People in the US, UK, Australia and some other countries are, by and large, taxed on worldwide income. On the other hand, you likely know that Apple, Google and others have slashed their tax bills using completely legal techniques through the use of overseas structures. In addition, the offshore captive insurance company is another way our clients have legally slashed their tax bills under IRC 953(d) and 831(b). Accordingly, there are ways that you may be able to do this too, with our help plus the guidance of the proper licensed professionals.
We cannot emphasize the last point enough. Offshore tax benefits are a very sensitive areas of the law. So, before you use international strategies for taxation purposes, be sure that you don’t just talk with any CPA. Talk with an accountant and/or tax attorney who specializes helping citizens and residents with foreign income. You are a lot more likely to pass an audit with flying colours. Plus, you’ll sleep better at night, too.