These days, it’s common to see many Westerners move to places like Bali, Dubai, Colombia, and Panama, but why? There must be a good reason for it, right?
Successful individuals from countries like the US, Canada, and Australia are leaving their countries in droves in search of better opportunities. The West does not hit the mark anymore for many reasons, so it’s time for a plan B.
Expats and expat-hopefuls have realized that other countries offer lower taxes, a more comfortable lifestyle, and better bang for their buck.
However, making the move is not an easy endeavour. For example, how can you stay tax-optimized? How can you easily move your funds abroad? Are you looking for a second passport or just a residency? Are you moving by yourself or with your spouse and kids? Do you even speak the language of your target country?
These and other questions require professional guidance, as figuring it all out yourself may cost you a lot of time and money. So the question is, why reinvent the wheel when you can find someone who has been through it all and show you the path forward? That’s what you get when you hire an offshore consultant.
Every expats circumstances are unique, necessitating tailored solutions. I employ a personalized approach to planning that matches your precise requirements and objectives
When you look at the cities with the highest number of high-net-worth individuals (HNWIs), major cities like Tokyo, New York, and London are always on the list. However, it’s interesting to see that New York lost 12% of its wealthy population between 2021 and 2022, while London lost 9%. Moreover, Singapore has experienced a 6.9% growth, demonstrating that these individuals are pursuing the “American Dream” elsewhere.
Not long ago, many HNWIs wanted to live in America, the UK, Canada, and other legacy countries because of their economic opportunities. Now that the landscape has drastically changed, it’s easy to see that the grass can be greener on the other side. Factors like burdensome taxation, lack of safety, and never-ending government encroachment push HNWIs to find better opportunities for themselves and their families elsewhere.
Many wealthy investors' migration trends are completely different these days. They realize it is increasingly difficult to prosper in volatile political and economic climates. Saying the wrong thing or criticizing the government can lead to your bank account being frozen and your assets seized. Freedom was a virtue often attributed to Western countries, but that is unfortunately not the case anymore.
HNWIs are crafting plan-Bs to protect their wealth regardless of the economic landscape back home, realizing they can live a better lifestyle and find more lucrative opportunities for a fraction of the cost. Also, many have realized the importance of increased global mobility, so it is natural to seek second residencies and citizenships. When things get out of hand in your home country, you should always have a backup plan.
Even though we're talking about HNWIs, seeking a Plan B to protect your wealth and becoming an expat is for virtually everyone. A major myth about expat life is that it is only for the wealthy, but that's just that—a myth. People from all sorts of socio-economic backgrounds take advantage of the opportunity to live and work abroad, motivated by various reasons and goals. The paths to becoming an expat are varied, reflecting the wide range of professions and industries that value and look for international experience.
If you have ever moved to a different city or even neighbourhood within your hometown, you know firsthand that it can be a complex process. You must talk to real estate professionals, deal with utilities in your former and new homes, pack your belongings, and the like. All those little things add up, making the experience extremely challenging for many.
Can you imagine moving not only to a new neighbourhood, but to a different country? Surely whoever says it’s all sunshine and rainbows is lying. I do not suggest you stay where you are and bite the bullet. My clients got sick of the problems in their home countries, such as slow and inefficient bureaucracy, lack of safety, and threats of confiscation and censorship, and they made the challenging decision to move abroad.
As you likely realize, many things in life come at a price. Most of your fellow citizens will decide to stay ignorant, believing their lack of awareness will keep them protected and help them avoid the issues their country is facing. Perhaps you prefer to be prepared (even if someone calls you names). At least you will be less likely to fall victim to the market’s whims and government encroachment. Which price would you rather pay? The price of ignorance or the price of preparation?
Introducing one of several real estate opportunities. In the image, you can take a tour of one of the amazing properties already finished at Playa Caracol Residences, just an hour from Panama City
An expat consultant offers invaluable local insights beyond what you can find online. They know the hidden challenges and opportunities of living in a specific location, from neighbourhood specifics to local business practices, helping you integrate and adapt faster to your new surroundings. Moreover, an expat who’s been there and done that will be familiar with the legal and fiscal framework of your target country.
Adapting to a new culture can be daunting, and you just can’t stay in the expat bubble; you need to make connections wherever you want to live. An expat consultant can help you understand local customs, etiquette, and social norms. This can minimize cultural faux pas, enhance your social interactions, and help you become part of the community more seamlessly.
Every expat’s situation is different, requiring tailored solutions. Expat consultants provide customized planning that aligns with your specific needs and goals, whether finding a suitable school for your children, a country for property investing or helping with tax mitigation. As much as there’s no perfect destination on Earth, there’s always somewhere you can better carry out your plans.
Consultants can connect you with their network of local and expat contacts. This can be invaluable for both personal and professional growth. Whether you need to find trustworthy service providers, be it real estate developers, lawyers or bankers, or just want to expand your social circle, these connections can significantly smooth your transition.
You need ongoing support and assistance with any challenges that arise as you settle in. Whether renewing visas, dealing with local authorities, or navigating changes in local laws affecting expats, having a consultant ensures continuous support and guidance.
But now you may wonder, “Do all expat consultants offer ongoing support? All these things sound amazing, but I want someone who will show up and follow through”. Trust me, I get you. You want a comprehensive service from someone who genuinely cares about providing value to you. That’s why you should consider the following red flags before pulling out your credit card.
When choosing an expat consultant, be aware of potential pitfalls in the service you get offered. Here are three red flags that should alert you that a certain expat consultant might not be the best fit for you:
Some consultants charge thousands of dollars for only one or two initial consultations. However, this red flag suggests that a one-size-fits-all approach is enough to satisfy your needs. Effective expat consulting requires a deep understanding of individual circumstances, which just can’t be assessed in a couple of meetings. A single HNWI wanting to secure a second residency is simply not the same as a family who wants to move abroad for good. A consultant that limits initial consultations might be unable to provide the personalized and comprehensive planning necessary for a successful relocation.
Beware of consultants who do not have specific knowledge or a strong network in the country of your interest. Moreover, if they offer generic advice that you can find online, why bother paying for an expat consultant who says everything that you already know? Local expertise is crucial for dealing with the complexities of relocation, including legal requirements, real estate markets, and cultural nuances. A consultant without direct experience in your target destination may provide advice that leads to costly mistakes.
The relationship with your expat consultant shouldn’t end when you land in a new country; rather, it should continue as you get acclimated in your new home. Continual support is key to addressing unforeseen challenges and securing a smooth transition. If a consultant’s service package does not include follow-up assistance, you may be in a tough position when post-relocation issues arise.
Choosing the right expat consultant means looking for holistic, tailored solutions and continuous support. Go for a professional who will both prepare you for your move and stay by your side as you adjust to your new life abroad.
Attending my in-person events ensures you'll receive dedicated attention and personalized care from me and my team, guaranteeing a seamless experience from arrival to departure. We prioritize creating a secure, enriching, and relaxed atmosphere for all attendees
Once you know the red flags you should be aware of, it’s time to choose a consultant who meets your needs. Not only do you want to get good value for money, but also the assurance that you will be listened to, understood, and, most importantly, given a solution to your specific problem. Here are five questions that you should ask an expat consultant before hiring them:
A good expat consultant can help you determine what you're looking for and find a country that meets your expectations. It's important that they're honest and provide sufficient details about the area, and are proactive in ensuring your move is as smooth as possible. Remember, one size doesn't fit all; your needs should be addressed individually.
When consulting with an expat consultant, don't hesitate to ask detailed questions about their hands-on experience with the local bureaucracy and real estate market and how they assist with cultural integration. These questions will help you gauge whether they have the practical knowledge to help you transition smoothly to your new home.
Find out exactly what their service includes after you move. Ask about the nature of their ongoing support, whether there are additional costs for continuous assistance, and how they can help in case of an unexpected issue. This question ensures you won’t be left to navigate complex challenges alone once you’ve relocated.
You need to ensure your consultant does not offer a one-size-fits-all solution. Ask them for examples of how they were able to customize their service for past clients, especially in cases similar to yours. For example, if you are American and want to do something as complex as renouncing your citizenship, you want to work with someone who’s treated cases like yours before.
Visa and legal requirements can be one of the most complex aspects of moving abroad. Understanding the consultant’s approach to solving these issues will give you insight into their expertise and effectiveness in ensuring compliance with local laws.
When getting surgery, you want an excellent surgeon with years of experience. Similarly, when moving abroad, you want someone who’s helped others with it. Has this consultant helped others get residencies, citizenships or properties abroad? If not, they will likely not assist you how you would expect.
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As my client, you'll enjoy personalized service and be invited to my fantastic birthday bash. This year's (2024) celebration was a blast, and I can't wait to see you at the next one!
As the founder and CEO of Expat Money, I have diverse roles, including authorship, podcast hosting, and charity work. I've personally tested every aspect of expat life, including multiple citizenships by investment, birth tourism, and purchasing homes in various countries worldwide. My family and I live what we preach here; we test everything first by ourselves. We have our skin in the game.
While information is abundant, it is crucial to avoid costly mistakes. Making the savvy decision to seek consultation from my team at Expat Money can ensure a better and smoother transition to your new expat-living lifestyle. When you choose to work with an international living consultant like myself, you will save time and money, all while avoiding costly errors that, in many cases, may be irreversible. When working with the immigration arms of various governments, doing things correctly the first time is of the utmost importance.
Whether you're considering a move abroad or not, you might have heard about Gulf countries with zero income tax and other popular expat destinations. However, I go beyond the headlines, offering alternative solutions and ensuring my clients get the best deals. From affordable yet high-quality properties in Paraguay to beachfront houses in Brazil, I always uncover underrated opportunities for those ready to seize them.
Having travelled to over a hundred countries for over 25 years and lived in nine, I deeply understand multiple cultures and how things work in different places. This experience equips me with knowledge about law, taxes, and even people from all corners of the globe, ensuring my clients and followers get immediate value from the trips I've made during my life. Fun fact: my wife is from Mainland China, and each of my three children was born in a different country.
On a similar note, my travels aren't just about leisure and family; more often than not, I venture abroad to explore new investment opportunities for both myself and my clients. For instance, after conducting a private investment tour in Uruguay in November 2023, I hopped on a flight to Paraguay. I discovered that this tiny country holds significant potential for real estate investors. What's even more crucial is that wherever I go, I'm always looking for new partners, whether they're lawyers, real estate developers, or even restaurant owners. My team is also international, consisting of over 20 people from 4 different continents. I dedicate a substantial amount of my time to cultivating and nurturing business partnerships with top-notch professionals in the fields of law, real estate, and immigration.
Even though I'm a positive individual, I believe in being straightforward and never sugarcoating thing. First off, know that you will never find the perfect Shangri-la, utopian country that will be perfect in every way, but you can surely find somewhere better and design a plan that best suits your wants and needs. That’s why a consultant will help you craft the perfect roadmap. Also, I hammer home important points as much as needed to ensure you never miss out on opportunities that could change your life.
To illustrate my point, keep in mind that that countries often update their residency and visa requirements, which may impact the cost and viability of securing a plan B. Staying on top of these things and being proactive is vital, as these changes typically happen without prior notice. I often remind my readers and clients of the importance of acting before it's too late. Even if you can't or simply don't want to be a private client, I'll always share relevant information with you.
As a libertarian, I'm passionate about advocating for no taxes and freedom, but I don't stop at mere slogans and clichés. While I certainly dislike taxation, my interests extend beyond financial matters. I prioritize dedicating time to my wife and three children, which grants me valuable knowledge about the specific needs of clients who are couples or retirees. Consequently, I understand firsthand the challenges of travelling or relocating abroad with your family to pursue a better life. Family is by far my top priority.
As mentioned earlier, life isn't only about taxes. While tax mitigation is undoubtedly important, I strive to ensure that my clients discover a place that offers them not only favourable tax conditions but also a fantastic lifestyle. I have visited over 100 countries and lived in 9 of them, including the UAE, renowned for its zero-income tax policy, and then relocated to Panama in 2019. Panama's territorial tax system, coupled with its attractive features for expats, such as its strategic location and food and water independence, make it a compelling choice. That's precisely why I made the move here. Likewise, I excel in pinpointing the ideal destination for every expat based on their individual circumstances.
My clients and friends indulging in a delightful luncheon amidst their tour of Playa Caracol Residence, seamlessly blending knowledge exchange with the forging of new friendships
As you can see, I take my consulting business very seriously. I'm constantly travelling, networking with relevant professionals, and investing in opportunities myself. I never advise my clients to invest in something I haven't tried firsthand, whether it's purchasing properties in frontier markets like Brazil, Paraguay, and even the Gambia or participating in citizenship-by-investment programs like those in St. Kitts and Nevis and Turkey. My extensive overseas experience equips me with the necessary tools and information to assist you in navigating visas, residencies, and lifestyles in places other than your country of birth.
My clients have experienced significant success in their endeavours, always feeling heard and understood. From Monday to Friday, I dedicate around 9 hours a day to meeting with private clients, and I often put in extra hours on weekends by reading articles and books and overseeing our company's projects. Thanks to my guidance, high-net-worth individuals and families have achieved their goals, such as obtaining a second passport, renouncing US citizenship, and safeguarding their assets in offshore jurisdictions.
While expats share common concerns, your needs are unique. What works for one expat may not necessarily work for you. That's why I take the time to assess each case individually and provide you with the tips and tricks you need to make well-informed decisions. For example, securing a plan-B second residency is a different process from fully relocating from your country of origin. Every case is distinct, and I'm here to help you navigate yours to realize your expat dreams.
Expat Money isn't solely about my global journeys; it's a community of individuals weary of the status quo, eager for a fresh approach to living, working, and investing
These days, you could argue that information is a commodity. But this is true only when you use it wisely. You can spend thousands of hours learning by yourself, trying new things, and reading articles like this one. The information will be there for you, but what if you make a mistake that costs you thousands or even millions of dollars? Even if you finally achieve your goals by yourself, how much time do you need to acquire all the know-how?
The goal of a consultant is that of a mentor—walking you through the process he is entirely familiar with and even ensuring you may reap better results. While information is abundant, expert and customized guidance is priceless.
Remember that if you want to go the extra mile and work with me, I invite you to read this important letter and fill out the form at the bottom of the page. Safe travels!
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I help my clients to move offshore for freedom, privacy and autonomy by focusing on the immigration, legal, and tax issues that you will face when becoming an expat. If you would like to work one-on-one with me on getting out of your home country (or setting up a Plan-B location), then read this important letter and fill in an application form to become a Private Client. My fees are not cheap; however, I can assure you that when you work with a professional firm like ours, the results will be worth it.
If you want the best intel from the expat world, including profitable offshore opportunities, little-known tax-saving strategies, and hard-won insights on immigration, passports, and Plan-B residencies, all delivered to your inbox every single week, then join our daily correspondence, EMS Pulse™. Currently enjoyed by over 37,000 expats and expat-hopefuls worldwide. Fill in the form below to join our newsletter free:
Written by Mikkel Thorup
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