FBF 04 | Flash Back Friday | Escape the Tax Trap: Build Global Wealth with Second Residencies With Mikkel Thorup

Title: Escape the Tax Trap: Build Global Wealth with Second Residencies With Mikkel Thorup

Summary:

In this episode of the Passive Income Attorney podcast, host Seth Bradley interviews Mikkel Thorup, founder of Expat Money. Mikkel shares his unique journey from a challenging childhood to becoming a successful consultant for expatriates. He discusses the benefits of living abroad, the importance of financial freedom, and the various strategies for obtaining second residencies and mitigating tax liabilities. The conversation delves into the emotional aspects of relocating, the rise in interest for expatriation, and the practical steps individuals can take to create a backup plan for their families. Mikkel emphasizes the importance of personal responsibility in achieving financial independence and living a fulfilling life.

Links to watch and subscribe:

https://www.youtube.com/watch?v=J9zyPxUOrnI

Bullet Point Highlights:

• Mikkel Thorup’s journey highlights the importance of resilience and adaptability.
• Expatriation offers opportunities for freedom and adventure.
• High net worth individuals often seek second residencies for tax benefits.
• The emotional aspect of relocating is as important as the financial.
• Understanding the difference between expats and immigrants is crucial.
• Investing in foreign real estate can provide residency benefits.
• Tax implications for U.S. citizens abroad require careful planning.
• Personal responsibility is key to achieving financial independence.
• Mikkel emphasizes the need for a backup plan in uncertain times.
• Exploring new cultures can lead to personal growth and fulfillment.

Transcript:

Seth Bradley (00:00.206)

Hey y'all Seth Bradley here. Thank you so much for tuning in and spending your valuable time learning with us. Absolutely appreciate each and every one of you. I've got a small ask. If you'd please just take a few seconds and leave us a rating and review on Apple podcasts or wherever you're listening from. It goes a long way in landing the best new guests for our show. That's it. Thanks again. Let's go.

 

This is the Passive Income Attorney Podcast, where you'll discover the secrets and strategies of the ultra wealthy on how they build streams of passive income to give them the freedom we all want. Attorney Seth Bradley will help you end the cycle of trading your time for money so you can make money while you sleep. Start living the good life on your own terms. Now, here's your host, Seth Bradley.

 

Ladies and gentlemen, welcome to the Passive Income Attorney podcast, your favorite place for learning about the world of alternative passive investing. And today's show is spectacular. We have an incredible guest, Mikkel Thorpe. He's the founder and CEO of Expat Money, a private consulting firm started in 2017 that helps private clients to legally mitigate tax liabilities, obtain a second residency in citizenship.

 

and assemble a portfolio of foreign investments, including international real estate, timber plantations, agricultural land, and other hard money, tangible assets. He's really speaking my language there. He's also the number one bestselling author of the definitive expat book, Expat Secrets, and he's the host of the popular weekly podcast, The Expat Money Show. All right, folks, without further ado, let's jump in. Michele, what's going on, brother? Welcome to the show.

 

Very happy to be here, Seth. think this is going to be a fun conversation and an amazing program you have. So I'm very happy to be here and hopefully share a little bit about my experience and hopefully some insights for your audience.

 

Seth Bradley (02:06.222)

Thank you, appreciate that. Yeah, this is gonna be very interesting, really unique background and really unique how you help people out. So excited to get started with all that. But first, let's jump a little bit into your background, your backstory, take it back as far as you'd like, man.

 

Sure, absolutely. For my story, I do have to go quite far back in time, but I will try to make it as concise as possible. So Seth, what happened was when I was a child, I was actually diagnosed with a learning disability. And what happened was one day a teacher pulled me out of class and sat me down in a little room and said, Mikel, something doesn't work quite right in your brain. And what we want to do is we want to send you to a special school, special school for special boys.

 

So that's what I