LLC in cayman island + bank account (small business) aviation

[Flyingspanner]

Hello

I'm working as an Aircraft Technician I EU and I would like to set up a Limited company in Cayman Island or somewhere else with low/non income tax. I'm a Danish citizen currently living I Copenhagen, which means I'll get double taxation on every normal job I take. But If I stay in Denmark maximum 42 days during a 6 months period, I don't have to pay taxes tod Denmark. This will not be a problem since I would like to start contracting around the world.

Anyone who knos a trustworthy service that can help me set this up?

 

[JohnnyDoe]

A friend of mine is a Ryanair pilot and receives his salary on a Cyprus company, maybe you can have a similar setup

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[bibing]

You don't need to get such an offshore company. Cayman Islands companies are expensive to‌ renew.

I had one 12 years ago (this was before AOEI, CRS and FATCA) and‍ I had to pay 5k USD just for renewal.

Nowadays you have problem receiving payments.⁠ Good luck getting Europeans paying to your Cayman Islands company.

I would look in some⁤ Eastern Europe company or Middle East.

Nowadays the main problem is in getting paid. Setup⁣ a company in a country who is not so blacklisted like Cayman Islands.

 

[Don]

I have‍ also come across a pilot who was then using a romanian micro company (1% turnover⁠ based tax).

It made me think differently about flying.

When you look at the airline⁤ staff, apparently the only person without social security is often the one sitting in the⁣ cockpit, just invoicing the airline with his structure and paying himself dividends.

 

[legaltalk]

Bulgaria is known for its relatively low corporate income tax rate, making it an attractive‌ destination for businesses seeking tax benefits.
It is in EU and cooperate tax is 10%‍

 

[JohnnyDoe]

Don said:
the only person without social security is often the one sitting in the cockpit,
Click to expand...

Social security is a joke for the recipient, and just a way to buy votes.

Don said:
just invoicing the airline with his structure and paying himself dividends.
Click to expand...

Very smart move. I like to know that the smartest person on the plane is the pilot.

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[Clearsky Network]

Will be hard for you to get a good banking solution with Cayman company.
Like offered above, Cyprus could work.
Also worth considering HK and Singapore.
Feel free to get‌ in touch if you need any help.

 

[Sols]

Is there a specific reason you mention Cayman Islands?

Isle of Man or Gibraltar might‌ work better in your case, since you will have a better shot at decent banking/EMI‍ in Europe (compared to the struggle you'd have with Cayman Islands).

As already mentioned, Cyprus⁠ could also work well for this.

 

[Flyingspanner]

Thanks for all the great answers 🙂
There's no specific reason for cayman island. just read‌ they had 0% income tax. But from what I undertand from the replies, cayman is‍ probably not the best way for me.

I will look into Bulgaria and Cyprus. If⁠ anyone have some recommendations I would appreciate it 🙂

 

[Onassis]

Tax resident‍ in Cyprus or elsewhere? I also wonder what's his personal residence.

 

[JohnnyDoe]

Onassis said:
Tax resident in Cyprus or elsewhere? I also wonder what's his personal residence.
Click to expand...

He resides in some territorial tax country

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