Let's say I setup an IBC offshore company at Seychelles. All crypto is transfered to a hardware wallet owned by the company. Is this a good setup for taxes specially considering spanish laws?
Thanks!
Thanks!
Crypto hardware wallet as offshore bank account
- Thread starter pragmatic mouse
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As long as you live in Spain, you have to pay Spanish taxes and so does your Seychelles IBC. Not doing so is a crime that can land you in prison for a long, long time. For now, the risk of getting caught is probably low if you exclusively deal in crypto. But if you ever exchange the crypto for fiat and want to have the wealth personally, you are at significant risk of being caught.
It's not the 1990s anymore.
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This is the probably the answer to your question.
It's not the 1990s anymore.
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This is the probably the answer to your question.
Thank you for the insight Sols, looks reasonable.
I'm planing to not live in Spain, as rulers are destroying the economy, unlike Germany for example. Seychelles IBC is a vehicle for this plan, as I don't do business in Spain and doubt I will, but if I do (like mining cryptocurrency) I'll open a spanish company. Sadly tax evasion is a common thing here within some limits.
Hope that provides a better context.
Best regards
I'm planing to not live in Spain, as rulers are destroying the economy, unlike Germany for example. Seychelles IBC is a vehicle for this plan, as I don't do business in Spain and doubt I will, but if I do (like mining cryptocurrency) I'll open a spanish company. Sadly tax evasion is a common thing here within some limits.
Hope that provides a better context.
Best regards
Check CFC rules for the country where you plan to move to in regards to the Seychelles. Placing a company in a tax heaven and controlling it from a another country will most likely trigger CFC or PE rules which prevent you from legally enjoying tax free profits in the Seychelles while living some place else.
So which are the list of countries which will not trigger cfc and pe rules for a seychelles ibc owner?
Panama
Panama, British Virgin Islands, Cayman Islands, Switzerland, pretty much every tax haven has no CFC.
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