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]

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]

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

Also look into a UK LLP︊ as another option.

 

[rainy]

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]

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

 

[cer955]

Not for US‍ LLC

 

[EuroKiss]

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

 

[CaptK]

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]

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

 

[rainy]

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 one︀ yet?

 

[CaptK]

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

 

[Golden Fleece]

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

 

[nomad123]

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

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

I see thank you

 

[CaptK]

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]

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 I︀ meet the Physical Presence Test, I just need to make sure that I do not︁ inadvertently become a tax resident in another country.
https://www.irs.gov/individuals/int...to meet the physical,is in a foreign︉ country.

 

[Fulton Abraham Sanchez]

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]

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