Recent content by Offshorenerd

Paysera works good for me.

Im a foreigner here. Its true that banks might close/not open accounts if you dont have a local connection, but I do. You can start out using EMIs. if you dont.

As somebody who runs a business in Georgia with foreign clients I can confirm, no Georgian VAT on exported services.

Since you already mentioned Georgia, there is free zones in Georgia as well. You can set them up for around 6000 usd and keep them running for about 5000usd/year. They are completely tax free as far as Georgia is concerned, even if you life in the country, which is very easy to do. If you build...

Khinkali, did you get any update on the foreign company matter yet?

The key phrase here is economic substance. You get around cfc rules by actually having an office where your offshore corp is registered as well as a local director. In that case you would only pay dividend tax in the UK if and when you make a distribution.

This applies if you do it remotely. If you show up personally you only need your passport.

I can confirm this. I live in Georgia and all you need to set up sole proprietor ship is an apostilled copy of your passport and a power of attorney for your representative. Besides some LLCs I use this status as well for some of my business activity. I know some people as well who use it...

If you can show a connection to Georgia you will get an account. Me being there for most of the year has little to do with me having gotten the account. It could as well have been done on a single visit or remotely.

I do live in Georgia, but Im not Georgian. Also I do not have an official residency. Im just staying on the 360 day tourist Visa and renew it once year via visa run. Banks will open Accounts for foreign owned Georgian companies as long as you can show some connection to Georgia. Banks will...

While it is true, that getting an account with a Georgian bank if your business is not connected to Georgia can be difficult there is alternatives that function really well, such as Paysera and Transferwise. For one of my companys I opened a TBC account which got shut down after receiving my...

Yes its because of some new regulations that Georgian Banks don't want to open corporate accounts for foreign entity's. Doesn't matter if you show up in person or not.

120 days of presence to maintain tax residency are only required if you did not acquire permanent residence/set up a domicile. I was referring to getting permanent residency which also has the additional benefit of making travel n south america easier.

Paraguay is easy and cheap to attain and does not require your presence (only once every couple of years to renew). Also taxation is territorial and 10% flat on local income (btw not paying tax interestingly is not a crime at the moment).

Yes Georgian foreign owned company's can be started remotely and can get Georgian Bank accounts. But you have to be able to explain that you will have Business in Georgia or any other connections to Georgia, such as employees or suppliers in most banks during KYC