If I set up a one-person business in Bermuda or Ireland, will I be required to pay US taxes on whatever profits the business generates?

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If I set up a one-person business in Bermuda or Ireland, will I be required to pay US taxes on whatever profits the business generates?

All work will be done in the US for US-based companies. How can I structure the businesses so that end of year profits are not subject to FATCA?

Asked on June 29, 2014 under Business Law, Maryland

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Unfortunately for you the business venture that you wish to pursue will be subject to American tax laws under FATCA since work will be perfomed for American based companies in the United States. You will also be subject to tax in the country that you are based.


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