Long Term way to Avoid CRS

[Osleak]

i'm looking for good and long term way to avoid CRS.
i'm thinking about Visa Residence Programs in Panama (with 300k$ property investement) or UAE (with 1M AED property investement or FZE company), what is the more bank friendly ?

In case of UAE i can take residence trought FZE, i've found few law firm in the UAE that offer me good price for complete setup.

In this case i'll buy also an apartment in Dubai (to rent and to get utility bills to bank account opening), to hold/hide the property i would like to hold the property with an offshore company without bank account like belize or marshal (with barer shares),

1) it's possible to rent the apartment when it's hold by an offshore company (belize or marshall) and get the money of the rent on my personal bank account in Dubai?

2) it's possible buy the apartment with my personal bank account in Dubai and hold the property with the offshore company? so i don't need to transfer the property and pay the 4% of tax...

Last edited: Oct 27, 2019

 

[Martin Everson]

Firstly is UAE where you really want to live? Will you be physically living there or just want the residency permit?

Panama and UAE are very different. Would you really want to live in Panama? Where do you think you can open a bank account outside Panama with Panama residency? Have you seen requirements to open an account in Panama also?

Sounds to me you just want a CRS solution am I right?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Osleak]

Martin Everson said:
Firstly is UAE where you really want to live? Will you be physically living there or just want the residency permit?

Panama and UAE are very different. Would you really want to live in Panama? Where do you think you can open a bank account outside Panama with Panama residency? Have you seen requirements to open an account in Panama also?

Sounds to me you just want a CRS solution am I right?
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Yes correct first thing is CRS, second real estate investment and to park money

Yes correct C

 

[Osleak]

Martin Everson said:
Firstly is UAE where you really want to live? Will you be physically living there or just want the residency permit?

Panama and UAE are very different. Would you really want to live in Panama? Where do you think you can open a bank account outside Panama with Panama residency? Have you seen requirements to open an account in Panama also?

Sounds to me you just want a CRS solution am I right?
Click to expand...

I prefer Dubai than Panama sincerely but also Panama could be an option... i will not live there, the apartment will be rented.
Basically my question is:
i need to pay with bank company of the Belize to hold the property with the Company or i can pay with my personal bank account?

 

[Martin Everson]

Osleak said:
need to pay with bank company of the Belize to hold the property with the Company or i can pay with my personal bank account?
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You can pay with Belize company directly to estate agents client account. This is something you discuss with agent once you have found property. UAE property market is completely dirty money that fueled the boom i.e Russian, Nigerian money etc. You will not be first person to buy property via a shell company in UAE.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Osleak]

Martin Everson said:
You can pay with Belize company directly to estate agents client account. This is something you discuss with agent once you have found property. UAE property market is completely dirty money that fueled the boom i.e Russian, Nigerian money etc. You will not be first person to buy property via a shell company in UAE.
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Okk thanks i'll talk also with the agent, maybe can work also pay from my personal bank account and register belize offshore as owner... would be better you know at the moment it's almost impossible open “reliable” bank account for shelf belize company... i'm little worry to transfer 200k or more trought EPB or similar

 

[happyjohn]

Osleak said:
i'm little worry to transfer 200k or more trought EPB or similar
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are you 😀 - I understand. With that money I would setup what you discuss with @martin i.e. UAE it's worth it.

 

[Osleak]

happyjohn said:
are you 😀 - I understand. With that money I would setup what you discuss with @martin i.e. UAE it's worth it.
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Yes but i need to check if it's possible to pay with my personal bank account and register as owner the Offshore Belize shelf company, if not i must find a good bank for belize shelf company to make payment..

 

[Martin Everson]

I'm confused now as this has more turns than a race track conf/(%. Can you clear up the following:

1. So the money is not in your Belize company?
2. You don't actually have an account for your Belize company?
3. The money is in your name?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Osleak]

Martin Everson said:
I'm confused now as this has more turns than a race track conf/(%. Can you clear up the following:

1. So the money is not in your Belize company?
2. You don't actually have an account for your Belize company?
3. The money is in your name?
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money is in my EU company's bank account, i'm opening Belize Offshore with bank account.

 

[Martin Everson]

Osleak said:
money is in my EU company's bank account, i'm opening Belize Offshore with bank account.
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So there is in fact no Belize offshore company but you plan on opening one?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Osleak]

Martin Everson said:
So there is in fact no Belize offshore company but you plan on opening one?
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Yes correct, belize or something similar to protect/hide property

 

[Osleak]

Belize Holding will be ready in one week i've started today incorporation

 

[Martin Everson]

Osleak said:
Belize Holding will be ready in one week i've started today incorporation
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Have you identified banking possibilities or is it not needed as company is purely for real estate holding purposes?

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[Osleak]

Martin Everson said:
Have you identified banking possibilities or is it not needed as company is purely for real estate holding purposes?
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I ll get epb including in the package with belize, but i will be more happy if it's not need to pay trought corporate bank account, if dubai agent accept payment from my personal bank account should be more easy and safe!

 

[Martin Everson]

Ok I see. Sounds reasonable. Just get asking those agents in UAE. They have solutions believe me 😉. Don't overthink the situation you are not the first one in this situation and looked to UAE.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[hevocon]

Martin Everson said:
Ok I see. Sounds reasonable. Just get asking those agents in UAE. They have solutions believe me 😉. Don't overthink the situation you are not the first one in this situation and looked to UAE.
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is an uae bank account required or i can transfer the money directly from my overseas account?

 

[Martin Everson]

hevocon said:
is an uae bank account required or i can transfer the money directly from my overseas account?
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AED is AED my friend you can from overseas but check with a real estate agent. As they know what the authorities don't like seeing in transactions.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Osleak]

Today i've talk with 2 real estate agents and one corporate service provider in UAE, they told me it's should not possible to hold property with Belize directly usually they work like this Belize holding of Rak offshore and rak hold property, or belize + fze

 

[Martin Everson]

Osleak said:
Today i've talk with 2 real estate agents and one corporate service provider in UAE, they told me it's should not possible to hold property with Belize directly usually they work like this Belize holding of Rak offshore and rak hold property, or belize + fze
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The cost of maintaining a Belize and RAK/FZE entity together will cost you a lot over the years. Not to mention any potential changes in law or tax treatment of holding real estate in this manor. Happened in UK where they introduced ATED i.e an annual tax for companies held via offshore companies over a certain threshold. UAE introduced VAT so anything can happen out there.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.