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I'm FINALLY in a place where I have to start thinking about this
Here's the deal. I will soon have offshore income coming in. I'm resident in Japan, Canadian and have no corporate entity.
I want to be as tax efficient as possible and fully legal about how I do it.
At first, it'll be modest, but I'm doing all that I can to make it into much more.
Should I start an offshore corporation? , probably, where's best and how do I do that right without being ripped of by shady looking online services?
I know that bringing any income besides living expenses into Japan will only meaning making the Japanese tax department happy, and while I think I can put around $6,000 dollars a year into a Canadian account without income tax, I hope to do a hell of a lot better than that.
First, how should I ask to be paid?
Short term, into PayPal may be cheaper than paying Japanese tax, but, assuming that's legal ( it's offshore income ) it's a short-term and expensive solution due to the fees.
What other options do I have to be paid digitally, and keep offshore income away from the Canadian and Japanese tax jurisdictions?
Once I've covered that, given my current physical location, where is the best offshore location to incorporate, store, & keep my income?
And finally and critically, how do I access said funds when I need to?
My long term goals are to be a digital nomad with a home/s or rental/s in at least one country with comfortable year round weather to return to when I'm not traveling.
Here's the deal. I will soon have offshore income coming in. I'm resident in Japan, Canadian and have no corporate entity.
I want to be as tax efficient as possible and fully legal about how I do it.
At first, it'll be modest, but I'm doing all that I can to make it into much more.
Should I start an offshore corporation? , probably, where's best and how do I do that right without being ripped of by shady looking online services?
I know that bringing any income besides living expenses into Japan will only meaning making the Japanese tax department happy, and while I think I can put around $6,000 dollars a year into a Canadian account without income tax, I hope to do a hell of a lot better than that.
First, how should I ask to be paid?
Short term, into PayPal may be cheaper than paying Japanese tax, but, assuming that's legal ( it's offshore income ) it's a short-term and expensive solution due to the fees.
What other options do I have to be paid digitally, and keep offshore income away from the Canadian and Japanese tax jurisdictions?
Once I've covered that, given my current physical location, where is the best offshore location to incorporate, store, & keep my income?
And finally and critically, how do I access said funds when I need to?
My long term goals are to be a digital nomad with a home/s or rental/s in at least one country with comfortable year round weather to return to when I'm not traveling.
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