Is Belize still a good place to form an online business?

[NoMoreTaxes]

Hello,
this is my first post. I scanned through the forum, but didnt find anything that fully answers my question.

My plan is to open an online business in Belize, and move to Panama. I decided for Belize as accounting isnt mandatory, corp taxes are 0% and I can run the company anonymously. Panama doesnt charge taxes on foreign sourced income.

So far so good, until i read this article on Nomad Capitalist:
In that sense, these traditional tax havens that western leaders are so keen on placing on their tax haven blacklist have two main problems:
The first is that they are easy targets for Big Governments. For instance, it's not uncommon for the US government to go into Belize and present a John Doe summons and demand information on every client who could be an American. That kind of bullying rattles the whole sector, banking screeches to a halt and everything is in bad shape.
Which leads to the second problem, which is that such a shaking of the industry makes the companies less appealing. Not only can you not bank in Belize anymore, but you can't really go and get a bank account anywhere else with your Belize company, either.

Now I have 3 questions:

• Has anybody of you recently registered a business (IBC or Limited) in Belize and encountered any issues?
• Where do you recommend to open a bank account for the company, and why?
• Is there any other place where I could anonymously register a company with 0% taxes?

By the way, I am European...

Cheerio

Last edited: Jul 27, 2016

 

[negon]

Count me in for that, my corp is only 2 weeks old no issues what so ever. Banking in Cyprus and I'm happy.

NoMoreTaxes said:
So far so good, until i read this article on Nomad Capitalist:
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This is the same website claim that Jyske Bank is still active as an offshore bank LOL waste of time such websites, they are propaganda and only build to drive traffic to their owners to make upsales!

If you are going for tax evasion forget about Belize and any other offshore jurisdiction it won't work at all. If you are doing small amounts on a 12 months period you can get a way with 0% tax and don't get into the radar of the tax authorities. We speak really small amounts.

Most offshore jurisdictions where you incorporate your company don't have any corporate tax i.e. Seychelles, Belize, BVI, Panama, Guatemala, Dominica and so forth. That doesn't mean you are not liable for personal income tax.

 

[NoMoreTaxes]

thanks a lot for your comment!

If you are going for tax evasion forget about Belize and any other offshore jurisdiction it won't work at all. If you are doing small amounts on a 12 months period you can get a way with 0% tax and don't get into the radar of the tax authorities. We speak really small amounts.
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not sure if i follow you. belize has a 0% corporate tax, hasnt it?

That doesn't mean you are not liable for personal income tax.
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Not in Panama, according to my information: Panama operates a territorial tax system, under which residents and nonresidents are taxed only on Panama-source income. Income that does not arise in, or is not derived from, Panama sources is not subject to tax in Panama. [LINK]

 

[JohnLocke]

You will need to look at your local tax laws. Most countries today (also in Europe) will tax their citizens on worldwide income hence it doesn't matter if you pay tax in the offshore company or not, all the profits you make there has to be taxed in your home country.

Belize has a 0% corporate tax, same goes for the Seychelles and most other offshore jurisidictions.

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[NoMoreTaxes]

You will need to look at your local tax laws. Most countries today (also in Europe) will tax their citizens on worldwide income hence it doesn't matter if you pay tax in the offshore company or not, all the profits you make there has to be taxed in your home country.
Click to expand...

Im a German citizen, but am about to move to Panama, which would become my only country of residence. I fail to find any information on that germany is taxing their citizen when living abroad.

Last edited: Jul 27, 2016

 

[JohnLocke]

When you move out of Germany and stay in Panama for at least 6 months while you don't go back to Germany in the meant time then you usually don't have to pay tax in Germany. So what I would suggest you is simply to call your local tax office and ask them. It's a simple question for them to answer.

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[negon]

Was pretty easy to find: Steuerpflicht in Deutschland auch bei Auslandsaufenthalt? - Expat News

Actually to translate it, If you don't own propertty in Germany and you don't live there you are not obligated to pay tax in Germany, this is how it works in the majority of European countries. The important point to understand here is, YOU CAN'T OWN PROPERTY i.e. a House or flat or similar in Germany or in the EU country where these tax regulations apply.

 

[allan]

Yes this is also the same for me in Spain and when I lived in Greece. I have been moving around the last 10 years so I was forced to learn about the tax policy in each country.

 

[NoMoreTaxes]

I dont have any intentions in living in germany at all. neither to i posses property there. panama will become my only place of residence.

 

[negon]

NoMoreTaxes said:
I dont have any intentions in living in germany at all. neither to i posses property there. panama will become my only place of residence.
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So you should be fine and only pay whatever tax you have to pay in Panama. All the best of luck to you there, it's a nice place to live if you have money I think 😉

 

[SirTycoon]

I don't have any knowledge about Belize too. Maybe this forum will be a great help for me too.

 

[MisterFree]

Belize is still a good choice for me. It was just being overshadowed by Cyprus and Seychelles but overall, its policies and regulations are smooth and you can never go with it. The country is still developing and maybe in 5 or more years to come, it can match Cyprus.

 

[SirTycoon]

MisterFree said:
Belize is still a good choice for me. It was just being overshadowed by Cyprus and Seychelles but overall, its policies and regulations are smooth and you can never go with it. The country is still developing and maybe in 5 or more years to come, it can match Cyprus.
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How can you say that Belize is still a good choice? can you give me some points for me ?

 

[MisterFree]

SirTycoon said:
How can you say that Belize is still a good choice? can you give me some points for me ?
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I said its still a good choice since Belize has a good jurisdiction without sacrificing its security and privacy. Of course some other country might offer these kind of service also but Belize is good since it has the best Professional services for Offshore companies. If you want to learn more about Belize, read it here -> Which is the Best Offshore Company Jurisdiction?

 

[lastchance]

MisterFree said:
I said its still a good choice since Belize has a good jurisdiction without sacrificing its security and privacy. Of course some other country might offer these kind of service also but Belize is good since it has the best Professional services for Offshore companies. If you want to learn more about Belize, read it here -> Which is the Best Offshore Company Jurisdiction?
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The site don't load for me 🙁

 

[MisterFree]

lastchance said:
The site don't load for me 🙁
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Its perfectly working for me. What is the error that you encounter when you open the website? Here is the proof of image that its working..

P.S. Sorry I can't attach the image directly so just click the link for the image.
Imgur: The most awesome images on the Internet

 

[zohoman]

It loads here..... it's a very crappy DIVI page, I would not order somethign there they really need a webdesigner to help them 😀

If they are ever looking for some designer they can PM me lol

 

[MisterFree]

zohoman said:
It loads here..... it's a very crappy DIVI page, I would not order somethign there they really need a webdesigner to help them 😀

If they are ever looking for some designer they can PM me lol
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Hahaha I agree with you bro. But hey, if it works it ain't bad. Probably they will upgrade it in the future and yeah as you've said they could hire you to make it look better 😀

By the way, do you do Web Developments as well?

 

[SirTycoon]

MisterFree said:
I said its still a good choice since Belize has a good jurisdiction without sacrificing its security and privacy. Of course some other country might offer these kind of service also but Belize is good since it has the best Professional services for Offshore companies. If you want to learn more about Belize, read it here -> Which is the Best Offshore Company Jurisdiction?
Click to expand...

I've already read the article on your link and it was very informative. Is Belize is much better than Cyprus?

Last edited: Aug 4, 2016

 

[dotbloup]

Don't trust <<snippet>>.com
I have also read asumptions with no reference and it is pure story telling.
USA follows a precise legal framework. It does not pressure any jurisdiction in the world. IRS follows the law and USA follows agreements. If there is a TIEA or DTA or FATCA agreement (google it) with Belize, they will follow what is inside the agreement and no more.
Most of the time, The US government targets the Bank jurisdiction, not the company jurisdiction and it is only done on an Interpol order or within an agreement. Plus, when the USA requires some information about someone USA has to pay to get the information.
The main issue of Belize are the banks. Almost no payment gateways want to work with bank from Belize. That's why companies from Belize use offshore banks.