Cyprus Offshore for Non Dom

[bigbite100]

Hello guys,

I am living in Cyprus with the non dom program.

I would like to have a offshore company to earn the money back dividends. My only cost would be 2,65% NHS instead of 12,5% corporate tax.

Now my question is - which country should I choose?

The cheapest solution would be Seychelles with a bank account of ABC bank.

Second cheapest solution would be Singapore company with different banking opportunities.

Most expensive soltuion would be UAE (RAK) company.

From what I understood, none of this companies will have real substance. it will have a shared office rental and a nominee director. But from what i heard, this is common and also accepted by Cyprus.

I am living most of the time outside of cyprus (I am living there 60-90 days)

Which of these 3 companies would you recommend? I dont have a good feeling with seychelles and would prefer singapore but its more expensive.

Thank you in advance for your help. I already searched the forum but I couldnt find a answer to my questions.

Best regards

 

[CyprusLawyer101]

Sey co with ABC can be the way to go.
As an alternative of a‌ more onshore jurisdiction would be a Mauritius authorised company

 

[MiltonStone]

Mauritius may indeed be the better solution for you. Speak with @CyprusLawyer101 since I see‌ from his signature he is a tax firm.

 

[bigbite100]

Thank you for your replies.

@CyprusLawyer101
1) Do you have experience with ABC Bank? I‌ checked some reviews online - they don´t have too many reviews and some of them‍ are negative, so I am a bit scared leaving money at a small bank in⁠ Mauritius.

2) Do Cyprus authorities view dividends from Seychelles differently then they would view dividends⁤ from Singapore? Singapore to me sounds more legit and less offshore / tax evasion-like.

Thank you in advance for your reply.

 

[bigbite100]

Thank you‌ for your replies.

@CyprusLawyer101
1) Do you have experience with ABC Bank? I checked some‍ reviews online - they don´t have too many reviews and some of them are negative,⁠ so I am a bit scared leaving money at a small bank in Mauritius.

2) Do Cyprus authorities view dividends from Seychelles differently then they would view dividends from Singapore?⁤ Singapore to me sounds more legit and less offshore / tax evasion-like.
Thank you in⁣ advance for your reply.

 

[GrumpyMess]

It's a grey zone, no one can guarantee that tax authorities won't punish‍ you for this scheme. It's all about management and control.

Otherwise, it would be a⁠ perfect tax solution.

 

[CyprusLawyer101]

I have been working with them for probably close⁤ to 10 yrs so I know them quite well, I would say everything ia normal⁣ with them thus far and they are not a pop up bank. They used to⁢ be in the market as a leasing compqny for mqny years before they got their︀ license.
There is a reputational︃ aspect to it indeed. But the remmitting company is not disclosed when submitting a tax︄ return. So what you are saying only becomes relevant once the Tax Office decides to︅ investigate you. And again , a Seychelles company does not in essense mean anything.

 

[bigbite100]

what exactly do you mean? how can i manage⁠ and control it?

 

[bigbite100]

Thank you for the information. So from what I understood, SCY and︁ SGP makes no difference. I work with a US LLC (Florida) and will send the︂ money to the SCY company. Normally the SCY company should be working as a holding︃ (be a member of the US LLC), but I think then my US LLC transferwise︄ account will get closed because they dont do business with seychelles (managed) companies.

Thats why︅ I would like to just give the US LLC company a inovice from the Seychelles︆ company and transfer the money. Is Wise allowing money sent to a Seychelles IBC company︇ with a ABC Bank account?

 

[bigbite100]

@CyprusLawyer101 Hello, I would like to talk with you about the Seychelles company, I am‌ interested in a company formation. Could you please me your contact details so we can‍ do a quick call? I would appreciate it.
Thank you in advance.
Kind regards

 

[sergeylim88]

does cyprus have cfc rules?
what would you have to do to avoid your offshore‌ (seychelles) company being taxed as local company for corporate income tax?

 

[cyprustoomuch]

@CyprusLawyer101 I would be interested in a solution too. I am currently living in cyprus‌ with the lovely 12% tax that has to be paid in advance twice a year.‍ I am in Ecommerce and have a lot of inventory that apparently cant be pulled⁠ off as company expense before its been sold in Cyprus. A solution where I hire⁤ some employees and set up an office in UAE or Bahrain or wherever else would⁣ be highly welcome.

Could you DM me so we can see how to target this⁢ together?