Question Best offshore jurisdiction for 2024 and 4 years ahead?

[kilor]

I'm wondering which offshore jurisdiction is the best in 2024 if one aims to pay as little tax as possible, maintain privacy, and at the same time wants to protect one's assets? - I'm considering Delaware, New Mexico, Dubai, and Switzerland - are these bad choices?

 

[JohnLocke]

From what is most discussed here you I would say New Mexico LLC, Cyprus and Dubai.

There are only few about Gibraltar and the other popular offshore jurisdiction in the past.

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[Don]

You want to have:
1) low or zero tax
2) privacy
3) flexibility (not need to be locked within certain borders)
4) operational business structures with decent banking
5) asset protection
6) high quality of life

In 2024, achieving the above is not as straightforward as it once was, but still possible.
As I posted here, some countries with the highest personal income taxes (the United Kingdom 63.25% and Switzerland 59.7%) are actually regarded as tax havens, which illustrates that more complex structuring is usually the best approach, rather than relying on a single jurisdiction. This should be clear even from a purely asset protection viewpoint.

From a service provider's point of view, such schemes are challenging to sell, as they are complex, and people tend to like simple (to understand) solutions. Secondly, promoting complex tax planning structures is, in many jurisdictions, not exactly encouraged, e.g., Promoters of tax avoidance schemes: guidance

So, to even get relevant advice, you are often limited to certain jurisdictions or "underground".

 

[kilor]

Don said:
Switzerland 59.7%) are actually regarded
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arrrggggggghhhhhhhhhh ouch - now we see the sales agent in action. Sorry to read that from you @Don - it's not true!

 

[Don]

kilor said:
arrrggggggghhhhhhhhhh ouch - now we see the sales agent in action. Sorry to read that from you @Don - it's not true!
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It can be true for some people.

Switzerland can provide a low effective tax rate to some individuals, but this is certainly not available to everyone.
An acquaintance who has a consultancy business in Switzerland said he would never recommend anyone to move to Switzerland if they make less than 10k / month.

https://worldpopulationreview.com/country-rankings/highest-taxed-countries6th country in the world if we measure the highest marginal tax rates.

Go blame PWC for blaming lies

https://taxsummaries.pwc.com/switzerland/individual/taxes-on-personal-income
My point is that with proper structuring even high tax jurisdictions (such as Switzerland) can help to achieve low tax.

Last edited: May 14, 2024

 

[kilor]

Don said:
Switzerland can provide a low effective tax rate to some individuals, but this is certainly not available to everyone.
An acquaintance who has a consultancy business in Switzerland said he would never recommend anyone to move to Switzerland if they make less than 10k / month.
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Lol - I live here for the 4th year. Making a little more than 10K / month pay 10% tax including insurance. If you are a single you have no problems to live here a good live with all what is needed. You don't even come close to 63,25% rof/% I moved from Denmark to Switzerland there they pay 60 - 70% maybe your friend and you got confused about the country.

 

[Don]

kilor said:
Lol - I live here for the 4th year. Making a little more than 10K / month pay 10% tax including insurance. If you are a single you have no problems to live here a good live with all what is needed. You don't even come close to 63,25% rof/% I moved from Denmark to Switzerland there they pay 60 - 70% maybe your friend and you got confused about the country.
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Thats exactly my point 🙂
One needs to look deeper.
Quoting KPMG: " Switzerland remains an attractive location for private individuals. Personal income tax rates have changed only minimally compared to the previous years and have remained stable with an average maximum tax rate of around 33.45%." Clarity on Swiss Taxes

 

[kilor]

As I said, i live here, I don't need to look at KPMG or any other website claiming this or that. I pay 10% including health insurance in 2024 - what's more to say, how the hell does they come to 33,45% and you up to 63,25% - it's far far away from the truth and reality!

If you count living costs into it and taxes and VAT on foot, you may be able to fabricate the 63% but otherwise not.

 

[Mister Sir]

Pure Tax Havens, Territorial Tax Systems or Non Dom's. 🙂 To Generalize

If you want specifics it's a "Huge" Rabbit hole of mixed layered convoluted variables that are not fairly and fully addressed

 

[JohnLocke]

It depends on what you want to do with your company. If you just need it for regular business, in some cases it might be better to establish a local company! Otherwise, a New Mexico LLC is very popular when it comes to e-commerce, for example.

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[uplana]

personally I have been a big fan of Dubai in silency. Today and if I had to consider 4 years ahead, I say New Mexico LLC is protecting you the best.

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[daniels27]

kilor said:
As I said, i live here, I don't need to look at KPMG or any other website claiming this or that. I pay 10% including health insurance in 2024 - what's more to say, how the hell does they come to 33,45% and you up to 63,25% - it's far far away from the truth and reality!

If you count living costs into it and taxes and VAT on foot, you may be able to fabricate the 63% but otherwise not.
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I was the once who put the 59.7% on Wikipedia. It is true for Geneva. You can check it yourself.

Please consider that alone AHV is over 10% with no benefits above 70k CHF.

Also, 10k per month is low income on Zug and they make you pay very little tax. You make 100k per month in Geneva and you will cry.

 

[JustAnotherNomad]

kilor said:
I pay 10% including health insurance in 2024
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Where? Do you take out money from your company or just leave it all in the company? Or are you on the lump sum scheme?

 

[kilor]

daniels27 said:
Also, 10k per month is low income on Zug and they make you pay very little tax. You make 100k per month in Geneva and you will cry.
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I don't live in Zug but Schwyz, living in my own little kingdom!

JustAnotherNomad said:
Where? Do you take out money from your company or just leave it all in the company? Or are you on the lump sum scheme?
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The 10K is my monthly Salary the rest I leave in the company to accumulate profits to something big.

It has come at great personal cost to my family to achieve this, but compared to Denmark, I have managed to save around 30K CHF per year after taxes and all personal expenses, and retain about 1 million EUR in the company after taxes!

This is more than four times what I managed when residing in Denmark, so whatever comparisons or figures you bring up from websites, they do not match the reality I am living in

 

[JustAnotherNomad]

kilor said:
The 10K is my monthly Salary the rest I leave in the company to accumulate profits to something big.
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But then how will you get the money out, so you can eventually spend it?

 

[KDX]

JustAnotherNomad said:
But then how will you get the money out, so you can eventually spend it?
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why would you need to spend it personally? I'd use a company regardless, be it for whatever.

 

[JohnLocke]

KDX said:
why would you need to spend it personally? I'd use a company regardless, be it for whatever.
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Not the best to mix personal stuff and business related transaction with each other. If you ever get into a tax audit personally you are pretty much in troubles, big troubles. I would avoid it at all costs.

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[KDX]

JohnLocke said:
Not the best to mix personal stuff and business related transaction with each other. If you ever get into a tax audit personally you are pretty much in troubles, big troubles. I would avoid it at all costs.
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But for something like real estate transactions, one might want to just buy it as an investment with their company and not have to be personally liable for dividend taxes or etc when purchasing stuff like that. (but you'll probably have to make arrangements to pay rent back or etc.)

Now, I'm not sure about how tax authorities would view arrangements like these, but at least myself I would have a salary for just for living expenses and so on. "spend" beyond that would in my view be something more akin to acquiring assets, etc. if we're talking big amounts.

 

[EliasIT]

Dubai is taking the first place in this poll, it's still something that people consider for their asset protection strategy or is it for business activities only?

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[ms42]

Following the above discussion , I don't think Dubai is not good for offshore jurisdiction due to new 9 % tax , and very few business activities are given tax exemptions , and also the banks here are a big deal to open account with .