Hello,
Lurker here, first post, so hope I am not breaking any rules.
1. I am a Canadian citizen, non-resident of Canada. So I don't have any tax liabilities with my country of Citizenship.
2. I am a resident of Tbilisi, Georgia, which has a territorial tax system. Georgia doesn't care about or tax me on my income from sources outside of Georgia.
I have been getting by with a US Single Member LLC (Wyoming) and living tax free. Now I have started handling much bigger projects and I am looking to setup an Offshore entity (say a Seychelles LLC) and a Bank account (say Cyprus or Panama). My actual question is not about the specific jurisdictions though.
I provide miscellaneous IT related services to my clients, some of which are themselves Offshore entities. Some of these clients would prefer to pay me using money drafts or direct cash deposits into my offshore entity's bank account. The problem is they don't want to receive an invoice from me, and they don't want to have any paper trail going back to them from these payments.
With my specific situation, where neither my country of Citizenship or country of Residency is concerned with my foreign sourced income, what do I need to worry about if I can't explain the source of funds for some the payments I receive? If I am not required to file taxes or maintain accounts, do you see this being a problem with any jurisdiction (whether the country of offshore entity formation, or the country of banking)?
Thank you in advance for your time!
Lurker here, first post, so hope I am not breaking any rules.
1. I am a Canadian citizen, non-resident of Canada. So I don't have any tax liabilities with my country of Citizenship.
2. I am a resident of Tbilisi, Georgia, which has a territorial tax system. Georgia doesn't care about or tax me on my income from sources outside of Georgia.
I have been getting by with a US Single Member LLC (Wyoming) and living tax free. Now I have started handling much bigger projects and I am looking to setup an Offshore entity (say a Seychelles LLC) and a Bank account (say Cyprus or Panama). My actual question is not about the specific jurisdictions though.
I provide miscellaneous IT related services to my clients, some of which are themselves Offshore entities. Some of these clients would prefer to pay me using money drafts or direct cash deposits into my offshore entity's bank account. The problem is they don't want to receive an invoice from me, and they don't want to have any paper trail going back to them from these payments.
With my specific situation, where neither my country of Citizenship or country of Residency is concerned with my foreign sourced income, what do I need to worry about if I can't explain the source of funds for some the payments I receive? If I am not required to file taxes or maintain accounts, do you see this being a problem with any jurisdiction (whether the country of offshore entity formation, or the country of banking)?
Thank you in advance for your time!
