Best Global Locations for Minimizing Personal and Business Taxes with a 190K EURO Budget

[CyprusLawyer101]

Cyprus
Become a non dom, operate your business through an offshore or onshore company, pay‌ 0% on dividend income. End up paying minimal to 0% tax.
Beautiful place , good‍ infrastructure, good shopping, within the EU, relatively simple to access, friendly people, friendly authorities

 

[Don]

Are you saying they abolished 2.65% social tax on dividends?

 

[CyprusLawyer101]

Nooo, am not saying that! Indeeed there is a national health insurance of 2.65% on‍ dividend income capped to 4.800 Eur. Thanks for keeping me in check !

 

[EliasIT]

Sounds not too bad. How complicated is banking now a days⁤ to get an account there I mean?

 

[CyprusLawyer101]

If you are talking about a personal‍ account, as a resident, is rather easy and straightforward. For a corporate account you need⁠ to have a solid business to open with a brock and mortar bank. For other⁤ "high risk" businesses there are quite a few EMIs that would generally accomodate a large⁣ array of higher risk businesses.

 

[yngmind]

Don't forget the 12.5% CT.

I've been chilling in Cyprus for the⁠ past month btw. It's not a bad place to reside and legally pay the minimum⁤ amount of tax.

I have some ideas on how to get the IPBOX tax regime⁣ here.

However, I feel bad for the locals because they pay more taxes than foreigners.⁢

 

[Don]

Malta provides interesting tax regimes:
1) a structure with just 5% tax (fiscal unit of‌ two companies)
2) remittance basis taxation
3) depending on where you have a holding company‍ or/and personal tax residence it could provide 0%-5% tax

 

[EliasIT]

I assume the good old days where you could open an account with⁤ BoC or Piraeus Bank etc. are long over. So a simple Cyprus company with substance⁣ i..e office and utility will not open the doors to the bank ?

 

[CyprusLawyer101]

The banks doors are not openning as easy also because of a risk reward⁤ approach. Therefore the business operation and whats in it for them are important factors in⁣ getting an account opened. There were instances were a minimum income for the bank was⁢ agreed beforehand , for example 2-3K minimum income and if you have transacted less then︀ an amount is added to reach the minimum income for them. If you are ready︁ to movr along similar lines a lot of accounts can be opened which would otherwise︂ would have gotten a rejection.

 

[yngmind]

I've heard that if you come to some other banks, not Hellenic and BoC, the‌ doors are open.

You just need to find good connections.

At the end of the‍ day, it's Cyprus.

 

[ShillGates]

Hands down Cyprus - inside EU - can get passport after 5 or 7 years‌ - you have rights - unlike uae - where you are a commodity with an‍ expiry date. Better weather in Cyprus. Less human exploitation vs UAE.....

Downside is, schools are⁠ crap as the Greek mentality of "telling students what it should be as they know⁤ best" vs "educating British style by trying to sharpen the mind so to say...." And⁣ the language is no longer English - its Russian.

 

[Propeller]

So, you’re saying that most people‍ don’t pay taxes in South Africa when they have international companies with no activity in⁠ the country? What about personal income tax, do they maybe not pay that either, even⁤ though there are tax regulations?

 

[fighthorse]

Thank you for your response. I've considered setting up a company in either Cyprus or‌ Malta as a parent company to manage all my activities, though I don’t plan to‍ move to either of these countries myself. I intend to become an employee of the⁠ company and pay taxes in the country I relocate to, which, as of now, will⁤ likely be either Dubai or Monaco.

I visited Monaco last week and had a meeting⁣ with a consultant who showed me around and arranged viewings with property landlords, allowing me⁢ to see some apartments on the affordable end that I liked. Next week, I’m heading︀ to Dubai to look at apartments there; I've arranged something similar with a consultant who︁ is setting everything up to give me a quick overview. After that, I’ll make a︂ decision.

 

[cuno]

The world is not fair, no one promised you that!

I was not awar of that you can operate a offshore company from Cyprus and take‍ out dividends to end up paying 0% tax and only the 2,65% health insurance !⁠ that makes it even more attractive to me at least.

Cyprus or Dubai - don't⁤ know which one I would chose if I had to.

 

[daniels27]

Hahaha! The world is simple. The more you travel and the‍ less local you are, the less you pay and the more you get. Always been⁠ like that, always be like that. The reason why foreigners pay less is not discrmination,⁤ it is just a result of them being able and willing to move. it is⁣ a free market.

 

[uplana]

Cyprus is a great place to live in peace and quiet if that’s⁤ what you’re looking for.
I’ve been there several times for business and other matters. I’ve⁣ even considered buying a property there, somewhere.

 

[CyprusLawyer101]

Indeed a great place! I⁠ ll be glad pointing you towards the right direction once aquiring property here becomes of⁤ real intetest.

 

[cuno]

Do you deal‍ with real estate in Cyprus?

 

[CyprusLawyer101]

Yes sir‌

 

[Houdini]

You could possibly post where you found your place? Your budget⁢ isn't that bad to get started with a new life somewhere.