I own a single member disregarded US LLC, it's a travel services business organizing trips for americans down to the caribbean.
I'm a British passport holder residing in Spain and looking to leave to somewhere that has a lower tax rate.
I'm not opposed to paying some tax, but would like to keep it under 5-10% instead of the current 37% I'll be due at the end of next year, assuming business stays the same as it did last year, so ideally I'll be relocating in June so that I don't become tax resident here next year. There seems to be more countries to choose from that fit within this criteria if I can pay myself in Dividends instead of 100% pass through salary, Greece for example, that taxes them at 5% instead of income tax at 22-45%.
So, whats the best setup these days for someone earning around 120k euros per year, covering everything from where to incorporate, to some PE so that the company doesnt become tax resident where I am (as i'm effectively doing the work wherever I'm sat). Ideally I'd just move to the Bahamas, but I imagine the 44k euros I'd save in tax I'd spend in higher cost of living. The other option is to go somewhere I don't particularly want to, and just relocate to Panama, costa rica etc and just keep the LLC without opening a Corp if the expense would outweigh any benefits; but i'd prefer to have the options of Estonia, Latvia, Greece etc.
I want to keep the US LLC so that I have US banking options with "proper banks" as all of my clients pay via wire transfer, and avoid the IRS as far as possible, so thinking perhaps something a little bit more discrete than the Caymans, BVI's & such in the Caribbean. Gibraltor, Jersey, Isle of man could work as the new owner of the LLC?
Is any of this realistic, or do I just suck it up and go live in Panama to save some cash.
I'm a British passport holder residing in Spain and looking to leave to somewhere that has a lower tax rate.
I'm not opposed to paying some tax, but would like to keep it under 5-10% instead of the current 37% I'll be due at the end of next year, assuming business stays the same as it did last year, so ideally I'll be relocating in June so that I don't become tax resident here next year. There seems to be more countries to choose from that fit within this criteria if I can pay myself in Dividends instead of 100% pass through salary, Greece for example, that taxes them at 5% instead of income tax at 22-45%.
So, whats the best setup these days for someone earning around 120k euros per year, covering everything from where to incorporate, to some PE so that the company doesnt become tax resident where I am (as i'm effectively doing the work wherever I'm sat). Ideally I'd just move to the Bahamas, but I imagine the 44k euros I'd save in tax I'd spend in higher cost of living. The other option is to go somewhere I don't particularly want to, and just relocate to Panama, costa rica etc and just keep the LLC without opening a Corp if the expense would outweigh any benefits; but i'd prefer to have the options of Estonia, Latvia, Greece etc.
I want to keep the US LLC so that I have US banking options with "proper banks" as all of my clients pay via wire transfer, and avoid the IRS as far as possible, so thinking perhaps something a little bit more discrete than the Caymans, BVI's & such in the Caribbean. Gibraltor, Jersey, Isle of man could work as the new owner of the LLC?
Is any of this realistic, or do I just suck it up and go live in Panama to save some cash.
