Investor · Little Ferry, NJ · Member since 2014 · 45 posts · 6 votes
I've been hearing great things about offshore investing specifically in Belize. Does anybody know CPAs who specialize (or has great experience) in offshore investing and dealing with IBC (international business company)?
PM me as I own several IBCs and many properties in Belize. Hence, the search for a CPA versed in my needs as a US citizen complying wit all of the latest and greatest IRS forms.
You need to work with an attorney and CPA who specializes in the jurisdiction where you want to invest. The rules are very different in each country.
Plus I would also recommend consulting with an international tax attorney before you take the leap.
An IBC is a good way to go if you do not want the income to be pass through. But it will require some additional paperwork.
You can have retained earnings with and IBC.
In many other countries, it is customary to hold title in a corporation or foundation ( for asset protection and estate planning). Often, instead of buying the property, you buy the shares in the corporation or foundation.
Keep in mind that offshore entities have to be reported to the US IRS. If you're not from the US, the rules may be different.
However, if you take title in your own name, the purchase or ownership does not need to be reported to the IRS (US citizen) But there could be a tax consequence when you switch from an entity owning the property to your name personally.
There are tradeoffs.
Be very careful about Belize. Talk to people who do not have anything to "sell" you before you buy.
Some countries require income taxes for an IBC or other entities. Other jurisdictions do not require any income taxes or even reporting for your IBC or other entity.
An international tax attorney can help you with the best jurisdiction for what you want to do.
If you set up a Belize IBC, there are no income taxes or reporting of any income for money earned outside the country.
If you plan to live and/or invest in Belize, you'd do better incorporating in BVI or Nevis who also do not require any reporting or income taxes for income made outside of the country.
Of course, if you are a US citizen, you are stuck with reporting every penny you make anywhere in the world,
PM me as I own several IBCs and many properties in Belize. Hence, the search for a CPA versed in my needs as a US citizen complying wit all of the latest and greatest IRS forms.