Tax Benefits

There are considerable tax benefits available to those who decide to become residents of a country like Honduras. US citizens, for example, can save tax dollars by declaring their primary residence in a foreign country. If you live more than 181 days of the year outside the US and earn your income internationally through a foreign corporation that you own or work for then you can legally avoid many of your taxes and defer much of your income.Tax avoidance is perfectly legal and there are many ways to save tax dollars through trusts, annuities and international business corporations. When set up correctly, offshore financial planning can minimize personal or corporate tax liability and give substantial tax breaks. If US citizens follow government guidelines then as a foreign resident they can legally deduct up to $83,000 a year, per spouse from their tax base and leave the rest of the money in the corporation in a tax free zone. The tax savings on the $83,000 alone can be at least $20,000 a year depending upon the income tax bracket. This one savings alone can be enough to warrant a foreign residency in Honduras. For further information on how to gain tax benefits as a foreign resident, talk to your accountant or take a look at any of the great books on the subject available at amazon.com.