Jeremy Savory, founder/CEO of Savory & Partners and Millionaire Migrant, helps clients gain self-sovereignty via geographic diversification.
When I left the U.K. at age 22, facing a 40% tax burden and limited prospects for wealth creation, I made a decision that would fundamentally alter my family’s trajectory for generations. Two decades later, having traveled to over 100 countries, secured four passports and built a government-authorized citizenship firm that has helped clients achieve similar goals, I’ve observed a profound shift in how wealth preservers view their relationship with nation-states.
With factors like escalating tensions across multiple continents and many nations facing unprecedented debt crises, the concept of financial sovereignty has gained popularity. According to the International Monetary Fund, global public debt could reach 117% of GDP by 2027.
In this climate, many entrepreneurs, investors and other high- and ultra-high-net-worth individuals (HNWIs and UHNWIs) see the traditional playbook of trusts, foundations and conventional tax planning as an insufficient strategy for the future.
The Three Pillars Of Self-Sovereign Wealth
1. Identity Transcends Borders
The conventional wisdom that citizenship is a singular, lifelong status bestowed at birth has become outdated. When I founded my company in 2010, most clients sought second passports primarily for ease of travel or basic tax planning. Today I’ve noticed UHNWIs approach citizenship as a sophisticated portfolio strategy, diversifying sovereign risk just as carefully as they diversify their investment assets.
This evolution aligns with global trends in wealth mobility. According to the CBI Index, more than 80 countries offer some sort of investment migration. In 2023, Vox reported, “About 22 countries have a legal provision in place that would allow citizenship by investment, according to Kristin Surak, a political sociologist at the London School of Economics.”
2. Quiet Luxury As A Strategy
The days of flashy displays of wealth are being replaced by quiet luxury. This same principle of discretion rather than ostentation extends to how the wealthy select their jurisdictions. Increasingly, political stability and regulatory quality have become primary selection criteria for wealth migration destinations, often outweighing pure tax considerations. In my experience, many UHNWIs are conducting sophisticated due diligence on government stability, the rule of law, banking privacy and long-term fiscal health.
Dubai’s transformation from a regional hub to a global wealth magnet exemplifies this trend, with its business-friendly regulations, zero personal taxation and strategic neutrality attracting capital inflows. The UAE’s foreign direct investment reached $30.688 billion in 2023 according to UN Trade and Development figures, reflecting its growing appeal to international investors. The welcome mats of other previously overlooked jurisdictions are also seeing an increase in interest.
3. Asset Protection Through Jurisdictional Diversification
The third element of self-sovereignty requires completely reimagining how assets are held and structured. That could mean physical gold secured in Austrian vaults, strategically distributed real estate portfolios across multiple jurisdictions and banking relationships in places like Panama, Georgia and Monaco.
Luxembourg’s position as a global financial center is buttressed by the country’s robust fund administration and private banking sectors. Elsewhere, Singapore’s progressive digital banking framework (automatic download) appeals to HNWIs.
It’s important to note that individuals are still subject to local taxes. This strategy aims to minimize potential tax liability. This approach isn’t tax evasion—it’s legitimate tax avoidance through careful planning and legal migration. More importantly, it can provide insurance against political instability, currency devaluation and other fiscal measures.
The key legal distinctions are critical: Tax avoidance involves legally arranging affairs to minimize tax liability within the law, while tax evasion is the illegal non-payment of taxes owed.
Understanding The Risks
While geographic diversification offers significant benefits, it’s essential to understand the challenges and potential drawbacks:
1. Compliance Complexity
Managing obligations across multiple jurisdictions can be overwhelming. The OECD’s Automatic Exchange of Information framework now includes over 100 jurisdictions, meaning financial information is shared between tax authorities globally. This transparency requires meticulous record-keeping for proper compliance.
2. Exit Taxes And Hidden Costs
Many countries impose departure levies. Under U.S. tax law, for example, individuals who renounce their citizenship and meet certain wealth thresholds face an exit tax on unrealized capital gains, as if they had sold their assets the day before expatriation. Canada’s departure tax treats emigration as a deemed disposition of assets, potentially triggering substantial capital gains taxes.
3. Regulatory Volatility
Immigration and tax policies can change rapidly, as shown by the European Union’s recent move to ban golden passport programs. What seems like a stable, welcoming jurisdiction today may implement restrictive policies tomorrow.
4. Personal And Family Considerations
Beyond financial implications, relocation affects family dynamics, children’s education, healthcare access and social connections.
Protecting Legacy Wealth In An Age Of Fiscal Uncertainty
Some governments are already considering moving beyond income taxation to target accumulated wealth. The recent implementation of global financial reporting standards has eliminated many traditional privacy protections, and digital currencies are accelerating governments’ ability to monitor and control capital flows.
My company’s data reveals interesting patterns in this migration. The majority of our HNWI clients originate from five countries: India (25%), China (20%), Nigeria (20%), the U.K. (18%) and France (5%). Portugal has emerged as the leading destination, attracting 64% of our relocating clients, followed by the UAE at 24% and Malta at 12%.
Following the U.K.’s 2024 Autumn Budget announcement abolishing the non-dom regime, we experienced a 60% surge in inquiries from British residents. Similarly, after the recent U.S. election results, American client inquiries increased by 40%, with primary interest in Canada, Portugal and Japan.
In the 20th century, wealth was primarily created through commercial innovation. In the 21st century, preserving that wealth may require equivalent innovation in sovereign identity and global positioning. Many UHNWIs will distinguish themselves not just by what they earn but by their ability to preserve it across generations through strategic mobility. However, this requires careful planning, full legal compliance and a clear understanding of both benefits and challenges.
Those who adapt, while carefully navigating the complex legal and personal considerations, could thrive in the decades ahead.
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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