Where to incorporate to hire myself? (For visas)

[mrnotputin]

Hello guys,
I'd like to get new residencies. But they ask for things like job contract, tax return, pay slips, statements showing monthly income source (e.g employer)
I can't satisfy their criteria because
1. I live off of stock capital gains (which apparently isn't investment income)
2. I don't file taxes (its not a territorial tax country but foreign income isn't taxed)
As a solution, I can create a software consulting company, hire myself, pay myself... (if its ok?)

Someone suggested faking documents because apparently they don't actually verify them, but that must be very illegal, right? I don't want some global visa ban

I'd love to get your advice

Last edited: Sep 9, 2022

 

[KalasZX]

You can do that to get residency in both Colombia and Dubai. For Colombia you will start a new company there and get a TP-4 visa to work as an employee of your company. That's good for 3 years and you can renew it as long as you keep paying your company's annual fees in Colombia. @Fred would be the guy to tell you the best way to set up in Dubai to get permanent residency there.

 

[mrnotputin]

KalasZX said:
You can do that to get residency in both Colombia and Dubai. For Colombia you will start a new company there and get a TP-4 visa to work as an employee of your company. That's good for 3 years and you can renew it as long as you keep paying your company's annual fees in Colombia. @Fred would be the guy to tell you the best way to set up in Dubai to get permanent residency there.
Click to expand...

Thanks, what would be the total cost of Colombia option?

Btw, I meant incorporating say in US and paying myself via Payoneer. Making up a job contract. That kind of stuff. And showing these documents when I apply for various visas

Alternatively I can fake these documents, but not sure if consulates verify them?

 

[KalasZX]

mrnotputin said:
Thanks, what would be the total cost of Colombia option?

Btw, I meant incorporating say in US and paying myself via Payoneer. Making up a job contract. That kind of stuff. And showing these documents when I apply for various visas

Alternatively I can fake these documents, but not sure if consulates verify them?
Click to expand...

Theoretically you could do everything on the ground yourself for minimal marginal cost beyond travel, but unless you speak great Spanish and are a masochist I wouldn't recommend it. As an example https://jlcauditors.com/en/rates/ has options in the $1300-$2000 range for the company setup. It would definitely be a lower initial outlay than Dubai. I can't image that opening the company, your first year fees and visa could be more than US$5000 no matter what goes wrong, probably $3000 or less. TP-4 is the only visa I'm specifically familiar with, but I know there are other visa options when you own the company which may make more sense and/or be cheaper. I've never needed to be in Colombia long enough to go through the process. I know that TP-4 is easy to renew from people that have done it.

What needs to be notorized/apostilled is a question for whoever you hire to do the company setup. My (basic) understanding of the Colombian process is that it has a lot of moving parts depending on what kind of company you incorporate, what its official business is, etc. Some require more documents than others. For any country in Central or South America it is cheaper to hire a quality firm to do everything right the first time than have it screwed up and try to fix it later.

 

[Tr0nad0r]

Capital Gains and other foreign income is taxed in Colombia, being a resident you'll require to file tax returns based on your worldwide income and the country doesn't have many tax treaties to avoid double taxation.

Last month a leftist president was elected and right now congress is discussing new tax laws to increase dividends tax, taxes for capital gains for long-term investments, and a new wealth tax.

I would recommend checking Dubai instead.

 

[CoinMaster]

You could incorporate in almost any part of the world as long as you do a contract between you and the company and settles wages correctly!

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[StuartG]

Incorporate in Singapore (no CGT) and pay yourself dividends out of the Capital Gains (no withholding tax) but this would provide you with a legitimate investment income.

This might work depending on where you pay taxes and exactly what you are trying to achieve.

 

[CyprusLawyer101]

Incorporate in Cyprus and pay 0% on capital gains and 0% tax on dividend income distributed.