Thinking of going offshore - suggestions needed

by Tom B Banned
60 replies
Hey Guys,


I have been thinking of starting an offshore company due to some of the changes happening in the US.

I would appreciate people chiming in since I know there are a lot of members in different countries here.

I want a place with low taxes (of course).

It should be pretty easy to get merchant accounts including Paypal.

I was thinking Hong Kong and plan on doing more research.

I appreciate all responses.
#needed #offshore #suggestions #thinking
  • Profile picture of the author SageSound
    This is the wrong place to be asking for that kind of information, IMO.

    Seek out someone with expertise in "asset protection", particularly someone who's got experience with international finance.

    NOTE: while it might seem counter-intuitive, anybody with a license issued by any US Govt agency is prohibited from advising people on matters dealing with off-shore finance. Why? Because it's outside US legal jurisdiction, and they can lose their license.

    Same reason a stock broker can't legally sell you insurance without an insurance license -- it's illegal. It's not illegal to sell insurance; it's just illegal for a stock broker without an insurance license to sell you insurance.

    Similarly, it's illegal for someone with a license issued by the US Government to advise you on setting up businesses outside the US. That is, there's nothing illegal about a US Citizen setting up a business in Panama; just don't expect to get help from a stock broker or financial planner or insurance agent or banker or lawyer in the US about it -- it's illegal for them to do so.
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by SageSound View Post

      This is the wrong place to be asking for that kind of information, IMO.

      Seek out someone with expertise in "asset protection", particularly someone who's got experience with international finance.

      NOTE: while it might seem counter-intuitive, anybody with a license issued by any US Govt agency is prohibited from advising people on matters dealing with off-shore finance. Why? Because it's outside US legal jurisdiction, and they can lose their license.

      Same reason a stock broker can't legally sell you insurance without an insurance license -- it's illegal. It's not illegal to sell insurance; it's just illegal for a stock broker without an insurance license to sell you insurance.

      Similarly, it's illegal for someone with a license issued by the US Government to advise you on setting up businesses outside the US. That is, there's nothing illegal about a US Citizen setting up a business in Panama; just don't expect to get help from a stock broker or financial planner or insurance agent or banker or lawyer in the US about it -- it's illegal for them to do so.
      Asset protection? That is a heck of a jump. I don't remember saying anything in regards to asset protection. I am also not asking for someone here to help me set up a corp offshore.

      Thanks for the disclaimers. Now if you have an opinion as to what country I should look into then by all means continue.
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      • Profile picture of the author SageSound
        Originally Posted by Thomas Belknap View Post

        Asset protection? That is a heck of a jump. I don't remember saying anything in regards to asset protection.

        Thanks for the disclaimers. Now if you have an opinion as to what country I should look into then by all means continue.
        If you want to learn about IM, you don't look for someone to advise you on web hosting, do you?

        What you're asking about involves a more than just setting up a bank account somewhere. If you don't think so, you're a sitting duck for a scammer.

        The folks who specialize in setting up proper and legal international business arrangements are going to be found in the realm of "asset protection specialists". That's all I'm saying.

        If you're not interested in PROTECTING the assets you plan to move off-shore, then there's not much point in bothering, because US Tax Laws require you to declare all of your off-shore earnings and pay taxes on them as if they were earned on-shore. That's if you're a US Citizen. Foreigners who invest in America have a whole different set of tax laws they follow. Stuff most Citizens are totally unaware of.
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      • Profile picture of the author Randy Daugherty
        I agree that hongkong is one best choice
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    • Profile picture of the author Rod Cortez
      Originally Posted by SageSound View Post

      This is the wrong place to be asking for that kind of information, IMO.

      Seek out someone with expertise in "asset protection", particularly someone who's got experience with international finance.

      NOTE: while it might seem counter-intuitive, anybody with a license issued by any US Govt agency is prohibited from advising people on matters dealing with off-shore finance. Why? Because it's outside US legal jurisdiction, and they can lose their license.

      Same reason a stock broker can't legally sell you insurance without an insurance license -- it's illegal. It's not illegal to sell insurance; it's just illegal for a stock broker without an insurance license to sell you insurance.

      Similarly, it's illegal for someone with a license issued by the US Government to advise you on setting up businesses outside the US. That is, there's nothing illegal about a US Citizen setting up a business in Panama; just don't expect to get help from a stock broker or financial planner or insurance agent or banker or lawyer in the US about it -- it's illegal for them to do so.
      No, this is the right place to ask this question because this forum is global and he wants opinions from people who have had experience in other countries. Thomas is a smart cookie which is why he asked the question the way he did. If he wanted to learn more about "asset protection" he would have said so. I think you're reading a little too much into his original post.

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  • Profile picture of the author paulie888
    Thomas, I was thinking Hong Kong too, as it is recognized as one of the few remaining offshore locations that do not bow to the OECD. Since Hong Kong is part of China, I do not see this changing anytime soon. (I believe fellow warrior George Brown has set up an offshore presence there.) Other places I'd recommend looking into are Panama and Belize.
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    • Profile picture of the author Tom B
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      Originally Posted by paulie888 View Post

      Thomas, I was thinking Hong Kong too, as it is recognized as one of the few remaining offshore locations that do not bow to the OECD. Since Hong Kong is part of China, I do not see this changing anytime soon. (I believe fellow warrior George Brown has set up an offshore presence there.) Other places I'd recommend looking into are Panama and Belize.

      Thanks Paulie.

      I heard great things about Panama as well. I just wonder how easy it is dealing with merchant accounts and paypal.
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      • Profile picture of the author A Bary
        Originally Posted by Thomas Belknap View Post

        Thanks Paulie.

        I heard great things about Panama as well. I just wonder how easy it is dealing with merchant accounts and paypal.
        Thomas,...I did this research before, I didn't make a decision yet, however, I short-listed a few options to choose from:

        1-U.K.: Much easier than what I used to think.

        2- Cyprus: a country with a good reputation-for me at least -, and the cost for company formation and opening a bank account is reasonable.

        3- Hong Kong: Although I think it s a bit pricey for a virtual company.

        I wish this help.

        A. Bary
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        • Profile picture of the author DavidO
          The range of opinions and so-called "advice" you're getting in this thread indicate more than anything else that you need expert, professional advice. Most of the people replying here don't know what they're talking about.

          I don't claim to be an expert but I can recognize the misunderstandings. For example, Americans don't necessarily have to pay U.S. tax on their worldwide income. If you're already paying tax to another country, and it's deemed to be legal and reasonable, you are exempt from U.S. tax on income up to $80,000 and a bit. But this is assuming you're resident outside the U.S. As a U.S. resident you can't escape income tax. But it's a different situation for your company.

          I encourage you to look into this and take advantage of the options available to you but, above all, get good advice and do it correctly. You can indeed get into big trouble by taking the wrong route.

          As for which country to choose it's entirely down to your personal circumstances. Get good advice.
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          • Profile picture of the author Tom B
            Banned
            Originally Posted by DavidO View Post

            The range of opinions and so-called "advice" you're getting in this thread indicate more than anything else that you need expert, professional advice. Most of the people replying here don't know what they're talking about.

            I don't claim to be an expert but I can recognize the misunderstandings. For example, Americans don't necessarily have to pay U.S. tax on their worldwide income. If you're already paying tax to another country, and it's deemed to be legal and reasonable, you are exempt from U.S. tax on income up to $80,000 and a bit. But this is assuming you're resident outside the U.S. As a U.S. resident you can't escape income tax. But it's a different situation for your company.

            I encourage you to look into this and take advantage of the options available to you but, above all, get good advice and do it correctly. You can indeed get into big trouble by taking the wrong route.

            As for which country to choose it's entirely down to your personal circumstances. Get good advice.

            Yeah, I sort of expected some of the responses.

            The exemption is higher than 80k now. More like 90k+ if you live overseas for over 330 days a year. You need to pass a residences test.

            My tax liability to the US wasn't were I was going with this thread but that is what happens on a forum.
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            • Profile picture of the author mcmahanusa
              Originally Posted by Thomas Belknap View Post

              Yeah, I sort of expected some of the responses.

              The exemption is higher then 80k now. More like 90k+ if you live overseas for over 330 days a year. You need to pass a residences test.

              My tax liability to the US wasn't were I was going with this thread but that is what happens on a forum.
              My impression that your reasons for seeking a good business venue were not tax avoidance or asset protection so much as your desire to be able to conduct business at all, given some scary changes that are looming on the horizon.

              Perhaps I am, like others, misreading your intent, and applying my own needs to your situation.

              Good luck to you, at any rate.
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              • Profile picture of the author Tom B
                Banned
                Originally Posted by mcmahanusa View Post

                My impression that your reasons for seeking a good business venue were not tax avoidance or asset protection so much as your desire to be able to conduct business at all, given some scary changes that are looming on the horizon.

                Perhaps I am, like others, misreading your intent, and applying my own needs to your situation.

                Good luck to you, at any rate.

                Exactly! That was the reason behind my questions, not tax avoidance or asset protection.

                Thanks and I wish you the best of luck if you decided the same thing.

                I know of my tax obligations to the US and didn't want to set up shop where I was paying more taxes than I already am... hence the low tax statement which everyone is assuming tax evasion.
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                • Profile picture of the author Alexandre Valois
                  Originally Posted by Thomas Belknap View Post

                  Exactly! That was the reason behind my questions, not tax avoidance or asset protection.

                  Thanks and I wish you the best of luck if you decided the same thing.

                  I know of my tax obligations to the US and didn't want to set up shop where I was paying more taxes than I already am... hence the low tax statement which everyone is assuming tax evasion.
                  Unfortunately, without knowing the specifics of the changes you are trying to avoid, it's impossible for anyone to recommend any specific offshore location for business as they will each have their own laws and regulations regarding different industries, workers laws, safety norms, etc.

                  My recommendations still stand - especially regarding Singapore which is constantly looking for new ways to make itself more business friendly so you might want to look it up.

                  Finally a country who understood that a country's wealth and health is based on the entrepreneurial freedom of it's people. They also have a very solid structure in place and a good reputation for hosting legitimate businesses, unlike well-known fiscal paradises who often raise eyebrows due to their association with money laundering and other illegal activities.
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                  • Profile picture of the author Tom B
                    Banned
                    Originally Posted by Alexandre Valois View Post

                    Unfortunately, without knowing the specifics of the changes you are trying to avoid, it's impossible for anyone to recommend any specific offshore location for business as they will each have their own laws and regulations regarding different industries, workers laws, safety norms, etc.

                    My recommendations still stand - especially regarding Singapore which is constantly looking for new ways to make itself more business friendly so you might want to look it up.

                    Finally a country who understood that a country's wealth and health is based on the entrepreneurial freedom of it's people. They also have a very solid structure in place and a good reputation for hosting legitimate businesses, unlike well-known fiscal paradises who often raise eyebrows due to their association with money laundering and other illegal activities.
                    Stuff like this is getting under my skin, Alex.

                    http://www.warriorforum.com/main-int...yone-else.html

                    I think you made an excellent point and something I also agree with. That is to maintain a business in a place with a good reputation to avoid the guilty before innocent looks from the IRS.
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                    • Profile picture of the author mcmahanusa
                      Originally Posted by Thomas Belknap View Post

                      Stuff like this is getting under my skin, Alex.

                      http://www.warriorforum.com/main-int...yone-else.html

                      I think you made an excellent point and something I also agree with. That is to maintain a business in a place with a good reputation to avoid the guilty before innocent looks from the IRS.
                      I think you make a very valid point, Thomas. The funny thing is that when slamming by the IRS or any large government agency takes place, it is rarely the large conglomerate that is affected, but the small business, which lacks the resources to either fight back or cause laws to be passed that favor them. Kind of like Google's moves to put the double whammy on the little guys who brought them their success and to cater only to the biggest players.

                      Wish that the powers that be could realize that the small businesses and the "middle class" constitute the rebar in the foundation of this county. Take away the rebar, and what do you have? A foundation that will crumble and cause the structure to collapse.
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                    • Profile picture of the author Alexandre Valois
                      Originally Posted by Thomas Belknap View Post

                      Stuff like this is getting under my skin, Alex.

                      http://www.warriorforum.com/main-int...yone-else.html
                      Why thank you. I just had dinner. Now I have to eat it all over again.
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                      • Profile picture of the author Richard Tunnah
                        A Cyprus company is a good route in many countries as corporation tax is 8%-10%. Not sure if they have a double tax treaty with the US but certainly Cyprus does with many countries.

                        Rich
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  • Profile picture of the author Craig McPherson
    Didn't this thread take a dramatic turn South.

    Ask a simple question huh Thomas?
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by Craig McPherson View Post

      Didn't this thread take a dramatic turn South.

      Ask a simple question huh Thomas?

      It has to be karma for something I did. hehe
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  • Profile picture of the author DogScout
    Hong Kong can be dangerous, (If you know someone that has a trusted agent there, they could be OK, but being Chinese, you never know when privatization will be legalized and assets seized. Of course that could happen anywhere. It is just playing the odds.). Belize is a nightmare... (was OK up to about 6 months ago, Damn ex-pats screwed it up). ST Kitts/Nevis is the current 'hot place'. Of course as long as you are not doing anything illegal, Nevada is as good as any of them, money-wise.
    There are different Federal tax rules for Federal contractors and non-Federally Sanctioned Business for some localities, so buying lots on Alibaba and selling them to Federal Santioned interests can raise the amount of foreign income you can make before having to pay US tax on it without surrendering your citizenship.
    Crap, get a good Lawyer! LMAO!!!

    (And yes, it is actually illegal in some jurisdictions to share advice you have gotten, suggest or even mention in passing any ideas without a license.)

    Disclaimers: Blah, blah, blah.
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    • Profile picture of the author Joe Mobley
      Thomas,

      Great question. I am actually thinking about moving from the states if things continue in the direction they are going.

      With that in mind, I would welcome any ideas and observation from people who have actually expatriated and/or setup businesses out side the US.

      I'm am not looking for legal advise. I am looking for experienced observation.


      Joe
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  • Profile picture of the author GayPorchMonkey
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    • Profile picture of the author RyanLeonard
      The financial world is in a: "melt down" mode right now(which you obviously know), and American politicians are just fanning the flames. America is the first place that's going to be making it harder for businesses simply because they want to unionize the whole country.

      I am also thinking about moving and starting a biz in another location- if I found a good place that isn't a total banana republic. My fear is that the whole world is going to follow suit(with the USA) and eventually just issue out a global currency- which will really tie us all to a sinking ship.

      This stuff sounded like total conspiracy junk a few years ago- but now it's getting spooky.

      Peace,
      -Ryan Leonard
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  • Profile picture of the author DogScout
    Here is a thread on it.
    My 'understanding' is as soon as you bring money into the US you get to be taxed over 10K... meaning double taxed. St Kitts/Nevis have no tax, so no problem there. If $ is used for biz, doesn't matter going foreign, only advantage is when you take a vacation outside the country, you can do so tax free. Of course, that is only one lawyer's input. Like doctors, each will have a different take on things. Do not hire a lawyer that doesn't know what a blind trust is, as that is the easiest way to avoid tax... but is also easily to do so illegally, just harder to get caught.

    http://www.warriorforum.com/main-int...e-company.html
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by DogScout View Post

      Here is a thread on it.
      My 'understanding' is as soon as you bring money into the US you get to be taxed over 10K... meaning double taxed. St Kitts/Nevis have no tax, so no problem there. If $ is used for biz, doesn't matter going foreign, only advantage is when you take a vacation outside the country, you can do so tax free. Of course, that is only one lawyer's input. Like doctors, each will have a different take on things. Do not hire a lawyer that doesn't know what a blind trust is, as that is the easiest way to avoid tax... but is also easily to do so illegally, just harder to get caught.

      http://www.warriorforum.com/main-int...e-company.html

      Thanks Doug,

      I am only interested in doing things legally here. I would be consulting with someone experienced in setting up the corp and creating a salary for myself just like I would in a company here.

      I am more interested in how easy it is for online commerce.

      I don't want to get into a country where it is harder to get merchant accounts or companies like paypal give you lesser freedoms.
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  • Profile picture of the author Alexandre Valois
    Originally Posted by Thomas Belknap View Post

    Hey Guys,


    I have been thinking of starting an offshore company due to some of the changes happening in the US.

    I would appreciate people chiming in since I know there are a lot of members in different countries here.

    I want a place with low taxes (of course).

    It should be pretty easy to get merchant accounts including Paypal.

    I was thinking Hong Kong and plan on doing more research.

    I appreciate all responses.
    Thomas,

    This has been a hot topic on the board lately, and I'm always more than willing to share my personal experiences and tips I learned the hard way.

    One very important piece of information to help assess the situation better would be...
    Where are you currently located? and what country do you have citizenship in, if different? And what is your goal with creating an offshore corporation?

    You don't always have to do business in exotic countries to enjoy the most benefits.

    Feel free to get in touch by PM or skype if you want to discuss more specific information, I don't have anything to sell, just one of those "been there, done that" conversation and giving back for the value you and your software have provided me

    Alex.
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    • Profile picture of the author Joe Mobley
      Alexandre,

      Can you point us to some resources? Websites, forums, etc.

      Thanks,


      Joe
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    • Profile picture of the author Tom B
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      Originally Posted by Alexandre Valois View Post

      Thomas,

      This has been a hot topic on the board lately, and I'm always more than willing to share my personal experiences and tips I learned the hard way.

      One very important piece of information to help assess the situation better would be...
      Where are you currently located? and what country do you have citizenship in, if different? And what is your goal with creating an offshore corporation?

      You don't always have to do business in exotic countries to enjoy the most benefits.

      Feel free to get in touch by PM or skype if you want to discuss more specific information, I don't have anything to sell, just one of those "been there, done that" conversation and giving back for the value you and your software have provided me

      Alex.

      Thanks Alex. That was kind of you to say.

      I am a US citizen.

      Basically, our current administration is trying to pass a lot of stuff within our new health care package. Things that don't even deal with health care. Typical political BS. lol

      That means it will make things more difficult for smaller businesses.

      So I am in the process of gathering information if or when this becomes a reality.

      I don't need to live where my business is. I could care less if it is tropical or not.

      Of course I would like to minimize my taxes, legally. Foreign reporting will be taken care of to appease the IRS gods.

      My main concern is day to day business activities like payment processing. We have it pretty good here in the states when it comes to services that help our business.

      I appreciate the offer. Thanks a lot!
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      • Profile picture of the author Alexandre Valois
        Originally Posted by Thomas Belknap View Post

        I am a US citizen.
        God have mercy on your poor tax-payer soul!

        Originally Posted by Thomas Belknap View Post

        I don't need to live where my business is. I could care less if it is tropical or not.

        Of course I would like to minimize my taxes, legally. Foreign reporting will be taken care of to appease the IRS gods.

        My main concern is day to day business activities like payment processing. We have it pretty good here in the states when it comes to services that help our business.
        Without having all the details on what the "changes" are it's hard to give an accurate recommendation, but it seems to me you might be able to enjoy those benefits simply by setting up a proper structure and without even having to go offshore.

        First of - states such as Wyoming and Nevada do not impose business taxes and provide flexibility regarding business officials registration. Wyoming even goes further by not requiring you to report assets, profits, or even the names of stockholders, which can be an added asset protection and privacy benefit if you are concerned about that.

        Also keep in mind that while doing business online, while no consensus has been made yet since the topic is a can of worm that no one is willing to open for many reasons, is that the "business transaction" is usually considered to happen within the country where the servers are located - whether yours or the payment processor's. Since most will be located in the US by default, there really is no escaping. Plus you'll probably be paid in US dollars, controlled by US banks, so wherever you go, Uncle Sam is just at an arm's length.

        You might want to consider setting up a corporation to reap the max asset protection and tax optimization leverage, and take just what you need out of it while reinvesting the rest through the corporation.

        Another way to reduce your own personal tax burden would then be to set yourself up as an LLC - selling your services to the corporation as a consultant rather than a paid employee. This would allow you to pass through a lot of business expenses and get deductions for them, even hire your own wife or kids to assist you and get tax breaks for that too. Health coverage and other benefits from the "corporate package" would have to be arranged to make sure you're covered independently from the corporation though.

        If you're planning on doing things legally and report everything, there isn't much use going to more exotic jurisdiction who offer the whole "privacy and asset protection packages". And unless you are at the head of a business empire, the legacy aspect (trusts, etc.) shouldn't be much of a concern either. You can save a lot of money by doing things domestically and avoid the costly annual renewal and maintenance fees associated with offshore business entities.

        You can always setup offshore bank accounts and corporations later if you want to join the big leagues of offshore investments and enjoy the profitable action you're currently missing on thanks to Uncle Sam's control addiction

        If you really want to go offshore right away though, you might want to look more into my personal favorites.

        - Singapore
        - Belize
        - Panama

        My disclaimer: I have nothing to sell. Just been lucky enough to learn early about the importance of leveraging all aspects of your business. I'm not associated with any service providers, lawyers, attorneys, etc. nor do I wish to be, or claim to be.

        Hope this helps!
        Alex.
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        • Profile picture of the author Tom B
          Banned
          Originally Posted by Alexandre Valois View Post

          God have mercy on your poor tax-payer soul!


          Hope this helps!
          Alex.

          HAHA Thanks for the laugh and info.
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  • Profile picture of the author Summer1
    Hey Thomas,

    Do you plan to handle your business there yourself?

    I guess trusting someone there is a hard to do thingy.

    Correct me if i am wrong
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    • Profile picture of the author Tom B
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      Originally Posted by Summer1 View Post

      Hey Thomas,

      Do you plan to handle your business there yourself?

      I guess trusting someone there is a hard to do thingy.

      Correct me if i am wrong

      We work online and location wouldn't be that important. I don't plan on setting up an office or anything.

      Eventually, I will have someone manage workers but that doesn't necessarily have to be in the same country.
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    • Profile picture of the author mcmahanusa
      I confess this is a question that's been on my own mind lately, I am uneasy about the changes I see on the horizon, though I don't believe they are precisely the ones you envision, Thomas. I feel though, that a solid presence in a country that possesses the qualities you seek is a wise course of action. Even if the direst predictions do not come to pass.
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  • Profile picture of the author rondo
    Ireland has a company tax rate of just 12.5% (low enough for Google to send it's profits there!)


    Andrew
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by rondo View Post

      Ireland has a company tax rate of just 12.5% (low enough for Google to send it's profits there!)


      Andrew

      That and Guinness makes it very interesting.
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  • Profile picture of the author Cash37
    You still gotta pay the man since you were born on American soil. There is no way out of it.
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    • Profile picture of the author Tom B
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      Originally Posted by Cash37 View Post

      You still gotta pay the man since you were born on American soil. There is no way out of it.

      I think that has already been established. I'll let the professionals dictate how much I will have to pay based on how much I earn. Not what my company earns.

      Besides, I never had to pay "the man" when I worked in Australia. I was already paying the "Oz man" there which canceled my obligation at home.

      This post wasn't about tax evasion but it always comes up when dealing with this topic.
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  • Profile picture of the author snapcontent
    I haven't read the entire thread, but one question pops up - Are you a US citizen? Because if you are, what you are trying to do might land you in some hot water - the US taxes you on your worldwide income wherever you live, unlike a lot of other countries. If you try to circumvent this by creating a corporate entity, and they take against you, it's ton of bricks time.
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    • Profile picture of the author Cash37
      Originally Posted by snapcontent View Post

      I haven't read the entire thread, but one question pops up - Are you a US citizen? Because if you are, what you are trying to do might land you in some hot water - the US taxes you on your worldwide income wherever you live, unlike a lot of other countries. If you try to circumvent this by creating a corporate entity, and they take against you, it's ton of bricks time.
      Exactly.

      You cant ride around in a bugatti and live in a 3.8 million dollar home and pay taxes on $50,000 of personal income. Doesn't work like that.
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  • Profile picture of the author Chris Munch
    @Thomas - you can't just set up an offshore business and stay in your home country and expect to benefit from the tax cuts. It doesn't work that way.
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  • Profile picture of the author SageSound
    You really need to speak to international tax specialists about this. Just email as many as you can find and many will clue you in to the basic options available to you.
    As I mentioned earlier, these people are usually found in the "asset protection" niche.

    Tom doesn't think he needs to be concerned about "asset protection" however. He's just looking for "tax protection" -- he seems to want to avoid paying certain taxes he doesn't feel he should have to pay.

    Conservative talk-show entertainers seem to think it's ok to encourage that sort of thing these days. Meanwhile, there are people sitting in prison who have taken similar advice too literally.

    I have a friend who personally knows several people who set up offshore bank accounts and used debit cards to make withdrawals here in America to pay bills and buy goodies. They never declared any of that as income on their tax returns. Now they're enjoying life from 10x10 rooms at Club Fed.

    (Want some fair advice in these matters? Check out freedomabovefortune.com.)
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by SageSound View Post

      Tom doesn't think he needs to be concerned about "asset protection" however. He's just looking for "tax protection" -- he seems to want to avoid paying certain taxes he doesn't feel he should have to pay.



      You couldn't be further from the truth. I can get "asset protection" here in the states using multiple corporations. I am also not concerned about my taxes here in the states. If I moved internationally, I don't want to pay more taxes which is why I asked my question.

      You can try to guess some more but will probably be wrong.
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  • Profile picture of the author TheOverall
    - 10% corporate tax
    - 15% personal tax
    - in the EU
    - $600/month developer and designers with 10 years of experience
    - $1k/month for a big ass office in a central location

    Which country? I won't disclose it publically, otherwise you'll all outsource there and inflate developers salaries

    And no, you won't guess.

    However, if anyone is interested in going offshore on the conditions listed above, drop me your direct contact via PM. Might be able to help.
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    • Profile picture of the author snapcontent
      Originally Posted by TheOverall View Post

      - 10% corporate tax
      - 15% personal tax
      - in the EU
      - $600/month developer and designers with 10 years of experience
      - $1k/month for a big ass office in a central location

      Which country? I won't disclose it publically, otherwise you'll all outsource there and inflate developers salaries

      And no, you won't guess.

      However, if anyone is interested in going offshore on the conditions listed above, drop me your direct contact via PM. Might be able to help.
      Greece is the Word. Or Macedonia, at least.

      http://en.wikipedia.org/wiki/Tax_rates_of_Europe
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      • Profile picture of the author TheOverall
        Originally Posted by snapcontent View Post

        Greece is the Word. Or Macedonia, at least.

        Tax rates of Europe - Wikipedia, the free encyclopedia
        Nope. Can't really say they're bad as I haven't had any experience with them, however those aren't the countries I was referring to.
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        • Profile picture of the author Dan C. Rinnert
          Just buy Sealand.

          Then you can name yourself Prince Thomas and pay no taxes at all.

          Looks like PayPal is available too.
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          Dan also writes content for hire, but you can't afford him anyway.
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          • Profile picture of the author Tom B
            Banned
            Originally Posted by Dan C. Rinnert View Post

            Just buy Sealand.

            Then you can name yourself Prince Thomas and pay no taxes at all.

            Looks like PayPal is available too.
            Well I already created the "BALD CREST". Now I can really be royalty.
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  • Profile picture of the author Steve Peters Benn
    Hi Thomas,

    Whilst I wouldn't personally do it myself - consider the Isle Of Man, a crown dependancy, silly tax, and Chris Cardell is incorporated there, if that makes any sense. They have about £40 billion sitting in banks on one street there.

    No one is going to screw with you there / not really any trust issues.
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  • Profile picture of the author King Shiloh
    Banned
    Sorry, you can't come to Nigeria because PayPal is a no-no...
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    • Profile picture of the author Tom B
      Banned
      Originally Posted by King Shiloh View Post

      Sorry, you can't come to Nigeria because PayPal is a no-no...
      That was one of the reasons I asked the question.
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  • Profile picture of the author Alexandre Valois
    Dan, you just made my day.

    Thanks
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    • Profile picture of the author Bill Farnham
      I have been thinking of starting an offshore company due to some of the changes happening in the US.
      I vote for Hawaii. You can't get any more offshore than that.

      ~Bill

      P.S. Those same tentacles are likely to make this maneuver null and void in very short time.
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      • Profile picture of the author Tom B
        Banned
        Thanks for the comments and pm's everyone.

        I really don't know why people insist that I am thinking about tax evasion but knock yourself out. :rolleyes:
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      • Profile picture of the author Tom B
        Banned
        Originally Posted by Bill Farnham View Post

        I vote for Hawaii. You can't get any more offshore than that.

        ~Bill

        P.S. Those same tentacles are likely to make this maneuver null and void in very short time.

        I was thinking of a safe and a rubber dingy but Hawaii may be better.
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  • Profile picture of the author Firstrate
    Don't know much about it myself but a few friends who have done it alway recommend Panama and Belize and apparantly they are good places to get merchant accounts as well.
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    • Profile picture of the author Bill Farnham
      Originally Posted by Thomas Belknap View Post

      I have been thinking of starting an offshore company due to some of the changes happening in the US.

      I want a place with low taxes (of course).
      I really don't know why people insist that I am thinking about tax evasion but knock yourself out. :rolleyes:
      Now where would they ever get an idea this had anything to do with taxes...

      ~Bill
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      • Profile picture of the author Tom B
        Banned
        Originally Posted by Bill Farnham View Post

        Now where would they ever get an idea this had anything to do with taxes...

        ~Bill
        I said multiple times in this thread I didn't want to pay MORE taxes.

        I still had a laugh when I told Alex I was a US citizen and someone who stated they didn't read the thread and asked me if I was a US citizen. hehe
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  • Profile picture of the author seobro
    I know a person who move his biz to panama. He also renounce his citizenship in america. This to cut down on his tax bill. Last I heard he is a billionaire now.

    For Canadians, it is easy. Move to the Bahamas because you do not pay tax in Canada on money you made there. Also, they do not have to declare profits made in Bahamas. Bahamas has absolutely no personal income tax, no corporate income tax, no capital gains tax, and no inheritance tax. AND, Bahamas has bank secrecy.

    OK no such luck for americans. I know an american lawyer that helped set up clients in Bahamas and got into lots of trouble. Also, US gov put pressure on Bahamas to open up.
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  • Profile picture of the author billaaa777
    Hey Guys,


    I have been thinking of starting an offshore company due to some of the changes happening in the US.

    I would appreciate people chiming in since I know there are a lot of members in different countries here.

    I want a place with low taxes (of course).

    It should be pretty easy to get merchant accounts including Paypal.

    I was thinking Hong Kong and plan on doing more research.

    I appreciate all responses.

    I live in Pattaya Thailand, the wildest city on the face of the earth. You should come over here so quickly. Hong Kongs a dump.
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