x185.jpg 300w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/Quantative-Easing.jpg 639w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>Here is the article from CNBC<\/p>\n<p>The global rich are on the move.<\/p>\n<p>Whether  it\u2019s wealthy French or Americans fleeing the prospect of higher taxes  or wealthy Russians and Chinese trying to escape political uncertainty,  millionaires and billionaires around the world are migrating like never  before, according to government statistics and relocation experts.<br \/>\n\u201cThere is a sudden awakening among the wealthy that they\u2019re no longer bound to a certain country,\u201d said <strong><strong><strong>David Lesperance<\/strong><\/strong><\/strong>,  a Toronto-based attorney who specializes in relocating the rich. \u201cAfter  the recession and other recent events, they realize they need to get  themselves in better fiscal shape. For the wealthy, the idea of moving  has changed from something that\u2019s interesting or exotic to something  they feel they really need to do.\u201d<\/p>\n<p>The  number of Americans seeking to renounce their citizenship surged to  more than 1,700 last year, more than twice the rate of 2009, according  to U.S. <strong><strong><strong>Treasury data<\/strong><\/strong><\/strong> compiled by Andrew Mitchel, the international tax attorney. Among them was Eduardo Saverin, the Facebook (FB\u00a0 \t\t28.20)\u00a0\u00a0 billionaire who famously moved to Singapore before giving up his  citizenship late last year. This year, 460 people expatriated in the  first quarter alone.<\/p>\n<div><strong><br \/>\n<strong><strong>Robert Frank<\/strong><\/strong><br \/>\n<\/strong>CNBC Reporter<br \/>\n&amp; Editor<\/div>\n<p>In France<img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/media.cnbc.com\/i\/CNBC\/Components\/Images\/spacer.gif\" border=\"0\" alt=\"\" hspace=\"0\" vspace=\"0\" width=\"10\" height=\"70\" align=\"Left\" \/>, the wealthy are eying Switzerland, Britain and Singapore as <strong><strong><strong>possible escapes<\/strong><\/strong><\/strong> from President Francois Hollande\u2019s proposed 75 percent tax on income  exceeding 1 million euros. Switzerland had 5,445 people in the <em>forfait<\/em> system \u2013 which allows foreigners to immigrate through a special tax  treatment &#8212; at the end of 2010; more than 33 percent of those are  French, according to a Bloomberg report.<\/p>\n<p>Some rich French are also seeking to leave what they perceive as a growing hostility toward the rich in France.<\/p>\n<p>Meanwhile,  the newly rich people in several emerging markets \u2013 Russia, China or  Brazil \u2013 are looking to come to better protect their wealth or families.  The combination of slowing growth, political uncertainty and volatile  markets at home has lured some of the newly rich around the world to  move to Britain or the United States.<\/p>\n<p>Wealthy  Russians are moving to London is such large numbers that local  commentators have coined the term \u201cLondongrad.\u201d\u00a0 Roman Abramovich, the  Russian multi-billionaire who owns the Chelsea Football Club is the  highest-profile rich Russian in Britain, but he is only one of ten  Russian billionaires living there, while an estimated 1,000 Russian  millionaires <strong><strong><strong>now call London home<\/strong><\/strong><\/strong>.<\/p>\n<p>Attorneys  and real-estate agents in London who deal with the Russian rich say  their clients are attracted to the stability and refined culture of  London, as well as the relative safety. After the tumultuous  presidential elections last year, wealthy Russians are increasingly  nervous about the country\u2019s political stability and their own fortunes,  experts say.<\/p>\n<div id=\"playerIFRAMEVid\">\n<div>\n<div>\n<p><a href=\"http:\/\/video.cnbc.com\/gallery\/?video=3000092935\" target=\"_blank\"><img decoding=\"async\" src=\"http:\/\/thumbnails.cnbc.com\/VCPS\/Y2012\/M05D29\/3000092935\/3ED1-PL-WheretheRich.jpg\" alt=\"\" \/><\/a><\/p>\n<p><a> <\/a><a><\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n<p>Meanwhile,  Chinese millionaires and billionaires are flocking to the United States  in record numbers. More than two thousand Chinese citizens sought to  immigrate to the United States in 2011 through the so-called \u201cinvestor  visa.\u201d That\u2019s more than twice the number in 2010. The program allows  foreigners and their families to receive permanent U.S. residency for an  investment of $500,000 or more (or in some cases $1 million or more)  that also creates a minimum number of jobs.<\/p>\n<p>The  impacts of all these new migratory patterns of the wealthy are still  emerging. Some economists and sociologists say the rootlessness of the  new rich could further tear the fabric of countries and communities,  since the wealthy won\u2019t be as grounded in local charities, workers or  businesses. It could also lead to an arms race in tax policy, with  locales like Singapore and St. Kitts offering generous income-tax and  capital-gains rates to attract wealthy spenders and taxpayers.<\/p>\n<p>Yet  others say the rich are simply following the new rule of capital \u2013  money will move where it\u2019s treated best. Technology has allowed the rich  to run their businesses and investments from anywhere in the world. And  while taxes play a role in the decision, relocation experts say  culture, education and climate also play roles among the rich. He said  some of the U.S. rich are looking to Britain and Switzerland as well as  other larger countries in Europe that don\u2019t necessarily have the lowest  tax rates.<\/p>\n<p>\u201cIt\u2019s  not just about taxes,\u201d Mr. Lesperance said. \u201cThey\u2019re not necessarily  moving to small islands anymore. They want to go where they can  replicate their lifestyle, run their businesses, educate their children  and eat at great restaurants and enjoy the culture. They don\u2019t want to  be on an island where you say, \u201cWell, we\u2019ve eaten at the same three  restaurants already. Now where do we go?\u2019 \u201d<\/p>\n<p>And to end the post, I bring you one of my favorite songs.<\/p>\n<p><a href=\"http:\/\/www.youtube.com\/watch?v=qwlK5b4KYfI\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5061\" title=\"billionaire\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/billionaire.jpg\" alt=\"\" width=\"452\" height=\"253\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/billionaire.jpg 636w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2012\/05\/billionaire-300x167.jpg 300w\" sizes=\"auto, (max-width: 452px) 100vw, 452px\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While it is no secret that the super rich have been on the move recently to protect life,<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[8,40,38,10,12,39,46,34,33,82,62,21,42,16,29,27,18,22,19,47,26,49,14,11,6,105,20,51,25,50,31,7,32,15,44,17,35,43,45],"class_list":["post-5034","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective","tag-azuero-penninsula","tag-beach","tag-boca-chica","tag-bocas-del-toro","tag-boquete","tag-buenaventura","tag-caribbean","tag-casco-antiguo","tag-casco-viejo","tag-coffee","tag-coffee-in-panama","tag-energy","tag-estate-homes-in-panama","tag-estate-planning","tag-exchange-property-in-panama","tag-fantasy-island","tag-foundations","tag-hydro-electric","tag-investments-in-panama","tag-island-property","tag-islands","tag-labor-in-panama","tag-legal-issues","tag-offshore-real-estate","tag-panama","tag-panama-canal","tag-panama-economics","tag-panama-hotels","tag-panama-jazz-fest","tag-panama-metro-system","tag-panama-property-exchange","tag-panama-real-estate","tag-pedasi","tag-tax-issues","tag-travel-to-panama","tag-trusts","tag-venao","tag-whale-watching","tag-what-top-do-in"],"yoast_head":"<!-- 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