Best Company Set up for Digital Nomad + Ecommerce?
- Thread starter banafinfodafuggiano
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Depending on your country of residency, if it's Panama they won't ask you anything in case they find out about your US LLC. If it's an European country then YES, they will ask you to pay taxes on all your foreign earned income (I wouldn't spend more than 183 days in any county︀ that doesn't have a territorial tax system.)
Read from somebody who have lived in Panama and take your conclusions.
https://www.offshorecorptalk.com/th...anama-still-worth-it.42339/page-2#post-271000
https://www.offshorecorptalk.com/th...anama-still-worth-it.42339/page-2#post-271000
This is apparently a common misconception. People think the country they grew up in will have them in their claws forever.
First thing here is that legally there is no such thing as "home country" , there is just country of citizenship, country of residency and sometimes country of domicile. By "home country" I assume you mean country︀ of citizenship here.
If you are not a citizen of a country that taxes by︁ citizenship, meaning the whole world except US and Eritrea, then you just need to get︂ out of the tax net of your country of citizenship to no longer pay tax︃ there. It doesnt matter that you keep the citizenship (except if you are a citizen︄ of the US or Eritrea).
As to how to get out of the tax net,︅ it depends from country to country, but typically it means moving out, not spending too︆ much time in the country of citizenship, and not having ties in the country of︇ citizenship like a house, family or a business.
First thing here is that legally there is no such thing as "home country" , there is just country of citizenship, country of residency and sometimes country of domicile. By "home country" I assume you mean country︀ of citizenship here.
If you are not a citizen of a country that taxes by︁ citizenship, meaning the whole world except US and Eritrea, then you just need to get︂ out of the tax net of your country of citizenship to no longer pay tax︃ there. It doesnt matter that you keep the citizenship (except if you are a citizen︄ of the US or Eritrea).
As to how to get out of the tax net,︅ it depends from country to country, but typically it means moving out, not spending too︆ much time in the country of citizenship, and not having ties in the country of︇ citizenship like a house, family or a business.
So if neither US/Panama report to the home country it will work out. What about US banks? If I open a bank account under LLC, will the US bank report to home country? because I will be authorized signatory of︀ the bank account etc.
I am planning to live in my home country throughout the year. But open a︍ US LLC with Panama residency. Also open a US bank account under the LLC name.︎ Will that work out?
I am planning to live in my home country throughout the year. But open a︍ US LLC with Panama residency. Also open a US bank account under the LLC name.︎ Will that work out?
US Banks typically will want to know where the owner of the LLC is legally resident. They might - but usually will not - report to this country. If you are not a resident of your "home country" they will not report to your home country.
Same thing with US and Panama authorities.
Same thing with US and Panama authorities.
What if I establish a legal residence in Panama, then open a bank account for the LLC in US with that residence. Because I only need to visit Panama once in every 2 years to maintain the Panama residency (and live full time in the home country).︀ will that work out?
If you open an account at a US bank with an US LLC, the bank will not report you to Panama, or︀ to your home country (again, you pay taxes based on the laws of your country︁ of residency, not in your country of citizenship, so you can forget about your "home︂ country" unless you were born in the US.)
If you open a brokerage account with︃ that LLC you will be subject to 30% withholding on dividends, 0% on Capital gains.︄ If you open that brokerage account in your own name then they will withhold dividends︅ based on the double tax treaty the US has with your country of residency (generally︆ it's 15%)
You better make sure your home country doesn't find out you're staying in︇ the country for more than 183 days per year, basically you have to live under︈ the radar, literally.
If you open a brokerage account with︃ that LLC you will be subject to 30% withholding on dividends, 0% on Capital gains.︄ If you open that brokerage account in your own name then they will withhold dividends︅ based on the double tax treaty the US has with your country of residency (generally︆ it's 15%)
You better make sure your home country doesn't find out you're staying in︇ the country for more than 183 days per year, basically you have to live under︈ the radar, literally.
No, if you live full time in your home country , your home country will consider you a tax resident there, regardless of you having residence permits elsewhere.
And assuming your home country is a high tax country, they most likely have rules like CFC meaning you have to︀ pay local tax on your US LLC.
However, if your home country is like Burkina︁ Faso, then yes it will work out.
And the US requires you to list all︂ countries you are a tax resident in every year, so there you have to include︃ your home country if you live there full time.
Then the US may or may︄ not report to your home country.
And assuming your home country is a high tax country, they most likely have rules like CFC meaning you have to︀ pay local tax on your US LLC.
However, if your home country is like Burkina︁ Faso, then yes it will work out.
And the US requires you to list all︂ countries you are a tax resident in every year, so there you have to include︃ your home country if you live there full time.
Then the US may or may︄ not report to your home country.
Hello can you clarify if a company is registered today in uae, will it qualify for the small business exemption of 3 million AED turnover and pay no tax ? or is︀ this facility for only existing companies that have been doing business in uae for a︁ while ?
The average Mainland incorporation is around 40k AED including everything, but this can vary depending on what exactly you will be needing.
In terms of crypto friendly banks, as per my knowledge there are none in the UAE so far but we do have some overseas banks in this case.
In terms of crypto friendly banks, as per my knowledge there are none in the UAE so far but we do have some overseas banks in this case.
Wyoming doesn't tax LLCs based on income, while New Mexico has a corporate income tax rate of 4.9% to 5.9%
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