Best Way to Earn Tax Free Income - US Digital Nomad Solution

Best Way to Earn Tax Free Income - US Digital Nomad Solution
Don't forget to subscribe: / @esquiregroup
Have any questions? Contact us: esquiregroup.c...
In today's video, I will be talking about citizenship-based taxation, the foreign earned income exclusion (FEIE), the Foreign Housing allowance, and FICA (Social Security & Medicare) taxes. It might sound too good to be true, but it is possible for Americans to earn foreign income, tax-free, while working abroad, up to $122,664.
If the pandemic taught us one thing, it’s that the digital/online workforce is nothing to be reckoned against. And even at the tail end of it all, many companies are opting to remain digital, up until 2022 and beyond. Imagine traveling out of the US to Greece and working as a digital nomad, AND earning foreign income TAX-FREE! But how can this be done without giving up US citizenship?
Thanks for watching! If you found this video to be helpful and informative, feel free to leave a like rating and a comment below, and also subscribe to our channel for more videos like you just watched.
Website: esquiregroup.com
About Jimmy Sexton:
Hi! I am Jimmy Sexton, LL.M. - Founder & CEO of Esquire Group. I founded Esquire Group with the objective of helping and inspiring wealthy families, investors, entrepreneurs, and high-level executives obtain and gain control over and protect their wealth, via strategic wealth planning.
Connect with me on LinkedIn: / jimmysextonllm
Disclaimer:
This video is prepared for educational purposes only. This video is not legal, tax or any other type of advice. Each individuals’ circumstances are different, you should seek legal and/or tax advice to address your specific situation and any questions you may have.

[@brittanitexeira6643]

Using the whiteboard is really helpful! Glad to see a breakdown with the explanation.

[@andygriesbach1238]

Great video Jimmy! Is there a way to add a solo 401K to this setup?

[@esquiregroup]

Thank you. Great question about the solo 401(k). To be honest, this isn’t something I’ve researched and I’m not a retirement plan expert, but I don’t believe this is possible. Solo 401(k)s are generally for self-employed persons, which you wouldn’t be in this situation. You may, however, be able to setup a foreign employer pension plan that is tax-deferred.

[@kirtir91]

Fine suggestion? Is it ok to live in US while having received Caribbean residency status? Also, is it ok to provide consultancy services to US residents through this company?

[@esquiregroup]

If you live and provide services in the US, the US will tax the income generated.

[@steelcube]

what if I lived and worked abroad but worked for US company?

[@esquiregroup]

Generally that shouldn’t matter, however, we can’t say definitively without more information. If you’d like a definitive answer please schedule a consultation by emailing us at [e-mail]

[@wwahyyy2035]

why is there a guilteeeee ' tax applied on a foreign company?

[@esquiregroup]

The GILTI tax is actually applied to the US shareholders of a foreign company, not the foreign company itself. It is applied by the US to ensure a minimum tax is paid on a foreign company’s profits. Basically, it’s another way for the US to collect more taxes.

[@wwahyyy2035]

@@esquiregroup isnt that going to encourage capital flight? to non u.s. zones?