Thinking of launching a business overseas? U.S. expat Céline Flores learned tough lessons on GILTI tax and complex IRS rules every entrepreneur abroad should know.

U.S. expat and Paris entrepreneur @celine.concierge learned the hard way how complex it can get, especially when you're the majority shareholder. 💼

From surprise U.S. tax obligations like GILTI to forms even ChatGPT won’t help with, here’s what she wishes she knew before launching her business in France.

🎙 Full episode drops tomorrow!

#USExpat #GILTI #ExpatsInFrance #CelineConcierge #TaxAbroad #BusinessTips #WomenEntrepreneurs #passporttowealth

Transcript:
I mean, there's so much to think about as an adult, right? Like your taxes. And then when you
take that abroad and then when you start a business, that's like a whole other layer on top of it.
So I mean, when I started my business, I didn't know all that that entailed on the US side with
my taxes.
So I'm having to backtrack and kind of reevaluate how I run my business in France because of
my US tax declaration. And yeah, I mean, one of the things I've learned along the way is to
outsource it when you don't know. Talk to people like yourself who you can go to a financial
planner and see what that looks like before you dive headfirst.
That's not a regret, but that's something that I wish I could have been more aware of at the
time before I started my business, because it has a lot of implications for me and my husband.
Now I'm having to pay US taxes because as the primary shareholder of my company, I'm
subjected to what's called the guilty tax in the US. And so it's like this whole complicated tax
form that you have to fill out.
And I mean, it's funny because I even asked ChatGPT, like, could I fill this out myself? And it was
like, you need to probably enlist an expert to help you because it's quite complicated. So I'm
like, wow, okay. So yeah, if people want to embark in starting a business that's not freelancing,
where you want to employ people and all that, that's like a whole other monster.
I would definitely advise talking to a financial planner and a CPA before you make those steps
because especially as a US citizen, that has a lot of implications that, yeah, if you don't do things
correctly, you can have really high fines if they find out that you haven't been declaring your
taxes correctly and all that. So to be avoided for sure.