Panama Resident + Panama Company = how to set up transferwise + shopify payments?

[ciccino]

Hello, I have now my residency in Panama and I open a company for my online business, when I was in Europe I worked very well with the combo transferwise business account + Shopify Payments as a payment processor on my store, now in Panama Transferwise doesn't open business account plus Shopify Payments doesn't work here, so I was looking for a solution.

Considering Shopify Payments works in few states in Europe like Ireland, UK, Belgium, Netherland, I was thinking about opening an LTD in UK, would that be a good solution?
If yes how to open it in the name of my company? Also what about taxation in this case, considering I'll not have a real business in UK?

Thank you.

 

[Jerry1911]

UK LLP would be much better than a limited company, you can appoint your company as a members and it will be tax free as well.

Last edited: Apr 18, 2021

 

[Fred]

Get yourself a Dubai Company without Residence Visa to continue the tax and bureauracy free lifetsyle of Panama.

https://stripe.com/newsroom/news/stripe-launches-uae
Dubai is right now the only really tax free country that is available with Stripe - similar options to Wise are available as well.

Maybe it makes even sense to you to setup the Dubai Company with Residence Visa for only on the paper having a better connection to Financial Institutions but continue living in Panama or wherever.

Honestly speaking Panama is a huge red flag for all financial institutions especially in the Fintech - already met several people in Person that had regreat to open any banking with Panama residence as it makes banking much harder.

Everything in the EU like you mentioned doesn't grants you a Residence Visa and most likely Merchants like Shopify Payments will simply consider it as a Gateway + headache and paperwork is involved as well.

I mentioned you the honest and legit way - as I'm very well aware of the E-Commerce and Dropshipping Business and we both know that we have to play the rules of the merchants or get the accounts blocked.

If you don't mind to go questionable ways - take a look at one service provider here advertising UK Ltd + Stripe + PayPal anonymous with Bitcoin payment - most likely they are setting up everything on a straw man.

This are your options - doesn't need to highlight which one would be my personal choice.

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[bossTrader75]

I also Have Panama cedula 🙂

The most German online business people use a US LLC for making the actual business and have panama for the residence on Paper !

US LLC dis regarded or smth like this the Staatenlos.ch Christop Heuermann guy advising on this and 100 of german guys did already sert up US LLC also my friend who sells on amazon....US has good image and no blacklist and kinda cheap to get LLC in Florida or Delarware : ) you can you Transferwise and everything there is no official connection to Panama with this Setup.

most of people Register Transferwise on their Old German data for personal use and then attach a business account and put US LLC information in it like this my friend works and has 6 digits sales over Transferwise and Payoneer.

 

[JohnLocke]

I smell some hidden advertising here and a lot of nonsense in the last post.

explain how do you think Wide operates?

most of people Register Transferwise on their Old German data for personal use and then attach a business account and put US LLC information in it like this my friend works and has 6 digits sales over Transferwise and
Click to expand...

Is the below your serviceange¤%&

Staatenlos.ch Christop Heuermann guy advising on this and 100 of german
Click to expand...

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[Fred]

bossTrader75 said:
most of people Register Transferwise on their Old German data for personal use and then attach a business account and put US LLC information in it like this my friend works and has 6 digits sales over Transferwise and Payoneer.
Click to expand...

And then Transferwise/Payoneer starts reporting and most people run into problems.

This is no setup for 2021 - such a setup was used 3 years ago as most people wasn't aware of alternative.

Panama doesn't care at all, TransferWise doesn't care as you keep the German address. But German Tax Authorities will care - this was even more worse back in the days when TransferWise were using Deutsche Handelsbank - in fact all this guy's were living offshore but kept a German Bank Account in Germany.

You create unnecessary substance in your old home country - it's the setup for the lazy guy who will regret it afterwards - latest by relocating back to Germany.

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[ciccino]

Jerry1911 said:
UK LLP would be much better than a limited company, you can appoint your company as a members and it will be tax free as well.
Click to expand...

Thanks, any reliable online service to set this up?

bossTrader75 said:
I also Have Panama cedula 🙂

The most German online business people use a US LLC for making the actual business and have panama for the residence on Paper !

US LLC dis regarded or smth like this the Staatenlos.ch Christop Heuermann guy advising on this and 100 of german guys did already sert up US LLC also my friend who sells on amazon....US has good image and no blacklist and kinda cheap to get LLC in Florida or Delarware : ) you can you Transferwise and everything there is no official connection to Panama with this Setup.

most of people Register Transferwise on their Old German data for personal use and then attach a business account and put US LLC information in it like this my friend works and has 6 digits sales over Transferwise and Payoneer.
Click to expand...

I asked to Shopify and PayPal and they will ask me SSN and the actual proof I will work from US, also Shopify Payments will not accept transferwise for US LLC but only physical US banks, al least it's what they told me.

Fred said:
Get yourself a Dubai Company without Residence Visa to continue the tax and bureauracy free lifetsyle of Panama.

https://stripe.com/newsroom/news/stripe-launches-uae
Dubai is right now the only really tax free country that is available with Stripe - similar options to Wise are available as well.

Maybe it makes even sense to you to setup the Dubai Company with Residence Visa for only on the paper having a better connection to Financial Institutions but continue living in Panama or wherever.

Honestly speaking Panama is a huge red flag for all financial institutions especially in the Fintech - already met several people in Person that had regreat to open any banking with Panama residence as it makes banking much harder.

Everything in the EU like you mentioned doesn't grants you a Residence Visa and most likely Merchants like Shopify Payments will simply consider it as a Gateway + headache and paperwork is involved as well.

I mentioned you the honest and legit way - as I'm very well aware of the E-Commerce and Dropshipping Business and we both know that we have to play the rules of the merchants or get the accounts blocked.

If you don't mind to go questionable ways - take a look at one service provider here advertising UK Ltd + Stripe + PayPal anonymous with Bitcoin payment - most likely they are setting up everything on a straw man.

This are your options - doesn't need to highlight which one would be my personal choice.
Click to expand...

Shopify Payments doesn't work with Dubai, also why is best Dubai than a LLP company in UK? Stripe already blocked my account saying they don't like my dropshipping business because it's too high risk, never had a single problem with Shopify Payments

 

[Fred]

ciccino said:
Shopify Payments doesn't work with Dubai, also why is best Dubai than a LLP company in UK? Stripe already blocked my account saying they don't like my dropshipping business because it's too high risk, never had a single problem with Shopify Payments
Click to expand...

Mate, I can't do more then posting the announcement from the 5th of April that Stripe officially launched in the UAE.

Again, Stripe is available in the whole UAE and Dubai:
https://stripe.com/newsroom/news/stripe-launches-uae
Get yourself a Dubai Company with real Physical Bank Account in Dubai and you are good to go with Stripe.

In case you have some issues you can visit there office even in Person.

Dubai is best for you when living in Panama because you are Tax and Paperwork free on both the Company in Dubai side and the Residence in Panama side.

Everything in EU comes always with headach and paperwork.

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[Jerry1911]

ciccino said:
Thanks, any reliable online service to set this up?
Click to expand...

https://www.1stformations.co.uk/about-companies/limited-liability-partnerships/
https://www.1stchoice-formations.co.uk/non-uk-residents-llp-company-formation/
https://www.coddan.co.uk/same-day-llp-formation-in-united-kingdom/

 

[Martin Everson]

Admin said:
I smell some hidden advertising here and a lot of nonsense in the last post.
Click to expand...

Fishy as hell for a first post ca#"!. He jumps straight in talking about German business people and then links to a German blog site.

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

 

[JohnLocke]

Martin Everson said:
Fishy as hell for a first post ca#"!. He jumps straight in talking about German business people and then links to a German blog site.
Click to expand...

yep, just waiting some hours from now and to get a response from him....depending on the answer it will be removed 🙂

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[bossTrader75]

im not associated with Heuermann just a customer 2 years back and he is pretty famous has German TV reports with millions of youtube views as well and they showed him in a bad light in this as TV always manipulte : )

he has like 16000 people in his Facehbook group talking active about Online business and Tax and which countries to live its biggest German comminuity from Online business men etc he dont need more customer at all he does like 15-20 consulting calls a week and is super busy and he takes 1000 eur for a call cause he is Tax offshore expert number one in the DACH region imo : )

he also created covid travellers which has 9000 members who discus
where to travel and to live without this bulls**t covid agenda this group is main lanague in English and very helpful to gather information about travel and covid restrictions and loop holes etc : )

most of community sitting in mexico and tanzansia and Florida : )

he told me 2019 do panama residency and for make business US LLC is easy option ...i dont have US LLC since im retired of crypto since 2017 und dont need any business but my friend use this US LLC for his amazong and software shop : )


i dont know which iban he has with Transferwise but he will do later this year Paraguays residence to have on paper a main tax residence ...he did deregister himself 2 years ago from germany so now its like perpetual traveller and has no tax residence at all.

Lets see if german tax agency can say anything against it he definitley is often In germany to visit Gf and familiy and friends and rest of time mostly in canary islands : ) ....

i will keep you updated if he gets problems with German Tax authories : )

 

[ciccino]

bossTrader75 said:
im not associated with Heuermann just a customer 2 years back and he is pretty famous has German TV reports with millions of youtube views as well and they showed him in a bad light in this as TV always manipulte : )

he has like 16000 people in his Facehbook group talking active about Online business and Tax and which countries to live its biggest German comminuity from Online business men etc he dont need more customer at all he does like 15-20 consulting calls a week and is super busy and he takes 1000 eur for a call cause he is Tax offshore expert number one in the DACH region imo : )

he also created covid travellers which has 9000 members who discus
where to travel and to live without this bulls**t covid agenda this group is main lanague in English and very helpful to gather information about travel and covid restrictions and loop holes etc : )

most of community sitting in mexico and tanzansia and Florida : )

he told me 2019 do panama residency and for make business US LLC is easy option ...i dont have US LLC since im retired of crypto since 2017 und dont need any business but my friend use this US LLC for his amazong and software shop : )


i dont know which iban he has with Transferwise but he will do later this year Paraguays residence to have on paper a main tax residence ...he did deregister himself 2 years ago from germany so now its like perpetual traveller and has no tax residence at all.

Lets see if german tax agency can say anything against it he definitley is often In germany to visit Gf and familiy and friends and rest of time mostly in canary islands : ) ....

i will keep you updated if he gets problems with German Tax authories : )
Click to expand...

Why Paraguay over Panama?

 

[Golden Fleece]

ciccino said:
Why Paraguay over Panama?
Click to expand...

Both countries have very easy residency programs. Paraguay is quite popular among Germans. If you ever stay in Asuncion, be sure to stay at a German-run hotel. They are operated much more efficiently than the Spanish hotels.

I like the Hotel Palmas del Sol. It also has a sister hotel in the newer section of Asuncion.

 

[jjrapy]

Golden Fleece said:
Both countries have very easy residency programs. Paraguay is quite popular among Germans. If you ever stay in Asuncion, be sure to stay at a German-run hotel. They are operated much more efficiently than the Spanish hotels.

I like the Hotel Palmas del Sol. It also has a sister hotel in the newer section of Asuncion.
Click to expand...

lets drink some beers at the shopping mall la galería

 

[bossTrader75]

ciccino said:
Why Paraguay over Panama?
Click to expand...

because once you setup the residence which is just needed one visited you dont need to go back to paraguya for like 10 years or so and its also cheaper just 2-3 this German contacts takes for all paperworks but for me its not so well connected from airspace but compared to Panama you are not fucked in europe when you want to open any business accounts and give your main residence Panama they will probably just decline you wherelse Paraguay has neutral image : )
Panama you have to enter every 2 years one time to maintain residence which is the second best option after Paraguys world wide .

 

[ciccino]

bossTrader75 said:
I also Have Panama cedula 🙂

The most German online business people use a US LLC for making the actual business and have panama for the residence on Paper !

US LLC dis regarded or smth like this the Staatenlos.ch Christop Heuermann guy advising on this and 100 of german guys did already sert up US LLC also my friend who sells on amazon....US has good image and no blacklist and kinda cheap to get LLC in Florida or Delarware : ) you can you Transferwise and everything there is no official connection to Panama with this Setup.

most of people Register Transferwise on their Old German data for personal use and then attach a business account and put US LLC information in it like this my friend works and has 6 digits sales over Transferwise and Payoneer.
Click to expand...

What is the problem registring a personal transferwise with Panama address?

 

[ciccino]

bossTrader75 said:
because once you setup the residence which is just needed one visited you dont need to go back to paraguya for like 10 years or so and its also cheaper just 2-3 this German contacts takes for all paperworks but for me its not so well connected from airspace but compared to Panama you are not fucked in europe when you want to open any business accounts and give your main residence Panama they will probably just decline you wherelse Paraguay has neutral image : )
Panama you have to enter every 2 years one time to maintain residence which is the second best option after Paraguys world wide .
Click to expand...

I'm regretting going to Panama reading this, what's the cost of the set up in Paraguay?

 

[Martin Everson]

@bossTrader75 As a new user please stop with subversive advertising of that persons services. I zapped two of your posts and given you a warning. If you joined just to advertise that persons services please rethink your actions going forward.

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

 

[ciccino]

Jerry1911 said:
https://www.1stformations.co.uk/about-companies/limited-liability-partnerships/
https://www.1stchoice-formations.co.uk/non-uk-residents-llp-company-formation/
https://www.coddan.co.uk/same-day-llp-formation-in-united-kingdom/
Click to expand...

Thanks, the first site deny me any LPP just because I am resident in Panama, do you think I should use a US LLC to solve the problem? Also is that possible to avoid to put my name in public records?