Mikkel Thorup: Protecting Your Wealth and Freedoms by Diversifying
Tom welcomes a new guest Mikkel Thorup to the show. Mikkel has visited over 107 countries over the past twenty-two years and lived in nine of them. His business is helping people move offshore. He prefers to speak from experience and provide solutions that actually work.
There are many reasons for choosing to move offshore including tax reasons. Diversifying geographically can bring enormous benefits towards protecting your freedoms.
He discusses some of the countries where he has had less than pleasant experiences due to excessive restrictions. He has been to North Korea, El Salvador, and Iran and he likes going to places that are radically different. The United States is one of the worst countries to enter or exit and he discusses some of his experiences.
Brasil has fewer restrictions than other countries. Uruguay is fairly open along with Costa Rica. However, rules are changing often so double and triple check. Long-term plans are somewhat of a waste of time due to all the changes. Most countries have reduced most of their restrictions.
The trucker convoy in Canada is an excellent example of potential banking risks. We’re also seeing entire countries at risk of being canceled. Having an offshore bank account could be highly advantageous in many scenarios. Mikkel cautions, what works today may not work tomorrow.
He uses cryptocurrencies regularly for business as it’s fast, secure, and easy. In many instances, it removes the third party but it does give him a lot of flexibility and opportunity.
Mikkel discusses some of the preferred jurisdictions that have low or no taxes. Many countries don’t care so long as your money is made outside of the country. You may still have tax obligations to your home country. He explains how the process works for U.S. Citizens.
He explains the benefits and differences between residency and citizenship.
He discusses traveling with family and children and the advantages of alternative schooling programs.
Medical tourism is an option people may want to consider because many countries have very advanced medical facilities. Many countries do not have waiting lists and they can get you in immediately. There are numerous alternatives and you don’t only have to look in your backyard. Also many procedures that aren’t approved in the West are available readily in other countries.
Time Stamp References:
0:00 – Introduction
1:00 – Moving Offshore
5:16 – Restrictive Countries
8:47 – Pandemic Restrictions
9:50 – Free Countries
12:59 – Financial Considerations
18:18 – Offshore Banking
21:22 – Cryptocurrencies
23:20 – Jurisdictions & Taxes
28:57 – Citizenship & Residency
33:52 – Obtaining Citizenship
36:59 – Multiple Residencies?
38:18 – Children & Travelling
43:46 – Medical Tourism
48:19 – Wrap Up
Talking Points From This Week’s Episode
- Benefits of moving outside of your home country.
- Importance and advantages of residency and offshore banking.
- How to travel with children and home schooling.
- Medical tourism considerations and being able to find better health care options.
Mikkel Thorup is the world’s most sought-after ex-pat consultant. He focuses on helping high-net-worth private clients to legally mitigate tax liabilities, obtain a second residency and citizenship, and assemble a portfolio of foreign investments including international real estate, timber plantations, agricultural land, and other hard-money tangible assets.
Mikkel is the Founder and Director at Expat Money™, a private consulting firm started in 2017. He hosts the popular weekly podcast, the Expat Money Show, and wrote the definitive #1-Best Selling book Expat Secrets – How To Pay Zero Taxes, Live Overseas And Make Giant Piles Of Money.
A world traveler since his teens, Mikkel Thorup has learned his craft in three unique and unconventional ways; first, by living it himself, continuously pushing the boundaries testing new ideas around the globe; next, from diligent and intense study consuming over 2000 books and courses on the subject; and finally, by apprenticing and learning directly from the world’s top legal experts in the field. Mikkel has dedicated himself for over two decades to build this mountain of knowledge, one that is not constrained by languages, cultures, or borders. He now works one-on-one with private clients utilizing this combination of hard-won experience and in-depth knowledge and has helped hundreds of people to build their dream lives abroad.
As an autodidact, Mikkel stopped attending school at 12 years old before officially dropping out at the age of 15. Both his own experiences growing up, and those of his children as ex-pats in an increasingly remote world, have inspired Mikkel to innovate in the field of education. In 2021 he co-founded the Expat International School of Freedom & Entrepreneurship, a revolutionary online learning program that focuses on encouraging children and teenagers to develop their skills and abilities in a purpose-driven and responsible way and how to apply them in the real world.
Since leaving Canada as a teenager, Mikkel has been an avid traveler. He has circumnavigated the globe over 400 times visiting more than 100 countries and has called 9 different countries home in his 20+ years of non-stop continual travel around the world.
Mikkel Thorup has inspired countless individuals through his podcast, books, and appearances on hundreds of radio and podcast interviews. A respected and sought-after keynote speaker. He speaks on immigration, maximizing international investments, and how to move offshore for more freedom, privacy, and protection.