LLC for Greek Resident
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Isn't this illegal to hide from the tax guys in Greece with crypto? I mean think of all the Germans that will get upset again if Greece goes bankrupt because he is not paying!
He said it will be "managed from outside" I suppose Greece. But still the question remains where it is managed from︀ as his whole story would only work when the management uses double-entry book keeping.
That is a very vague response he has given, and I assume he resides in Greece, which would mean everything is also managed from Greece. It seems like the OP has no interest in replying, so I assume my assumption is correct, and thus, he has received an indirect answer in this thread.
Then Greece would indeed stand out from other EU countries, which tax their citizens on all income they earn abroad, including companies/offshore entities they manage from their home country. So, what exactly do you want to see? Try facing reality.
@brianK see those posts in regards to the management:
He never answered this one. It is essential in the whole story as the company manages from Germany is essentially a German company in that regards. But without reply, we can only guess.
That being said if the company︇ is managed properly and in a jurisdiction without CIT and a double-entry book keeping, he︈ would only have to pay 5% tax on dividends (as the entity is treated tax︉ intransparent). The wht tax is completely irrelevant in this regards, it is 5% nevertheless for︊ foreign dividends received:
https://www.taxathand.com/article/12894/Greece/2020/Taxation-of-dividends-clarified
He never answered this one. It is essential in the whole story as the company manages from Germany is essentially a German company in that regards. But without reply, we can only guess.
That being said if the company︇ is managed properly and in a jurisdiction without CIT and a double-entry book keeping, he︈ would only have to pay 5% tax on dividends (as the entity is treated tax︉ intransparent). The wht tax is completely irrelevant in this regards, it is 5% nevertheless for︊ foreign dividends received:
https://www.taxathand.com/article/12894/Greece/2020/Taxation-of-dividends-clarified
You said that OP will pay personal taxes from any income in the US LLC.
This means that you understand how Greece treats companies like US LLC and this understanding must come from some source.
To reply to your question I want to see any document that demonstrate that Greece sees US LLC as tax transparent because, unless proven otherwise, there's no concept of tax transparent entities in Greece.
And like Greece there are other countries that treat US LLC like opaque entities.
One of the is UK.
This is a︀ document that says that UK treats US LLC as opaque entities.
So unless you have proof to︄ substantiate your claims, what you said has 0 value.
I don't care where the company︅ is managed, this is OP problem and if he lied to us I don't care.︆
The point is that If he manages the company from Greece he will not pay︇ personal taxes. He will pay Greek CIT because US LLC is an opaque entity, like︈ managing UK LTD from Greece.
This means that you understand how Greece treats companies like US LLC and this understanding must come from some source.
To reply to your question I want to see any document that demonstrate that Greece sees US LLC as tax transparent because, unless proven otherwise, there's no concept of tax transparent entities in Greece.
And like Greece there are other countries that treat US LLC like opaque entities.
One of the is UK.
This is a︀ document that says that UK treats US LLC as opaque entities.
So unless you have proof to︄ substantiate your claims, what you said has 0 value.
I don't care where the company︅ is managed, this is OP problem and if he lied to us I don't care.︆
The point is that If he manages the company from Greece he will not pay︇ personal taxes. He will pay Greek CIT because US LLC is an opaque entity, like︈ managing UK LTD from Greece.
Not transparent. Intransparent = opaque, etc. OP told us here:
He said he won't manage from Greece.︇
He said he won't manage from Greece.︇
Sorry, but we don't have unlimited time to answer (as someone says that op left the topic). I have also told my lawyer to check about it.
So, the results up to now are:
--
In Greece, as other countries like UK and Germany, US LLC are not treaded as tax transparent. Are treated as opaque/corporations.
In Greece, you pay for this income a tax in the rate of dividends (it was 15%, but last years 5%)
Don't say about personal income, etc as nowhere it is stated. If you have different opinion, please share it here.
About the management, we think to have an︀ independent US manager but it is still under searching.
So, the results up to now are:
--
In Greece, as other countries like UK and Germany, US LLC are not treaded as tax transparent. Are treated as opaque/corporations.
In Greece, you pay for this income a tax in the rate of dividends (it was 15%, but last years 5%)
Don't say about personal income, etc as nowhere it is stated. If you have different opinion, please share it here.
About the management, we think to have an︀ independent US manager but it is still under searching.
This is most likely bad for you as you then will have ETBUS and pay personal income taxes in the US. Which will not be low. And then on top of that another 5% in Greece.
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