Welcome to readers from Pinoycentric who featured this story on their blog! I hope you find my blog interesting and entertaining!
I recently found an interesting article in the Startup Journal, which is The Wall Street Journal’s Center for Entrepreneurs. They have an interesting website, and one particular article caught my eye. The article is entitles “Expat Entrepreneurs Indulge in a Wanderlust.”
The article focuses on how many people in the USA these days are actually moving abroad and supporting themselves through Entrepreneurial enterprises that they start in their new home country. I can certainly identify with the thrust of the article, as in many ways it perfectly describes my life here for the past 7 years. It seems that my lifestyle is becoming a growing trend, as more and more people decide to follow the same adventure that I set out on 7+ years ago.
Mark Abouzeid always dreamed of retiring in Italy, where he’d lived as a child before growing up in America and becoming an investment banker. In 1994, Mr. Abouzeid quit banking, started a dot-com venture and, a year after that, moved his wife and two children from Florida to Italy. By 1991, he was living in a century-old villa in a medieval Tuscan town, consulting to other dot-coms, trading in real estate and making olive oil from his own trees.
For Americans attracted by the promise of living in another culture — or simply bored with life in the U.S. — overseas entrepreneurship can allow them to earn a living in another country while avoiding work-visa rules that make regular employment difficult.
Many succeed, to some degree at least. According to the Internal Revenue Service, in 2004 more than 15,600 individual tax returns reported foreign-earned business or professional income.
Most expatriate entrepreneurs fly under the radar, running home-based businesses that escape official notice.
“It’s the ultimate daydream,” says Robin Pascoe, a North Vancouver, British Columbia, author and publisher of books about expatriates. “Pick a country you want to live in and find something to do that will support a lifestyle.”
Now, 15,600 tax returns reporting foreign earned income is a very small number, no doubt. However, note that the piece of the article that I quoted also says that “most expatriate entrepreneurs fly under the radar,” it would be likely that if they are flying under the radar, a lot are also not reporting their income. It’s just logical.
The article goes on to say that most people who follow this path get into service businesses such as resorts and inns, and English tutoring. However, internet retailing is becoming more of an option. Funny that we have talked about each of these endeavors here on this blog in the past. Remember talking about teaching English to the many Koreans who come here to learn English? There are also tons of expats who have resorts, inns and such, although I find that most of them are unsuccessful in the long run. In my personal view, the internet retailing is the most lucrative of the bunch. I do feel that they have missed a major new source of income for expats, though, and that is blogging. Professional Blogging is coming on strong and offering many possibilities to earn a bit of an income, all the way up to earning huge amounts of money, if you choose to spend the necessary time doing it. I believe that the Wall Street Journal people overlooked this, and in the future it will be the most lucrative way that expats will earn a living.
Anyway, give the article a read if you have a chance. It offers some interesting tidbits on the life that we are either living or dreaming of!