Cyprus' requirements to create an offshore company as private (BEPS)

[curiousmarv]

Hi guys,

I'm living in Cyprus as non-dom. 2019 I want to create an Belize IBC. My original plan was to do that as subsidiary of my Cyprus Limited. But because BEPS and new CFC rules are going to happen EU wide I cancelled this plan.

So the solution is to create an Belize IBC as a private shareholder/director (no subsidiary and no direct connection to my Cyprus limited).

What are the requirements from Cyprus side (laws) to do that? I don't need anonymity but everything should be ok and 100% legal from Cyprus point of view!

More specific:
- Can I use my Cyprus address for this Belize IBC or is this too less substance?
- Can I be the shareholder of this Belize IBC or do I need nominees?
- Can I be the director of this Belize IBC or do I need a nominee?

 

[JohnLocke]

Well, if you want the Belize entity to be legit and don't let it look‌ that you try to avoid taxes or similar then you register a simple Belize corp‍ with a Belize address and you will be appointed as shareholder and director of that⁠ company.

Pretty easy. At the end of the year you include the profits from the⁤ Belize corp. in your fiscal reports so no one will come after you.

 

[Spinat]

Why would you connect these too entities at all? Now you changed your mind then‌ just setup a Belize corp with nominees to stay private.

 

[gmbh]

Isn't it obviously that the company is managed from Cyprus and so⁢ has to pay taxes in Cyprus?

Or do you think the Cyprus tax authorities accept︀ this on purpose...?

 

[JohnLocke]

Again, things change, you are referring to a thread older than 2 years!!

 

[curiousmarv]

yes this is totally outdated. I'm happy I've never done it at the end 😉 Belize was very hot 2-3 years ago for Cyprus, nowadays it's not a good jurisdiction.

 

[gmbh]

Do you have any real experiences with the Cyprus tax authorities⁠ regarding a Belize company?

 

[Siggi]

Why is it not a good jurisdiction? Its still possible to⁠ be 100% shareholder of a belize company and having someone else as a director while⁤ paying out dividends as a non dom in Cyprus with 0% tax rate. This has⁣ not changed, so what do you mean?

 

[curiousmarv]

Good luck with new Belize IBC rules. I don't know why people would do this‌ when there are so many other good options (e.g. Dubai)

https://www.ibcagent.com/pages/belize-international-business-companies-amendment-act-2018
Also good luck in‍ finding a bank account for Belize IBC.

 

[Siggi]

Okay Dubai but what other options do you know of that are crypto-friendly and have‌ a 0% tax rate?

I was told you can open a bank account with Migom‍ Bank for Belize.

 

[orangekangaroo]

There is a 2.65% Health care tax⁤ on Dividends in Cyprus. From what I read you can still do the nominee thing.⁣ But for how long. EU pressure has already halted CBI program in Cyprus.

 

[gmbh]

Thanks for this⁠ info.

Seems like Belize offshore companies are dead if I understand this right.

 

[boomy]

@Fred respect to your business and operation, but you really spam the s**t out of‌ it with your services.

Can we get back to topic @Admin why don't you clean‍ up the threads?

 

[JohnLocke]

I do the housekeeping but I'm a⁠ little busy, please use the REPORT button next time 🙂

 

[bigbite100]

What companies are now used to not pay taxes in the companies´ country and only‌ pay 2,65% in Cyprus instead of 12,5% corporate tax + 2,65% ?