3 ways to save money on US taxes by investing in Costa Rica | 3 Volcanoes ECO-REAL ESTATE
by Ivan Marin on 09/02/20243 ways to save money on US taxes by investing in Costa Rica | Puravida-Properties ECO-REAL ESTATE
Everybody would love to save money on US taxes, there are many ways to save taxes in the United States, an expert will be able to confirm this for you.
In this post, I want to talk about 3 strategies to save on taxes and protect your assets, recommended by experts James Baker and Mikkel Thorup.
Our clients always have concerns about how to carry out all these processes, that is why we want to assure you that we have specialized advice in all fields, without further ado we are going to see the points.
Ways to save money on US taxes #1 Offshore Banking
For adventurous expats and global citizens, opening a bank account outside the United States can provide a number of advantages.
First, it can provide “insurance” against possible future problems with the dollar or the US banking system.
Second, if governments introduce future currency control laws, expatriates will already have a pool of savings outside the United States from which to draw.
Third, holding funds in a foreign bank account can also be a good way to diversify your investment portfolio.
And fourth, for those interested in ecotourism or sustainable living, supporting a foreign bank based in a developing country can be a way to positively impact the local economy.
So if you are looking for a good place to do it, Costa Rica is a country with a stable economy.
The Costa Rican colon is not a strong currency, but you do have access to accounts in many foreign currencies and also a privileged geographical position, which provides double security.
#2 International Business Companies
A corporate structure can really be used at any financial level, and its primary purpose is to facilitate global business (outside the US).
You can also use Corporate entities to own real estate abroad and make other types of investments abroad, and open foreign bank and brokerage accounts.
This is especially helpful for expats, who may want to invest in real estate abroad or engage in other business activities outside their home country.
Corporate structures can also be used to promote ecotourism, as they can help finance environmental conservation projects.
In short, there are many ways a corporate structure can be used to benefit both individuals and businesses.
#3 Foreign Real Estate
Real estate abroad, is a great way to invest your money.
Not only can it add value, but it also provides a physical “shelter” for you and your family.
Owning foreign property can help you obtain residency or citizenship in another country, which can be a huge advantage if you ever find yourself in difficult circumstances.
Additionally, foreign real estate can act as “insurance” for many investors, providing them with a place to turn if they need to quickly flee their home country.
So, if you are looking for an investment that provides you with security and peace of mind, real estate abroad is a great option.
Our company specializes in real estate in Costa Rica, mainly in the northern zone of Guanacaste and Alajuela; both areas of great added value and with a high potential for ecotourism, easy access to suppliers and services, and great political and economic stability.
#4 Bonuses on how to save taxes in the USA
Residence by Investment in other countries
For those seeking a personal “haven”, residence abroad can offer many advantages. In addition to earning income abroad, foreign residents can file taxes as a nonresident (1040 NR).
This can allow them to earn nearly $100,000 in annual income and housing expenses, tax-free.
Residency abroad can be a great way to create a personal haven, with many perks and opportunities available.
Get a good CPA with experience in International Taxes, if you are lucky enough to have more wealth, it is important that you get good advice on how to manage it.
This is especially true if you want to invest in companies or expand your operations across national borders.
Regulations and compliance can be a little complicated, and most professionals don’t have the experience to handle them effectively.
That’s where James Baker comes in. He is my advisor and friend, and he has a wealth of experience helping expats and Latinos open businesses in the United States and handle their taxes.
If you are looking for someone who can help you navigate the complexities of doing business in and out of the United States, I highly recommend James Baker.
You can find more information about him and his services at the following link: https://puravida-properties.com/puravida-consultations/
