requires the guy to relocate to Panama. I don't know with him, but for me not an option. Is there a better place to move to ?
Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal Compliance Requirements?
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That doesn't give you much secrecy though? CRS, information exchange through the OECD Convention and other tax information exchange agreements?
Does that mean, they should care but they Don't? So it is just a matter of time?
As far as I︀ know, Panama got PE rules. Does that mean the US LLC should be taxed in︁ Panama according to the law?
In other words,︃ you just hope that Panama continues to not care? What happens the day they change︄ their opinion? Tax due for the past 5 years and other penalties/charges?
Does that mean, they should care but they Don't? So it is just a matter of time?
As far as I︀ know, Panama got PE rules. Does that mean the US LLC should be taxed in︁ Panama according to the law?
In other words,︃ you just hope that Panama continues to not care? What happens the day they change︄ their opinion? Tax due for the past 5 years and other penalties/charges?
What makes you think that this would be an eventuality?
Panama is one of the few countries worldwide that have positioned itself as the offshore business center.
It was Panama Papers, not UAE papers.
Panama means “offshore” since at least 50 years.
It will continue to be perceived as the place to go for anything offshore.
Panama is one of the few countries worldwide that have positioned itself as the offshore business center.
It was Panama Papers, not UAE papers.
Panama means “offshore” since at least 50 years.
It will continue to be perceived as the place to go for anything offshore.
I think the argument here is that Panama does not really comply with all the regulations and laws, but it is kind of hype around it right now. For some reason, people believe Panama is the only country that is not complying. But I think these people are up for a surprise in the future because things change
US isn't part of CRS so there's no automatic exchange of information.
They are part of FACTA which is mainly unidirectional information gathering of US citizen's assets outside of US.
I don't get the logic behind "they don't care now so it's︀ just a matter of time?"
Panama is part of CRS and comply with OECD︁ regulations so why it's just a matter of time?
Technically managing a US LLC from︂ Panama could be considered having a fixed place of business in Panama but unless you︃ do business with locals how do you think they will be able to identify a︄ solopreneur operating a shopify store from his laptop or a consultant doing zoom calls?
They are part of FACTA which is mainly unidirectional information gathering of US citizen's assets outside of US.
I don't get the logic behind "they don't care now so it's︀ just a matter of time?"
Panama is part of CRS and comply with OECD︁ regulations so why it's just a matter of time?
Technically managing a US LLC from︂ Panama could be considered having a fixed place of business in Panama but unless you︃ do business with locals how do you think they will be able to identify a︄ solopreneur operating a shopify store from his laptop or a consultant doing zoom calls?
There is no automatic exchange of information but they have other tax information sharing agreements where they share on request.
However, my point was not regarding the US but that Panama is part of CRS etc.
This is interesting in itself and I will need to think about︀ it! I always thought it was a matter of time until Panama starts using the︁ PE rules but this actually turns to the question of how it is proved. I︂ guess there would need to be some kind of government operation. The only way is︃ probably surveillance? Can they use your place of registered address as an argument that this︄ is where you live and carry out your business interests?
However, my point was not regarding the US but that Panama is part of CRS etc.
This is interesting in itself and I will need to think about︀ it! I always thought it was a matter of time until Panama starts using the︁ PE rules but this actually turns to the question of how it is proved. I︂ guess there would need to be some kind of government operation. The only way is︃ probably surveillance? Can they use your place of registered address as an argument that this︄ is where you live and carry out your business interests?
If you do business through a US LLC and have a US bank account like Mercury there will not be any automatic exchange of informations from US to Panama because US isn't part of CRS.
If you don't do anything extremely wrong and you don't do any business with locals nobody will surveil because they don't have any reason to do so.
Surveillance costs money and time
Every tax agency has limited resources so unless you go around with a t-shirt that says "︀i'm evading taxes in Panama" on your neon green Lambo in front of the︁ Panama tax agency, they will not be interested in you.
Are you Shakira that you︂ are so worried?
If you don't do anything extremely wrong and you don't do any business with locals nobody will surveil because they don't have any reason to do so.
Surveillance costs money and time
Every tax agency has limited resources so unless you go around with a t-shirt that says "︀i'm evading taxes in Panama" on your neon green Lambo in front of the︁ Panama tax agency, they will not be interested in you.
Are you Shakira that you︂ are so worried?
That is a question I have also been pondering. Also, what happens if you get an ITIN and declare a UAE Address. Will FATCA share information with your passport country (Where you are not living) or UAE?
That is a question I have also been pondering. Also, what happens if you get an ITIN and declare a UAE Address. Will FATCA share information with your passport country (Where you are not living) or UAE?
Did you actually read what FATCA is?
The Foreign Account Tax Compliance Act (FATCA) requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders.
https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
The first letter of FATCA is FOREIGN
They do not care about non resident US assets, they care about US tax residents FOREIGN assets.
The Foreign Account Tax Compliance Act (FATCA) requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders.
https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca
The first letter of FATCA is FOREIGN
They do not care about non resident US assets, they care about US tax residents FOREIGN assets.
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