Crypto hardware wallet as offshore bank account

[pragmatic mouse]

Let's say I setup an IBC offshore company at Seychelles. All crypto is transfered to a hardware wallet owned by the company. Is this a good setup for taxes specially considering spanish laws?

Thanks!

 

[Sols]

As long as you live in Spain, you have to pay Spanish taxes and so‌ does your Seychelles IBC. Not doing so is a crime that can land you in‍ prison for a long, long time. For now, the risk of getting caught is probably⁠ low if you exclusively deal in crypto. But if you ever exchange the crypto for⁤ fiat and want to have the wealth personally, you are at significant risk of being⁣ caught.

It's not the 1990s anymore.

 

[pragmatic mouse]

Thank you for the insight Sols, looks reasonable.

I'm planing to not live in Spain,‌ as rulers are destroying the economy, unlike Germany for example. Seychelles IBC is a vehicle‍ for this plan, as I don't do business in Spain and doubt I will, but⁠ if I do (like mining cryptocurrency) I'll open a spanish company. Sadly tax evasion is⁤ a common thing here within some limits.

Hope that provides a better context.

Best regards⁣

 

[soomon]

Check CFC rules for the country where you plan⁢ to move to in regards to the Seychelles. Placing a company in a tax heaven︀ and controlling it from a another country will most likely trigger CFC or PE rules︁ which prevent you from legally enjoying tax free profits in the Seychelles while living some︂ place else.

 

[fortunespeculator]

So which are the list of countries which will not trigger cfc and pe⁣ rules for a seychelles ibc owner?

 

[pragmatic mouse]

Panama
Panama, British Virgin Islands,‍ Cayman Islands, Switzerland, pretty much every tax haven has no CFC.