It's hard to see the challenges of other countries.
Cos we are coddled in our ivory tower. Singapore is pretty cushy for most of us.
Ever wonder why HK-ers have dual passports?
Why many rich people have multiple bank accounts and properties overseas? AND a couple of citizenships?
Someone may have a lot of properties in SG, people may deem him wealthy.
But IF, there's any big issues with our border neighbours, he's going to have a hard time running with his wealth. Furthermore, if there's any big issue, then SGD is probably worth less as well.
Worth less, may not be worthless.
I suppose a lot of us aren't bothered by many things that happen in the world.
Not in our backyard right?
We live in sunny Singapore. Always stable and happy.
And yet, we are just barely 55 years young.
Folks who believe in long term passive investments, might buy S&P regularly.
Which is fine, if stocks are always above the average purchase price.
But what if there is a significant extended downturn?
Sure, it will likely eventually recover, but what if before it recovers, money is urgently required?
Where are your stocks custodied? CDP? DBS?
I mean, sure we are comfortable in SG.
I'm comfortable in SG.
And yet I wonder, I ask myself. Is that safe?
We won't know what's going to happen to SG in the next 60 years.
Would it be more prudent to have assets in multiple places. Not just diversify the investments.
But also diversify, the custody of the investments.
The more peace we have, the more complacent we are.
We don't think anything can go wrong.
And maybe it won't.
But hey?! That's what insurance is about right?
Of course most of us don't have enough assets to make this worth it.
I mean, think about opening multiple bank accounts and investment accounts overseas and maintaining and managing them. The hassle itself is a turn off.
Not to mention most overseas banks aren't as efficient as SG banks.
But I do think about it.
Being globally secure.
Having assets available in a couple of countries just in case.
The question is which country/countries, and the tax implications and how to manage them easily and efficiently.
<<PREVIOUS POST // NEXT POST>>
Did you like this post? If so, could you "blanjah" me 1/4 cup of my morning coffee pls.
You may also consider subscribing to receive the articles in your email, link in the column on the right.