Account in Ras al Khaimah - Is it worth it?

[tnmoonlight]

I have a business in the US and make enough money to fund purchases such as home, car, other major expenses that the IRS usually tracks. That said, it is enough for a nice lifestyle and I am only taxed at a 15% rate because of my export business. However my shares in another company will begin to pay dividends next year, also at 15%. I would like to setup a company offshore and use it as my wealth management tool for my future retirement (avoid capital gains tax and taxes on any dividends). I would like to also setup dual citizenship in another country (possibly Dominican Republic or St. Kitts) to fully diversify my options. My US business is at no threat of lawsuit and my marriage is fine.


I have some questions that I hope some veterans can help me with.


1. How will I re-patriate these funds to live off of in 20 years?


2. Can I use an ATM to withdraw cash in the US without setting off any red flags?


3. I am also a bit skiddish about the whole offshore bit b/c of serving time in prison is not for me. Will I get caught?


4. Being taxed at only 15% is great for making millions of dollars. If I can keep this rate, is this all worth it.


Thanks for your thought out and detailed responses.

 

[JohnLocke]

1. How will I re-patriate these funds to live off of in 20 years?

Regardless the offshore jurisdiction, then to accomplish what you are asking for here you will need to invest your money in Stocks, Bonds, Funds,currency, gold, etc. and you will need lot's of money.

 

[tax-consultant]

4. Being taxed at only 15% is great for making millions of dollars. If I can keep this rate, is this all worth it.

Why do you want to get taxed 15% if you don't have to pay tax or only 10% in Cyprus ?

 

[tnmoonlight]

Why do you want to get taxed 15% if you don't have to pay tax or only 10% in Cyprus ?

Very true. But is that savings worth the risk of being charged in my home's court for evading taxes?

 

[tax-consultant]

So you say to save tax or to be incorporated in a country where the tax rate is 0% is equals to tax evasion?


You have much to learn if that's the case Actually it is possible by strategically to plan a offshore company structure to avoid to pay corporate tax or to pay lowest possible tax i.e. 10% in Cyprus, this you can accomplish legally if you have the budget to establish such a structure.

 

[naomi]

I don't understand. I read UAE is 15% corporate tax and Cyprus is 10% while Belize, Seychelles, Panama is 0% whye does people should go for UAE and why is it legal to have company in UAE but in Cyprus it is "tax evasion" can someone please explain?

 

[tnmoonlight]

UAE is 0%. My home country is 15%.

 

[wosniak]

What is cost to incorporate company in UAE? I want to compare it with the other offshore countries.

 

[dwilson]

I recommend that you find a service provider that can give you sound planning advice for caribbean offshore jurisdictions. Perhaps you can try googling offshore agents in the caribbean and go from there. Have you gotten tax advice from a certified US tax advisor?

 

[tiea-hunter]

Will you let us know what you decided to do?

 

[tnmoonlight]

Will you let us know what you decided to do?

UAE IBC with Seychelles Trust

 

[JohnLocke]

Did you made any progess so far? Where did you find the banking for your offshore companies?