Amazon + EMI

[Talyn]

Hello,

I won't rewrite the whole problematic with amazon US, the tax heavens and the offshores companies, so my Idea is to use some personnal informations in the amazon account, but to use the bank account (EMI) of a BVI/seychelles.
But there will be a mismatch between the name and the bank account.
I know that for real banks it's a no-no, but do you know any EMI that would not care if there is a mismatch?

Thanks

 

[JohnLocke]

Talyn said:
But there will be a mismatch between the name and the bank account.
Click to expand...

how to understand that? you want to use darks to open the EMI?

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[Talyn]

No, not really, as amazon don't verify the identity, I could use any name in the amazon account.
Then use the traditional nominees setup for a BVI and open an EMI account under the name of the BVI.

But when amazon will send the payments to the EMI, held by the BVI, for them the bank account holder is the personnal name... So there will be a mismatch...

 

[negon]

Why do you need to use a different name if Amazon does not check that? just wondering.

 

[Talyn]

auric said:
Why do you need to use a different name if Amazon does not check that? just wondering.
Click to expand...

Because if I use the name and the address of the BVI/Seychelles, Amazon will withhold 30% of my US profits, I tried to fill in their tax questionnaire with a seychelles and a BVI, the result was a 30% withholding rate.

That would be too easy 🙂

 

[negon]

Talyn said:
I know that for real banks it's a no-no, but do you know any EMI that would not care if there is a mismatch?
Click to expand...

So far when testing the different options that was posted in the EMI thread I can't find any of them to accept a mismatch in names.

Can't you find a offshore jurisdiction i.e. Scottish LP, Ireland, UK or Cyprus where they won't hold the 30% ?

 

[Talyn]

That's no so much interesting, as if you want to use the DTT you have to prove that the work is done there, so, at the end I'll pay the same as if I'll continue with my local company.

Anyway, I spoke with an accountant, he told me that I could open a cyprus which would own the copyrights and the cyprus would lend the reseller rights to the local company. At the end, it could lower a bit the global tax rate.

After... It's a matter of appreciation of the tax office... Where the work was done? Where is the central management? ... The usual bulls**t questions...

 

[diablo]

Talyn said:
After... It's a matter of appreciation of the tax office... Where the work was done? Where is the central management? ... The usual bulls**t questions...
Click to expand...

What you mean?

Cyprus has no tax on royalties and dividends that you may include in your research!

 

[Talyn]

diablo said:
What you mean?

Cyprus has no tax on royalties and dividends that you may include in your research!
Click to expand...

You should read a bit on how you can claim the use of the DTT between the USA and Cyprus

 

[negon]

Talyn said:
After... It's a matter of appreciation of the tax office... Where the work was done? Where is the central management? ... The usual bulls**t questions...
Click to expand...

Tht's where the tax lawyer kick in.. I have seen this work actually but I have also been on the other side of the table with the tax auth. where it took almost 7 months to convience them that the company "I'm doing business with" not belongs to me, is controlled and managed in Cyprus and pay tax in Cyprus, so the loan agreement I made with this company is legit and for that reason I had not to be taxed on a loan!

I know, different story but some points are the same.

 

[Talyn]

auric said:
Tht's where the tax lawyer kick in.. I have seen this work actually but I have also been on the other side of the table with the tax auth. where it took almost 7 months to convience them that the company "I'm doing business with" not belongs to me, is controlled and managed in Cyprus and pay tax in Cyprus, so the loan agreement I made with this company is legit and for that reason I had not to be taxed on a loan!

I know, different story but some points are the same.
Click to expand...

Yep, that's the thing, I don't want to make a revival of a tax investigation without an experienced tax lawyer. And my income from the US is not big enough to start spreading the money on a nicely tailored system with a tax lawyer at my disposal. At the end I would spend the same if I pay the taxes in my own country or pay the fees/setup/lawyer.

 

[belarus]

Talyn said:
At the end I would spend the same if I pay the taxes in my own country or pay the fees/setup/lawyer.
Click to expand...

yeah that's something most will have to consider before they consider a offshore company! I believe 50% of the users that register a offshore company don't even think that way.

 

[diablo]

Talyn said:
You should read a bit on how you can claim the use of the DTT between the USA and Cyprus
Click to expand...

Read it, actually it seems to be a solution for people wanting to go offshore but still pay some tax.