Finance expert Mike Periu on the continuing trend of Small Businesses Relocating Abroad for significant tax savings.
Many small businesses have made the decision to relocate to a foreign country for tax or lifestyle reasons. The money transferred abroad form part of the $11.5 trillion in assets held in offshore locations. Some high-profile entrepreneurs like Facebook co-founder Eduardo Saverin have taken the extreme step of renouncing his citizenship, though most maintain their citizenship and keep their legal entity registered in the U.S. This still allows you to take advantage of the foreign earned-income tax exclusion that can reduce your income tax burden by 40 percent or more. For those planning on moving to a nice beach in the Caribbean, it’s important to first consult with an experienced tax attorney to ensure you understand all of the issues involved. Next, expect delays. The bureaucracy related to opening a business abroad and obtaining residency can be time consuming, repetitive and frustrating in many countries. Finally, plan for contingencies if problems with internet connectivity, weak infrastructure or unreliable travel are common in the country where you plan to move.
Who is Mike Periu?
Mike Periu is the President of Proximo, LLC, a company that markets education and training programs to small business owners, entrepreneurs and consumers.
Mike Periu has been interviewed over 500 times for broadcasters including CNN, NBC TVE, RTE and others. Mike is a contributing author to OpenForum, Yahoo! Finanzas and the Huffington Post.
Mike graduated from Georgetown University in Washington, DC. His degrees are in Finance and International Business. In addition to his work Mike is also on the Board of the Council for Economic Education.
