Geography Is Part of Capital Allocation

Where an asset is held is an allocation decision, not an administrative one. Jurisdiction quietly allocates legal, tax and political exposure, and it does so whether or not you chose it deliberately.

A portfolio that looks diversified by asset class can be dangerously concentrated by jurisdiction: every entity, account and structure sitting under one legal system, one currency, one government's future decisions. That is a single point of failure dressed up as a balance sheet. When the rules change, and they do, everything moves at once.

Treating geography as an allocation dimension means asking of a jurisdiction the same questions you ask of a position. How correlated is it with the others? What is the downside if it turns? Can I exit without being forced? The answer is rarely to chase the lowest tax. It is to avoid holding all of your legal and political risk in one place, so that no single parliament, court or currency can reprice the whole family at once.