Can a U.S. Citizen Really Save On Taxes Moving Their Business To The Caribbean?

[HollywoodWil]

I'm brand new here so hopefully I am posting correctly... I am currently living in the U.S. and my business is fully remote. I was wondering if it's really worth moving my business to either St Lucia or the Bahamas to save on tax? I understand I will still have to pay U.S. tax if I have dual citizenship but can I cut the 30 something % down considerably or do I have to renounce U.S. citizenship to do so? Thank you in advance

 

[latindev]

Short answer: no

Long Answer: It depends on many things but in general it goes with you leaving the US AND also renouncing to your citizenship after you have fully paid your business and personal taxes up to that point, otherwise you will only be playing Russian roulette with the IRS and no one here will suggest you doing that

 

[Sols]

I'm brand new here so hopefully I am posting correctly... I am currently living in the U.S. and my business is fully remote. I was wondering if it's really worth moving my business to either St Lucia or the Bahamas to save on tax?

The US taxes its citizens regardless of residence. Past a certain income level, you cannot rid yourself of income tax. If available, tax treaties help you avoid paying double personal income tax.

However, you can lower the corporate income tax of your company by relocating yourself and your business offshore.

 

[JohnnyDoe]

Look at the USVI, many tax advantages available and they are part of the US.

 

[HollywoodWil]

Thank you all for the info

 

[FantomOffshore]

If you reside outside the US for at least 330 days in a calendar year, you can exempt about 100K income from US taxes.