What's best offshore company jurisdiction 2024?

[wonderfulboy]

I want to know what is the best country or island to setup a offshore company if banking is a requirement to be valid and possible?

My problem is the taxman in the country of residency, they are after me for hiding peanuts and digging deep to find all my hidings, I'm moving all stuff around in a cyclols which mean every time they think they found something they can't proof it. I have had fund with it for some time, however, I'm tired of the game and want to find something more stable.

 

[TheCryptoAnt]

Seychelles probably

 

[GrumpyMess]

It's definitely the cheapest, but what banking options‌ are available?

 

[TheCryptoAnt]

You got a few Hight Risk EMIs in Europe that will onboard you (based on‍ industry), then the usual banks in the Caribbean (up to you to go that route⁠ honestly cause it kinda sucks) and then private banks if you make enough money.

 

[daniels27]

Then the option would be Seychelles + US LLC/UK LP? Or Channel Islands?

 

[GrumpyMess]

What EMIs? Seychelles company is almost useless without a nominee director, and‍ I’m wondering which EMIs still accept such a scheme

 

[TheCryptoAnt]

Why is it useless‍ without a nominee director?

Payset is one of them, but theres others.

 

[cuno]

Seychelles, really? I was wondering which neobank would open an account, now I read Payset.‌ Googling further talamobile.mx and netpay.com.mx pull up as valid options too.

 

[GrumpyMess]

So that‌ the company is not recognized as a resident in your country according to the PE‍ rule

 

[Sols]

Here you go: Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal‌ Compliance Requirements?

TL;DR: move to a place where taxes aren't a problem.

 

[TheCryptoAnt]

Im confident if you live in a‍ high tax country your local IRS wont give a flying flamingo about you having a⁠ local director in Seychelles if at the end of the day you are the one⁤ calling the shots lmao.

Id advise this too tbh. You can get away with unlimited⁢ stuff just by living in a mismanaged placed / place dont doesnt care what you︀ are doing. Theres plenty of options.

Theres a somewhat large list, shop around a︃ bit. Again it all depends on what industry you are in.

 

[GrumpyMess]

What matters to me is whether or not⁠ appointing a nominee director helps to avoid PE. It's not about do they care or⁤ not. A recent example is UAE. They didn't care for a long time and suddenly⁣ began to recognize the PE rule. And it could happen to any country. And most⁢ importantly fines and penalties can be applied retrospectively.

I am also interested in the question︀ in the topic. Things change quickly and I'm wondering what a good actual setup is︁ right now.

 

[Wellington]

Erm... never heard of CRS?

In addition you've openly stated you are evading taxes as it stands and intend to furtherance︀ this with the aid of others advising (conspiracy).

This post itself is representative of a︁ criminal conspiracy -> for all those responding, be considerate.

 

[Armani]

Can you make a few examples of these⁠ mismanaged countries?

I like places where they close one eye, maybe even two 😉

 

[TheCryptoAnt]

The answer is 'most likely not' but depends on where you are from.

Most EU︀ IRS's wont go with your Seychelles local director if he is not doing anything meaningful;︁ or in other words, if you are the one calling all the shots... then 'you'︂ are the company, and as a result, the company will be tax resident in your︃ place of residency.

Now Im not saying you cant finesse it, just saying how things︄ work on paper.

Most (if not all) of Latin America, and most of SEAsia.

North Africa / Middle East︆ too but eww

 

[Sols]

Exactly. For tax purposes, nominees are a pointless layer in most cases if the⁤ tax authority is aggressive and/or competent enough.

If you have genuine substance, though, it's a⁣ different story. Then there might be more of an argument to be made. But even⁢ then, if you're effectively the CEO, many will use that to claim the whole company︀ is tax resident where you are.

 

[GrumpyMess]

Ok, let's be more specific.⁣ In one of the threads we were talking about Cyprus. Is this scheme legal there⁢ or are they turning a blind eye? Because it's sometimes a lot cheaper to make︀ substance than pay 12.5%. Moreover, if it is solved simply by a nominee it's even︁ better. Therefore, it is important to understand which jurisdiction now provides the opportunity for 0︂ tax, access to banks and cheapest substance.

Of course I'm not talking about western Europe︃ or any CFC country, no chance there.
In the end︅ the enforcement comes to this interpretation as on paper. Because while 10 years ago it︆ was difficult to control, now with digitalization it's a job for 5 minutes

 

[baltic7]

Can anyone tell me how⁣ a government can demonstrate that the decisions are made by oneself as executive director?

I think it's simply impossible.

 

[Marzio]

Tax agencies can claim anything they want, then it's your job to disprove their claims.

 

[TheCryptoAnt]

Exactly, the burden of proof is reversed.