You are correct that a legitimate corporation will not be taxed on the money unless and until it is repatriated, but that doesn't help an (honest) individual; it only helps multinational corporations.
For every country (3) where I have filed taxes, you are liable for individual taxes as soon as you earn the income. So, in the case of a legitimate business, as soon as you pay yourself a salary or other benefit (perhaps, buy yourself a yacht; really, anything that is not a clear business expense). It doesn't matter where in the world you earn the income or spend it; you are taxed on your worldwide income.
However, to take it a step further, the IRS doesn't really recognize personal holding companies as legitimate businesses for tax purposes. You are liable to pay tax on any investment income as though it were personal income even if you leave it in the company name. Again, it doesn't matter where in the world the holding company is.
For every country (3) where I have filed taxes, you are liable for individual taxes as soon as you earn the income. So, in the case of a legitimate business, as soon as you pay yourself a salary or other benefit (perhaps, buy yourself a yacht; really, anything that is not a clear business expense). It doesn't matter where in the world you earn the income or spend it; you are taxed on your worldwide income.
However, to take it a step further, the IRS doesn't really recognize personal holding companies as legitimate businesses for tax purposes. You are liable to pay tax on any investment income as though it were personal income even if you leave it in the company name. Again, it doesn't matter where in the world the holding company is.