What would be the best option for me ?

[james81]

Hi,

First of all I am so glad I found this forum. I am looking for professional guidance. I am from canada and running an online consulting service. For now, people pay me in crypto but business is doing better and a lot of people are asking me to pay via paypal. I got no partners or employees. Gross turnover is about 30k/month.

I would like professional guidance for a viable offshore structure that ;
-keeps my anonymity and privacy agains my governement as well as tax-authority of any kind.
-give me the option to pay for my service by paypal/cc or by cash transfert via a bank
-gets me the possibily to own a real estates and a car without problems

I would like to avoid making a personnal visit to a bank but I am willing to provide basic documentations. I am looking for a professional that can assist me, I need to do this asap.

 

[Samuel Newman]

Gibraltar, Hong Kong, Cyprus, UK companies + a few EMIs + card processor
that's all‌ you need for the business
do not waste your time with Paypal, there are a‍ lot of card processors much more friendly for business than Paypal

the biggest issue is⁠ privacy, it's not so easy to stay anonymous in 2019
you need to make research⁤ regarding CRS/AEOI

 

[TurnedToRobot]

You will either have to setup the entire business structure‍ through a Trustee or you will need to go the dark route!

 

[James Turner]

Hi, As @Samuel Newman says I would avoid Paypal altogether. Obtaining a separate card facility‌ is the best way and this can be tailored to suit the solution that you‍ choose to create.

The company location will be very important to you as this will⁠ determine the number of banking options that are ultimately available to you. Hong Kong is⁤ good and privacy can be created here using Nominee services. Banking for Hong Kong Companies⁣ is available in various locations that will give you the ability to obtain a card⁢ processing facility as well as hold cards on the account for your use and give︀ you the ability to receive payments via bank transfer also. The company can also be︁ used to purchase assets although it may be best to create a separate entity to︂ do this and keep the trading business and your asset base separate.

A personal visit︃ should not be needed either to the formation agent or to the bank if this︄ is done properly.

 

[myhand]

Checkout the mentor group or signatures on this forum to find a 3rd party non‌ regulated solution in the dark area of total anonymity and privacy protection 😉

 

[Spinat]

So do you need⁠ a bank account or would an EMI do it? if EMI so you could consider⁤ TransferWise or ePayments for your use.

You say you can provide basic documents, what's the⁣ problem then, you can find a provider almost within seconds using Google 😀

 

[OffCap]

I wrote︄ extensively on Canadian rules in another thread but it's worth considering them and thinking about︅ your long term goals.

More or less I'd say what you're asking for is highly︆ difficult and highly risky. Let's go through it step by step.

1. Privacy against government︇ and tax authorities - this is getting harder and harder because of AEOI/CRS and it's︈ questionable whether this is a good goal to have if you're going to be staying︉ in Canada long term (makes much more sense if you're going to be leaving Canada︊ in the future, or you could do so today I'd supposed. The reason I say︋ it might not be a great goal is it makes it more difficult to claim︌ the income personally later (and you're going to have to do this at some point).︍ Part of the question is what are you trying to achieve through this? If you︎ decided it was the best option (I'd seriously consider alternatives if I were you) they️ are basically as follows:

- Use a jurisdiction that doesn't have AEOI/CRS (primarily this means‌ Georgia these days) but recognize this probably won't last in the long run a few‍ years from now they'll probably join and then what?
- Use a trust structure where⁠ essentially someone else is masking you because all the reporting is going on them (this⁤ will have an ongoing cost to it that frankly based on your revenues probably doesn't⁣ make much sense for the savings)
- Keep your money in crypto or comparable
- Find someone who you can send money to and who will give you cash in⁢ return then use/store the cash
- Leave the country

2. Payments via Paypal or CC︀ - This one pretty much blows most of the options in #1 away because for︁ example you won't have Paypal options in Georgia and CC in general is very limited︂ there compared with many other places (fees higher, etc.) You could receive wires easily and︃ there are credit card processing options but not great. A trust structure works. Keeping money︄ in crypto doesn't. The option with cash could work if the person was sent the︅ money to them directly and then they paid you in cash...it's an option. Leaving the︆ country also still an option.

3. Possibility to own real estate and a car without︇ problems - just complicated it dramatically further...not so much with a car you can always︈ accumulate some cash and pay for that provided it's say $50k or less (more is︉ going to be a problem unless you're buying from very particular used buyers). It would︊ also be dumb to buy an expensive flashy car if you're not showing income because︋ otherwise where did it come from? Houses are way tougher because there's no way you're︌ going to pay for a house with physical cash. You also can't transfer money from︍ someplace like Georgia for the purchase of a house without that triggering awareness from your︎ local tax authorities (assuming you're talking about buying the house in Canada...if you're buying elsewhere️ that's a totally different story). A trust can't buy it for you, though it could‌ get purchased and owned via the trust and rented to you at some market rate.‍ It's also possible you could structure some sort of joint venture investment where you were⁠ the operating partner buying property and there was another cash contributing partner and you split⁤ the profits. You're also not going to pay for a house with crypto in fact⁣ any money that goes into buying a house in your name is going to be⁢ tied to you.

There's some planning that normally goes into this process to get someone︀ a reasonable solution for their goals but it's very personalized and you've got to be︁ willing to operate within certain constraints. In theory the trust option is the best option︂ for you but as mentioned it's pretty expensive for what you're talking about so the︃ cost benefit is questionable. So long as you stay away from the house part you've︄ got some options with receiving physical cash but again it takes some setting up and︅ the right relationships.

The bigger question is "What are you trying to achieve?"

My normal︆ recommendation to people in Canada is create a set up that earns you tax free︇ income at a corporate level, repatriate to Canada tax free, take enough money out of︈ the company at favorable dividend rates to live off and leave the rest inside the︉ company and spend it from there but that doesn't achieve everyone's goals. If you're looking︊ to leave the country long term or even willing to that makes a difference. If︋ you're looking for some deep reason for privacy that also makes a difference. Goals should︌ dictate the strategy.