How to live tax free in Panama 🇵🇦

If you're a US citizen or green card holder, it's more complicated to pay no taxes, since you're an automatic US tax resident, meaning you have to file a tax return and pay tax on your income no matter where you live. 👇🏼
But there are ways to reduce that using Panama as an example:
1️⃣ Offshore Company: Open an offshore company and run all your business through it.
2️⃣ Panama Residency: Move to Panama, where you don't pay taxes on income earned outside of Panama.
3️⃣ Foreign Earned Income Exclusion: Pay yourself a salary and claim the foreign earned income exclusion. If you're married, you and your spouse can each exclude up to $120,000 of income, potentially adding your kids too. You can make nearly half a million dollars and pay no US taxes if structured correctly.
If you're serious about moving abroad and optimizing your taxes, schedule a call with me or my team using the link below.
This is all I do, and I'd love to help you. 🤝🏼
#taxes #internationaltax #cpa #accountant #taxconsultant #IRS #taxreturns #investing #llc #bankaccounts #creditcards #payment
Do you want to grow your business and pay no taxes without spending hours and hours learning how everything works on UA-cam?
You can schedule a FREE discovery call with our team using the link below.
www.jamesbakercpa.com/schedule
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Lawyer Disclaimer (Occupational Hazard): This is not legal advice. Everything here is for informational purposes only and not to provide legal advice. You should contact your attorney for advice regarding any particular issue or problem.