Best Offshore Country and best Bank for High Risk (Adult)?

[Skyas]

I run an Onlyfans Agency doing $50k-$60k/mo with my company currently being incorporated in the UK. I'm looking to dissolve this company and form a new one in an offshore tax haven, my current choices are: Belize or Gibraltar. Which one of the two would you recommend? Also looking for suggestions on Banks/EMIs that would accept my business. I have a Yoursafe Business account but I need an alternative since Yoursafe does not provide me with an IBAN number for Swift transfers with my company as the primary beneficiary, and that's a must.

Thank you.

 

[OffshorePhantom]

The problem with creating an offshore company is that if you manage it from the UK for example the company is considered by the HMRC as a UK company for tax purposes so it won't solve your problems.
If you want to create a company in an tax heaven that is effectively tax-free you have to give substance to it and also make sure you do not produce videos from the UK otherwise if the work is performed there it is considered local income and thus subject to tax in the UK.
A better solution would be for you to move out of the UK and relocate to a tax-free country or a territorial tax country and spend sufficient time there to be considered a tax-resident of such country and cut ties with your home country.

 

[Skyas]

I do not live in the UK, I live in Romania and I am a Romanian citizen. Dividend tax from foreign companies here is 8%.

 

[OffshorePhantom]

Skyas said:
I do not live in the UK, I live in Romania and I am a Romanian citizen. Dividend tax from foreign companies here is 8%.
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Why have you formed a UK company if Romania CIT is even less than UK CIT?

You could also exploit Romania micro-company benefits which have recently changed (Romania: micro-enterprise income taxation in 2023 - KR Group). I suggest you taking a look at those 🙂

 

[Skyas]

OffshorePhantom said:
Why have you formed a UK company if Romania CIT is even less than UK CIT?

You could also exploit Romania micro-company benefits which have recently changed (Romania: micro-enterprise income taxation in 2023 - KR Group). I suggest you taking a look at those 🙂
Click to expand...

I worked with a couple of UK models and thought it was best to incorporate there.

Incorporating in Romania would be great if I had a turnover of less than 500,000 euros/year, but I expect to make more than that which would mean losing the status of a "micro-enterprise" and having to pay the additional 16% tax on all profit.

 

[OffshorePhantom]

Skyas said:
I worked with a couple of UK models and thought it was best to incorporate there.

Incorporating in Romania would be great if I had a turnover of less than 500,000 euros/year, but I expect to make more than that which would mean losing the status of a "micro-enterprise" and having to pay the additional 16% tax on all profit.
Click to expand...

There are some solutions in Europe if you want to pay less like Malta's 5% real CIT or even cheaper but you need to relocate for example to a tax-free country or a territorial tax country.

Opening an offshore company and managing it from Romania is not a viable solution in the long run, because you create a PE in Romania where the company is managed and controlled and thus be subject to taxes in Romania.