LLC in cayman island + bank account (small business) aviation

[Flyingspanner]

Hello

I'm working as an Aircraft Technician I EU and I would like to set up a Limited company in Cayman Island or somewhere else with low/non income tax. I'm a Danish citizen currently living I Copenhagen, which means I'll get double taxation on every normal job I take. But If I stay in Denmark maximum 42 days during a 6 months period, I don't have to pay taxes tod Denmark. This will not be a problem since I would like to start contracting around the world.

Anyone who knos a trustworthy service that can help me set this up?

 

[JohnnyDoe]

A friend of mine is a Ryanair pilot and receives his salary on a Cyprus company, maybe you can have a similar setup

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[bibing]

You don't need to get such an offshore company. Cayman Islands companies are expensive to renew.

I had one 12 years ago (this was before AOEI, CRS and FATCA) and I had to pay 5k USD just for renewal.

Nowadays you have problem receiving payments. Good luck getting Europeans paying to your Cayman Islands company.

I would look in some Eastern Europe company or Middle East.

Nowadays the main problem is in getting paid. Setup a company in a country who is not so blacklisted like Cayman Islands.

 

[Don]

JohnnyDoe said:
A friend of mine is a Ryanair pilot and receives his salary on a Cyprus company, maybe you can have a similar setup
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I have also come across a pilot who was then using a romanian micro company (1% turnover based tax).

It made me think differently about flying.

When you look at the airline staff, apparently the only person without social security is often the one sitting in the cockpit, just invoicing the airline with his structure and paying himself dividends.

 

[legaltalk]

Bulgaria is known for its relatively low corporate income tax rate, making it an attractive destination for businesses seeking tax benefits.
It is in EU and cooperate tax is 10%

 

[JohnnyDoe]

Don said:
the only person without social security is often the one sitting in the cockpit,
Click to expand...

Social security is a joke for the recipient, and just a way to buy votes.

Don said:
just invoicing the airline with his structure and paying himself dividends.
Click to expand...

Very smart move. I like to know that the smartest person on the plane is the pilot.

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[Clearsky Network]

Will be hard for you to get a good banking solution with Cayman company.
Like offered above, Cyprus could work.
Also worth considering HK and Singapore.
Feel free to get in touch if you need any help.

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[Sols]

Is there a specific reason you mention Cayman Islands?

Isle of Man or Gibraltar might work better in your case, since you will have a better shot at decent banking/EMI in Europe (compared to the struggle you'd have with Cayman Islands).

As already mentioned, Cyprus could also work well for this.

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This is the probably the answer to your question.

 

[Flyingspanner]

Thanks for all the great answers 🙂
There's no specific reason for cayman island. just read they had 0% income tax. But from what I undertand from the replies, cayman is probably not the best way for me.

I will look into Bulgaria and Cyprus. If anyone have some recommendations I would appreciate it 🙂

 

[Onassis]

JohnnyDoe said:
A friend of mine is a Ryanair pilot and receives his salary on a Cyprus company, maybe you can have a similar setup
Click to expand...

Tax resident in Cyprus or elsewhere? I also wonder what's his personal residence.

 

[JohnnyDoe]

Onassis said:
Tax resident in Cyprus or elsewhere? I also wonder what's his personal residence.
Click to expand...

He resides in some territorial tax country

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