Cash out profits from an offshore company in a zero income tax country?

[Siggi]

Hi,

I am also in Cyprus and I don't understand the issue with having︃ an offshore company to payout dividends. The only thing you need to take care of︄ is to not be the director of the company. So you just find someone else︅ to have this position or you hire a nominee director. From there all dividends are︆ tax free and you only pay that 2.65% for the health care system which is︇ limited to a maximum of 180k(~5k fee). At least that's what most Non-Doms are doing︈ in Cyprus.
Why do you think you could be taxed for those Dividends?

Btw. I︉ am actually planning the opposite right now. I do have all my coins in private︊ wallets but I actually came to Cyprus to payout all of this stuff legally with︋ documentation and tax return documents. So the plan is the form a Belize company and︌ does regular payouts of Dividends. Those Dividends are reported to tax authorities and I will︍ finally have all that money in a tax return file that I can show anyone︎ that wants to know where this money is coming from and where it has been️ taxed.

 

[tttttttt]

Wouldn't you need to declare yourself the UBO to receive dividends?

I'm thinking the offshore‌ company can lend to the Cyprus company crpyto at low interest, which invests it in‍ stock, and earns some capital gains, which it can distribute as dividend tax free, while⁠ repaying the crypto loan to the offshore. Would something like this work?

 

[gmbh]

Because if they really want a proof that the company is controlled from︀ Belize I guess that a nominee director is not enough.

Besides this it seems that︁ Belize is not good anymore to incorporate an offshore company there anyway.

https://internationalwealth.info/en...bstance-requirements-and-taxation-principles/

 

[dlttrading]

1. Dividends can be payd in Crypto. You don¨t need a shitty bank account for‌ a shitty belize company....
By paying dividends in crypto you can go around all the‍ stupid banking regulations...

2. Later when you receive the crypto to your private wallet from⁠ the "offshore company wallet" you can exchange to fiat using private bank or EMI account⁤

 

[gmbh]

This seems to be correct. My tax⁠ accountant in Cyprus confirmed this, too.

 

[tttttttt]

Would you please send me PM about your Cyprus tax accountant. I'm‍ in the process of relocating a crypto based business there and would appreciate assistance. I⁠ can't find the PM button.

 

[gmbh]

I don't really recommend them for crypto business.⁠

 

[Fred]

As already mentioned before don't go with a Belize company especially if you plan to‌ stay in BTC - there is simply no need for it. In case you want‍ to cash out from time to time avoid Belize anyway because no reputable bank is⁠ available for a Belize company and all this together in combination with Crypto is a⁤ show stopper anyway.

What you can go for is a zero tax residence like in⁣ the UAE and cashout trough a personal bank account here. Several banks are fine with⁢ deposits/withdraws in EUR from Kraken. Beside of that if you plan to cash out bigger︀ amounts you have the possibility with some 3rd party providers that are not known to︁ be Crypto related to let the cashout looks like business earnings. In a reputable offshore︂ jurisdictions like UAE cashouts of 1-2M$ per months modified to businss earnings are still good︃ working in pratice.

 

[OffshoreJJ]

gmbh said:
At least until now it is even possible to trade completely without any verification, even without any withdrawal limits at Bybit for example.

So let's hope the EU falls apart before they forced all exchanges to do this. Furthermore, decentralized exchanges are becoming more popular.


Probably yes...
Click to expand...

they got the digital paper printing machine so probably not, unless some countries protest regulations but lets bee honest most are debted out and on their knees for a IMF handout

 

[Jade33]

they got the digital paper printing machine so⁤ probably not, unless some countries protest regulations but lets bee honest most are debted out⁣ and on their knees for a IMF handout

 

[tttttttt]

Is there a difference between Seychelles and Belize in terms of crypto trading and defi‌ investing company?

 

[manwithtoupe]

Have you done this in practice?

Were your bank/EMI ok⁣ with this? Which documents did they ask for? Minutes only?