Today on The Wealth Secrets Podcast, Sean Adams talks to Mikkel Thorup, the bestselling author of Expat Secrets and the host of The Expat Money Show podcast. He has lived in 9 different countries and has been constantly travelling the world for over 20 years now. Mikkel shares his experiences in living abroad with zero taxes and why you need to diversify your portfolio with off shore investments.
[02:53] What is an Expat?
[05:51] Getting to know Mikkel
[10:58] Why live as an expat?
[14:43] Remote work is more viable now than ever
[19:01] Eliminate tax using the FEIE Rule
[26:46] Off shore asset protection and diversification
[37:56] Protection from litigations and politics
[42:31] Foreign investment opportunities
[45:38] Work with experts you trust
Mikkel started travelling since he was 16 years old. Formal education didn’t suit him so he decided to drop out of school from a young age. Instead of learning inside the classroom, he was learning through his own exploration of the world.
Due to COVID-19 pandemic, majority of the workforce has shifted to remote work. This change has prompted people to re-design their life not by society’s standards but by their personal goals. There are many advantages to living overseas as an expat. You have the freedom to seek out exciting experiences, to live healthier, to learn new languages, and much more. Living abroad also allows you to reduce tax bills to zero. You can do this by moving to a low-income tax state and by qualifying for the foreign earned income exclusion (FEIE) program. Without the burden of tax, you can live a more comfortable life abroad.
Another way to build wealth is to diversify your portfolio with foreign investment opportunities. You can buy real estate and precious metals, open off shore bank accounts, or even incorporate a company overseas. Litigators and creditors are discouraged to come after foreign assets because of the differences in language, currency, and laws. Before attempting to move or invest, consult with trusted specialists because mistakes can have severe consequences.
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