Advice for creating a new offshore company away from Spanish clutches...

[RaoulDuke]

I made the move from Spain myself, to Cyprus. I sold my apartment in Spain and emptied my Spanish bank accounts. Cyprus has a DTA with Spain, and as you're dealing with software/games, you can open an IP Box in Cyprus to pay effectively 2.5% tax (soon will increase to 3%). Lot's of Spaniards in Larnaca.

Hey, thanks for the info. They've been telling me in the forum quite a lot about Cyprus. Did you get help from anyone or just moved there and hire accountants on site?

 

[GPT]

Not mentioned yet;

Disconnect yourself from the property and land by moving the title deeds to a foundation or trust and “rent” your own property so to say.

Also consider using the (partial) use of parent - subsidiary directive by having for instance a Cyprus company taking a little share in your Spanish company. This opens up a dividend route and eases the way for the use of IP route.

Appoint (not just in name) a director in Spain and you have distanced yourself a little bit further from the Spanish based activity and will be able to employ Spanish workers.

And move. Not just on paper but in all senses and limit your visit to Spain to below tax threshold days. Make sure to stay in hotels even. Do everything to sever the ties. Spain is, as you said, the worst country in Europe when it comes to taxing citizens (and residents sometimes as well)

 

[clemens]

How does one setup a UK company that way that it only accepts payments? UK LLP + dormant LTD? How does the payment/ EMI/banking setup go for something like that? Don't FIs get spooked when you have a setup like that?

do you consider it to be a problem? I'm curios because I have setup something similar years ago, still no issues!

Disconnect yourself from the property and land by moving the title deeds to a foundation or trust and “rent” your own property so to say.

what setup for that would you suggest? some services you can recommend?

 

[KDX]

do you consider it to be a problem? I'm curios because I have setup something similar years ago, still no issues!

From what CaptK told me, you just charge a "fee" like 1-2% and then pay that as dividend later. That way you won't get in trouble for base erosion.

 

[clemens]

From what CaptK told me, you just charge a "fee" like 1-2% and then pay that as dividend later. That way you won't get in trouble for base erosion.

ahhh then I misunderstood. It is true you can do that. But to secure your company in the UK you want setup a small office / rent a office somewhere with some sort of administration. That will most often eat up the 1-2% the processing company receive. still you will do good.

 

[GPT]

what setup for that would you suggest? some services you can recommend?

Not anyone specific. It depends on too many factors to recommend a company, or lawyer. Go through the step website to find a member close to you and setup an appointment. Explain what you want and listen to what is offered. Repeat this step with at least two others. Compare the answers given. If two or more give the same answer (based on your situation) then select one with whom you are going to work.

In general you want to find someone who has worked for and with UHNWI.