DeVere Group CEO Nigel Green: Investors Must Focus on the Longer Term

Thursday, 16 May 2013 07:09 AM

By Glenn J. Kalinoski and David Nelson

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The key to educating investors can be found in having them focus on the longer term, according to Nigel Green, CEO of the deVere Group.

"It's … looking at people that have made successful investments, like Warren Buffett, who, if you look at his record, is over a number of years and showing people that the short term really isn’t the answer," Green told Newsmax TV in an exclusive interview.

"You have to take an international view, and that's where our company would have the edge because we're not just looking at America. We're looking at the world of investment."

Watch our exclusive video. Story continues below.



The conversation also covered FATCA, the Foreign Account Tax Compliance Act.

Editor's Note: Save, shop and invest like an insider! Our experts lead the way each month in The Franklin Prosperity Report. Click here to learn more.

"The people haven't thought through the consequences of what this is going to do," he said. "On the surface, it tends to go and find people who are avoiding tax, but actually it doesn't achieve that and it causes, if you're thinking very logically, a whole series of problems."

FATCA requires individuals to report their financial accounts held overseas and foreign financial institutions to report to the Internal Revenue Service about their American clients.

FATCA was designed primarily to combat offshore tax evasion and recoup federal tax revenues.

"There are companies that invest in America and that becomes much, much more expensive to do," he said. "When companies decide, as many are, that they don't want to invest in America because of the cost factor, obviously that affects the American economy and that affects jobs for those particular people."

Green is also concerned about how this affects America's image.

"There are many people around the world that are upset by the fact that the American authorities are asking people to collect their tax information," he said. "Many people are saying that's the United States of Arrogance rather than the United States of America, which is a terrible situation for America and I'm sure not something people thought through correctly."

He believes this is the wrong way to go about going after tax cheats.

"America can see how much money and how much income is generated in America and it can control that money and see where that money goes, rather than trying to find out where money is, perhaps from the history of people that live abroad and perhaps put it into a tax haven," he said

Green characterized it as an overreach of government with "many countries" believing it infringes their laws.

"[There's] the enormous cost and what does it really achieve?" he asked. "There will be many countries that don't sign up for the act. Let's say that we have 70 to 100 countries that sign up to it and it … means that there's also [an] equal number that don't sign up and if you really want to avoid the tax, that's simple," he said.

"You move it to one of the countries where they're not going to report. It doesn't achieve the objective. It causes massive costs and massive issues with governments and banker institutions."

Editor's Note: Save, shop and invest like an insider! Our experts lead the way each month in The Franklin Prosperity Report. Click here to learn more.

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