Podcast: Download (Duration: 36:13 — 10.8MB)
Why High Net Worth Individuals Should Move Overseas With Mikkel Thorup Moving overseas can bring your tax bill to 0. Yes, even if you’re a high net worth individual with a few million dollars of net worth. Mikkel Thorup of the Expat Money Show joins us to discuss the incentives of moving overseas, how moving overseas works when you have millions of dollars worth of assets, what to look for in a country when moving internationally, and how to get international residencies and citizenships. Mikkel Thorup started traveling as a teenager after dropping out of high school and hasn’t stopped since. He is the CEO and founder of Expat Money, a consultancy that helps high-net-worth individuals legally and dramatically reduce their tax bills by moving overseas.
What we discussed
(00:00) Episode overview and who is Mikkel Thorup?
(03:05) From dropping out of high school to founding expat money: the story
(07:29) Why do high net worth individuals live overseas?
(09:57) Should you sell your real estate before moving overseas? OR What high net worth individuals should do before moving overseas
(16:34) Do you need to give up US citizenship to move overseas? (18:09) Should you move to Puerto Rico to save on taxes?
(20:27) How to get international residency for free
(21:21) Reasons to live in Panama (and it's not just the nature)
(28:17) Why attend the Expat Money Summit (free entry)
3 Key takeaways
If you are a high-net-worth individual looking to move overseas to become an expat, you need to be strategic about how you plan your move. You will likely need the support of a whole team. You will want your lawyer, CPA, and financial advisor to be part of your team because the goal is to keep as much of your money as possible and be able to expand its purchasing power. When working with a private planner to move overseas while preserving your assets, the goal you are aiming for it to reduce your tax bill to as close to 0 as possible. Panama is the center of the offshore world. After Hong Kong, it has the most companies registered in the world.