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Mikkel Thorup, an offshore consultant with 25 years of international experience, shares legal strategies for reducing U.S. tax burden through international relocation and asset protection. He explains how these approaches can potentially save six figures annually while remaining fully compliant with tax laws.

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• Most clients seek either a financial "Plan B" while continuing to live in their home country or complete relocation as expats
• High-net-worth professionals and business owners typically benefit most from these strategies
• The Foreign Earned Income Exclusion allows Americans to exclude $126,500 of earned income ($253,000 for couples) from federal taxes
• Qualifying requires either 330 days in foreign countries or establishing bona fide residency abroad
• Territorial tax countries like Panama only tax locally-sourced income, creating powerful tax advantages
• Asset protection benefits become meaningful starting at $500,000 in liquid capital
• Strategies include offshore banking, incorporation, self-directed IRAs, and international real estate
• Proper exit planning from high-tax states is essential before establishing foreign residency
• All international accounts must be properly reported to U.S. authorities, maintaining full compliance

To learn more, join the free Expat Money Summit October 10-12 at expatmoneysummit.com or visit expatmoney.com for resources and the Expat Money Show podcast.