Our new guest host Joshua Sheats from the Radical Personal Finance Podcasts is sharing today the story of the founder of PayPal and Palantir Peter Thiel. His famous story of obtaining New Zealand citizenship after spending there only 12 days. And how he avoids paying taxes on his five billion dollar net-worth by using Roth IRA.
Should he renounce US citizenship and take money offshore. Or maybe invest money in an offshore trust held in a tax haven?
Can you also avoid paying taxes with Roth IRA and keep living in the US? What can we learn from him and how to put in place a similar Plan B.
Listen to Radical Personal Finance Podcast: https://www.radicalpersonalfinance.com/
1:15 The Story of Peter Thiel
– Plan B
– New Zealand Citizenship
– Using Roth IRA
– His Offshore Tax Plan
– How to take out Billions Tax-Free
– Where to Go Offshore
He was earning below the wage trash hold for Roth IRA contributions
Stock 1/10 of a share per penny
6:28 Roth IRA Explained
– Roth IRA Withdrawal Rules:
– 2 components of Roth IRA:
Anytime withdraw contributions from the account without tax consequences
The gain of the fund is going to be taxed
– 5 year Roth IRA rule
– 59 1/2 years old Roth IRA rule
The way to Avoid Paying Taxes in the USA
– Estate Taxes:
Estate tax on IRA Beneficiary
Income tax on ira beneficiary
8:40 Peter Thiel’s Plan B
– German Citizenship by Descent
– New Zealand Citizenship
10:03 What is a Covered Expatriate?
– Renounce US Citizenship without being Stateless
– Exit taxes
– Covered Expatriate Tree Tests:
1. Covered Expatriate Because of Net-worth
2. Covered Expatriate Because Historic Tax Liability
3. Covered Expatriate Because Tax Non-compliance
– Exit Tax Calculation
– How to Avoid Penalty Tax
13:43 What if Peter Thiel renounced his US citizenship at the age of 59 1/2 and took his $5 billion elsewhere?
– Go to Tax Haven
– Deposit Trust Account
– How to No longer Be an American Taxpayer
16:04 Would Peter Thiel Be Protected if somebody would come after him?
– New Zealand No Capital Gain Tax
– Self-directed Roth IRA
Prohibited investments: life insurance policies, collectibles, real estate for personal use
– Hedge Fund
15:53 Renouncing US Citizenship
– Citizenship Insurance
– Control Assets throw Roth IRA
19:22 Should Americans put money into Roth IRA?
21:23 What to do if you live in a high tax country:
– Avoid Taxes Legally
– Put in place Plan B
– Focus Attention on the Best Returning Investments you have
Andrew Henderson and the Nomad Capitalist team are the world’s most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”.
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we’ve spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.