The End of Offshore?

[sonato]

@James Turner and his staff is rock solid, I have bought a company from them‌ some time ago, professional service with high level of service.

 

[Davis123]

But aren't Trusts also reportable by the jurisdictions I know Cook island requires︀ a lot of certification and reporting fully to the jurisdiction of the beneficial owner.

 

[Konstanz]

I agree there will be no end of the offshore industry. People can still move‌ their residency to low tax or zero tax countries

 

[Silvio]

I agree, the title of the thread is a bit over the top.

The point‌ is that you won't really be able to pay 0% even if you're living in‍ a zero tax country. You will need to pay something- be it an office, some⁠ employees, etc.

It will be a hurdle only to small people as big companies can⁤ always afford substance anyway. Also it seems this is mainly with this bank as it's⁣ a well known "offshore" bank, I guess if you had an account with a bigger⁢ bank for a while they won't bother you (or they have already asked you for︀ substance in the past).

 

[EliasIT]

Nothing to supply to what @maxmmm and @Konstanz already said.. it sums it all up.‌ You need to pay something to avoid taxes. Total 0% tax freedom does not exists.‍

One has to pay something.

 

[Btraveler]

Yes, but very difficult to move for 90% of the people who have wife, kids, etc...and‍ cannot move to another country

 

[sonato]

I agree, it's not‍ the first option for most of us.

 

[Konstanz]

Unfortunately, it's time that‍ if you live in high tax country is getting very hard just to simply have⁠ company offshore or on-shore low tax country and avoid taxes in your country.
Moving to⁤ 0% tax country is probably the oldest and still most safe way and will be⁣ like it.
It's possible to move kids and wifes if it's worth money you would⁢ be earning..

 

[lavel]

I agree, know people, expats that‍ live a nice live in both Spain and UAE some even in the UK.