085: Advocating for Sovereignty: Perspectives from an International Tax Expert – Warren Black
It’s great to be back! It’s been a few months since I’ve had the opportunity to sit down at my desk, put on headphones, and interview some of the most brilliant minds in the expat space. I’m happy to announce that today, I had an amazing conversation with Mr. Warren Black from WealthSafe.
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WHAT WE DISCUSSED IN THIS INTERVIEW:
- Living in Abu Dhabi, UAE: Mikkel Thorup and his family lived in the UAE for over 8 years, enjoying zero income tax and no other taxes initially.
- Implementation of VAT: Two years ago, the UAE implemented a 5% VAT on all purchases, generating significant revenue.
- Upcoming Taxes: The government plans to introduce several new taxes within the next 18 months:
- 100% tax on tobacco
- 50% tax on soft drinks
- Corporate tax
- Property tax
- Income tax
- Impact on Residents: These new taxes may deter people from living in the UAE, as many moved there for tax-free income. The population is predicted to decrease.
- Economic Consequences: Companies may need to double wages to retain employees, leading to higher costs of goods and making the UAE less attractive to live and work in.
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CONCLUSION
I had a ton of fun with this interview with Warren Black from Wealth Safe. He is a die-hard libertarian, like me, so we had a lot to chat about. I know you’ll love this interview as much as I do. Make sure to sign up for my newsletter, I know you’ll get a ton of value from it.
About The Host, Mikkel Thorup
Mikkel Thorup; the host of The Expat Money Show, has 20+ years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.
Follow Mikkel Thorup on Social Media:
Please post a transcript. I don’t have time to listen.
Hi there, feel free to pay to have it transcribed. You can use Rev.com, I used them before and it is something like $1.00 a minute.
I hope you enjoy the episode.
Mikkel
Hi Mikkel,
Most other podcasters post a transcript for the benefit of all their audience. Ultimately, this benefits the podcaster by providing a bigger audience.
If I do it, it will only benefit me.
John
This was such a great episode. It’s refreshing to hear others who share my same sentiments about taxes. Thanks for clarifying some of the more complicated laws. I would love a long episode about Puerto Rico. I have my eye on moving there next year and would definitely tune in for that. Great stuff guys!