Advice on seychelles company + euro pacific bank account

[greywolfhere]

Hi, I'm new here and was wondering if anyone have any experience with this.
I am looking to set up a business in seychelles and euro pacific bank account, so I legally won't have to pay tax and do bookkepping and other hassles.
Basically, I'm doing affiliate marketing and SEO, just working for myself, and would like an easy hassle-free way to keep doing what I do. I live in Denmark and the 50% tax there and fee for lawyers, accountants etc. Would probably mean I won't be making any decenet money, lol.
I've looked into a service called offshorecompanycorp that can help set that up, and they basically promised me no tax or bookkeepping is necessary for that bank and company.
Can that be true? Not sure I trust that advice, sounds too good to be true 🙂.

Btw. 27 here, making around $5000/month.

 

[Maa203]

I had the same problem in the past. I am actually living in denmark as well and i fixed it through opening a polish company, which was extremely easy and fast, and now i can get some of my income tax free.

 

[Gediminas]

greywolfhere said:
Hi, I'm new here and was wondering if anyone have any experience with this.
I am looking to set up a business in seychelles and euro pacific bank account, so I legally won't have to pay tax and do bookkepping and other hassles.
Basically, I'm doing affiliate marketing and SEO, just working for myself, and would like an easy hassle-free way to keep doing what I do. I live in Denmark and the 50% tax there and fee for lawyers, accountants etc. Would probably mean I won't be making any decenet money, lol.
I've looked into a service called offshorecompanycorp that can help set that up, and they basically promised me no tax or bookkeepping is necessary for that bank and company.
Can that be true? Not sure I trust that advice, sounds too good to be true 🙂.

Btw. 27 here, making around $5000/month.
Click to expand...

Hi,

I wouldn't go with the Euro Pacific Bank option, search this forum, there are plenty of bad reviews about this bank.

There should be better alternatives for you. Just keep in mind, the banks are changing the info with tax offices, not the companies itself.

I would never ever recommend to evade taxes. You can find your legal way to optimize it. Feel free to email me so we can discuss it further.

Last edited: Feb 18, 2020
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[Martin Everson]

Avoid Euro Pacific Bank like your life depended on it. Without repeating what has been written in other threads search the forum for solutions. You are 100% not the first or even 50th person to ask how to reduce their taxes for an online business. Take your time you will find people have asked similar questions before.

Basically setting up an offshore company and EPB account won't help you tax wise in Denmark unless you are determined to play hide and seek with the taxman 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.

 

[greywolfhere]

Hmmm, so basically cannot trust offshorecompanycorp that promised me that, lol.
How does it work the polish company? You still need to hire an accountant and such?

 

[Sols]

Let's be real here. There is nothing legal about earning money through a Seychelles company, hiding it in Euro Pacific Bank, not declaring, not paying tax, and living in Denmark.

What you are doing would be a direct violation of Danish law, both in terms of taxation and in terms of not doing proper book keeping. If the Danish authorities find out about it, you're looking at financial penalties and possibly jail time. Secrecy is not sustainable especially against a competent and aggressive tax authority like Denmark's.

If you don't want to pay Danish tax, leave Denmark. If you have an EU passport, Malta and Cyprus are popular destinations for people who make a living entirely online. Costs of living are lower too so your $5000/month will last you longer.

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This is the probably the answer to your question.

 

[greywolfhere]

Oh really. Guess I shouldn't believe offshorecompanycorp then, haha. How about Vietnam? I've been thinking about living there.

 

[Gediminas]

greywolfhere said:
Oh really. Guess I shouldn't believe offshorecompanycorp then, haha.
Click to expand...

May you specify what did they tell you about your situation as regards taxes? Have you asked anything related to this?

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[greywolfhere]

Gediminas said:
May you specify what did they tell you about your situation as regards taxes? Have you asked anything related to this?
Click to expand...

They said no need to pay taxes or do book keeping and it's legal with a company in seychelles, making money online and a bank in euro pacific bank.

 

[Gediminas]

greywolfhere said:
They said no need to pay taxes or do book keeping and it's legal with a company in seychelles, making money online and a bank in euro pacific bank.
Click to expand...

Yeh, they told you don't need to pay taxes where the company is incorporated (in your case - Seychelles), but they probably "forgot" to inform you about your local tax situation.

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[greywolfhere]

Gediminas said:
Yeh, they told you don't need to pay taxes where the company is incorporated (in your case - Seychelles), but they probably "forgot" to inform you about your local tax situation.
Click to expand...

Haha, I guess so. They said I could use the business card in Denmark with no problems... But maybe they lied?

 

[Sols]

They are lying or simply just neglecting to tell you the whole story. In either case, they are demonstrating that they mislead clients and that's a big red flag (and illegal).

Nowadays, with secrecy practically gone unless you have very large sums of money to invest in a convoluted structure, the road to sustainable tax reduction is relocation.

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This is the probably the answer to your question.

 

[greywolfhere]

Sols said:
They are lying or simply just neglecting to tell you the whole story. In either case, they are demonstrating that they mislead clients and that's a big red flag (and illegal).

Nowadays, with secrecy practically gone unless you have very large sums of money to invest in a convoluted structure, the road to sustainable tax reduction is relocation.
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Thanks so much. I'll stay away from them. I think I'll either 1. Stop working online, 2. Try to set up a business in Denmark (it seems so difficult) or 3. Move to Vietnam, cause I have a girlfriend from there. Is opening an online business easy in Vietnam, anyone knows?

 

[Martin Everson]

Sols said:
Nowadays, with secrecy practically gone unless you have very large sums of money to invest in a convoluted structure, the road to sustainable tax reduction is relocation.
Click to expand...

Facts thu&¤#


Simply relocate to tax friendly country. I still don't understand why anyone with ambition would just stay put and risk it all to setup something offshore.

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

 

[Gediminas]

Martin Everson said:
I still don't understand why anyone with ambition would just stay put and risk it all to setup something offshore.
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I guess many of those people wouldn't have a clear idea that they are at risk. A lot of people will ignore the fact they need to get professional advice before structuring anything related to offshore.

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[Martin Everson]

Gediminas said:
I guess many of those people wouldn't have a clear idea that they are at risk. A lot of people will ignore the fact they need to get professional advice before structuring anything related to offshore.
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Hopefully they will else the consequences can be unpleasant when things go wrong.

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[mickey]

I had an account with EPB since 2012 when they were located in St. Vincent and the Grenadines and Peter Schiff promoted his own bank with a nice welcome video. I never had any problems but some additional paperwork like source of funds declarations for every single incoming transfer. Some years later I shutdown my project and account as well.

So what kind of scams they do? The classic "take the money and freeze" trick how PayPal invented it, the "we never received any funds" trick?

And if they are so bad, why nobody with a US citizenship or Greencard and 300.000 of capital founded a Bank in Puerto Rico (not CRS required) as well to build up some competition? I mean the market for small offshore operations still exists.

 

[Martin Everson]

mickey said:
And if they are so bad, why nobody with a US citizenship or Greencard and 300.000 of capital founded a Bank in Puerto Rico (not CRS required) as well to build up some competition? I mean the market for small offshore operations still exists.
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I guess you have not looked at the number of licensed offshore banks in Puerto Rico. Notice how the majority were formed after the onset of CRS..you think this is a coincidence..lol? The majority of banks including EPB that were registered there post 2015 are 100% to avoid CRS. Also to get direct Fedwire dollar clearing like EPB has done and to launder money period. Puerto Rico offshore banking centre is a major tax evasion and money laundering center period. If you go through the list of banks carefully you will find some with representative offices in Venezuela and are used primarily to evade sanctions and launder money. I would find it hard to believe the US is not aware of this activity or the extent of the Puerto Rico black money scene. It would be unthinkable to say they are not aware. But then again they need a backdoor for funding political opponents in South America...[cough cough] Juan Guaido 😉.

http://www.ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf

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[mickey]

Martin Everson said:
I guess you have not looked at the number of licensed offshore banks in Puerto Rico. Notice how the majority were formed after the onset of CRS..you think this is a coincidence..lol? The majority of banks including EPB that were registered there post 2015 are 100% to avoid CRS. Also to get direct Fedwire dollar clearing like EPB has done and to launder money period. Puerto Rico offshore banking centre is a major tax evasion and money laundering center period. If you go through the list of banks carefully you will find some with representative offices in Venezuela and are used primarily to evade sanctions and launder money. I would find it hard to believe the US is not aware of this activity or the extent of the Puerto Rico black money scene. It would be unthinkable to say they are not aware. But then again they need a backdoor for funding political opponents in South America...[cough cough] Juan Guaido 😉.

http://www.ocif.pr.gov/Consumidores/Lista Concesionarios/Entidades Financieras Internacionales.pdf
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Ah, now I see through the fence. And they are plenty EPB alternatives like, Sternbank, StandardInternational and so on.

 

[Martin Everson]

mickey said:
Ah, now I see through the fence. And they are plenty EPB alternatives like, Sternbank, StandardInternational and so on.
Click to expand...

Yup plenty of other banks available that are all doing the same thing 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.