Guidance for Offshore Company + Bank Account

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Neo Fun

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Dec 14, 2018
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Hi Everyone.

I am a newbie on this community but have already read several threads. Since, every case is a specific case, due to the several particularities of each person, i would to expose my situation and collect your most precious help.

  1. I am a Portuguese Citizen;
  2. Self Employed (banking consulting services);
  3. I may have in the near term the opportunity to participate on 2 different services: a) Mediating physical gold deal (where i will receive an recurring fee, since there will be recurring physical gold transactions); b) Giving some consulting services for clients working in Angola);
  4. Since the amount of fees may be reasonable (at the amount of >1M$) and taxes in Portugal for this amount of fees is huge (between 21% to 45%), i am looking for a way to avoid such taxes and, also, get great privacy for the reasons we all know.
  5. After reading several threads here, i am thinking about opening ao Belize Company + Cyprus real bank account. Regarding withdrawals, since a live near Spain, and a pretend to make "not huge" monthly withdrawal (till 5k/monthly), i am thinking to go to Spain to make these ATMs withdrawals, to "dribble" any atm communications with Portuguese Authorities.
I would like to hear your opinions of what and where are my ideas wrong on this strategy ?

Thanks (sorry for my english errors. It is not my main language).
 
I have been told by an agent I am considering using for incorporating my offshore company that banks in Cyprus have stopped opening accounts for offshore companies which:
- have no physical presence in the country of domicile
- have no established economic activity and have no economic value
- are registered in a jurisdiction where companies are not required to submit audited financial statements
- have a tax residence in a jurisdiction recognized as tax haven.

I am not sure if that is actually true but if any of you know about that I would love to hear your feedback as this is what I was told a couple of weeks ago.

If it is true though, it would mean that your plan of incorporating a Belize company wouldn't work.
 
Well, it was posted here already!! Important! - Quick update for Offshore company and Cyprus bank account opening Aug 2018

However, it depends all on the business case and how you serve it to the bank!

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Neo Fun said:
Neo Fun said:
Hi Everyone.

I am a newbie on this community but have already read several threads. Since, every case is a specific case, due to the several particularities of each person, i would to expose my situation and collect your most precious help.

  1. I am a Portuguese Citizen;
  2. Self Employed (banking consulting services);
  3. I may have in the near term the opportunity to participate on 2 different services: a) Mediating physical gold deal (where i will receive an recurring fee, since there will be recurring physical gold transactions); b) Giving some consulting services for clients working in Angola);
  4. Since the amount of fees may be reasonable (at the amount of >1M$) and taxes in Portugal for this amount of fees is huge (between 21% to 45%), i am looking for a way to avoid such taxes and, also, get great privacy for the reasons we all know.
  5. After reading several threads here, i am thinking about opening ao Belize Company + Cyprus real bank account. Regarding withdrawals, since a live near Spain, and a pretend to make "not huge" monthly withdrawal (till 5k/monthly), i am thinking to go to Spain to make these ATMs withdrawals, to "dribble" any atm communications with Portuguese Authorities.
I would like to hear your opinions of what and where are my ideas wrong on this strategy ?

Thanks (sorry for my english errors. It is not my main language).
Click to expand...
Click to expand...

Have you checked if the Cyprus bank won't report to the home country taxman as you are tax resident in Portugal? Or are you a resident in Angola?
 
OKtober said:
OKtober said:
I have been told by an agent I am considering using for incorporating my offshore company that banks in Cyprus have stopped opening accounts for offshore companies which:
- have no physical presence in the country of domicile
- have no established economic activity and have no economic value
- are registered in a jurisdiction where companies are not required to submit audited financial statements
- have a tax residence in a jurisdiction recognized as tax haven.

I am not sure if that is actually true but if any of you know about that I would love to hear your feedback as this is what I was told a couple of weeks ago.

If it is true though, it would mean that your plan of incorporating a Belize company wouldn't work.
Click to expand...
Click to expand...
Why don't you incorporate in the US and open a bank account there also?
 
Reboot said:
Reboot said:
Why don't you incorporate in the US and open a bank account there also?
Click to expand...
Click to expand...
because you won't get setup there unless you have hundred of thousands or you find some fucktard that will sign on behalf of you and run later on!

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OKtober said:
OKtober said:
Because as most of my customers are in the US, I was told that wasn't a good option for me.
Click to expand...
Click to expand...
A disregarded US llc doesn't change the tax position. If you are consulting from outside the USA then this is not taxable in the US. If it would be taxable in the US then it would be taxable even if you use a foreign company.
You would have to give your clients a w8-ben instead of a w9
 
How will you manage to open a bank account as a Portuguese Citizen in the USA for the US LLC ?
 
fshore said:
fshore said:
A disregarded US llc doesn't change the tax position. If you are consulting from outside the USA then this is not taxable in the US. If it would be taxable in the US then it would be taxable even if you use a foreign company.
You would have to give your clients a w8-ben instead of a w9
Click to expand...
Click to expand...
It doesn't change the tax position but an offshore business is supposed not to be allowed to do business in its own jurisdiction isn't it?
Not sure what w8-ben and w9 are though.
 
Reboot said:
Reboot said:
It is possible.
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how can you do that? is there a simple way you could list how it is possible? any agent service and requirements to documents?

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Reboot said:
Reboot said:
Doing that at the moment, it takes a few days. Will post afterward.
Click to expand...
Click to expand...
okay, sounds interesting! will be following this thread to see how this will go!

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This account has turned into a ROBOT account because it has lots of useful threads and posts. It is a locked account with no access by any human, means you won't get any answers.

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