Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal Compliance Requirements?

[turmpy]

So does it mean if you manage as a n EU citizen to keep the‌ tax office unknown to your panama setup there will be no reporting and you can‍ forget about it?

Russia may be better right, there is no information exchange at all⁠ between Russia and the rest of the world.

 

[EliasIT]

yes but you have problems‍ with banking if you have to use banks, as you may know!

 

[Brutus]

You have to get your nominee or director or someone else⁤ to open the accounts.

 

[drphantom]

very good point, they won't⁤ recognize Panama or the US as place where business takes place.

 

[Houdini]

very nice explained and good to check past history︈

 

[jayM]

Good one, But I assume that the OP has the funds to set up️ a company in some offshore country, where they can establish the entire operation with everything‌ needed, for example, an office, staff, water, heating, internet, and even a sign on the‍ door that says "Happy John's Offshore Company."

 

[lory]

Whats the outcome of all⁠ you efforts during 2024 ? Do you achieved the your anonymous offshore company plans or⁤ did you ran into to many barriers to get it done?

 

[jayM]

I have received an offer in Cyprus for a complete solution for company setup and‌ substance, which includes a genuine office where I can hold meetings, an employee who acts‍ as both a receptionist and office assistant, internet, electricity, heating, air conditioning, and a fully⁠ furnished office equipped with everything one might need.

The startup costs are approximately 45,000 EUR,⁤ and the monthly costs with one employee are 3,200 EUR per month. I think this⁣ is a very reasonable price. I am currently in the process of obtaining similar offers⁢ in Malta, the USA, Dubai, and Monaco.

The plan is to establish genuine offices in︀ all these countries and connect them in such a way that they are not owned︁ by the same entity but that the companies trade with each other, hopefully in a︂ tax-free manner.

 

[GPT]

It comes across as the price for a︃ prime location and employee. Depending on employee workload I am sure you could cut those︄ costs substantially for Cyprus.

 

[jayM]

Yes, hopefully, I’ll be able to do that in the long run. For now, however,‌ I’m okay with this setup in the beginning, as long as I can get my‍ complete setup to function as planned.

 

[GPT]

Im not living there⁠ anymore but would immediately take on the project for you if I was (just to⁤ give you an idea about how well you are paying).
Perhaps you should spend a⁣ couple of weeks there and get connected. Im sure you can find cheaper with better⁢ service because of having a dedicated employee instead of -an- employee.

I do understand your︀ helicopter view and likely would think and act in a similar way. Good luck and︁ enjoy the ride 😉

 

[jayM]

Thank you for your comment. I’m not inclined to give too much information about what‌ I’m working on, but I don’t think it should be too hard to figure out,‍ in my opinion.

It’s probably true that I could get it cheaper elsewhere, but this⁠ saves me a lot of hassle. I’d rather pay a little extra and get it⁤ done properly without all the “I don’t understand,” “I thought you meant,” or “That’s what⁣ you said,” and so on.

I’ll provide more details about my setup in the Mentor⁢ Group Gold forums later on, so those who are interested can read more there.

 

[GPT]

I wasn't fishing for what you do, just to be clear.︁

Just be careful with the thought "ill pay more so I wont have to deal︂ with X, Y and Z". Especially when working with locals, be very clear in your︃ communications and instructions (17 years of Cyprus experience has taught me that). When using service︄ providers, make sure that all what you want is also documented up front. Don't rely︅ on the contracts from service providers. Those are tailored to cover their a*s. Not act︆ in the best interest of you as the client.

 

[drphantom]

A lot of money to setup the company︃ with substance, however, if the tax savings are much higher it is a good deal︄ anyway.

 

[EliasIT]

Very true. You need to︀ spend a lot of time on your setup planning and carefully review the contracts that︁ your so called service providers ask you to sign. In most cases, you will need︂ to amend many parts of them if you don’t want to end up on the︃ losing side.

 

[drphantom]

did I missed out on the thread or you didn't post︁ it yet in mentor group?

 

[jayM]

you may open a thread and tag me if‍ interested.

 

[flagfree]

About that: does this mean a panama‍ bank account opened by a foreigner will be reported to his home country, but a⁠ panama bank account opened as a panama resident will not?

I think banks in their⁤ KYC still ask for passport and that identifies your home country, so they know. I⁣ am just wondering if being a resident simply makes CRS irrelevant here, since your home⁢ address is in Panama.

I would then understand why ppl would opt for a paper︀ residency in Panama, but would worry about their actual residency not knowing.

 

[GPT]

The short answer is, yes it︀ will be reported to the passport country. It will also be reported to the residency︁ country.

 

[flagfree]

Well this is‍ what's confusing: if you open an account as a resident (and you have an id),⁠ Panama is your home country. And that becomes the CRS reporting country. This is different⁤ from a person opening an account declaring residency in another country. Hence why I was⁣ asking @Marzio if my assumption is correct