Tax Benefits Of Starting A Business

June 7, 2011:

"Kathleen, a few months ago I read your article 'Strategies for a Tax Free Life.' I also listened to the audio tapes from your most recent Emergency Offshore Summit, hoping that they would contain the details for how an online company in the United States can move offshore. Alas...not all of my questions were answered...

"I'm planning to move to Panama this year. I have several existing online companies that cater to U.S. customers. Do I need to set up a company offshore to qualify for the FEIE?

"If I set up an offshore company, I'm sure I'll need a bank account in that country. But how about getting a merchant account? Won't my customers be charged an international fee every time they make a purchase? How can I avoid that?

"If I'm planning to live in Panama, wouldn't it make more sense to have my offshore company in a different jurisdiction? Where is best with the least hassle?"

--Jackie L., United States

International tax and business attorney Chris Rusch replies:

Yes, you will need to incorporate offshore to maximize the benefits of the Foreign Earned Income Exclusion. You can read more about this here.

And, yes, it may be better to incorporate in another jurisdiction. I recommend Nevis. As you'll be living and working in Panama, though, you might open a personal account in that country.

Many clients incorporate in both Nevis and Panama, if they wish to rent office space, have a corporate bank account, etc., in Panama.

You can reach Chris with more questions here.

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