This is not about fear-mongering, but rather about highlighting a real financial risk in our lives.
Until the late 1980s, capital controls were the norm in Europe. There were many direct and indirect policies government and central banks were implementing to limit capital outflows, and in some cases limit capital inflows.
Capital now flows relatively seamlessly across the Western world. However, when looking at key data points such a debt levels, future entitlements, demographics, low growth etc, a risk for policymakers is that the outflow of capital from Western countries will start to become a systemic risk.
The natural response will be capital controls. They can take different shape and forms. Already, many European and Canadian clients of mine report struggling to transfer money out of their respective countries due to banks’ compliance departments. Sometimes transfers are outright refused. These are a form of soft capital controls.
My prediction is that capital controls, in some shape or form, will increase significantly in the coming decade. Europe, more than the US, is likely to experience such policies.
We discuss this in detail together with Swen.
Feel free to sign up to Swen’s free newsletter on under-reported international stock market opportunities.
What can you do about this prospect?
Be prepared. Don’t keep all your assets in a single jurisdiction. You can do any of the following:
- Have a foreign bank account
- Open a foreign brokerage account
- Store some precious metals overseas
- Own foreign real estate
- And maybe get a foreign Plan B residency or citizenship while transferring money out to low tax jurisdictions is still possible
My point here isn’t to say “sell everything in the West and buy real estate in country XYZ”.
My point is that you should be diversified. The writing is on the wall. Don’t get caught with all your eggs in one basket.
Do I still have assets in Western Europe? Sure.
And before people start making snarky comments, no, the below is not related. Buying Nairobi penthouses is not the solution to capital controls. If anything, Kenyan real estate is more likely to end up behind capital controls. This is an unrelated opportunity.
I just bought East Africa’s highest duplex penthouse in Nairobi, Kenya
$175,000 for a 3-bedroom duplex penthouse on the 29th floor
- They even have 1-bedroom duplex penthouses for about $80,000
- Floor to ceiling windows measuring 5.4 meters
- 23 meter long heated infinity swimming pool on the rooftop
- Fully equipped gym with incredible views on the 30th floor
- Rooftop restaurant, garden, kids play room, 24/7 concierge service, etc
- Situated in the heart of the CBD in Westlands. JW Marriott, the Hyatt, World Trade Center, malls, hospitals, HQs of multinationals, Nairobi Stock Exchange, nightclubs, all within a 10 minute walk.
- 2.5 year payment plan.
At around $1,400 per m2 the value is absolutely incredible for prime real estate in East Africa’s booming economic and political capital.
I will publish a video on this in about two weeks but the penthouses are limited and are starting to sell already. If you’re interested in finding out more, reply to this email with your first name and WhatsApp and my Nairobi realtor Pratik will get back to you with all the details.
To a World of Opportunities,
The Wandering Investor.
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Transcript of “Are Capital Controls coming back to the West?”
LADISLAS MAURICE: Hello everyone, Ladislas Maurice of The Wandering Investor. Today we’ll be discussing the potential for capital controls in Western countries together with Swen. Swen, how are you?
SWEN: Hi Ladislas, all is well, except of course, the subject of capital controls, which is only getting worse.
LADISLAS MAURICE: Yeah, so just looking at the the latest headline by The Economist, talking about debt issues, etc. When people think of debt issues, they think of bank crises, they think of a whole bunch of problems, but capital controls is one of the first things that countries typically enact when there is a banking problem.
So, Swen, we’re having whiskey a few few weeks ago in beautiful Sark. I was visiting you there for a few days, and uh and we’re discussing an article that you wrote a few years ago on the potential for capital controls in Western Europe specifically, but also in the West in general, and a lot of what you wrote a few years ago is gradually taking shape. So, could you elaborate a little bit on your thesis?
SWEN: Yes, so one of my biggest weaknesses and at the same time strengths is that I get onto subjects a bit too early usually.
Will capital controls return to the West?
SWEN: So, in 2022, which was really only three years ago, I gave a speech at a meeting of family offices in Vienna, and to make it interesting and a bit provocative, I spoke about capital controls being about to make a comeback. And this seemed controversial, quite out there, ahead of the curve at the time. And since then the subject has really come back into the mainstream again and I just before this call, I Googled, I put capital controls into Google news. And it’s astonishing how much reporting there is about this now.
But let me just take a step back and briefly tell you what I did in ’22. So, the reason why I gave this presentation in Vienna was because at the time, which very few people had noticed, the IMF, the International Monetary Fund had just introduced new rules, new measures for potential capital controls. The IMF allowed countries to put in place capital controls.First of all, if they deemed it to be in the interest of national or international security, which is of course, you know, a very broad term. And secondly, and this was something that I found both amazing and shocking, the IMF backed the idea of putting capital controls in place in a preemptive manner. So, before problems have even arisen.
And of course, this gives extraordinary power to politicians and central bankers and large corporations who are, you know, closely aligned with the government. And whenever you give that sort of mob a lot of power and a lot of leeway, you know, sooner or later they’re going to abuse it. And I think this is to some extent the age and the era that we’re now heading into. Capital controls, as you will know more than anyone else, used to be a very common thing in the ’50s, ’60s, ’70s. And then we had this brief period, historically speaking brief, just a couple of decades when we thought that globalization and free flow of capital is, you know, it’s a given, and it’s uh it’s a almost like a fundamental right we have. And that may be about to change.
What are capital controls?
LADISLAS MAURICE: Yeah, even extending into the ’80s for most of Europe. And I think people tend to forget what capital controls are and that they’re a very real reality for most of the world. If you’re a Westerner, you probably don’t a lot of people don’t even know, understand the concept of capital control, but in in a lot of the emerging world, it’s still very real. It’s part of everyday life.
So, South Africa, for example, um, they they have capital controls. So, as a non-resident, and this is important, I think that’ll lead to a conversation later, the difference in capital controls for non-residents and for residents. I think we’ll need to discuss that a bit later. But in South Africa, non-residents just have to file a little bit of paperwork and effectively there are no capital controls for them. They can bring money into South Africa, out of South Africa, not a problem. If you’re a resident of South Africa, there are some pretty severe restrictions, especially for people with money. So, each single South African adult has a discretionary allowance of $55,000 a year that they’re allowed to use for travel, for studies, excluding tuition, for gifts and for online shopping. And for in terms of foreign investment allowance, is a bit above half a million dollars per person per year. You know, for 95% of people it’s not much of an issue, but that’s how things start and then gradually they get worse.
AML and KYC as a form of capital controls
SWEN: Absolutely. And we’re both old enough to remember when, for example, all these anti-money laundering checks, as they’re called, when they were really just something that you thought, okay, this is only for the big guys, this is never going to affect me. And as I’m now joking, you know, I spend about 10% of my life dealing with KYC, due diligence requests, updated KYC protocols every couple of months. I have sometimes payments of a couple of hundred dollars held up because of AML checks. I mean, it’s really gotten out of hands.
And when you think about capital controls, in a way, we Westerners, let’s let’s call ourselves Westerners, you know, um, we have been exposed to sort of low-level capital controls for a number of years already. For example, you’re not allowed anymore to carry more than 10,000 euros or 10,000 dollars across a border without declaring it. Now, different countries in Europe have put in place, you’re not allowed to pay with um cash for transactions above a certain limit, which I think in some countries is now down to, is it like the low thousands?
LADISLAS MAURICE: 1,000 in France.
SWEN: Yeah, 1,000 euros in France. And I mean, you know, with inflation doing what it’s doing, 1,000 euros is if you go to a very nice restaurant in France for four people, you know, you you’re already at the 1,000 limit. These things are already they’ve come our way, they’re already in existence. The question is, how will they get rolled out from here? And uh I’m sitting here in a, you know, in a room that’s part of a journalist club in London, which is why in the background of me, I have this image of the Berlin Wall being taken down on the on the wall. And I think geopolitics and all the national security issues that are currently being discussed around the world are going to have a significant influence on the discussion of capital controls and their introduction and their scaling up.
Right now, what we’ve seen in the last couple of months since April, tariffs have been weaponized to a certain extent by countries, and I think capital flows are going to be the next chapter that we’re going to see politically.
Capital flight from the US stock market
SWEN: But just think about it. I mean, United States has seen tremendous interest over the last 20 years in investing in US equities. The percentage of foreign ownership among US equities is the highest ever.
Now, imagine something happened that made these foreigners reconsider whether they want to have these investments in the United States. That could have significant effects on the US stock market, on the the wealth effect, the affluence of the United States. And is any country going to take this lying down, or are they going to take countermeasures and say, no, sorry, you can’t, you can’t take your money out quite that easily, you know. It was easy to send it to us, but you can’t have it back that easily. I think all of that is coming our way and probably in in ways that we can’t even begin to imagine yet. I don’t want to be, you know, doom and gloom kind of person, but all the clues are there.
LADISLAS MAURICE: Yeah, so typically what we see is when capital controls get enacted, they only impact, you know, the top 10% of asset holders. This is effectively prevents the street from protesting. No one is going to care that the top 10%, and generally people watching this podcast are part of the 10%, so I’m talking to you guys. You will be the victim of this. Uh the average man on the street typically doesn’t feel capital controls. He’ll still be able to go on his cheap holiday to Italy or, you know, Morocco, it’ll be fine.
But it’s for people that want to invest overseas, that want to diversify internationally, that want to go on a nice vacation, you know, a nice safari in Tanzania. Those are the people that are going to be paying the price and that will suddenly be held back by capital controls. So they they’ll just impact the top 10% of people initially. That’s how it always starts. In most cases, capital controls impact residents and non-residents.
There have been countries that put capital controls on non-residents, but then it just further discourages investment into the country. I mean, if if investing is just a one way and you can’t take your money out, people don’t want to invest. Just look at Nigeria, where you invest your money, but then it’s a dark hole and you’re not too sure when your money’s going to come out because there’s a queue at the central bank to get dollars, etc. Then the country has an even bigger problem.
Investing internationally as a non-resident
LADISLAS MAURICE: But generally speaking, you will want to be investing in various places as a non-resident, rather than as a resident, because your capital will be treated better as a non-resident, which will be deemed to be capital that is more fickle, that you don’t want to discourage, that is a lot less captive than as a resident where effectively you’re, you know, it’s a uh you’re captive, you’re completely captive.
Even as a tax resident, I mean, other forms of capital controls are exit taxes. Canada is a good example of that. You know, when you leave Canada, you have to pay all your taxes on your capital gains, etc. That’s a form of capital control because then you think twice. I have Canadian clients, they want to leave. They’re like, I really want to pay all these taxes when I leave, you know, maybe I’ll wait for a downturn or before leaving. That’s also effectively um capital control. So, people just need to be diversified, I think. Like, what are your what are your thoughts, Swen, on on some of the approaches here?
Exit taxes as a form of capital controls
SWEN: Yes, so much unpack here. This is really multiple subjects to tackle. I start with one, which is one of my favorite subjects, exit taxes, which a lot of people still don’t understand. I have a slightly, I think even though I’m no tax expert, I’m I have a slightly better understanding of it because I’m German originally, and the Germans sort of invented the exit tax. They certainly perfected the system. They invented it in the 1920s and then for reasons that need no further explaining, they had one particular group of people on whom they perfected the entire system in the 1930s. And ever since then, Germany had a stringent exit tax system, which has prevented friends that I know from leaving the country, because it would be so punitive that there is just simply no way for them to leave the country.
Variations and the disguises of of um capital controls. So, I would say, for example, that ESG policies are a form of capital control as well. Because of all of these ESG policies, you know, this is a restriction on how money managers can invest your money. That is a form of capital control, disguised, you know, it’s there’s like all about morals and perceived protection of the environment and stuff like that, which it really isn’t. As a private investor, it’s very important to develop a bit of a sixth sense and a, you know, finely tuned radar for what is coming your way in terms of potential restrictions.
Russian ADRs and GDRs during Ukraine War
SWEN: And maybe the best example of how tough that can be on ordinary investors and savers are the examples of the Russian ADRs and GDRs. Russian companies that had their stocks listed on Western stock exchanges. A conflict broke out, and then these Western investors, which was ordinary people, Western pension funds, they suddenly found themselves holding assets which they couldn’t sell anymore, they couldn’t transfer anywhere. That’s another form of capital control, and given how much potential there is right now in the world for conflict, for armed conflict.
I’m not a geopolitics expert, but, you know, you everyone is aware of the issue of China and Taiwan. God knows what other conflicts might break out in the next couple of years.
Geographical diversification as a solution to capital controls
SWEN: We will see more of that, and really, bottom line, the only way how to deal with that is probably diversification. You cannot foresee what exactly is coming our way, but what you can do, what you have power over is spreading your assets, um having bases, it doesn’t need to be residents, but having bases in multiple geopolitical blocks, so that whatever happens, you have money somewhere in the world that you can access, and that you can invest and live off and spend. I think that’s the strategy how to deal with this.
LADISLAS MAURICE: Yeah, because capital controls can take many forms. I mean, we listed a few, but there’s also spreads on on foreign exchange. For example, in the ’70s or ’80s, um Italy had spreads of up to 20% on financial transactions to discourage outflows. I mean, that’s wild. And even some African countries right now, when you buy the, for example, if you’re going to buy CFA, French uh the French franc in a lot of West African countries, you’ll be paying spot with the bank. But if you buy euros to send money out, you’ll be paying 5%.
SWEN: Yeah, and now imagine we have this resurgent interest in investing money domestically, because countries are now rallying around the idea of economic nationalism. Eight years ago, economic nationalism was a dirty word, and just this morning, I saw a headline in the Financial Times that someone in Canada was rallying for pension funds over there to to to invest domestically to protect local industry and provide capital to Canadian businesses. And it was, you know, sold as economic nationalism as suddenly being a good thing. And I’ve seen similar headlines come out of the UK.
And as you know, I’m someone who travels to Ecuador once or twice a year, because I used to live there and I’ve got many friends there, and I I used to have property there as well. And anyone who who’s ever dealt with Ecuador business-wise will know that there’s an exit tax of 5%. If you hold money in a bank account in Ecuador and you send it abroad, they’re going to keep 5% of it, which is pretty, you know, pretty substantial amount.
And who’s not to say that countries as civilized and enlightened as the UK and Canada and all the other Western countries will say, well, you know, if you’re sending your money abroad, you are not being a proper patriot, you’re not supporting, you know, our national agenda and we’re in dire straits and we need all the capital we can get to keep our welfare systems afloat and this is for the social peace and the welfare of the nation and for stability, and, you know, suddenly you find yourself with a certain charge on every transfer of money out of the country. It could be as simple as that. And as ever, you know, you start this with a small percentage of the population so that people don’t go on the street, and then later you just broaden the circle. It’s it’s just always the same playbook.
LADISLAS MAURICE: Uh Trump proposed a tax on remittances for non-residents actually, for non-resident aliens in the US that want to send money out from their personal accounts. That’s that’s another example.
Examples of soft capital controls
LADISLAS MAURICE: And then a lot of countries have soft capital controls as well. So, on paper, there are no capital controls, but in practice, getting money out of the country is heavily discouraged administratively.
So, Turkey is is one of them. Uh if you’re just sending a few thousand dollars out, it’s fine. If you sell an apartment, you send money out, you know, they’ll tell you that online banking doesn’t work for amounts like that. Then they force you to go to the bank and they’ll make you sign some document and half the time, they’ll lose the paperwork and you’ll have to go back and then eventually it’ll go through. And if you’re trying to send really larger amounts, you’ll have to fight a little bit and sometimes get your lawyer involved. You know, eventually you’ll get your money out, but you’re going to have to to fight a little bit. And I’m seeing this increasingly with my European clients. The the biggest biggest culprit is Belgium. I don’t know what’s happening in Belgium, but I have so many Belgian clients that just struggle to wire money out of Belgium.
SWEN: And I give you two more examples, because, you know, Westerners like us can easily be a bit arrogant and say, oh, yeah, you know, that affects countries like Turkey or Ecuador, or, you know, um, people in in Africa.
Two examples that I like to quote is one is so, I have a account with HSBC in the UK that I use for all sorts of everyday payments. And I recently had to make a a couple of dozen of payments of one or 2,000 euros each. And after I entered the first 15 such payments, which was a total of maybe 20, 25,000 euros, I had so many alerts from the bank, uh AML and security alerts that I rang them. And then first of all, it took me an hour to explain to them what these payments were for. And they wanted to look back years into the history of, you know, my relationship with the people who were receiving these payments. And then I had to go through a 45-minute safety and and and sort of security training, which was, you know, ridiculous. And then after I had done that, they finally released my 15 payments, and then I entered the next 15 payments the same day.
The same thing happened again. I had to explain the same thing to the bank people over the phone, and then they said you have to go through this training again. I said, I have done the same training earlier today already. No, there’s no other way. We have to do it. That box needs to be ticked. So, I had to go through the same training again for 45 minutes. Completely bananas.
Buying real estate during capital controls
SWEN: I know people who, you know, sold a business in within the European Union, paid their taxes. Everything was as white as it gets. And then they wanted to buy a property in another European Union country, and the bank refused to carry out the transaction. And then upon the client complaining, closed the account and de-banked them.
LADISLAS MAURICE: Can we name the bank? Can we shame it?
SWEN: Uh, I’d rather not. But it’s it’s in Germany, and it has the word German in it, I guess. It’s just insane, and people never believe these things until they happen to them. And then it’s suddenly the penny drops and they realize, oh dear, you know, I really need to protect myself against that in the future.
LADISLAS MAURICE: I mean, it’s reached I do a lot of property deals all over. It’s reached a point where every single real estate transaction I I get involved in, I’ll add two months of buffer for payment. So I’ll say, look, you know, I’ll pay within XM, you know, the 10% now and the 90% after the due diligence in in a month as is, you know, the custom, whatever, depending on which country. But then I’ll say I want an extra two months to pay the ex the the other 90% in case I can demonstrate that it’s just the bank that’s causing me problems. You know, and I I’ll show the sellers I say, look, I have the money on the bank account. It’s just that I don’t know. Like, I don’t know how the bank will react because banks just are erratic these days.
And I’ve seen quite a few cases of people doing this, they pay the the down payment and uh they don’t manage to pay the rest of the the money on time because their bank messed with them with a AML, KYC, all that. And then they don’t pay on time and the and the sellers just, you know, run away with the with the down payment.
SWEN: Absolutely. And then imagine how this can affect you if you run a business or if you have something where payment is time-sensitive. So, I mean, a silly example, but in a way illustrates the problem. I charter a boat once a year in the Galapagos Islands for cruise, and that means I have to make a payment of $150,000 to someone who owns the boat business in Ecuador. And once I made that payment and it didn’t arrive, so I rang the bank, and the bank said we can’t tell you why. If there is a suspicion, banks are not even allowed to tell you that there is a suspicion. And the money just vanished off the radar for four weeks. And I mean, luckily, you know, I chartered these boats well in advance, but if I chartered a boat, you know, on short notice, that means, you know, my guests are traveling from around the world, the boat’s not been paid for, no one knows where the money is. And the business that is supposed to provide the service hasn’t received the cash either, and they have to pay staff and fuel. I mean, the amount of damage these things do is just absolutely extraordinary. And I’m afraid it’s only going to get worse, and I have no easy, you know, there’s no easy solution for it other than spread your bets, uh have several banking relationships, ideally in several countries, if not even in at least two geopolitical blocks.
Make, you know, budget for extra time and extra effort. It’s like another tax that we have to pay. It’s a tax on your time and, you know, to some extent cost of capital. It’s tiring. Sadly, much of that plays out outside of the, you know, public eye. There’s no one who’s doing much reporting on it. I wish there was more reporting. It’s very difficult for journalists to research this, if they even have any interest. We, you, people like you and I, we hear a lot anecdotally, but there’s no official, you know, it’s not part of the public debate and I just feel it’s it’s going to get worse, and then on top of that, eventually they will want to tax us more, get more money out of us because Western nations all have fiscal problems, and they’re going to, you know, going to get it from someone, and it’s probably going to be the top 10%, and there’s lots of capital floating around. So, they will go after it.
Is crypto the solution to avoiding capital controls?
LADISLAS MAURICE: Yeah, some people say crypto fixes this. To some extent, it does. You know, using crypto for some transactions just works a lot better than than some banks. But it’s getting harder and harder. So, you know, the exchangering the exchanges are imposing more and more controls, governments want all the declarations. I mean, crypto is gradually going the way of a fiat in terms of control by by governments and by tax authorities and all of that. So, yes, for now, crypto solves a lot of these problems in some jurisdictions. I think that down the line, it’s it’s not going to solve the problem because the there we see the genius act. We see all of these acts and and laws being passed in in jurisdictions. And I think that crypto will decreasingly be a solution.
SWEN: I’m I’m not an expert on the subject. I just have cursory knowledge from what I see happening around me and what I see in the media. But I’m old enough to remember that crypto once started as as this payment system or as a as a payment system that was supposed to be outside of the control of any government. And what I’ve been seeing recently is, you know, the crypto crowd almost embracing government because they quite like the idea of crypto in all its, you know, wonderful um diversity becoming part of the establishment because it helped, among other things, to make Bitcoin go up in value, and it probably made it a bit easier to get banking solutions and actually do something with all the crypto wealth.
But it also means that it’s now part of the established system. And the last I saw was that Dubai is now going to introduce, is it um international tax information sharing relating to crypto? And I mean, once I read that, I thought, okay, this is this is now just going the way of other fiat currencies. So, yes, well done on creating all that wealth, but um it’s not the libertarian uncontrollable payment system and wealth storage system that I thought it was going to be.
LADISLAS MAURICE: Yeah, when there are coins that are very private, they’re the first ones to get banned by government and exchanges.
SWEN: Yeah, and if you own them, it’s almost like you’re advertising that you should be looked into.
LADISLAS MAURICE: Yeah, so the I think the writing is on the wall in terms of capital controls. They’re going to come. The question is when, all right?
How to prepare for capital controls
LADISLAS MAURICE: We’re not trying to do some fearmongering here, but essentially just get prepared. I think that would be the the main message to people out there. Do not have all your wealth in a single jurisdiction.
SWEN: Yes, I think we can pull it all together by mentioning a little survey that I did at that um family office event in Vienna, which notably was three years ago, you know. The world was still a slightly less crazy place three years ago. And even back then, 30% of the attendees said that yes, they also believe we are going to see more capital controls at some point.
And the question I would like to ask, you know, and this is really for all of your viewers to take home. If there was even just a 10% risk of you not being able to use your capital in the way that you want to use it, would you then, you know, go to considerable lengths to manage these risks, monitor them, supervise them? I would say you absolutely should. I think the risk of capital controls happening in a significant way is is way higher than 10%. So, this is something for everyone to pay attention to. I think in this call we sort of like, you know, we provided lots of examples of what it could look like. We don’t have a crystal ball either. It’s not a matter of when. It is already happening. It’s just a matter of to what extent does that stuff get scaled up and broadened. And then the answer how to deal with it depends on the individual case.
Diversification is always the first step. I think a certain degree of acceptance that this is now the world we live in, and everyone will be affected somehow, there will be more paperwork, and probably at some point, you know, you will have to pay some more taxes. It’s easier to deal with if you have a broader awareness of the subject, and you start reading on it, you know, set yourself um get yourself a Google alert for Google news, for capital control. Start reading on it. Then manage it as best as you can, and try to, you know, avoid being a complete wipe out.
All I can say is, if you were a Russian billionaire living in London and you had all your money stored in the UK, and you were somehow caught up in sanctions, and there were Russians who got caught up in sanctions without actually being, you know, culpable of anything, and in the meantime, they’ve some of them have fought their way through the UK court system and have their assets fro um unfrozen.
But in the meantime, people who lived in, you know, mansions for 50 million pounds had to make do with 3,000 pounds a month, and had to start cleaning their own home because they couldn’t even afford staff anymore.
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SWEN: So, these things can happen to anyone anywhere if you have all your eggs in one basket and that’s the number one thing to avoid.
LADISLAS MAURICE: Words of wisdom. Thank you very much, Swen. So, Swen has a very interesting newsletter in which he shares some thoughts and a lot of stock, you come up with the most random ideas, Swen.
SWEN: Yeah, and not just that. I mean, possibly more relevant for this conversation, I do write about general subjects relating to investment strategy. In ’22, I published a long article about capital controls. Maybe that’s something to the show notes because even though it’s now three years old, it’s still very relevant. It provides you with a good baseline. And it’s also a good example of the free weekly article I published every Friday, which anyone can sign up to using the link underneath the video. And I will be reporting about the subject occasionally, not not very often, like it’s not not a monthly thing. Once or twice a year, I’ll probably come back to this subject as it rises in importance, and as there may also be, you know, very practical steps that I can advise readers on. And it’s certainly something that’s firmly on my radar, because I’m just as affected as others.
LADISLAS MAURICE: Yeah, the newsletter is free and I’ve been a subscriber for a bit over five years now. So, I I really recommend it. I enjoy reading you, Swen.
SWEN: It’s not just a newsletter, it’s a community. We’re really a lot of investors with very similar goals and a similar philosophy. I do events as well. So, anyone who, you know, wants to meet in person and talk about these things, I do events around the world, just like you do. We’re very similar in that regard, and, you know, um looking forward to meeting some of your followers and likewise I’ll send mine your way.
LADISLAS MAURICE: All right, cheers.
SWEN: Thanks, Lalas.
LADISLAS MAURICE: Make sure to download my free e-book, 12 Mistakes to Avoid When Investing in International Real Estate, which you can find on my website. Link below, and feel free to follow me on Instagram @thewanderinginvestor. I look forward to hearing from you.
