Hi all,
I am new to the offshore thing and need a little advice.
I am an Australian citizen currently travelling in central america still as a foreign tax resident, and plan to relocate permanently to Nicaragua or Costa Rica wich I am of the understanding does not tax offshore earnings, only local. I am planning to set up an offshore corporation and bank accounts to run a small business plus crypto/share trading from. Following this I will sever all ties and employment with Australia no longer being liable there for tax on offshore earnings and instead invoicing for services from my offshore company.
My questions are:
- Any flaws or things I should consider in my plan?
- I am looking at Panama for the offshore corporation and banking, but I have been quoted $5000 USD to do this plus $1600 per annum in maintaining the company, is this a bit rich or about right?
- Whats your thoughts on Panama for my situation and if not Panama, any advice on best location to incorporate? (and I am not a millionaire)
Any assistance, much appreciated.
I am new to the offshore thing and need a little advice.
I am an Australian citizen currently travelling in central america still as a foreign tax resident, and plan to relocate permanently to Nicaragua or Costa Rica wich I am of the understanding does not tax offshore earnings, only local. I am planning to set up an offshore corporation and bank accounts to run a small business plus crypto/share trading from. Following this I will sever all ties and employment with Australia no longer being liable there for tax on offshore earnings and instead invoicing for services from my offshore company.
My questions are:
- Any flaws or things I should consider in my plan?
- I am looking at Panama for the offshore corporation and banking, but I have been quoted $5000 USD to do this plus $1600 per annum in maintaining the company, is this a bit rich or about right?
- Whats your thoughts on Panama for my situation and if not Panama, any advice on best location to incorporate? (and I am not a millionaire)
Any assistance, much appreciated.