Best set up for onlyfans business earning $100k monthly? Dubai?

[European]

@scooterguy
Can you please point me to the source where that is explained (best in Italian)?‍ I believe it's not that high if you are a freelance and, in any case,⁠ there must be a cap. I do not believe you would pay 250K a year⁤ for social sec. on income of 1M.
Thanks

 

[scooterguy]

It's all over the place; social security contributions are not included in the scheme. For example:⁤ “Impatriates” – 70%/90% Tax break to attract “human capital” to Italy – Italian Tax.

The exemption applies only to income taxes. It does not apply to statutory social security⁣ contributions (pension and healthcare) which will be calculated on 100% of salary.

Nor does the⁢ special regime provide any exemption from Italy’s foreign asset reporting requirements or reduction of wealth tax generally applicable to people who are tax resident in Italy for any year.

But yes, you're right, I didn't know there was a cap; the percentage is calculated only︀ to the maximum of EUR 113,520 (Italy - Individual - Other taxes.).

So, if you make 1M and live in Sicily you'd pay only around 30K a year︁ of social security. And then income tax on 100K EUR, so effective tax would be︂ less than 10%.

 

[European]

Exactly, so income tax would be︄ around 30K, perhaps a bit less, plus the 30K for social security would mean an︅ overall effective rate below 6% for 1M income, which is not bad at all.

 

[gatrader]

Everyone thinks that this Italian tax regime is “amazing” until you try the italian tax‌ and burocrazy madness.

Maybe setup ur residency in Romania, Bulgaria or similar where you pay‍ low taxes and live in Dubai like a tourist.

 

[European]

Is bureaucracy better in Romania or Bulgaria?

 

[Mssquirrel]

Btw you might be able to try in Andorra, I know about some︁ OF people that got rejected but I chatted with someone recently that moved there doing︂ OF, you can't bank there tho so need to figure out a way around.

 

[gatrader]

I thinl better to look at BG, more flexible.

So much headache for⁤ what?

 

[Mssquirrel]

Bulgaria? Is not P**N illegal there?

 

[boy20hki]

For 1M revenue, the income revenue would be 14.4k + 0.43*50k︆ = 35.9k. So 36k. not "around 30k"

For social security payment, please see this thread below, someone did︊ choose Italy and mention "I only had to pay something like €3000/year for close to︋ €200K annual income"... that means the SS payment is only 1.6% of total income. I︌ saw one U.S woman on reddit who also reported to pay about 15-16% of the︍ income "after tax credit, deduction" for SS contribution (aka 1.5-1.6% of the total income) and︎ she also said it's possible to choose which country to pay this to, either Italy️ or home country, whichever makes sense and/pr result in lower payment. As a result, I‌ believe the correct rate is 1.5-1.6%

https://www.offshorecorptalk.com/threads/cbi-st-kitts-taxes.40632/#post-254051
Where did you get the number 30k as‍ SS payment for 1M revenue? Can you cite legit source, which I did not see⁠ mentioned anywhere in your post? In many case, the real case is more trustworthy than⁤ internet number.

Per my calculation the effective income tax rate + social contribution fee amounts⁣ to 3.9-4.0% of total income...

Do correct me if I am wrong...thanks

 

[scooterguy]

I cited many sources in my post above, including the cap on social security. Social⁤ security is calculated as a percentage of the maximum amount, but it's capped at 113,520⁣ EUR.

In other words, for 1M revenue, social security would be 22%-26% of 113,520, which⁢ is 30K, more or less.

Income tax would be paid apart from SS, and would︀ be calculated on 100,000 EUR.

 

[ven9eance]

I am very surprised to see no one has recommended Dominican Republic or Cayman islands,‌ or Bahamas to you. I am considering one of those places because they all have‍ zero income tax and zero property tax. Let me know what you think and I⁠ can elaborate on each one with the info I have learned so far.

 

[JohnnyDoe]

ven9eance said:
I am very surprised to see no one has recommended Dominican Republic or Cayman islands, or Bahamas to you. I am considering one of those places because they all have zero income tax and zero property tax. Let me know what you think and I can elaborate on each one with the info I have learned so far.
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Because many people around here don't like the Caribbeans. Maybe because they want to keep distance from me 😛

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[Yrybak08]

lol I’ll tell ya⁣ this… move to the UAE while making income through only fans and be prepared to⁢ get a knock on your door and be taken in handcuffs and jailed for a︀ very long time. The UAE is a playground for the rich, a safety haven, great︁ for children and very attractive for taxation but that kind of stuff is not only︂ prohibited but also the people of the country are always in support of tough laws︃ to keep that stuff out of the country. They won’t be kind to you and︄ you will get caught. It’s a tiny country with huge law enforcement and an over︅ financed intel service that is doing just that all day and night

 

[scooterguy]

Those places are too far away, expensive, and isolated.

OP makes 100k⁣ a month, living in a place like Nassau will cost him at least 10% or⁢ 20% of that. Better to stay home and pay taxes.

 

[JohnnyDoe]

scooterguy said:
Those places are too far away,
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From what?

scooterguy said:
expensive,
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Not really

scooterguy said:
and isolated.
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They are islands

scooterguy said:
OP makes 100k a month, living in a place like Nassau will cost him at least 10% or 20% of that.
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It depends where in Nassau. Anyway the Bahamas are not just NP.

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[scooterguy]

Far away from civilization 😛

I've been in the‍ Caribbean countless times, but always as a tourist, so I might have a skewed view⁠ of prices.

So, let me ask you: suppose that someone had a budget of $5k⁤ a month. Where could this person live a comfortable life in a nice and safe⁣ area, in a somewhat big city (at least 50k population) somewhere in the Caribbean? Would⁢ that be possible?

 

[JohnnyDoe]

scooterguy said:
Far away from civilization 😛
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Define civilization. Is that Starbucks?

scooterguy said:
So, let me ask you: suppose that someone had a budget of $5k a month. Where could this person live a comfortable life in a nice and safe area, in a somewhat big city (at least 50k population) somewhere in the Caribbean? Would that be possible?
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Santo Domingo, Santiago, Puerto Plata, La Romana, Banì - all in the D.R.
St. George's in Grenada
Plenty of other cities where you can have a great life with a $5k monthly budget but with population <50k

Ps there are 5 or 6 Starbucks in Santo Domingo

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[Yrybak08]

Are those cities⁠ safe? Tell us more

 

[JohnnyDoe]

Yrybak08 said:
Are those cities safe? Tell us more
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I know a couple of unsafe areas in Santo Domingo, where anyway no gringo has any reason to go. In the posher areas you see plenty of luxury cars, including Ferrari, Rolls etc. In all these cities I feel safer than in the center of Milano.

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[Yrybak08]

I’ll look into it