Advice Needed - Where to Move?
- Thread starter eRabbit
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The only downside of UAE setup is the high maintenance fee imo. , well in the end it depends on your personal needs
Offshore companies struggle to get bank accounts and they are not even tax resident in the UAE, are they? Better get a free zone company.
The company itself is not that expensive to main yes, but I was considering the amount of money you have to spend to live a in UAE unless you are living in one of the other emirates than Dubai or AD or you can actually manage to live in areas like Bur Dubai or International City lol
2 stopover visits/year are enough with an Offshore Ltd.. Residency is not possible and necessary. Banking and reputation are the big cons. But i may not see a topic here, looking at the initial post. Banking has to be checked. Maybe TW can help. I beleave, other UAE threads are helpful here.
@eRabbit I'm in a similar situation and I would consider looking into other countries besides Panama. I obtained the Friendly Nations visa from Panama 5 years ago, however, I decided it was not worth moving there.
Some of the reasons why I skipped Panama (specifically Panama City) were:
I moved to Mexico recently and my lawyer told me︃ to not worry about filing a tax return. The culture, food, weather, and people here︄ are a lot better than Panama. It's like comparing Istanbul to Dubai. Also, because Mexico︅ has a lot of double tax treaties with high-tax countries, I didn't have to sever︆ that many ties with my high-tax home country.
Perhaps there are other countries such as︇ Mexico which on paper tax worldwide income of tax residents, however, in practice are relaxed︈ on enforcement and have loose rules on who they deem a tax resident.
Here is︉ an excerpt from the article I linked above:
Some of the reasons why I skipped Panama (specifically Panama City) were:
- No tax treaty with my home country, requiring the cutting of all ties to sever tax residency.
- Absolutely no culture
- Unbearably hot and humid weather
- Very expensive compared to other Latin American countries
- Very relaxed (i.e. lazy) locals
I moved to Mexico recently and my lawyer told me︃ to not worry about filing a tax return. The culture, food, weather, and people here︄ are a lot better than Panama. It's like comparing Istanbul to Dubai. Also, because Mexico︅ has a lot of double tax treaties with high-tax countries, I didn't have to sever︆ that many ties with my high-tax home country.
Perhaps there are other countries such as︇ Mexico which on paper tax worldwide income of tax residents, however, in practice are relaxed︈ on enforcement and have loose rules on who they deem a tax resident.
Here is︉ an excerpt from the article I linked above:
It is not entirely safe to move and settle in Mexico, I think. I do not dare to admit that. The fact that the tax authorities are large and do not really care about the annual report︀ does not come as a surprise. But thank you for your great feedback.
What is the advantage with such an offshore company? As far as I know, they are not even tax resident in the UAE.
As an RAK-offshore Ltd. you are part of the freezone and tax resident with 0% direct tax. Physical residency is with a Ltd. not possible. 2 stopovers/year and above mentioned fees are necessary for maintenance. To open a bank account you need an agent. Restrictions in terms of your profession have to be observed. From my point of view this is a good alternative for eRabbit as she/he wants to live in Panama and for affiliate business︀ a perfect reputation is not obligatory. If eRabbit opens an UAE bank account with an︁ agent, avoiding high currency changing fees e.g. in combination with TW it's a good solution.︂ For sure there are other options like Georgia or other destinations. In the end, it's︃ an individual decision as there is no "golden way".
I don’t think that’s true:
http://rak-ibc.com/index.php/en/faq...ia-offshore-rak-icc-company-in-ras-al-khaimah
http://rak-ibc.com/index.php/en/faq...ia-offshore-rak-icc-company-in-ras-al-khaimah
An RAK IBC company can not sponsor you a residence visa. Besides that, yes you only need to visit the country every 6 month but this doesn't help to pay legally no tax unless you are not staying longer than couple of months in a country. Also︀ opening a bank account for the offshore entity can be a pain in the a*s.︁
But in that case, what is the advantage with that company? You might as well set up a company in the Seychelles or something?
As I said it's tax free and as I as well said, there are many other possibilities...Many zero/low tax destinations are possible.
My reply considered eRabbit's wishes: Residency in Panama, combined with zero/low tax. UAE reputation as well is better than the classical offshore destinations from my point of view. That's it.
Feel free to make other proposals 😉
My reply considered eRabbit's wishes: Residency in Panama, combined with zero/low tax. UAE reputation as well is better than the classical offshore destinations from my point of view. That's it.
Feel free to make other proposals 😉
I think a US LLC is probably better - provided that it works in combination with Panama residency. Better access to payment services, better reputation etc.
But I don’t know if it would be taxed as local income by Panama. But I would assume that there’s no difference to a RAK offshore company.
But I don’t know if it would be taxed as local income by Panama. But I would assume that there’s no difference to a RAK offshore company.
@Admin My broader point was that countries with zero tax or territorial tax are usually not the best places to live. It's good to know what is important to a person before cutting all ties and moving to a foreign country. If money is all that is important to a person and quality of life doesn't matter one bit (which is sad, but possible), Panama and other zero-tax countries will work fine.
In regards to Mexico, are you speaking from experience? The reality on the ground is much different than what the media has influenced people to believe.
In regards to Mexico, are you speaking from experience? The reality on the ground is much different than what the media has influenced people to believe.
no I have not personally lived in Mexico but only heard the news and watched it on TV, so I never go and travel to Mexico, not even for vacation or for shark fishing 🙂
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