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Originally Posted by montel
if you work in the carribean (eg. Cayman Islands), do you get the tax exemption as an overseas resident or do you have to be a resident of the carribean country to work tax free?
tnx
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Tax exemption? There are no taxes in the Caribbean (generalized statement - depends on the island!), but Cayman has no taxes. A usual method of qualifying to work/reside is simply form a corp and be an employee and there is no reason for formal residency.
The above don't apply if you are a US citizen, tho you can work/reside there as long as you submit tax data to the IRS as normal. The IRS allows something over $70K/year for foreign residency, but ya gotta check out the specific rulings on time spent abroad to qualify.
If you are from most other countries and live and work in the Carribbean, you pay no taxes to your country of citizenship.