Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal Compliance Requirements?
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So i'm curious now with all those years of experience why a Panama resident wouldn't be able to open a US bank account by going in person to a branch.
They will continue to be the world's biggest tax haven for non-us citizens, that will not change.
Also, you don't have to jump immediately from EU high tax country to Panama, you could add an intermediate step and move to Cyprus first (for example) and then from there to Panama.
They will continue to be the world's biggest tax haven for non-us citizens, that will not change.
Also, you don't have to jump immediately from EU high tax country to Panama, you could add an intermediate step and move to Cyprus first (for example) and then from there to Panama.
Where did I say that a Panamanian resident wouldn't be able to open a US account? You can open the︀ US account if you manage to jump through all the hoops and over all the︁ hurdles, like anywhere else. In some states walking into a branch and walk out with︂ an account isn't happening anymore. In some states that is still possible.
It becomes however︃ challenging to not declare those bankaccounts and get away with it. Is it a major︄ risk if it is just a passthrough account? No not directly. Indirectly it becomes an︅ issue once information requests are issued. Also if such an account doesn't hold >150k I︆ don't think there will be an immediate risk. There are bigger fish in the pond.︇
Latest info is that the US is starting to exchange requested information by foreign nations.︈ Panama is already doing that for a good handful of years. Ive personally seen dozens︉ of requests passing my desk since 2017-2018-ish.
It becomes however︃ challenging to not declare those bankaccounts and get away with it. Is it a major︄ risk if it is just a passthrough account? No not directly. Indirectly it becomes an︅ issue once information requests are issued. Also if such an account doesn't hold >150k I︆ don't think there will be an immediate risk. There are bigger fish in the pond.︇
Latest info is that the US is starting to exchange requested information by foreign nations.︈ Panama is already doing that for a good handful of years. Ive personally seen dozens︉ of requests passing my desk since 2017-2018-ish.
You didn't say explicitly that a Panamian resident wouldn't be able to open a US bank account but implied that it will be a very hard task to get one.
But why should you be worried about having a US bank account as a Panama︀ resident I don't understant. You don't have anything to hide.
But why should you be worried about having a US bank account as a Panama︀ resident I don't understant. You don't have anything to hide.
Yes, and that doesnt change. If you however jump the hoops etc you might be able to get a US bankaccount (it largely depends on the state/county nowadays). Jumping the hoops means presenting ID, Proof of Address and in some cases Source of Funds. Sometimes, with higher amounts a second form of ID is already asked for in the US by certain banks.
If you declare everything correctly in Panama︂ - nothing to hide as you say and insofar obliged to declare - then there︃ is no problem in Panama. What I wrote before was and is in the context︄ of "anonymity and low compliance" (see the title of this thread). Given that you used︅ ID etc when opening, it is not anonymous and also not low compliance. Low compliance︆ depends on a whole different subset of criteria and largely is user influenced.
On a︇ side note, given that Panama (and partly the USA) nowadays complies with information requests, then︈ your high tax home country (the one where you were born and hold the passport︉ off) might even try to tax you when they find out that you don't pay︊ tax anywhere else. Situations like that are currently happening in multiple countries in Europe.
If you declare everything correctly in Panama︂ - nothing to hide as you say and insofar obliged to declare - then there︃ is no problem in Panama. What I wrote before was and is in the context︄ of "anonymity and low compliance" (see the title of this thread). Given that you used︅ ID etc when opening, it is not anonymous and also not low compliance. Low compliance︆ depends on a whole different subset of criteria and largely is user influenced.
On a︇ side note, given that Panama (and partly the USA) nowadays complies with information requests, then︈ your high tax home country (the one where you were born and hold the passport︉ off) might even try to tax you when they find out that you don't pay︊ tax anywhere else. Situations like that are currently happening in multiple countries in Europe.
Those hoops are becoming the norm to open a bank account pretty much everywhere.
A US LLC is still an anonymous public facing company, only the IRS knows who is behind a company and with no accounting, no taxes to pay in US, you only need to file form 5472 this is very low compliance.
If with "anonymity" he was talking about was about hiding ownership to governments and banks︀ then this is very different topic.
A US LLC is still an anonymous public facing company, only the IRS knows who is behind a company and with no accounting, no taxes to pay in US, you only need to file form 5472 this is very low compliance.
If with "anonymity" he was talking about was about hiding ownership to governments and banks︀ then this is very different topic.
Based on current legislation it is not wise to skip accounting. The jurisdiction of incorporation might not require it (although that changes as well. The Seychelles was for instance a jurisdiction that didnt require accounts being︀ kept. That changed drastically over the last couple of years), banks do or will soon︁ do, based on global AML-CT legislation. The good ole US of A is slowly following︂ this trend.
If anonymity is used to avoid having your name show up in public︃ registers, sure, that will work. The title of this thread suggests imo a little more︄ than that. Its also not just the USA offering this service. In Switzerland you can︅ incorporate an AG and the shareholders registers are not public. Similarly you would remain anonymous.︆ Im sure there are more countries offering similar options.
If anonymity is used to avoid having your name show up in public︃ registers, sure, that will work. The title of this thread suggests imo a little more︄ than that. Its also not just the USA offering this service. In Switzerland you can︅ incorporate an AG and the shareholders registers are not public. Similarly you would remain anonymous.︆ Im sure there are more countries offering similar options.
Short answer: They do not.
Long answer:
There are different people posting here. Those with less than 10 posts and asking such thing are usually French or Germans that once read in a newspaper about the big companies not paying taxes, "stealing money from them." Then, they think as they make 50k and pay 35% taxed, they can do so too. Long story short, it does not work as long as they do not︀ move away form the EU.
Then, there are the people like OP, which are long︁ gong and live in airports, hotels and the like. In this case, the question actually︂ does make sense, up to a certain extent. I personally would recommend him SG or︃ GG, it will cost about 5k per year.
And finally, there are those mentioned earlier︄ that have substantial income and the possibilities to play the rule by the game. They︅ hire 2 guys somewhere and have substance. This certainly works for now, I suspect that︆ there soon will be a company on Taobao offering such substance as a service and︇ soon, the rules will change again. Also, the corrput governments have too many corrupt and︈ lazy officials that are never personally liable for their lousy work. Hence, their laws are︉ full of loopholes. Of course, the governments are in need to fill some covid spending︊ debts and are now looking for an easier way to get money than by covering︋ loopholes. Hence, they introduced the tax evasion laws where any structure to avoid tax is︌ per se subject to the avoided tax, even if legal. Of course, this also does︍ not change much as all it does it increase the lawyers fees as they have︎ to find excuses for the structure in order to qualify as legitimate.
Long answer:
There are different people posting here. Those with less than 10 posts and asking such thing are usually French or Germans that once read in a newspaper about the big companies not paying taxes, "stealing money from them." Then, they think as they make 50k and pay 35% taxed, they can do so too. Long story short, it does not work as long as they do not︀ move away form the EU.
Then, there are the people like OP, which are long︁ gong and live in airports, hotels and the like. In this case, the question actually︂ does make sense, up to a certain extent. I personally would recommend him SG or︃ GG, it will cost about 5k per year.
And finally, there are those mentioned earlier︄ that have substantial income and the possibilities to play the rule by the game. They︅ hire 2 guys somewhere and have substance. This certainly works for now, I suspect that︆ there soon will be a company on Taobao offering such substance as a service and︇ soon, the rules will change again. Also, the corrput governments have too many corrupt and︈ lazy officials that are never personally liable for their lousy work. Hence, their laws are︉ full of loopholes. Of course, the governments are in need to fill some covid spending︊ debts and are now looking for an easier way to get money than by covering︋ loopholes. Hence, they introduced the tax evasion laws where any structure to avoid tax is︌ per se subject to the avoided tax, even if legal. Of course, this also does︍ not change much as all it does it increase the lawyers fees as they have︎ to find excuses for the structure in order to qualify as legitimate.
OP checkout, if you need help or want to discuss PM me 🙂
https://www.offshorecorptalk.com/threads/you-need-a-real-address-and-director-for-a-uk-ltd.43463/
https://www.offshorecorptalk.com/threads/you-need-a-real-address-and-director-for-a-uk-ltd.43463/
And what about yor residency, won't you get taxed personally from all profits with such a setup ?
So if I read you right, I would want to open a company in Panama and get my income there which is from all over the world but not Panama.
I don't need to live there while I will have people to manage the company hence substance.
did I understand it all correct?
I don't need to live there while I will have people to manage the company hence substance.
did I understand it all correct?
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