LLC for Consulting company...where?
- Thread starter reystar22
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Rey, hi.
To open an offshore company, in USA we suggest to be open in Delaware or Wyoming. If you open an US LLC, profits are taxable when income comes from US clients. Only income earned outside of the US for an LLC with a foreign member is not taxable.
Wyoming is 0% as long meets the criteria to not be involve︀ in US business.
To open an offshore company, in USA we suggest to be open in Delaware or Wyoming. If you open an US LLC, profits are taxable when income comes from US clients. Only income earned outside of the US for an LLC with a foreign member is not taxable.
Wyoming is 0% as long meets the criteria to not be involve︀ in US business.
When creating a US company and you're the only owner of it, it will be considered a disregarded entity and all the profit the company generates will be taxed as personal income in your home country, which means you're going to end up paying the same taxes you're paying now. However, you can also make your LLC be taxed as a corporation, which will pay the corporate tax in the US (21%) and you will︀ pay dividend taxes (5% in greece) in your home country when receiving the dividends.
Just to add to this , the LLC would be tax︀ resident in Greece and have to pay Greek corporate tax. If there is a double︁ taxation treaty between US and Greece, it can be leveraged to offset taxes paid in︂ the US and only pay the remainder in Greece. So there are absolutely zero (legal)︃ tax savings to be had from the proposed setup.
Basically, @reystar22 , this isn't how︄ the world works anymore. It's not the 90s or early 00s anymore. You can't just︅ set up an offshore company and not pay tax. Tax residence, CRS/AEOI, and other exchange︆ of information mechanisms will come bite you eventually.
Have you considered relocating to maybe Cyprus︇ or Malta and benefit from the low tax regimes there?
Basically, @reystar22 , this isn't how︄ the world works anymore. It's not the 90s or early 00s anymore. You can't just︅ set up an offshore company and not pay tax. Tax residence, CRS/AEOI, and other exchange︆ of information mechanisms will come bite you eventually.
Have you considered relocating to maybe Cyprus︇ or Malta and benefit from the low tax regimes there?
The LLC will be a tax resident in US, i will open an EIN there...i︉ will not be transferring money to greece
What about what @FAS said on his post?︊ he said 0% TAX for non US business. Also, when making a company in the︋ US they dont ask me for my TAX ID in Greece, so i hope that︌ US will not be having to give info to Greece about my business
What about what @FAS said on his post?︊ he said 0% TAX for non US business. Also, when making a company in the︋ US they dont ask me for my TAX ID in Greece, so i hope that︌ US will not be having to give info to Greece about my business
Do you live in Greece? Do you control the company from Greece? Do the company's activities take place in Greece? If so, the company is tax resident in Greece. Just ask any Greek lawyer or tax adviser.
Why do you think anyone would pay any tax anywhere in the world ever if this were possible? It's 2021, not 1991.
Furthermore, is it clear how an LLC treated under Greek law? Is it considered a partnership or a stock︀ company? If it's a partnership, you still have to pay personal income tax. If it's︁ a stock company, you have to pay Greek corporate income tax and any taxes due︂ on dividends or salary paid to yourself.
He's absolutely right, but also a little misleading. There is no tax︇ , in the US. That doesn't change your legal obligations at home in Greece.
Regarding exchange of information, you might want to read about FATCA, CRS, and tax residence in︈ general before you commit tax fraud. Or don't, and see what happens in a couple︉ of years.
Why do you think anyone would pay any tax anywhere in the world ever if this were possible? It's 2021, not 1991.
Furthermore, is it clear how an LLC treated under Greek law? Is it considered a partnership or a stock︀ company? If it's a partnership, you still have to pay personal income tax. If it's︁ a stock company, you have to pay Greek corporate income tax and any taxes due︂ on dividends or salary paid to yourself.
He's absolutely right, but also a little misleading. There is no tax︇ , in the US. That doesn't change your legal obligations at home in Greece.
Regarding exchange of information, you might want to read about FATCA, CRS, and tax residence in︈ general before you commit tax fraud. Or don't, and see what happens in a couple︉ of years.
I live in Greece
I will control the company online i travel a lot
The company's︅ activities are not taking place in Greece, my customers are from Middle East mostly, so︆ for example the money will go from Morocco to US bank.
Plus i wont send︇ money to Greece
I will control the company online i travel a lot
The company's︅ activities are not taking place in Greece, my customers are from Middle East mostly, so︆ for example the money will go from Morocco to US bank.
Plus i wont send︇ money to Greece
OK, good luck! thu&¤# I guess the law doesn't apply to you.
https://www.oecd.org/tax/automatic-...stance/tax-residency/Greece-Tax-Residency.pdf
https://www.oecd.org/tax/automatic-...stance/tax-residency/Greece-Tax-Residency.pdf
It's strange that a cpa gives out incorrect advice like this.
It's not where the clients are that determine the taxation, its where the services are performed.
A foreigner can have us clients without paying us tax when he performs the services outside the us. The llc is disregarded so the taxation of the member is the same as if the llc didn't exist.
It's not where the clients are that determine the taxation, its where the services are performed.
A foreigner can have us clients without paying us tax when he performs the services outside the us. The llc is disregarded so the taxation of the member is the same as if the llc didn't exist.
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