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Question Best offshore jurisdiction for 2024 and 4 years ahead?

What are your thoughts or opinion ???

  • Dubai

    Votes: 23 32.9%

  • Switzerland

    Votes: 8 11.4%

  • Delaware

    Votes: 12 17.1%

  • New Mexico

    Votes: 11 15.7%

  • I think something else let me explain in my post above

    Votes: 16 22.9%
  • Total voters
    70
#21
Yeah, to have a company in Dubai, but not live there doesn't make so much sense any longer - there are better solutions.

But having residency in Dubai and living there part or full time makes sense. It is the only major international city in the world with near zero tax. And one can have a company and banking elsewhere, though for personal banking the UAE isn't so bad.

St Kitts, Cayman Islands, Vanuatu, Bahrain, Sark or Monaco and the likes don't have the same network effects, and opportunities, and connections as Dubai.

And Zurich, and Singapore while being relatively big cities, have higher taxes than Dubai, and are also more difficult to get residency in.

Hong Kong though was definitely ahead of Dubai in the past. Not sure about Hong Kong since China took over, people have been leaving. Can one live tax free in Hong Kong?

Then Panama City has a lot of of what Dubai has, possibly even lower taxes. But it's more bureaucratic, more difficult to get residency in, and overall just not as great a city as Dubai.
 
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#22
ms42 said:
also the banks here are a big deal to open account with .
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Generally speaking with the new corp tax there is much less sense to open Freezone Corps in Dubai, so opening a mainland LLC is an easy was to get a company with 5% VAT, 9% corporate tax, some generous exemption for smaller businesses and a very lax approach to allowable expenses. Also opening a bank account for a mainland company is not a problem unless you are blessed with some cheeky citizenship.
 
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#23
manukahoney said:
Generally speaking with the new corp tax there is much less sense to open Freezone Corps in Dubai, so opening a mainland LLC is an easy was to get a company with 5% VAT, 9% corporate tax, some generous exemption for smaller businesses and a very lax approach to allowable expenses. Also opening a bank account for a mainland company is not a problem unless you are blessed with some cheeky citizenship.
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Hi. I live in UAE since 2 years now , usually the bank ask for physical office to open bank accounts here. Also you can only register one company for one office. Since we run multiple companies , it’s very hard to get bank accounts with virtual office / flexi desk. For sure there are some ways , but banks would take 2 months with due diligence and KYCs. Overall it has become difficult and time consuming to maneuver and change companies in UAE.
 
#25
ms42 said:
Hi. I live in UAE since 2 years now , usually the bank ask for physical office to open bank accounts here. Also you can only register one company for one office. Since we run multiple companies , it’s very hard to get bank accounts with virtual office / flexi desk. For sure there are some ways , but banks would take 2 months with due diligence and KYCs. Overall it has become difficult and time consuming to maneuver and change companies in UAE.
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WIO opens accounts very fast for mainland companies with solo founder/director. So you can start operating with them and keep pushing other banks. UAE is not unique - last time we opened a UK LLC it took us few months to get accepted by any main street bank while Revolut and Starling opened accounts in minutes.
 
#26
manukahoney said:
WIO opens accounts very fast for mainland companies with solo founder/director. So you can start operating with them and keep pushing other banks. UAE is not unique - last time we opened a UK LLC it took us few months to get accepted by any main street bank while Revolut and Starling opened accounts in minutes.
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Revolut easily opened an account for your UK LLC? Were any of the directors residents of the UK?
 
#27
scooterguy said:
Were any of the directors residents of the UK?
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Yes, the only director was the UK resident.
I'm comparing apples with apples - opening a business bank account for a simple structured LLC (one shareholder = one director, resident, no problematic citizenship) both in UK and UAE - in both countries it was easy to get accounts with EMI and took a while to get approved by conventional banks.
 
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#28
#29
JohnLocke said:
Can we please get back to topic!!

@manukahoney , @scooterguy open a new thread to discuss banking!
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Can you please explain how is that off topic? How can we discuss offshore jurisdictions without discussing banking?

You suggested a New Mexico LLC, and someone else suggested a UK LLC. I asked about banking for a UK LLC since in my experience it's not easy to open a bank account for them without a resident director.

Seems perfectly on topic to me, or have I not had enough coffee?
 
#31
KDX said:
But for something like real estate transactions, one might want to just buy it as an investment with their company and not have to be personally liable for dividend taxes or etc when purchasing stuff like that. (but you'll probably have to make arrangements to pay rent back or etc.)
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Exactly, and if you setup an umbrella of companies you won't have no troubles doing so. You can live a luxury live with only 10K CHF a months - that simple.
 
#32
kilor said:
I don't live in Zug but Schwyz, living in my own little kingdom!

The 10K is my monthly Salary the rest I leave in the company to accumulate profits to something big.

It has come at great personal cost to my family to achieve this, but compared to Denmark, I have managed to save around 30K CHF per year after taxes and all personal expenses, and retain about 1 million EUR in the company after taxes!

This is more than four times what I managed when residing in Denmark, so whatever comparisons or figures you bring up from websites, they do not match the reality I am living in
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That's interesting,
can you explain in more detail how you stay under 10%. I know that Schwyz charges around 3-4% tax on 100-150k at the cantonal level, plus the federal tax and the AHK 10%, right?

All in all, you end up with about 20% (inkl ahk and company costs) effective costs based on your 10k salary, right?

How high are the monthly company costs, i.e. for accounting and annual financial statements?

I'm looking for a good tax advisor in Schwyz, can you recommend one?
I want to find out whether you can simply move to Switzerland and receive dividends through a foreign company, where you hold shares, and not involved in the daily business. switzerland has no cfc rules, so that should be a good option too. Perhaps you have experience with this?

But having an own company in schwyz is a good choice i think, in 40 minutes you can reach zurich by train or car and beautiful landscape. IMO a realy good choice for a business and living location.
 
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#33
You must be more than naive to think I would post all that information on a public forum - haha! - And no, I’m not going to DM you the details either. You sound more like a journalist or something with those questions than anything else.
 
#34
OK, then not. I would have been really interested because I am also thinking about moving to Schwyz. 10% sounds not really realistic for me, because of ahk is alone 10% and at least 10% for taxes, maybe with kids less.

And you can find most of information on youtube in cases of taxes, but never heard that 10% is reachable, so this was the reason to get information about it, but keep them if you dont want to share it. i can understand it and a good tax advisor can help me with more details.
 
#35
kilor said:
You must be more than naive to think I would post all that information on a public forum - haha! - And no, I’m not going to DM you the details either. You sound more like a journalist or something with those questions than anything else.
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He is only taking out 10k per month. That's like nothing. If he is self-employed and puts his whole life into business expenses, it goes down to like 40k per year and then he can deduct Pillar 2 & 3. AHV gets cheaper in this case and goes below 10%. With little taxes as well, he will pay close to nothing. For now. Once he takes out his millions out of his company, he will pay tax on them as well.
 
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#36
uncreative said:
And you can find most of information on youtube in cases of taxes, but never heard that 10% is reachable, so this was the reason to get information about it, but keep them if you dont want to share it. i can understand it and a good tax advisor can help me with more details.
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Yes, you want to do consult a good tax advisor in Schwyz, Zug or wherever you want to move to. That's the best you can do. In the meantime watch some Youtube videos.

Something like this @daniels27 thu&¤#
 
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#37
kilor said:
@daniels27 thu&¤#
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You can then also hire your bother at 25k per month, fire him after 2 weeks in the ground of being too woke. If he then asks for compensation or sue you, you pay him a Genugtuung of up to 6 months salary, which is entirely tax-free on his part. If he lives in Schwyz or Obwalden, he can gift it back to you tax-free.

A few years back, it was common to have 5 companies and do nothing else than cleaning as janitor, benefiting from lower taxes on small income.
https://www.maehrtreuhand.ch/wichtige-informationen2/putzfrauensteuer/
The list goes on and on. Switzerland was second to only US when it came to discrepancies between headline tax rates and paid tax. It is relatively easy to pay affordable tax rates on incomes up to 200k.

But in the end you end up paying the 15% tax on company profits with not too much leverage if you have over 1m in profits.
 
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#38
daniels27 said:
You can then also hire your bother at 25k per month, fire him after 2 weeks in the ground of being too woke. If he then asks for compensation or sue you, you pay him a Genugtuung of up to 6 months salary, which is entirely tax-free on his part. If he lives in Schwyz or Obwalden, he can gift it back to you tax-free.
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Is that still possible you say ? Anything trustworthy where to read about this rule?
 
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