13 Hottest Property Markets for Wall Street Exiles
Irwin Greenstein says credit crisis fallout will send many former execs (and their money) overseas. This means a surge in some high-end real estate markets. Here’s a list of the 13 hottest for Wall Street ex-pats…
Now that Washington has started parsing out its $750 billion rescue package, it’s only a matter of time before the prosecutors step in to fill the vacuum of justice.
The outrage on Main Street will surely demand a public spectacle on Wall Street that stands to make the Enron trials look like traffic court.
Underlings will rat out VPs, the VPs will rat out the CEO and the CEO will take immunity to rat out his golf buddies before Congress.
But for some of these billion-dollar titans, it won’t get that far. We suspect they’ll sneak out of the country in a private jet and assume a life of decadent exile much like a deposed African president for life.
Taking to heart the adage of “follow the money,” we believe that some countries could see a boom in the $1-million-plus
Currently, there are about 150 countries that do not have extradition treaties with the U.S. Some of these places are far nicer than others.
For example, would you rather flee to Equatorial Guinea or Vietnam?
Chad or China?
Bosnia or Cambodia?
Trillions of noveau riche dollars could flood the real estate markets of alluring countries that have everything going for them – especially non-extradition.
In fact, these lovely places could easily demand a non-extradition premium of 20% or more on high-end executive homes.
For those of you who took a real pounding speculating in the U.S. real-estate market, this could be your next big thing.
As a courtesy to our readers, we’ve compiled the “Lucky 13” hottest prospects for the new Wall Street ex-pat set (in alphabetical order):
The best way to proceed is to locate a real-estate agent with the right connections. Ask him or her if their country suffers from food or waterborne diseases, bacterial diarrhea, hepatitis A, typhoid fever or malaria.
Also enquire about the quality of the schools… and if their government has several billion in reserve for a bailout of the national banking system — just in case.