Hi everyone,
I'm pretty sure I'm overcomplicating things given my low income, but I would like to explore some options.
Currently, I am a Spain citizen and resident and with an income of €2.000 per month, and as a freelancer I pay €288 of Social Security and 20% tax on the remaining amount, approximately €340, so a total of €628 of the €2.000.
At the moment, I'm just providing services, and my goal is to productize them and create a real business out of it. For that, I need to be able to dedicate as much time as possible to it, and with this taxation I need to work on providing those services quite a bit to cover expenses. I have two questions:
1. From my research, I think the best solution for me is living in Georgia and having an LLC in New Mexico. Is that the case? As a single-member LLC is a disregarded entity with a pass-through status, and Georgia has 0% tax on foreign income, would I pay 0% tax? That added to the low cost of living in the country seems a good solution.
2. Would forming the LLC in NM while living in Spain and pay income tax (therefore avoiding social security) be a good solution until moving to Georgia? Those €288 might not seem much to most of you, but is significant income for me. At the same time, it's not worth it if it can cause problems with the Spanish Tax Office.
Thanks in advance you for your help.
