Hello all and happy new year!
I am an American/EU citizen currently working in Belgium for a Belgian company. My wife is also an EU citizen working for a (different) Belgian company. We are both making a comfortable 2000 or so net income each month.
We plan to move to Spain this year (work-life balance yada yada), but we both want to continue working for our current companies, while also possibly getting more in income by having our employers avoid paying all of the high Belgian employment taxes.
We thought it would be an idea to set up an offshore company and then we could invoice our current Belgian companies each month from this offshore company (or two separate companies, if necessary), and then pay ourselves in Spain the bare minimum to survive (around 1000-1500 a month each)) and the rest could sit in this offshore company's bank account for us to be able to access in a couple of years, when necessary, if we plan to buy property or something.
Although of course this would mean we would have less job security if we would ever get laid off, we would prefer to have higher income so that we can decide what to do with our money, rather than most of our brute income being lost to other payroll taxes etc. As we are quite thrifty savers, we would very likely be saving and directly investing all of the money in this foreign company/account.
Is there anyone that would be able to provide advise on if this is a reasonable system and if there are any services that we could look into to help us fulfill this? We certainly want to be tax compliant and understand there is an added level of complexity given that I am an American citizen, although at this stage making far less than 100,000 USD a year.
Lastly, I am a day-trader by hobby (purely US equities) and intend to make this a full-time activity in a year or so, if possible, to eventually replace my current job and therefore whichever approach we take would need to account for me being taxed on capital gains and also paying myself an income through day-trading profits.
Any help or pointer in the right direction would be much appreciated (even of course, if we need to pay for some service).
Best regards
Brian
I am an American/EU citizen currently working in Belgium for a Belgian company. My wife is also an EU citizen working for a (different) Belgian company. We are both making a comfortable 2000 or so net income each month.
We plan to move to Spain this year (work-life balance yada yada), but we both want to continue working for our current companies, while also possibly getting more in income by having our employers avoid paying all of the high Belgian employment taxes.
We thought it would be an idea to set up an offshore company and then we could invoice our current Belgian companies each month from this offshore company (or two separate companies, if necessary), and then pay ourselves in Spain the bare minimum to survive (around 1000-1500 a month each)) and the rest could sit in this offshore company's bank account for us to be able to access in a couple of years, when necessary, if we plan to buy property or something.
Although of course this would mean we would have less job security if we would ever get laid off, we would prefer to have higher income so that we can decide what to do with our money, rather than most of our brute income being lost to other payroll taxes etc. As we are quite thrifty savers, we would very likely be saving and directly investing all of the money in this foreign company/account.
Is there anyone that would be able to provide advise on if this is a reasonable system and if there are any services that we could look into to help us fulfill this? We certainly want to be tax compliant and understand there is an added level of complexity given that I am an American citizen, although at this stage making far less than 100,000 USD a year.
Lastly, I am a day-trader by hobby (purely US equities) and intend to make this a full-time activity in a year or so, if possible, to eventually replace my current job and therefore whichever approach we take would need to account for me being taxed on capital gains and also paying myself an income through day-trading profits.
Any help or pointer in the right direction would be much appreciated (even of course, if we need to pay for some service).
Best regards
Brian
