I could use some of you guys to bounce around some opinions... ideas.
A little background.
Lately, I have been in the US working on my business. Before that, I was living overseas. In fact, I have been back and forth between the US and living in other countries for the past 15 or so years.
I am reaching the big middle age bracket soon. Got rid of the wife and have no kids that I know of.
My company can be relocated anywhere in the world since it is tech based with no physical locations in the US.
So, as of right now, I have been wondering if I should relocate my company overseas. My company is beginning to really grow and should be hitting 7 figures next year. Most of that will be profit. If I continue with my plans it could be a lot bigger (I am not sure I want to go down that road yet haha).
The lifestyle in the US isn't too bad. There are problems but it is far cheaper here for many things and, with money, it becomes pretty good.
Basically, here is my pros and cons of going overseas.
Pros:
Very little taxes. I could pay myself a salary less than 100k a year and it would not be taxed besides FICA. If I set up residency in a state like Florida, Nevada or Texas, I wouldn't have to worry about state taxes.
My company could pay for most of my living expenses while being overseas.
The IRS wouldn't be able to audit my company. I would just have to follow laws for foreign bank accounts but I am sure there are ways around that. I plan on talking with an international tax attorney before putting any ideas into play.
State sales taxes are becoming a reality and something small business, who do business over the internet, will need to address. It is just more money spent on doing the governments job.
Same with the new Health Care.
Income taxes are going up. As a business person, I pay corporate taxes only to be hit with taxes on salary and any dividends. Dividend taxes are going up and will also have a obamacare tax on top. As the business owner, it all comes out of my pocket at the end of the day.
The money I can pump back into my business could make it extremely big. Like I said, I don't know if I want to go down that road because it will require a lot of work.
I do find dating overseas to be more enjoyable with less drama while I was overseas. American women are alright, but don't enjoy the bullshit that needs to be played. Most women at a particular age tend to be single mom's. I don't want to raise a kid that isn't mine.
Cons:
I think the lifestyle in the US is pretty good at a far cheaper price than most countries.
Visa's can be a pain in the ass. I absolutely hate having to deal with any government. I think Spain has a self employed visa if I want to base myself in Europe. I am a little leery with all the problems there.
Learning languages and the culture to fit in takes time. In many countries, you will never fit in just because you're a foreigner.
I do enjoy spending time with my family but I would need to stay out 330 days of the year for tax benefits.
I wouldn't be able to bring back company profits to the US. That means no investing in the US.
US currency will probably be devalued. All my sales are in US currency which will be volatile when dealing with conversions in other countries.
Those are just some pros and cons off the top of my head. Maybe you can add some more.
A little background.
Lately, I have been in the US working on my business. Before that, I was living overseas. In fact, I have been back and forth between the US and living in other countries for the past 15 or so years.
I am reaching the big middle age bracket soon. Got rid of the wife and have no kids that I know of.
My company can be relocated anywhere in the world since it is tech based with no physical locations in the US.
So, as of right now, I have been wondering if I should relocate my company overseas. My company is beginning to really grow and should be hitting 7 figures next year. Most of that will be profit. If I continue with my plans it could be a lot bigger (I am not sure I want to go down that road yet haha).
The lifestyle in the US isn't too bad. There are problems but it is far cheaper here for many things and, with money, it becomes pretty good.
Basically, here is my pros and cons of going overseas.
Pros:
Very little taxes. I could pay myself a salary less than 100k a year and it would not be taxed besides FICA. If I set up residency in a state like Florida, Nevada or Texas, I wouldn't have to worry about state taxes.
My company could pay for most of my living expenses while being overseas.
The IRS wouldn't be able to audit my company. I would just have to follow laws for foreign bank accounts but I am sure there are ways around that. I plan on talking with an international tax attorney before putting any ideas into play.
State sales taxes are becoming a reality and something small business, who do business over the internet, will need to address. It is just more money spent on doing the governments job.
Same with the new Health Care.
Income taxes are going up. As a business person, I pay corporate taxes only to be hit with taxes on salary and any dividends. Dividend taxes are going up and will also have a obamacare tax on top. As the business owner, it all comes out of my pocket at the end of the day.
The money I can pump back into my business could make it extremely big. Like I said, I don't know if I want to go down that road because it will require a lot of work.
I do find dating overseas to be more enjoyable with less drama while I was overseas. American women are alright, but don't enjoy the bullshit that needs to be played. Most women at a particular age tend to be single mom's. I don't want to raise a kid that isn't mine.
Cons:
I think the lifestyle in the US is pretty good at a far cheaper price than most countries.
Visa's can be a pain in the ass. I absolutely hate having to deal with any government. I think Spain has a self employed visa if I want to base myself in Europe. I am a little leery with all the problems there.
Learning languages and the culture to fit in takes time. In many countries, you will never fit in just because you're a foreigner.
I do enjoy spending time with my family but I would need to stay out 330 days of the year for tax benefits.
I wouldn't be able to bring back company profits to the US. That means no investing in the US.
US currency will probably be devalued. All my sales are in US currency which will be volatile when dealing with conversions in other countries.
Those are just some pros and cons off the top of my head. Maybe you can add some more.