Guam, located in the western Pacific Ocean, is an unincorporated territory of the United States. It is the southernmost and largest island in the Mariana Island group with an area of around 500 square kilometers, the island is only 48 km long and 6 to 19 km wide. The weather has little seasonal temperature variation and is generally warm. With a population of a bit over 1 million, Hagåtña is the capital of Guam. The native Chamorros are the largest ethnic group, other inhabitants being mainly for California, Texas, Washington and Hawaii.
English is the official language and the currency is US Dollar.
The economy of Guam depends mainly on US military spending and tourist revenue. It is a very popular destination for Japanese tourists. Tumon is the tourist hub and has many hotels, a large duty free shoppers galleria, pleasure island district, an indoor aquarium, and entertainment venues. Guam’s largest single private sector employer is an airline and most industrial goods and food are imported.
Contracting in Guam is quite acceptable for individuals with some subtle compliance nuances, but has some hidden on-costs for employers. Most regions have local taxes over and above the federal tax and social system. To facilitate contractors and foreign nationals working in Canada, forward planning is of the essence. USA has entered into Double Taxation Treaties with most countries.
For foreign national contract workers, contracting in Guam, it would be wise to consult with CXC Global on the best way to structure, and how best to balance your taxation.