Where to create offshore company

[nomad123]

Hi all,

A newbie here, I am a non US citizen and I am planning to leave my home country and lose tax residency there.
I want to create an offshore account with 0% tax + a bank account and provide IT services (nothing dodgy or illegal everything should be clean).

With that in mind what is your suggestions regarding the offshore and bank account country if I would like the following:

1. 0% taxes.
2. Privacy is a bonus but non mandatory.
3. I would be able to also trade with my earnings through an American or a European broker without any issues.
4. No need to take any trips to the country and everything can be managed online.
5. No other reputation related problems so that for some reason a local company will not want to sign a contract with an offshore company (not sure if this is an issue if everything is legit).
6. Quick company formation and banking account formation and favorable currency and wire rates.

I am sure that I would have to compromise about some of these

Also on a related note, since I am no longer a tax resident in my home country I shouldn't have problems in that regard,
so as long as I am not accounted as a tax resident in any single country will I be in some sort of a gray zone in which I will not have to pay taxes?

 

[cer955]

USA LLC + Transferwise? (Not a bank account, but if you're 0% tax resident you won't leave there a lot of money)

1. OK
2. OK
3. OK
4. OK
5. Depends. New Mexico is quite safe for now.
6. OK (not bank, but EMI works fine)

Cons: Transferwise does not provide card. Mercury provides card, but only manages USD.

PS: Check your residency matter

 

[nomad123]

cer955 said:
USA LLC + Transferwise? (Not a bank account, but if you're 0% tax resident you won't leave there a lot of money)

1. OK
2. OK
3. OK
4. OK
5. Depends. New Mexico is quite safe for now.
6. OK (not bank, but EMI works fine)

Cons: Transferwise does not provide card. Mercury provides card, but only manages USD.

PS: Check your residency matter
Click to expand...

Thanks I will check it out

 

[troubled soul]

For High money and High Reputation and Zero Tax , In offshore World there is no competitions for UAE. USA is crazy country.
Do look into it.

 

[CaptK]

nomad123 said:
Hi all,

A newbie here, I am a non US citizen and I am planning to leave my home country and lose tax residency there.
I want to create an offshore account with 0% tax + a bank account and provide IT services (nothing dodgy or illegal everything should be clean).

With that in mind what is your suggestions regarding the offshore and bank account country if I would like the following:

1. 0% taxes.
2. Privacy is a bonus but non mandatory.
3. I would be able to also trade with my earnings through an American or a European broker without any issues.
4. No need to take any trips to the country and everything can be managed online.
5. No other reputation related problems so that for some reason a local company will not want to sign a contract with an offshore company (not sure if this is an issue if everything is legit).
6. Quick company formation and banking account formation and favorable currency and wire rates.

I am sure that I would have to compromise about some of these

Also on a related note, since I am no longer a tax resident in my home country I shouldn't have problems in that regard,
so as long as I am not accounted as a tax resident in any single country will I be in some sort of a gray zone in which I will not have to pay taxes?
Click to expand...

You need to pick a place like, Georgia, UAE, San Marino or Andorra. Even though they will not give you tax residency straight away it's good to use as a tax base.

Also look into a UK LLP as another option.

 

[rainy]

CaptK said:
Even though they will not give you tax residency straight away it's good to use as a tax base.
Click to expand...

What's a "tax base"? How can one use them as a tax base provided that one has no tax residency there, or hasn't obtained one yet?

 

[EuroKiss]

cer955 said:
USA LLC + Transferwise? (Not a bank account, but if you're 0% tax resident you won't leave there a lot of money)

1. OK
2. OK
3. OK
4. OK
5. Depends. New Mexico is quite safe for now.
6. OK (not bank, but EMI works fine)

Cons: Transferwise does not provide card. Mercury provides card, but only manages USD.

PS: Check your residency matter
Click to expand...

Yes Transferwise (now Wise) has cards, you pick up one currency and they mail to you a card linked to that currency.

 

[cer955]

EuroKiss said:
Yes Transferwise (now Wise) has cards, you pick up one currency and they mail to you a card linked to that currency.
Click to expand...

Not for US LLC

 

[EuroKiss]

cer955 said:
Not for US LLC
Click to expand...

I guess ur right, mine is for a UK LTD.

 

[CaptK]

rainy said:
What's a "tax base"? How can one use them as a tax base provided that one has no tax residency there, or hasn't obtained one yet?
Click to expand...

You have to have one, you cant just proclaim to be a nomad otherwise by default you country of citizenship claims it by default. That loophole got shut down in 2012.
By initiating the process ie living there opening a bank account you can state that is where you are living.

The easy one is UAE or Georgia for 0 tax and Montenegro at between 5-10%

 

[Fulton Abraham Sanchez]

nomad123 said:
Hi all,

A newbie here, I am a non US citizen and I am planning to leave my home country and lose tax residency there.
I want to create an offshore account with 0% tax + a bank account and provide IT services (nothing dodgy or illegal everything should be clean).

With that in mind what is your suggestions regarding the offshore and bank account country if I would like the following:

1. 0% taxes.
2. Privacy is a bonus but non mandatory.
3. I would be able to also trade with my earnings through an American or a European broker without any issues.
4. No need to take any trips to the country and everything can be managed online.
5. No other reputation related problems so that for some reason a local company will not want to sign a contract with an offshore company (not sure if this is an issue if everything is legit).
6. Quick company formation and banking account formation and favorable currency and wire rates.

I am sure that I would have to compromise about some of these

Also on a related note, since I am no longer a tax resident in my home country I shouldn't have problems in that regard,
so as long as I am not accounted as a tax resident in any single country will I be in some sort of a gray zone in which I will not have to pay taxes?
Click to expand...

N, hi.
To open an offshore company, in USA we suggest to be open in Delaware or Wyoming, for the bank account we suggest Puerto Rico (which is an USA bank).
Wyoming is 0% as long as the business meets the criteria to not be involve in US business, all profits are taxes in your home country no matter what you do.

 

[rainy]

CaptK said:
You have to have one, you cant just proclaim to be a nomad otherwise by default you country of citizenship claims it by default. That loophole got shut down in 2012.
By initiating the process ie living there opening a bank account you can state that is where you are living.

The easy one is UAE or Georgia for 0 tax and Montenegro at between 5-10%
Click to expand...

Again:

You said "Even though they will not give you tax residency straight away it's good to use as a tax base."

I asked: What's a "tax base"? How can one use them as a tax base provided that one has no tax residency there, or hasn't obtained one yet?

 

[CaptK]

By moving your centre of life there with bank account and a home.

 

[Golden Fleece]

CaptK said:
You have to have one, you cant just proclaim to be a nomad otherwise by default you country of citizenship claims it by default. That loophole got shut down in 2012.
Click to expand...

Could you please explain what happened in 2012, so that I may research it further? Thank you.

 

[nomad123]

azb1 said:
For High money and High Reputation and Zero Tax , In offshore World there is no competitions for UAE. USA is crazy country.
Do look into it.
Click to expand...

The problem with UAE is at least one trip a year, am I correct on this?

FAS said:
N, hi.
To open an offshore company, in USA we suggest to be open in Delaware or Wyoming, for the bank account we suggest Puerto Rico (which is an USA bank).
Wyoming is 0% as long as the business meets the criteria to not be involve in US business, all profits are taxes in your home country no matter what you do.
Click to expand...

Thanks for the info, are there any benefits to open in the US as opposed to Georgia, UAE or the Caribbean?

CaptK said:
You need to pick a place like, Georgia, UAE, San Marino or Andorra. Even though they will not give you tax residency straight away it's good to use as a tax base.

Also look into a UK LLP as another option.
Click to expand...

I see thank you

 

[CaptK]

Golden Fleece said:
Could you please explain what happened in 2012, so that I may research it further? Thank you.
Click to expand...

Around then tax authorities were clamping down tax rules. Different countries installed different rules especially after the Patriot Act.

That is why so many countries have world wide income laws. Also some more aggressive nations like Germany,France and the Nordic countries who want clarity on your tax position.

That's why some countries would tell you that if you leave a toothbrush at your parents house you can be liable for tax.

 

[Golden Fleece]

CaptK said:
Around then tax authorities were clamping down tax rules. Different countries installed different rules especially after the Patriot Act.

That is why so many countries have world wide income laws. Also some more aggressive nations like Germany,France and the Nordic countries who want clarity on your tax position.

That's why some countries would tell you that if you leave a toothbrush at your parents house you can be liable for tax.
Click to expand...

Thank you for the explanation. I just wanted to make sure that I did not overlook something. In the U.S., we have the Physical Presence Test. So, if I meet the Physical Presence Test, I just need to make sure that I do not inadvertently become a tax resident in another country.

You meet the physical presence test if you are physically present in a foreign country or countries 330 full days during any period of 12 consecutive months including some part of the year at issue. The 330 qualifying days do not have to be consecutive.

The physical presence test applies to both U.S. citizens and U.S. resident aliens and is based only on how long you stay in a foreign country or countries. This test does not depend on the kind of residence you establish, your intentions about returning to the United States, or the nature and purpose of your stay abroad.
Click to expand...

https://www.irs.gov/individuals/int...to meet the physical,is in a foreign country.

 

[Fulton Abraham Sanchez]

nomad123 said:
Thanks for the info, are there any benefits to open in the US as opposed to Georgia, UAE or the Caribbean?
Click to expand...

Yes, CRS does not apply in USA and FATCA does not apply to foreigners.

 

[nomad123]

Thanks, couple of follow ups:
1. Is it possible to open the LLC and bank account remotely.
2. If not, after the initial trip to the US will I need to return yearly?
3. Will I be able to transfer my earnings to a broker with 0 capital gains taxes?

 

[legrant]

nomad123 said:
Thanks, couple of follow ups:
1. Is it possible to open the LLC and bank account remotely.
2. If not, after the initial trip to the US will I need to return yearly?
3. Will I be able to transfer my earnings to a broker with 0 capital gains taxes?
Click to expand...

1. You can create a NM LLC and Delaware LLC online using an agent
2. No need to go to the US