Hi all ,
I am looking to move away from europe and in a more tax friendly country.
Panama seems like a good destination to me, i like the place, they have no tax on foreign earned income, getting residency is easy, and there is no requirements to stay more than a certain time each year, in case i wanted to go on a long trip.
I get paid by us based companies like amazon, google, and other advertising platform for affiliate sales (commissions) generated on my english speaking websites, by wire transfer.
A Lawyer advised me to get the residency under the friendly nation visa, and start a panama corporation, which they say they can apply the overseas income rule to my foreign customer payments, basically paying 0 percent tax.
It seems like a good plan on paper, the only problem I have is that amazon (my main source of income) won't send wire transfers to a bank account outside the US or Europe.
I contacted transferwise to see if they would be able to help, but they say that they won't provide usd payment details to a panama corporation
Although the lawyers said that many of their customers do use transferwise, I'm not sure how they do it.
What do you think? Is the Panama setup and residency a good idea for online businesses? (I would really live there, not just on paper)
Is there a better way or a special trick to get paid there?
Thanks
I am looking to move away from europe and in a more tax friendly country.
Panama seems like a good destination to me, i like the place, they have no tax on foreign earned income, getting residency is easy, and there is no requirements to stay more than a certain time each year, in case i wanted to go on a long trip.
I get paid by us based companies like amazon, google, and other advertising platform for affiliate sales (commissions) generated on my english speaking websites, by wire transfer.
A Lawyer advised me to get the residency under the friendly nation visa, and start a panama corporation, which they say they can apply the overseas income rule to my foreign customer payments, basically paying 0 percent tax.
It seems like a good plan on paper, the only problem I have is that amazon (my main source of income) won't send wire transfers to a bank account outside the US or Europe.
I contacted transferwise to see if they would be able to help, but they say that they won't provide usd payment details to a panama corporation
Although the lawyers said that many of their customers do use transferwise, I'm not sure how they do it.
What do you think? Is the Panama setup and residency a good idea for online businesses? (I would really live there, not just on paper)
Is there a better way or a special trick to get paid there?
Thanks
