I'm checking the "normal" forums for many months and found some very valuable information, and I hope the mentor group can help me out finding the perfect solution.
I'm based in Belgium (EU) working as a freelance internet marketing consultant for some EU based companies, turnover €100K+. As I pay a huge amount of taxes (+50%) I want to setup a EU based company with VAT number in a low-tax country, and regarding tax rates I guess Cyprus (12.5%) or Bulgaria (10%) are one of the best choices to make (correct me if I am wrong).
I'm planning to move to Portugal within 1-2 years, where I hope to take advantage of the NHR (Non-habitual Resident) status, which means I will be exempt from personal income tax for 10 years. As long as I stay in Belgium I will not need any funds from my new company, only after I close my Belgian company and move to Portugal.
A few questions with the above situation in mind:
1) To prevent problems in my current or future (Portugal) resident country regarding "Control and Effective Management" I probably need a local director (nominee), and/or shareholder? If I become an employee of my new company when I start living in Portugal this structure will not cause any problems?
2) With the CRS/AEOI up and running since last month how to prevent problems with my local tax office? Obviously I don't want them to know I have a company in Bulgaria or Cyprus, but as I will probably be the "Ultimate Beneficial Owner" how to prevent them tracking me? In case you suggest the Seychelles-Cyprus/Bulgaria construction please explain, as Seychelles is also on the CRS list?
3) Which is better for company setup, Bulgaria or Cyprus? What are the advantages/disadvantages when you compare them both, the tax difference isn't that much.
4) What are the average yearly maintenance and accounting fees for a company in Cyprus? Accounting fees in Bulgaria are quite high, as every document (incoming/outgoing invoices) need to be translated (I received a quote from a reputable company, *accounting only* for 50 incoming/outgoing invoices was €400 / month).
I'm very curious to your replies, thanks a LOT for your help!
I'm based in Belgium (EU) working as a freelance internet marketing consultant for some EU based companies, turnover €100K+. As I pay a huge amount of taxes (+50%) I want to setup a EU based company with VAT number in a low-tax country, and regarding tax rates I guess Cyprus (12.5%) or Bulgaria (10%) are one of the best choices to make (correct me if I am wrong).
I'm planning to move to Portugal within 1-2 years, where I hope to take advantage of the NHR (Non-habitual Resident) status, which means I will be exempt from personal income tax for 10 years. As long as I stay in Belgium I will not need any funds from my new company, only after I close my Belgian company and move to Portugal.
A few questions with the above situation in mind:
1) To prevent problems in my current or future (Portugal) resident country regarding "Control and Effective Management" I probably need a local director (nominee), and/or shareholder? If I become an employee of my new company when I start living in Portugal this structure will not cause any problems?
2) With the CRS/AEOI up and running since last month how to prevent problems with my local tax office? Obviously I don't want them to know I have a company in Bulgaria or Cyprus, but as I will probably be the "Ultimate Beneficial Owner" how to prevent them tracking me? In case you suggest the Seychelles-Cyprus/Bulgaria construction please explain, as Seychelles is also on the CRS list?
3) Which is better for company setup, Bulgaria or Cyprus? What are the advantages/disadvantages when you compare them both, the tax difference isn't that much.
4) What are the average yearly maintenance and accounting fees for a company in Cyprus? Accounting fees in Bulgaria are quite high, as every document (incoming/outgoing invoices) need to be translated (I received a quote from a reputable company, *accounting only* for 50 incoming/outgoing invoices was €400 / month).
I'm very curious to your replies, thanks a LOT for your help!
