Diversifying In 2018: Where I’ll Be Planting My Flags (And Why)

Already we’re at the end of the first month of this New Year.

What flags are on your resolutions list for planting in 2018?

At the top of my personal agenda this year is finalizing my Dominican Republic naturalization.

The process was delayed in 2017… sometimes by my schedule and once by the government. In theory, my citizenship is ready and I just have to get to the DR to finalize the paperwork… which includes renewing my residency card.

If not before, I’ll get to Santo Domingo to take care of this in July. That’s when I’ll be in town for my Offshore Summit.

Many readers have written since I first began talking about my interest in obtaining a Dominican Republic passport to ask why. I already hold two passports, both of which are much better travel documents.

One reason I decided to go for third citizenship in the DR is my standing and overriding commitment to the idea that we all should take advantage of every offshore flag planting opportunity available to us while we can. These opportunities come and go, and the associated rules and requirements are constantly changing.

When I realized I could easily, quickly, and affordably obtain a Dominican Republic passport, I thought… why not? I couldn’t say today what use it could have for me in the future… but I’ll appreciate having it in my back pocket just in case.

However, the real reason I decided to proceed with this process was because it presented a strategy for getting second passports for my daughter and son-in-law. After Kathleen and I have been naturalized, our children can be naturalized automatically with no residency requirement.

Once our daughter has been naturalized, our son-in-law can start the process.

That is one nice benefit of acquiring citizenship in the DR. Grown children of naturalized citizens can also get naturalized.

The other flag on my list for planting in 2018 is a multi-currency bank account in Singapore.

While I probably don’t need yet another bank account, expanding my banking options beyond the Americas and Europe, where my current accounts are focused, to include Asia will give me another level of diversification. In today’s global banking climate, I see that as a good thing.

The timing works, as I plan to be in China, Thailand, and Singapore in August.

I’ve been internationalizing my life for more than 20 years at this point, so my 2018 list is short.

If your list is long, don’t let it intimidate you. Just take it step by step.

But get moving. The pages of the calendar are turning…

Lief Simon