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Freelancing, location independent income and taxes - vorenus - 02-10-2015 10:45 AM

Guys

I'm new to this forum and i would like you to give me some thoughts regarding location independent income and taxes. I plan to work as a freelancer doing IT work for clients abroad but i'm unsure on how to proceed with income taxes. Do you have to pay income taxes for income generated abroad? Keep in mind i'm not a USA citizen or resident. My plan is to live and reside in Country A and work as a freelancer there but ONLY for clients in countries B,C,D,E,etc, over the internet. Payment would be done via paypal and then i would withdraw funds to a bank account is country Z.
What options do i have? can i fly under the radar? do i have to open a business imperatively?
and again, Do i have to pay income taxes for income generated abroad?

Thanks!


RE: Freelancing, location independent income and taxes - southamerica - 02-10-2015 11:47 AM

Where are you from? Have you checked the taxation laws in your country?

As a general strategy, I would suggest you to declare a part of your income so you can open a bank account and get access to credit in the future in your home country or another location with very low taxes. Try to keep the rest of the income secret and free of taxation.

When you refer to country Z, are you talking about your country of residence?


RE: Freelancing, location independent income and taxes - vorenus - 02-10-2015 12:34 PM

(02-10-2015 11:47 AM)southamerica Wrote:  Where are you from? Have you checked the taxation laws in your country?

As a general strategy, I would suggest you to declare a part of your income so you can open a bank account and get access to credit in the future in your home country or another location with very low taxes. Try to keep the rest of the income secret and free of taxation.

When you refer to country Z, are you talking about your country of residence?

I'm from a latin american country. I have checked the laws where i want to reside and it seems that you need to reside more than 180 days in a year to be taxable, and they tax income worldwide but not if you provide IT services or biotechnology services to clients abroad only.

When i said country Z i meant a country that is not the country where i would live or reside.
thanks for your thoughts!


RE: Freelancing, location independent income and taxes - southamerica - 02-10-2015 12:57 PM

Why would you want to cash out in a different country other than your home country? Can you elaborate on this?

Correct me if I'm wrong but I'm under the impression that opening a bank account is pretty difficult almost anywhere in the world.


RE: Freelancing, location independent income and taxes - vorenus - 02-10-2015 01:12 PM

(02-10-2015 12:57 PM)southamerica Wrote:  Why would you want to cash out in a different country other than your home country? Can you elaborate on this?

Correct me if I'm wrong but I'm under the impression that opening a bank account is pretty difficult almost anywhere in the world.

I prefer to have the money i earn in a secure place, so not in the same country i would reside.
Its not that hard to open a bank account, for example in the US, just go to any bank branch with your passport and some minimum money requirement and you are all set....


RE: Freelancing, location independent income and taxes - southamerica - 02-10-2015 02:55 PM

You first need to research where you want to open a bank account and open a paypal account in that same country as well so you can easily transfer money to or from that bank account using paypal. If the country of the bank account and paypal account differ, you will run into some problems.

Take a look at Panama's taxation laws. You may want to open an account there since you are from Latin America.


RE: Freelancing, location independent income and taxes - vorenus - 02-10-2015 03:49 PM

(02-10-2015 02:55 PM)southamerica Wrote:  You first need to research where you want to open a bank account and open a paypal account in that same country as well so you can easily transfer money to or from that bank account using paypal. If the country of the bank account and paypal account differ, you will run into some problems.

Take a look at Panama's taxation laws. You may want to open an account there since you are from Latin America.

Ok thanks for the panama tip Smile