Here is the scenario to frame the question for an IBC set up with darks that provides legal online specialized software consulting (primarily software/program building assistance and questions) :
Utilize an EMI that issues debit cards that may be used in Panama, Puerto Rico, The Bahamas, Mexico, and the US but EMI card would also pay vendors in numerous countries. EMI would be company that does global business and not just limited to EU. There are a number of EMIs listed in this forum and online that do global business outside EU.
Payment processor that will process payments for English speaking countries outside the US (although some US customers could end up finding site.) Countries in EU, Australia, New Zealand where there is a large English speaking population are primary customers.
Does anyone have experience on the following:
How much can you withdraw daily from EMI debit card at an ATM in Panama, Puerto Rico, The Bahamas, Mexico or the US without having your account flagged by the EMI and closing your account or requesting burdensome additional KYC documentation. Many of the EMI's are located in Europe. Is it excessive to withdraw $70,000 in a 5 month period from an EMI account at ATMs? If yes that is excessive, what would you limit withdrawals to? For example is it excessive to withdraw $450 per day from ATM using same EMI debit card?
Does it matter if you spend 6-7 months in Panama (the home residence country) but 5 months in US? Would EMI account get flagged for daily debit card ATM withdrawals in US or Puerto Rico over a 5 month period since those countries are not your "home" country.
Will EMI's that do business globally ship debit card to Panama address? Would they ship to US address?
Would a Cyprus IBC be more appropriate for Mexican passport/ Panama residency/home country?
It depends on the EMI you are using. For instant AdvCash has a limit of 20000 per day in shops and 2000 euro withdrawal per day in the ATM's.
Question two will depend on what sort of money you want to withdraw in the ATM's . If you take out 2K euro per day it will work fine, have done that before, but only up to 30K euro per month.
What is the outcome to your issue with all of this? I mean your post has been around for some time maybe you have find a solution?
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I have been reading all the forums , and it certainly appears much more difficult and complicated to accomplish privacy and minimal tax burden in today's rapidly changing environment if one is from a high tax/big governement jurisdiction. Essentially it comes down to weighing the risk of the selected approach, the individual's tolerance of the risk with the selected approach, and if the selected approach works with $100K annual income would it scale to $2 million annual income. I see the risks as follows:
Real Darks: risk of OECD tax audit and when tax agency questions validity of documents or lack of response to inquiry then EMI seizes funds. This approach seems like it could operate approximately 18-24 months even if audited and much longer if not audited.
Fake Darks: EMI requests ongoing Draconian documentation if fake documents don't match up in their database then they freeze account and seize funds
Either option difficult to build a brand recognition if have to start process over every 18-24 months.
Any suggestions on how to manage the risk for each scenario. I see possible options to manage risk:
Multiple EMI accounts so that if one closed may continue operations with other accounts.
Make sure documented presence in Panama is 6-7 months per year, as Panama is territorial tax system, then reduce probability of audit from OECD
Delay response to any audit requests to allow time to start process over with new darks
Utilize BTC payment, however then the problem with converting BTC to fiat. Binance claims no KYC requirements for transactions less than 2 BTC however if login to Binance with VPN and login with different location on different logins then Binance will freeze account and ask for KYC documents even for transactions less than 2 BTC. BTC atms really seem practical for small amounts: <$100k annually.
Everything based on darks has a short live time, that is the true fact, you are right. But if it is a long term solution you are looking for then best is to relocate to a country that fits your goals.
There is not much left here inbetween.
Toggle signature Specialized in advisory service for tailor made Offshore setups with banking and payment processing. Privacy and Anonymity is my priority. Contact
