Georgia HNWI Residence **The best Tax-Free base with resident certificate regardless of time spent there?**

[Konstanz]

AirBnb is forbidden in Monaco.
2k apartment⁣ might not be enough for residency. If you are with wife it would be ~5k⁢ apartment.
You would need to deposit to Monaco bank at least 500k and invest it︀ (freeze it) during all time you have residency. Usually banks require more than that. 1-2m︁ deposit depending by the bank. This is the hardest part. Banks in Monaco really have︂ no risk apetite..
And you will have to spend some time there. To get residency︃ certificate you have to live 6 months a year. And now they check it. They︄ will check bank accounts to see were you spend money etc..
But it's really nice︅ place to live all year long. You don't need to move from country to country︆ 🙂

 

[realdealbusiness]

Thanks everyone. I need to visit Monaco at some point to get an idea of‌ the place. Same for Georgia, but it seems like nobody recommends it for the long-term,‍ so that will probably not work.

I decided to stay in Cyprus for now, to⁠ build my new company properly here with local substance, meaning local employees & office as⁤ well as local directors once I find good fits for the next few years. I⁣ wasted so much time on my research to find an ideal location that I got⁢ really tired of it and I did not really work on the business during that︀ period. Kind of try to blame Coronavirus but honestly I regret that I spent so︁ much time and nothing turned out to work.

It's unfortunate that it's not possible anymore︂ to run a foreign company here to stay completely tax-free. Some people claim it's still︃ possible for individuals but not for corporations. Some say it requires nominees. I am not︄ sure if they enforce that though. I believe it's meant to be tax-free if you︅ are a shareholder without substantial control other than maybe giving advice by law. So that︆ seems tricky and dangerous....

Just curious, has anyone insights if CY enforces anything on this:︇ Non-Dom managing Foreign company from Cyprus?

Else, as I said, I just open a Cypriot︈ company and pay the damn 12.5% here, which is fine. And since it has substance,︉ even if I move to another country, it should technically be treated as Cypriot company︊ tax-wise right?

This seems like a long-term approach, please correct me if I am wrong.︋ But to me it seems like I can move freely once I have established a︌ legit company with substance.
For example if I move to Portugal later and am not︍ actively operating in that CY company other than being an advisor (shareholder) I could disregard︎ company profits and would only have to worry about payments sent to me, the natural️ person (vs. CIT).

 

[JustAnotherNomad]

Can’t really comment on Cyprus, but yes, once there is substance, as long as you‌ don’t pay yourself, it should usually be fine.
But the company is an asset, so‍ depending on where you live, I guess there may be wealth tax. But that would⁠ obviously again depend on where you live, applicable tax treaties etc.

 

[cyprus123]

Georgia is a great option for residency, just visit the country once borders are open‌ again to see if you like it, you can fly directly from Larnaca to Kutaisi‍ with Wizzair. When you live in Georgia you take advantage of the territorial tax system,⁠ so you can keep running your Cyprus company or even move your company to Bulgaria⁤ or Malta for a little bit lower tax rate.
But more important than tax rates⁣ is your activity, required resources in your place of business like staff, office space, specific⁢ licenses or regulations etc.
An alternative can be also UAE.

 

[iamafrog]

I want to‌ move there and set-up an IT company to produce software for foreign clients. Can you‍ give me advice on the correct setup? Do you know any worthtrusty consultants?

 

[orangekangaroo]

Google expat hub georgia. I had a good consultation with them.

 

[5K1PP3R]

Georgia High Net Worth Individual (HNWI) is dead it seems