Wyoming - why is it not so known?

[Btraveler]

If you have an LLC as disregarded entity⁤ (only you as unique owner and sharedholder) and also the company doesn't sell anything inside⁣ USA, you won't have to pay taxes

 

[onemansomewhere]

It was possible in a past.︀ Wells fargo does not accept mail forwarding centers as address. But there is a way︁ how to have one customized for few hundred bucks..

He does not have to pay any taxes in the USA. But has to file returns..︄
And pay personal income tax from all profit in his country of residence,..

 

[Btraveler]

Yes, but USA doesn't report under CRS

 

[onemansomewhere]

Not yet. I believe, that one day will be applied some mechanism, how exchange data‌ officialy.

IRS unofficialy sent data from returns to country of residence of LLC members as‍ so called "operational received tax relevant informations". So there are no informations shared from banks,⁠ but there are informations shared from IRS. From 2020, every one LLC has to file⁤ a rerutn form, where profit divided to each member is declared..

 

[Btraveler]

Interesting to know that

 

[eRabbit]

Thanks!
Do you know what’s the percentage on that tax? Would it be paid whenever⁠ a payment from one of the networks is received or just when dividends are distributed?⁤

 

[onemansomewhere]

This is passed to your local income tax return. Each⁠ country has a different rates.. you have to check in your country of residence.

 

[eRabbit]

Thanks! If the country is Panama would that be 0%? Also, what tax would be paid‍ on a corporate level then?

 

[onemansomewhere]

If member of US LLC is a resident of Panama, then it will be 0‌ % if company is administered not from Panama. So paper residence is the best.. Better‍ situation is if US LLC mambers are Panamian company and panamian foundation, this panamian foundation⁠ is onlye shareholder of that panamian company and board of panamian foundation are 2 foreign⁤ companies + 1 panamian paper resident..

 

[eRabbit]

Thank you for your help!

Do you know if:

- I am a fiscal resident‌ of Panama
- I earn commissions from American affiliate marketing networks as an individual

Would that be considered foreign earned income and therefore subject to no tax?
In case that‍ would be taxed, what would you suggest as the best solution for earning online commissions⁠ wihout paying tax or paying as little as possible?
Are there specific residences + business⁤ setup that you'd suggest? Or perhaps just a residence + receiving the commissions as an⁣ individual?

Thank you in advance!

 

[onemansomewhere]

It looks, this a a⁢ foreign income. Just be carefull to do not become a US tax resident. You can︀ not have a client in US, whose main supplier will be you. And you can︁ not have a supplier whose main client will be you.

 

[eRabbit]

Great! Thank you for your help! These are major affiliate⁤ networks so I would just be one in millions 🙂

 

[onemansomewhere]

I would never send any documents nor personal details to︇ such company. Few days existing, just virtual office, virtual numbers, ...
This smells like identity︈ theftbusiness

 

[Tankboy]

Sorry - I copied that email from someone else's comment about dodgy iPay to⁠ send to a friend via email and somehow I must have accidentally pasted it here⁤ as well.

And for some reason I cannot delete it or edit it.

I am⁣ not sure what happened.

I don't even know how I seem to have posted it⁢ here.

Apologies for it ending up in this thread.

 

[El Aprendiz]

Tankboy, Do you think NAOBAN bank is reliable? I didnt understand.

 

[Tankboy]

I believe NeoBank are bad.

They are linked to another know very bad‌ company, iPayTotal.

I was wanting to warn a friend about them.

I would stay clear‍ of them.

 

[El Aprendiz]

Thanks!