by The Bitcoin Reserve Podcast on 18 Aug 2023
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Mikkel Thorup is an expat consultant who 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.
In this episode, the Bitcoin Reserve team and Mikkel discuss:
- Legally reducing your tax bill
- Moving where you are treated best through residency and second passports
- Issues with legacy banking infrastructure and how bitcoin is a solution
- The pros and cons of different jurisdictions
- The emotional and psychological side of expat life
- Mikkel's take on recent developments in El Salvador
- The asymmetrical opportunity of bitcoin adoption for the countries Mikkel helps his clients move to
- Expat life options for those with modest means
Mikkel's Twitter - https://twitter.com/ThorupMikkel
Expat Money Website - https://expatmoney.com/
Bitcoin Reserve's Twitter - https://twitter.com/BTCReserveHQ
Bitcoin Reserve's Nostr - npub1et8205xq54alghgq7n2n7tskwqptwkya8le20w09kketgvrh32dsl7mrat
Summary of this episode
Mikkel Thorup, with his rich background in expatriation and internationalization, brings a wealth of knowledge to the table. Originally from Canada, he has navigated the intricate world of global relocation, understanding the nuances of tax systems, residency, and citizenship across various countries. His journey has been shaped by personal experiences, client interactions, and a deep understanding of global economic trends.
The Importance of having a Plan B option
The podcast delves deep into the idea of having a "Plan B." In an ever-changing global landscape, political and economic stability is not a guarantee. Mikkel emphasizes the significance of having a backup plan, a safety net that individuals can fall back on during turbulent times. This concept is not just about having an escape route, but also about ensuring one's financial, emotional, and physical well-being.
For many, the idea of relocating to a different country is daunting. The emotional turmoil of leaving behind familiar surroundings, coupled with the logistical challenges of such a move, can be overwhelming. However, Mikkel points out that having a "Plan B" provides a sense of security. Knowing that there's an alternative, a place where one can start afresh, offers peace of mind.
Relocating: The Benefits and Challenges
Relocating to a different country is a decision fraught with considerations. On the one hand, there's the allure of better economic opportunities, a more favorable tax regime, and the promise of a better life. On the other hand, there are challenges to consider – cultural adjustments, logistical issues, and the emotional toll of leaving behind one's homeland.
Mikkel shares insights from his personal journey and from his interactions with clients. He highlights that while countries like Panama offer a more libertarian environment with respect to financial privacy, they are also grappling with external pressures, especially from larger countries and institutions. The challenge is to strike a balance between maintaining sovereignty and adhering to global norms.
Bitcoin's Rise and Its Global Implications
One of the standout topics of the discussion is the rise of bitcoin and its implications for countries worldwide. Mikkel discusses El Salvador's groundbreaking decision to adopt bitcoin as legal tender, a move that has sent ripples across the global economic landscape. This decision, while celebrated by many in the bitcoin community, has also drawn skepticism and concern from global institutions like the IMF.
Mikkel delves into the potential domino effect of El Salvador's decision. He speculates on the possibility of other countries following suit, especially those with abundant natural resources and commodities. The conversation touches upon the dynamics between countries that have resources (like Brazil) and those that dictate terms (like Western Europe and the US).
The Future of North American Countries
Mikkel's perspective on the future of countries like Canada and the US is both insightful and thought-provoking. He expresses concerns about the trajectory these countries are on, especially in the context of economic freedom. While he acknowledges the similarities between Canada and the US, he also points out the subtle differences that shape their economic and political landscapes.
The discussion delves into the influence of institutions like the IMF and their stance on countries adopting bitcoin. Mikkel highlights the growing skepticism and cautionary approach of such institutions, which could shape the decisions of other countries considering a similar path.
Emerging Economies and the New Global Landscape
Mikkel is bullish on the potential of emerging economies in the new global landscape shaped by bitcoin and other cryptocurrencies. He discusses countries like Brazil, Turkey, and Panama, emphasizing their potential to play a significant role in the global economic arena.
He touches upon the political and economic dynamics of these countries, highlighting the challenges they face and the opportunities they present. For instance, while Brazil's political situation might be volatile, its economic potential cannot be ignored. Similarly, Turkey, with its strategic geopolitical position, could emerge as a significant player in the global arena.
Closing Thoughts and Recommendations
As the podcast draws to a close, Mikkel offers valuable advice for individuals considering relocation. He emphasizes the importance of being informed, proactive, and open to opportunities. He points out that while high net worth individuals have a plethora of options available to them, those with limited means can also explore opportunities for relocation and economic betterment.
Mikkel's closing thoughts underscore the importance of understanding global trends, being aware of the changing economic landscape, and making informed decisions. He encourages listeners to explore the wealth of resources available on his website, www.expatmoney.com, and to consider the possibility of working with him for personalized guidance.
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