I’ve always been a risk-taker. Not for others, but for myself, a risk-taker.
Anyone who happens to come along for the ride gets to feel the effects good and bad.
Although she’ll deny it damn convincingly, my mother was also a risk-taker most of her life.
She left Korea for America, to give me a better life, and together owned a fruit and vegetable store with my father. I left America for Belgium, for a new life and to start a family, and now own a Korean takeout place called Rice House. Not exactly the same, but lots of risk-taking all over the place between two generations.
Just because you own a business doesn’t mean you’re rich. In fact, it means that you’ve probably invested most of what you had in life savings plus maybe a loan from the bank, and you’re now poorer than you were before. But you own a business! It’s pretty much the coolest thing ever after winning Big Brother and marrying Davy and having Noah, and still having fans who throw me love and support every day in different ways.
The risk is great but I choose to believe in my Korean heart that more often than not, the reward will be greater.
But…and I never thought I’d say this, my American citizenship is proving burdensome. More specifically, the IRS. I don’t understand people who say it’s “so complicated tax-wise” being an American expat anywhere, regardless of the country you were born in, because it’s actually not that complicated. You’re basically fucked. Any income must be paid in your country of residence, and also kicked back to the IRS. Even when I obtain my Belgian citizenship, I’ll be required to send a check to the IRS, plus…
I’m not eligible for a loan. As an American citizen you can’t get a loan in Belgium (and other EU countries I presume but I’m NO tax expert). As a Belgian married to an American citizen, my husband Davy can no longer take out a loan in his own country of birth Belgium. Crazy right?
The thing is, Davy and I haven’t taken out any loans since we’ve been married so we never knew we were ineligible in the first place. Belgians by nature don’t live on credit, unlike most Americans, and so we’ve always lived within our means. When I did my research before moving to Belgium, I didn’t anticipate opening Rice House or taking out loans. Maybe I should have. But maybe I was too busy packing to move here and getting shit translated at the Korean Consulate, and oh well.
And…it turns out Noah, by his American citizenship, is required by law to pay taxes in both countries as well. As soon as he’s old enough to work, he’ll have to pay taxes to a country he’s never even lived in let alone worked in. I guess that’s the cost for admission? Like a grand scale American Buyers Club without the drugs?
I’ve read articles recently, stating alarming numbers of Americans renouncing their citizenships and choosing to live abroad paying taxes where they reside yet cutting ties with the IRS. I’d never do that. I couldn’t. Give up my American citizenship?!
But I can see why some Americans would…
Nevertheless, Davy and I move forward counting pennies to the euro and we’ve made it thus far without a loan from the bank. We’d applied for less than $10,000, small in the grand scheme of starting up a business, yet we were shut down because of my American citizenship. Belgium and America are the best of friends that way it seems. They shut us out like mean girls.
Our accountant recommended something called the Win-Win Loan or WinWinLening open only to Belgians. It’s a 2.5% tax credit for a friend or member of the family who’d would loan money to me and Davy. This all sounded great but Davy and I laughed because we don’t have friends or family in Belgium, with money to invest in Rice House. I can’t imagine asking anyone struggling anyway, to lend us money. But if you do know a Belgian who’s got extra disposable income, then please do tell them about Rice House.
For now, I’m just literally watching every penny going into our business without compromising quality. I figure this is all just stuff to laugh about later. Right?