taxes, international, tax-structureI would like to start and operate a company that I envision becoming very large and successful. However I want to do this abroad in the Caribbean and I don’t want to be double taxed. Should I drop my citizenship to meet my dreams or is it not worth it?
Regarding taxes, You may want to find a wise accountant. I am not one, so this cannot be taken as legal advise, however, there are ways to structure your company in ways that will be beneficial to you.
Some interesting strategies may be found by reading Robert Kiyosaki’s books.
One way would be to have the corporation you create to pay for an ‘Office’ or Satellite Office which you can also double as your sleeping/living quarters.
Since the corporation will be registered in the Caribbean, it will not be taxed in the USA. Furthermore, the money you decide to take as income can be lowered by having a ‘company car/transportation’ and other useful corporate amnesties.
Have a read at the following for more insights:
http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/December-2013/the-power-of-the-corporation.aspx
Good luck on your venture, and please consult legal counsel before taking this advice.
Some Caribbean countries do not levy an income tax. So you would not be double taxed in that case. In some others, the income tax is very low.
Never underestimate something, that others regard as extremely valuable.
How ever, maybe you should search for alternatives in terms on company legal forms. Most countries want foering investors/founders, so most offer some kind of “ok bring your money, employ some people, so you are mostly good to go and you can work here”-plan. For example, Jamaica.
Also don’t miss the point that there are many different kinds of taxes.
There are always some conditions to found a company in other countries, but I personally think the costs (not just money, also time and risks in your case) of changing citizenship are way higher… (Of course it depends on what you are planing to do, but in most cases, I think thats true)
You will be double taxed, not your company. And do not give up on your citizenship just yet. Give it up if it’s absolutely necessary and you’re about to hit the mother lode.
Go to the US Virgin Islands and form an EDC company. There are many tax benefits. To get them you must become a USVI resident. You do not need to give up you US citizenship. At least not yet. https://www.usvieda.org/start-business/edc-tax-incentives ….. http://virginislandsdailynews.com/news/edc-program-called-business-welfare-1.1840401 I have more detailed info if you want. I think you can send me a message to my inbox.
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