Are You Ready For Capital Controls?

Getting Your "Plan B" in Place

It's no longer a question of "if" but "when." The concept has already circulated within Trump's inner circle. Policy experts are openly discussing "user fees" for holders of U.S. Treasuries. New outbound investment restrictions took effect January 2nd, 2025, prohibiting or requiring government notification for certain investments by U.S. persons in foreign entities.

What were once "unthinkable" policies in modern Western economies are now being seriously considered by policymakers desperate to manage a $37 trillion national debt and prevent capital flight that could undermine the entire dollar system.

When Capital Controls Come to America

Imagine waking up to discover your bank has imposed daily withdrawal limits. Your wire transfer to purchase that property abroad has been frozen pending government approval. Your foreign investment account has been restricted, and you need permission to buy foreign currency for an overseas trip.

This isn't dystopian fiction—it's recent history. Cyprus imposed capital controls in 2013, becoming the first eurozone country to restrict capital flows. Banks closed for nearly two weeks. When they reopened, citizens faced severe limits on withdrawals and transfers abroad. Greece followed suit in 2015 with capital controls that lasted four years. Iceland maintained them for nine years after 2008.

In Argentina, when the government liberalized exchange rates with "pesofication," depositors watched their savings lose 75% of their value overnight. Citizens were restricted from accessing foreign currency or making foreign investments. The government essentially trapped their wealth within the country's borders.

The American Version Could Be More Sophisticated

Unlike the crude bank closures and withdrawal limits seen elsewhere, American capital controls would likely be more nuanced—at least initially. They might start as:

Transaction taxes on foreign investments, making it expensive to diversify internationally. Approval requirements for wire transfers above certain amounts, creating bureaucratic delays and uncertainty. Repatriation restrictions on foreign earnings, trapping your overseas income abroad.

The government would frame these measures as temporary responses to economic crisis, national security concerns, or the need to "keep American capital working for Americans." But history shows that once implemented, capital controls tend to expand in scope and duration.

Why Now? The Perfect Storm

Several factors are converging to make capital controls increasingly likely:

The federal government spent $1 trillion on interest payments alone in 2025—not on infrastructure, defense, or social programs, but simply servicing existing debt. With the national debt surpassing $37 trillion and growing by $22 billion daily, the government desperately needs to keep capital domestic to finance its operations.

Meanwhile, the first 10 months of fiscal year 2025 saw the federal deficit widen by $109 billion compared to the same period last year, despite a 112% jump in tariff revenue. The government may need to prevent Americans from moving their capital abroad to maintain the system.

The Wealth Trap

Capital controls don't just restrict your ability to invest abroad—they fundamentally alter your relationship with your own wealth. Under such a system, you might face:

Banking restrictions that limit how much cash you can withdraw or transfer. Investment limitations that prevent you from buying foreign real estate, stocks, or businesses. Currency controls that restrict your ability to hold foreign currencies or precious metals. Travel limitations that make it difficult to access foreign currency for international trips.

Most insidiously, capital controls often include forced conversion requirements. In the case of the U.S., this could take multiple forms. The government might compel your 401(k), IRA, or pension fund to invest in government bonds at below-market rates through mandatory "patriotic investing."

Alternatively, we could see forced conversion to government-controlled digital currencies or stablecoins, where your existing assets are converted into a new monetary system with built-in surveillance and control mechanisms. This digital approach would give authorities unprecedented visibility into every transaction while allowing them to impose spending restrictions, expiration dates on money, or even selective freezing of accounts—essentially creating a financial control grid that makes traditional capital controls look primitive by comparison.

The Window Is Closing

Here's what makes the current moment so critical: capital controls are most effective when implemented suddenly, without warning. Governments typically announce them over a weekend when markets are closed, giving citizens no time to react.

Once in place, these restrictions make it exponentially more difficult—and expensive—to establish the international diversification that could protect your wealth. The time to act is before the controls are announced, not after.

The Question Isn't Whether to Have a Plan B Anymore

It's how to develop one that actually works for you and your family—and how to implement it before the window closes.

Out of 130+ countries Doug Casey and I have visited, we chose Uruguay as our base. Whether you're looking for a full relocation or just smart diversification, Uruguay offers unique advantages that become more valuable as the likelihood of capital controls increases.

How Uruguay Could Fit Your Plan B

For the Property Investor:

• Acquire a "bolt-hole" apartment in Punta del Este or Montevideo before restrictions make foreign real estate purchases difficult or impossible

• Own titled farmland in one of the world's most productive agricultural regions—a hard asset outside the reach of domestic capital controls

• Hold real estate in a stable jurisdiction outside the US financial system, protected by strong property rights and reasonable property taxes

For the Financial Strategist:

• Open and maintain foreign bank accounts that still accept Americans—before banking restrictions make this impossible

• Access investment opportunities in South American markets while you still can

• Protect wealth in a neutral jurisdiction with no foreign exchange controls, ensuring your capital remains mobile

For the Protection Seeker:

• Obtain residency without requiring continuous presence, giving you legal status outside the US system

• Create a backup "home" outside North America and Europe, in a country that consistently stays neutral in global conflicts

• Establish your international presence before travel and currency restrictions make such moves prohibitively expensive

For the Part-Time Resident:

• Enjoy 3-6 months of summer during North American winter, while maintaining the flexibility to move between jurisdictions

• Maintain a pied-à-terre in the summer hot-spot, Punta del Este, as your international base

• Build relationships with like-minded expats and locals who understand the importance of international diversification

• Access high-quality, affordable healthcare outside the increasingly controlled domestic system

Since my family and I went all-in on Uruguay in 2021, we've had the pleasure of meeting dozens of Phyle members who have come to explore the country. Some have purchased a bolt hole or established a bank account here. Others have land banked capital or secured residency. All have been driven by the same recognition: the window for international diversification is narrowing, and those who act now will be far better positioned than those who wait.

Why the Urgency Is Real

The signs are everywhere for those willing to see them. Investment barriers that were once "taboo among U.S. policymakers" are now being openly discussed. The Trump administration has already implemented new restrictions on outbound investment. Policy papers circulate discussing ways to manage capital flight through government controls.

As Joachim Klement, investment strategist at Panmure Liberum (the UK's largest independent investment bank), warned: "Ultimately, capital controls are a form of central planning and a severe restriction of free market capitalism. They would typically be unthinkable in a modern U.S. context, but if we see a true panic run on the dollar, unthinkable options may need to be considered."

The progression is predictable: first come the discussions in policy circles, then the "temporary" emergency measures, then the gradual expansion of restrictions until what was once unthinkable becomes the new normal.

This Isn't Just Another Conference—It's Your Last Best Chance

The Plan B Uruguay conference is designed to make all the options legible and actionable for you in just a few days—before the window closes entirely. This isn't about theoretical discussions of what might happen someday. This is about taking concrete action while you still can.

For four intensive days, you'll get the unvarnished truth about living and investing in Uruguay, including:

• First-hand accounts of what really works (and what doesn't) from those who've done it—people who moved their wealth and established their international presence before it became difficult or impossible

• A rare opportunity to spend time with Doug Casey who's spent a good part of the last 12 years here, watching the global situation deteriorate while building his own international foundation

• Visit our ranch one afternoon and see what ranch-life really looks like—understanding how agricultural assets can provide both wealth preservation and lifestyle benefits

• Practical sessions on residency, banking, and business opportunities here, with step-by-step guidance on implementation

• Real estate tours of both urban and rural properties, so you can see actual investment opportunities rather than just hearing about them

• Private networking with other members of our Phyle—it's a rare opportunity to spend time with others who understand the urgency of the moment

Plus, we'll have a trusted expert from Argentina on hand who will detail the options for residency and citizenship in Argentina as well—giving you multiple jurisdictional options for your international strategy.

The Real Value: Connections & Practical Solutions

This isn't about theoretical discussions of what might happen in some distant future. You'll:

• Meet the actual lawyers and bankers who can help you take action immediately—the same professionals who have helped dozens of our members establish their international presence

• Tour properties and see real investment opportunities, with pricing and logistics clearly explained

• Connect with other Phyle members who are on the same journey, building the network you'll need as the world becomes more fragmented

• Get detailed insights about costs, logistics, and daily life, so you can make informed decisions quickly

• Experience the culture and lifestyle firsthand, understanding what your life could look like with an international base

• Optional: Fast-track your residency process and bank account setup, taking concrete action while you're here

Limited Availability & Special Early Bird Pricing

To maintain the intimate nature of this gathering and ensure quality interactions, we're capping the number of attendees.

Secure one of the remaining spots for $3,995 (plus $795 for spouse/partner).

👉 Click here to secure your ticket today

Your Investment Includes:

• All conference sessions and materials

• Welcome reception and group meals

• Transportation to scheduled events

• Transportation to and from Montevideo airport to the hotel in Punta del Este (some exceptions apply)

Reserve Your Spot Now

👉 Click here to register now

Looking forward to welcoming you to Uruguay.

Best,

Matt Smith

P.S. Last March, over 40 guests from around the world gathered for our first Plan B: Uruguay event. They came because they understood something that many still don't: the window for international diversification is closing rapidly.

The reviews from participants were unambiguous:

“Your conference was so extraordinary that I have trouble putting it into words (and I have been to my share of conferences over the years, both attending and presenting).”

“We are grateful for the opportunity to attend Plan B Uruguay. We learned a ton, gathered new ideas, and met some of the best people on the planet. We will be back with our children soon.”

After lots of requests we’ve decided to do it again. So for those of you who missed out, now is your chance.

P.P.S. We’ve hosted dozens of international guests and we’re here to make it easy. If you’re unsure about travel or logistics, talk to us—Jane can help you sort out itinerary, hotel, and everything in between. We’ll make it simple.

After you register, we’ll contact you with more details.

FAQ: What people usually ask before they come

❓Cancellations: We understand things come up, refunds are permitted until September 1st 2025—but if we cancel the event for any reason, you’ll be 100% refunded.

❓What’s included in the price? All conference sessions, group meals, welcome reception, ranch visit, and transportation between scheduled events. Not included: airfare, hotel (room block available at $165/night), and any side trips.

🛡 Is Uruguay safe? Yes. It’s ranked one of Latin America’s safest countries—stable, neutral, and high-trust.

💬 Do I need to speak Spanish? No—but it helps. Many expats thrive here without fluency. But the more you know the better your experience will be.

📍Should I visit Argentina too? Yes—many do. We’ll connect you with vetted professionals in Buenos Aires if you want to explore a “Plan B” there too.

🏡 Interested in Real Estate? Extend your stay through October 18th for private condo and farm tours organized by Jane. But, secure your spot early to get things organized.

❓ Can I see the agenda? We’re still finalizing the agenda, so the final speaker lineup will be shared before the event. But you’ll find an outline below of what we did in March.

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Plan B: Uruguay Agenda Overview (Draft)

Day 1: Arrival & Welcome

Arrival at Montevideo Airport (MVD) October 12 -13, 2025

Flights available through American Airlines, LATAM, Copa Airlines, KLM, Air France, and Iberia. To arrive on October 13st, you'll need to depart on October 12th. After registration, we’ll share hotel details. We have a room block reserved for $165/night. Included airport transportation to your hotel in Punta del Este will be provided on October 12, 13 and return to Montevideo airport on the 17th.

Welcome Reception (4:00 PM - 8:00 PM):

Join us for a relaxed evening on the beach at one of Punta del Este’s finest restaurants. Meet Doug, Matt, and fellow Phyle members.

Day 2: Why Uruguay? (Tuesday October 14)

Morning Conference:

Why choose Uruguay over other global destinations?

Local experts will discuss the logistics of living here: residency, healthcare, banking, and more.’

We also have lawyers from Argentina who discuss options and the new political climate with Javier Milei.

Afternoon Tour:

Dinner is a Uruguayan Asado (BBQ) and the chance to connect with speakers and fellow attendees.

Day 3: Building Your Future in Uruguay (Wednesday October 15th)

Morning Presentations:

Matt and Jane Smith will share their experience relocating to Uruguay and setting up a regenerative cattle ranch. Learn how they integrated into local culture and the insights they gained about successful expat living.

Farmland Investment:

Andersen Global will present the "A to Z" of farmland investing, including land banking opportunities.

Afternoon Tour:

We’ll head out to El Eden for dinner and a tour of Jane and Matt’s ranch. Situated 40 minutes away in one of the most beautiful areas in Uruguay.

Day 4: Uruguay’s Business-Friendly Opportunities (Thursday October 16th)

Business Discussion:

Juan Federico Fisher will share his insights on doing business in Uruguay and his outlook for the future of Uruguay. For perspective, he’ll share examples of businesses for sale right now along with development deals open to investment.

Attendees will get a preview of some of the best new development projects being done in Uruguay.

Afternoon:

Doug Casey on the state of the world and what comes next.

Dinner:

Wrap up the conference with wine and food.

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More testimonials from past attendees:

“ I hope it will never come to it but if a Plan B were required I feel very comfortable setting it up in Uruguay for the very many reasons you illustrated at the conference. The conference was everything I'd hoped it would be and more. As far as it was to travel to Uruguay it was very worth the effort and I very much appreciated the extracurricular activities, especially the trip to your ranch. Thanks so much for the attention you made to every detail. It was very appreciated. The conference was everything I'd hoped it would be and more.”

“A consensus taken amongst my fellow attendees was not only were the various presenters with their individual areas of expertise excellent, but above and beyond that, were the panel discussions with Matt and Doug Casey. I have personally followed Doug for over 20 years and meeting him in person was a personal highlight. I have personally followed Doug for over 20 years… Meeting him in person was a personal highlight.”

“From start to finish—airport pickup, hotel, conference, the ranch reception—everything was flawlessly executed. The conference gatherings started on Friday evening, and presentations, active meals and a field trip to the hosts’ Regenerative Farm filled Saturday, Sunday, and Monday. The presentations ranged from the hosts framing Plan B and Why Uruguay to immigration and real estate attorneys, developers with active projects for investment, to government economic development agencies, and agricultural advisors. All were very professional and helpful, and shared contact information for immediate or future follow-up.”

“Jane and Matt graciously opened their regenerative farm to the attendees for an afternoon and evening of visiting with Uruguayan and expat neighbors. It was a unique and essential opportunity to hear real stories, good and bad, of what relocating, living, doing business, or investing in Uruguay could be. Jane also offered and arranged some post-conference visits for us to view some potential real estate opportunities.”

“the nicest benefit was meeting fellow attendees. It was great to connect with so many others!”

“The most wonderful part of the event was the people who came to the event itself. We met so many wonderful people and made several new friends. Two of them we’re meeting again next month.”