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Matt Dubiel on Investment Tourism, Second Passports and Top Destinations for Digital Nomads and Investors

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Tuesday, July 15, 2025

Matt Dubiel is an accomplished executive and thought leader in global citizenship planning and investment migration.

With extensive expertise in guiding high-net-worth individuals through citizenship-by-investment and residency programs, Dubiel’s insights have shaped the strategies of numerous affluent families and investors.

His experience spans assessing investment opportunities, optimizing tax efficiency, and enhancing global mobility.

Dubiel emphasizes tailored solutions, recognizing that each client’s unique circumstances demand personalized strategies for immigration and investment. Nomad Capitalist is a premier advisory firm dedicated to assisting affluent clients worldwide in achieving optimal global citizenship strategies.

Renowned for its detailed analysis and personalized client services, Nomad Capitalist helps individuals navigate complex international investment and immigration pathways.

The firm’s flagship publication, the Nomad Capitalist Freedom Index, ranks countries based on their attractiveness to globally mobile investors and digital nomads, considering financial freedom, personal rights, safety, and lifestyle quality.

Nomad Capitalist consistently highlights emerging jurisdictions offering strategic benefits, from tax efficiency and lifestyle quality to business opportunities and mobility freedom.

How do you see investment tourism—such as citizenship-by-investment or real estate investment programs—impacting travel decisions among high-net-worth individuals?

    Since High-net-worth individuals and their families seek destinations where both they and their capital are treated best, we find our clients choosing to travel to more of these choice jurisdictions to gauge their comfort level as a visitor before deciding to make it home.

    Access to residency or citizenship through investment is a key factor they consider when evaluating a country. Alongside immigration options, lifestyle quality and tax efficiency are major elements that influence their decision to establish a personal or financial presence in a new jurisdiction.

    Monaco and Mauritius are excellent examples of this as they are “near-perfect” on the Nomad Capitalist Freedom Idex because of their unique blend of zero or low taxes, iron-clad courts and outstanding personal safety – proof that size isn’t everything!

    Several countries in your top rankings offer attractive investor visas. Which ones do you believe offer the best combination of travel freedom, lifestyle, and ROI right now?

      At Nomad Capitalist, we craft bespoke strategies tailored to each client’s unique goals and preferences—so we don’t promote a one-size-fits-all solution. That said, countries like Panama, Uruguay, the United Arab Emirates, Thailand, and Malaysia consistently stand out among our clients. These jurisdictions offer a compelling combination of straightforward immigration pathways, friendly tax regimes, and a high standard of living with access to modern conveniences. For many, they provide the ability to relocate without sacrificing the comforts of a Western lifestyle. Broadly speaking, we’re seeing growing interest in both Asia and Latin America as regions on the rise.

      How does holding a second passport enhance the travel experience for your clients, especially in terms of visa-free mobility and lifestyle choices?

        Visa-free travel has traditionally been a top priority for many Nomad Capitalist clients.

        However, in today’s world, it is no longer always the primary objective. Increasingly, clients are seeking deeper access to specific regional markets—such as ASEAN or MERCOSUR—driven by business, lifestyle, or strategic interests.

        This is why our firm in particular focused on a tailored approach to offshore planning, rather than pigeon holing clients into the idea of a magical second passport alone. In fact, it’s Nomad Capitalist’s position that third and fourth passports are the new second passport.

        Many of our clients value the long-term peace of mind that comes from holding citizenship in a tax-friendly, stable jurisdiction they can always return to, regardless of global events. The experience of Covid-era border restrictions remains fresh in many clients’ minds, reinforcing the importance of maintaining mobility even in times of global uncertainty.

        Can you share examples of countries where obtaining a second passport has notably improved clients’ ability to travel more freely or live abroad comfortably?

          At Nomad Capitalist, we help clients obtain second and even third citizenships through a variety of legal pathways.

          While visa-free travel is no longer the sole or primary objective for many, the emotional and strategic value of holding multiple citizenships remains significant.

          For example, when Canadian, U.S., or British clients acquire European Union citizenship by descent, they often describe a profound sense of freedom—gaining the right to live, work, play and travel across all EU member states, along with enhanced access to non-EU countries like Switzerland.

          This kind of mobility provides not just lifestyle flexibility, but also greater control over where to live and where to pay taxes—with the exception of U.S. citizens, who remain subject to worldwide taxation regardless of residence.

          With the rise of digital nomad visas globally, how are countries in the Freedom Index adapting their tourism and immigration policies to attract long-term remote travelers?

            Many jurisdictions around the world particularly in the Global South are beginning to think more like businesses when it comes to attracting taxpayers.

            As countries compete for global talent and capital, we’re seeing a rise in favorable policies designed to attract location-independent entrepreneurs, freelancers, and professionals. In many cases, forward-thinking leaders in the Global South have recognized that welcoming wealthy foreigners who hire local staff and spend money within the economy helps drive growth, stimulate local industries, and create meaningful employment opportunities.

            What countries stand out in your index as both welcoming digital nomads and offering a high quality of life, safety, and freedom?

              Each individual Digital Nomad is different but overall: Panama, Costa Rica, Spain, Uruguay and Malaysia tend to be recurring choices for our clients. ‘Freedom isn’t just a slogan – the Nomad Capitalist Freedom Index measures it across money, rights and safety so people can literally see where they’re “treated best”.’

              How important is community—co-working spaces, expat networks, etc.—in shaping travel preferences among digital nomads and location-independent professionals today?

                While every traveler and digital nomad is different, many location-independent entrepreneurs, freelancers, and investors find great value in the expat communities they encounter around the world.

                They enjoy connecting with like-minded individuals—people who earn a living online, share similar values, and understand the freedom and flexibility that the digital economy provides. These global citizens often form lasting friendships, fall in love, and build meaningful networks.

                In many ways, they are shaping what could be called a ‘digital nation’—a borderless community bound not by geography, but by lifestyle, mindset, and shared opportunity. Certain cities are for sure becoming expats hubs.

                Agile, well-run micro-states and mid-sized countries now trump the “legacy brands” of freedom.

                The US slips to 29th because personal safety drags down otherwise solid financial scores – Wyoming, by contrast, cracks the global top-20.

                Based on your research and client feedback, which up-and-coming travel destinations should globally minded tourists be paying more attention to in 2025 and beyond?

                  The Global South—particularly Latin America, Southeast Asia, and parts of Africa—is becoming increasingly attractive to globally mobile individuals. Within these regions, emerging destinations such as Mauritius, Oman, the Philippines, Argentina, Paraguay, and the Dominican Republic are steadily gaining popularity each year as word spreads about their lifestyle appeal, favorable policies, and untapped opportunities.

                  Meanwhile, long-standing favorites like Panama, Costa Rica, the UAE, Thailand, Malaysia, and Uruguay continue to draw entrepreneurs, investors, and expats seeking a blend of stability, convenience, and international access.

                  The 2025 Nomad Capitalist Freedom Index shows that jurisdictions that move quickly on pro-investor reforms consistently outrank much larger economies.’

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Day 51 Hiking Out – The Trek

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13.9 Miles
From Crabtree ranger station (mile 767.5+1.2, elev 10642)
To trail camp on lake (mile 756.8, elev 10958)
Climb 2633
Descend 2325

I’ll admit I’m apprehensive about today. My foot seems more sore than yesterday. Fortunately, applying pressure to the bottom of the foot is not painful.

I’m also sad. I’m not sure if I’ll be able to return, when, and if I should do something else if I’m able. Those answers will come in time. Today’s focus has to be on just getting myself off trail. I should clean and rebandage my foot before heading out this morning.

Tents at Crabtree Meadows

Whitney Creek

 

Spoke with Ranger Colin on trail. I told him that I didn’t anticipate needing any help, but wanted him to be aware of my circumstances. He thinks PCT to Cottonwood is safest choice for me to self-evac. It might seen hot/dry climbing from Rock Creek. Says he will be in the ranger cabin tonight.

Hikers crossing Rock Creek seen very averse to wet feet. I’ve only seen 2 wet foot crossings (one with bare feet) and 4 did log crossing. I didn’t see many unbuckledc hip/sternum straps as is recommended for crossings.

Saw Taylor at Rock Creek for the first time since PVC. She said she thinks about expression I related about not trading her trek for a cheeseburger. It was useful to me as well, trying to stay in the moment and not miss nice/beautiful things because I was too focused on my foot.

Hiker crossing Rock Creek

There was a stunningly beautiful waterfall on Rock Creek (about mile 761.2) between the crossing and the ranger cabin.

Rock Creek waterfall

Philippine(so?) and her friend (who I last saw at the 1000 km marker) saw me taking my break. They asked to use footage of me playing guitar at the 1000km marker in a PCT documentary about mind & body. They also asked if there was anything they could do to help me with my foot (volunteered the help).

They also mentioned a pretty lake 0.5m ahead. I saw it and decided I had hiked far enough. It is very shallow, like it will dry up later in the summer. But it has lots of interesting rocks sticking up and I can look across it at the really vertical rock faces I had been admiring. I think it is one of the most incredible views I have had on trail.

View across lake from my campsite

 

I never would have camped here and seen this spectacular place had I not hurt my foot. I also never would have seen the waterfall I saw earlier. Both of them would make good spots for a shorter loop trip around Cottonwood Pass. We could spend night 1 here at the lake, night 2 at the waterfall, and night 3 up Rock Creek somewhere. It would make for an unbelievable short loop that others – without hiker legs – could do and enjoy.

The frogs are periodically making noise and then going silent. Besides that, I hear birds, an occasional squirrel, and sometimes the breeze (which has been mostly calm… certainly not cold).

Very hollow tree

 

 

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Day 72: Heat and a Vortexing Wayside

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  • Blackrock Hut (885.3) to Pinefield Hut (898)
  • 2549 feet ascent, 2757 feet descent 

Today was hot. Really hot. Like 100 degree hot. We started early, took an afternoon wayside vortex break, and hiked into the early evening. By doing this, we packed in a 14 mile day. 

Most of the hikers at last night’s shelter planned to go to the same hut. We were not confident we could make the 14 mile hike so had told folks not to worry if we didn’t make it. 

Early Morning Climb

The day started with a climb up Blackrock Summit. The trail was easy enough, skirting the side of the summit rather than going over the top. I was relieved not to have to climb the rocks in the heat as I had no desire to disturb any of the snakes I assumed must be resident there. 

It was warm, but due to being 8:30 am, it wasn’t too hot yet. In the glare of the summer sun, we still squinted to make our way up and around the summit. 

After winding our way around the peak, we wove back and crossed the rockfall on the back side of the summit. Some hikers came up behind us and I offered to let them go ahead, assuming we would be slower given our 30 year age advantage. In fact, we had to slow down for them. We didn’t mind taking our time, especially after we moved into the shadow of the peak. 

Forest Friends Along the Way

One of our forest companions today was an Appalachian Cottontail (Sylvilagus obscurus). This sweet bunny sat still in the middle of the trail, preventing our advance. I gently eased forward and the bunny went left a couple of feet. I paused. The bunny went right. It was a standoff. No one was going anywhere. After a photo shoot, the bunny finally hopped off into the woods and we hiked on. 

We were also graced by a posing Red Admiral Vanessa atalanta.  Like the bunny, the butterfly sat in the middle of the trail opening and closing its wings for a minute or two. Finally, it too went off into the woods. 

We also saw a mosquito on a Coreopsis verticillata L., Threadleaf Coreopsis, Whorled Tickseed, Whorled Coreopsis. The flower is somewhat mundane, aside from its bright yellow color. However, the mosquito posing on it was remarkable. 

Heading for Our First Wayside

We decided definitely to go for the camp store. It was so hot we were dreaming of dunking our heads into a cooler of cold drinks. 

The noon hour passed and we carried on. The promise of ice sailed us full steam to the Loft Mountain camp store. 

Once inside, we were overcome with options. On top of that, we were so hot eating didn’t seem like a favorable option. We wandered around the store for 30 minutes not sure what we wanted to buy. 

We saw a cute banner on the wall. It wasn’t for sale. 

Digging In

Adter wandering around the air conditioned store, we cooled off enough to think. We finally got a load of food over two different visits into the store. The breezeway between the store and the bathrooms had long benches with plugs for recharging. Soon after we arrived, other hikers came in, filling the benches as we all guzzeled drinks, chomped food, and charged phones.

The Historian packed in two sandwiches, three drinks, some potato chips, and half a sleeve of oreos. I started off more sedately with one sandwich, some chips and unsweetened iced tea. I love iced tea but gave it up a few years ago because tea doesn’t suit my body well. I watered it down and chugged on. I regretted it later in the day but it sure was good.

Vortexing

After an hour, our tummies were as full as oir chargers. The heat was awful and the company great. No one moved. The clock ticked on. The Hiatorian ate more. I drank more tea. No one moved. 

At 3:30, with 6 miles to go, we staggered out into the heat. We busily discussed whether or not we could make the 6 miles left. I commented on how steep the trail was. We walked on. We stopped and looked at each other. It should not be so steep. We took the wrong side trail to return to the Appalachian Trail. Bonus miles at the end of the day in the heat. 

Ugh. After studying the maps, we decided to retrace our steps.

We Made It

After correcting our error, we hiked on at a steady pace and finally arrived at Pinefield Shelter. When we got there, our shelter mates cheered and shifted things around to make space for us. 

For some unknown reason neither of us were very interested in dinner. Of course not after eating so much for 2nd lunch.

Someone was giving away a foil package of chicken they had been given by someone else who didn’t want it. Hmmm. Chicken salad sounded good.

I mixed the chicken packet with home dehydrated onions and marinara sauce. It was just right. A cool salad supper of protein and vegetables. Eaten in the company of friends, it was a perfect summer supper to end a hot day of hiking. 

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Back to the PCT After Completing the East Coast

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It was so funny laying in the back of the truck bed as Jay drove us all the way from Reno to Kennedy Meadow South. We stopped off once so that I could pee. But for the most part, I slept continuously and felt wonderful. Then as we were getting closer, Jay pulled over so that we could wait for the sun to come up. The final stretch of road to KMS was a winding mountain road. And he thought the views would be better for sunrise.

I continued sleeping in the truck bed as he was parked there. Then slowly woke up as the car began to move again an hour or so later. And boy, was Jay right. The window to the covered truck bed was open as we drove up the mountain roads. I was able to lay there and dozed in and out while simultaneously watching the most incredible sunrise. It was a really unique experience.

Then I woke up again to the feeling of the truck pulling over. And lo and behold, we are pulling into the parking area for the general store at Kennedy Meadows south. I can’t believe that I’m back out on the PCT again.

I rolled back over and slept for another couple of hours. At this point in time, I was feeling a lot better and more rested, but was still leaning toward taking the day off. I still have to figure out my resupply strategy for the next couple hundred miles. I don’t know how much food I want to carry, where I want to re-up on food, and everything like that.

In the past, I’ve done the side trail down Kearsarge pass to go into Bishop. But that adde substantial mileage and elevation gain and loss. This time around, I’m trying to avoid any side trails. Even if that means carrying substantially more food and being a bit uncomfortable. At the same time, my backpack is 35 L. The biggest bear canister I can fit in my pack is a 450, which only fits about three or so days food. And my pack itself in the past typically can only hold about 5 to 6 days of food. So I’ll be curious to see what I’m actually capable of taking.

I slept well for another couple of hours before getting up to go pee. Then back at the truck I packed my quilt away and headed over to the store at Kennedy Meadows. I could smell breakfast cooking and was eager to be up and moving a bit. Otherwise, I felt like I would probably sleep in that truck bed for the entire day. But if I’m taking the day off today, then I’ll probably set up my tent and wind up taking a nap at some point. I haven’t taken a single nap for the entire year. Typically every single time I’m in town and have the opportunity to nap, I have hours of video editing and writing to get done. But I’m basically all caught up at this point. So today can actually just be a rest day for once.

I was surprised that there were only a couple hikers up by the general store. When I was here a few weeks ago, there were tons of people. And at that point in time, the conditions in Sierra were actually not ideal for hiking. Especially at the limited skill level that a lot of hikers have when they start Pacific Crest Trail. Now, a few weeks later, the conditions in the Sierra are finally suitable for most people to pass through. But there’s only a handful of hikers to be seen.

This dog at KMS was so ridiculously cute.

Jay and I sat with two hikers, Hillbilly and Flower and had breakfast. I had a giant pancake loaded with M&Ms, along with hashbrowns, sausage, and eggs. This cute deaf cat named Ranger came and tried to beg for food while we ate. It was nice to just hang out with hikers and have absolutely no plans for the day.

At this point, Jay checked in and was curious what I was planning on doing. I told him I really wanted to work on sorting out my resupply and take the day off. Southern Maine and New Hampshire exhausted me more than I ever could have imagined. So after breakfast, I got my pack and all of the food that I bought at the store yesterday. Then went through everything and sorted out my resupply. Jay made some suggestions about the fastest the easiest places for me to pick up food as well.

Jay suggested that I just carry a day and a half of food out of KMS. Then I can do a short side trail down to Cottonwood trailhead, which will only add about a mile and a half. There I can get my bear canister and about five or six days of food. So at least I could be light and comfortable for the first day or so as I acclimate a bit to the altitude. Fortunately in the past, my body adjusts very well and quickly at high elevation.

Sorting out about 200 miles of resupply.

That sounded like a good plan and helped me to avoid any of these side trails which add time, elevation, and mileage. All things that I really don’t need to be adding to my already big year. That means I don’t have to go down Kearsarge pass this time around, which I’m super excited about. I’ll probably just carry food to VVR. That would be about 180 miles from Kennedy Meadows. And there I’ll be able to get hot food, resupply, and likely to shower and laundry. It would be another four or so days past there to get to Sonora pass and be completely done with the Sierra.

I like that plan and it seemed to be the easiest option. But I’m not looking forward to how incredibly heavy my pack is going to be. After we figured that out I packed away a day and a half of food to take tomorrow. Then got my bear canister packed, and all of the other food I would be needing. I wasn’t remotely surprised to find the canister couldn’t fit six days of food. Even the BV500 are typically too small to fit six days of food. So I will just have to keep my other food bag and try to hang it where I can, or camp at locations with bear boxes for the first couple days.

This is definitely one of my favorite mountain house meals. And one of their three new recipes.

The rest of the day after that was super relaxing, and I did basically nothing. I hung out with Jay and some of the other hikers who were at KMS. As the day went on, some more people emerged from their tents. Apparently there are also a handful of hikers down the road at grumpy‘s. Grumpy’s is a bar and restaurant which also has yurts and allows hikers to pitch tents. In 2022 when I was going southbound with PCT, I was at grumpy’s for their Halloween potluck, which wound up being an absolute blast.

Sometime in the afternoon, Jay wanted to drive down there so I headed over with him. It was nice to be inside of grumpys again and it felt nostalgic. I ordered a patty melt and a root beer float and we sat outside with a handful of hikers. A few of them recognized me off of YouTube or something like that. I chatted with one man who is out supporting his son on his first thru hike at the age of 18. He was so incredibly excited for him and was also super stoked to run into me. Apparently he’s been watching my videos for most of the year.

When I was barely done eating my huge patty melt, the guy who worked inside came out and brought me a banana split! Jay said that he had insisted after Jay mentioned that I was doing the calendar year triple crown. And even though I was already so full I absolutely devoured it. I can’t remember the last time that I had a banana split. There are three scoops of ice cream, one covered in caramel, one covered in hot fudge, and one covered in strawberry syrup. It was delicious.

I’ll be dreaming of this banana split for the rest of my life.

We sat around for a while after that chatting with the other hikers. It’s so nice to see more people after it had been such a quiet morning. But a lot of the hikers are either leaving late tomorrow or taking the day off tomorrow. They’re eager to fall into bigger groups and embark on the Sierra together. Which I completely understand. If weather conditions were different, I would likely want to do the same. Though it’s almost impossible to find other hikers doing 35 miles a day.

Eventually, Jay and I headed back to KMS and I planned to finally take that nap. When we got back, I found a hammock and wound up laying down for a few hours. It’s crazy to think that in the last 5 1/2 months and 4300 miles I haven’t napped once. It felt so good to have no place to be and to just be able to relax. And I didn’t have any work to get done.

Sleeping in the hammock at KMS.

Eventually, I emerged from the hammock later on in the day. I headed back out toward the general store to grab a couple last items. I wanted to superglue the Velcro onto my new shoes for my gaiters. I also needed to buy fuel and a couple last-minute things. I grabbed a few drinks and sat at the tables with a bunch of hikers and Jay. I tried to use Wi-Fi to get some YouTube videos uploaded, but it was a lost cause. Because of lack of service recently and how challenging the terrain was at the end of the Appalachian Trail, I’m ridiculously behind on everything. But there’s nothing I can do about it.

A bunch of hikers hanging out by the projector at KMS.

All of the other hikers wound up coming back from grumpys later on in the night. I got my tent set up near everybody and eventually the whole group sat around to watch a movie on the big projector screen. I was close enough to hear so I just laid inside to do my stretches. Then wound up having a really early night. It looks like Jay is going to drop me back off the trail sometime around 5:30-6AM tomorrow. And I very likely won’t be back in Wi-Fi or service for about six days. But I’m glad to be going through the Sierra as quickly as possible. It’ll be easier to judge my pace once I see how much snow remains on the highest mountain passes.

If you enjoyed this blog and would like to support my hike by buying me a soda or a snack along the way, there is a “Tip the Author” button below! It links directly to my Venmo. Any and all support is incredibly appreciated!

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To learn more, please visit the About This Site page.





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