Our valued sponsor

Sword and Shield
SWISSMONEY Iban Accounts with Sepa

Complete noob question regarding personal Cyprus account.

D

diocanebarbaro666

New member
Mar 21, 2018
9
3
3
28
#1
Hi, I am new to the whole offshore deal and I've got some questions... Actually a lot of them.
If I get a personal account in Cyprus I also get a debit card, I'm right?
Is using such a card where I am residing damaging to my privacy?
Also, I am resident in Italy, does a Cyprus personal account *work* for me? Or do they have more disclosure to EU countries?
I would get a little over 2000€ per month on the account, they should be fine with it?
Any advice? (Which bank, how to do it or anything else.)
Any links that I should check in order to be able to do it all? It kinda is a lot to take in at the same time.
Also, among the requirements there is "copy of passport not expired", if I am from the EU is an ID actually enough?
Another requirement is "CV for each owner and director", is it needed for a personal account as well?
The "Analytics Professional Resume" is a requirement that I just don't get at all, any clarification?
"business description" is a requirement for personal accounts as well? I need to just declare how I earn my money?
In my case I am an online writer and I get little over 2000 euros per month writing, should I write about that in my business description?
I am sorry if that's really a load of questions, it is that I am really confused.
Thanks for any help and attention.
 
  • Like
Reactions: lostguy, JohnLocke and negon
#2
I just read on the forum that a personal account does not guarantee any secrecy and I need to get a corporate one in order to get that. Any help on that front?
I would lose 36% of my money on taxes here in Italy...
 
#3
Even with a corporate bank account you won't have the privacy you seek! You need to use an EMI and darks which you can read more about in the mentor group if you want.

Or, if you have a large budget and it is worth it, you simply setup a Foundation for instant in the Seychelles or Belize and use a IBC for the banking.. again it's a complicated process to setup and you need to know what you are doing beside a budget aprox 6 - 7K EURO!
 
#4
Well... I think I don't really see a solution there then...
I don't actually know what a dark actually is. Could get some clarification before considering buying access to the mentor group?
Also, how do you delete an account on this forum? I accidentally created an account with another email address and am currently unable to delete it.
 
#7
diocanebarbaro666 said:
Right now I am considering getting a company going in Estonia which would let me legally pay "only" around 25% in taxes...
Click to expand...
Same as you can do with a company in Bulgaria, Cyprus or Maltha.. even less than 25% corporate tax.
 
#8
Well... With Estonia I don't have double taxation. Even when the company is outside its borders, Italy still wants me to pay taxes here, but I don't need to pay nearly anything in Estonia. I just have to pay the foreign income tax in Italy.
From what I've understood I would still have to pay taxes if my company is in Cyprus, Bulgaria or Maltha. I've got it wrong?
 
#9
diocanebarbaro666 said:
Well... With Estonia I don't have double taxation. Even when the company is outside its borders, Italy still wants me to pay taxes here, but I don't need to pay nearly anything in Estonia. I just have to pay the foreign income tax in Italy.
From what I've understood I would still have to pay taxes if my company is in Cyprus, Bulgaria or Maltha. I've got it wrong?
Click to expand...
*I would still need income tax in Italy even if my company were in Cyprus, Bulagria or Maltha, am I right?
 
#12
lostguy said:
I agree so much.. if you only do this for roughly €2000 forget it it's not worth it, pay tax and be happy!
Click to expand...
Well... Right now I am looking after a way to pay, just less. But I am trying to do everything legally.
By the way, my pay is getting higher and higher all the time. Right now it's getting in the 3 thousand range... And if I manage to land a job that I may just get I could get onto a whole new level (which could just be worth it). Still, it may be not "enough" to be worth it to start doing any "offshore business" yet.
The "company in Estonia" thing to me means less taxes legally (I would need to pay the foreign income tax instead of the usual ones) and also more freedom to move around and do literally everything online. As a freelancer I'd like to be able to travel without having to go back too often because of paperwork. Also, business consultants cost a lot less there.
In case anyone is curious about what I'm talking about, it's the E-Citizen program. It takes about 10 minutes to start a company and your ID is on a blockchain. Estonia got a collaboration with Bitnation in place to get this going. It is the more advanced electronic tax system according to most...
I am probably going off topic there, it is just that I work in the blockchain industry and I am pretty passionate about this sort of thing.
 
#14
#16
#17
auric said:
Even with a corporate bank account you won't have the privacy you seek! You need to use an EMI and darks which you can read more about in the mentor group if you want.

Or, if you have a large budget and it is worth it, you simply setup a Foundation for instant in the Seychelles or Belize and use a IBC for the banking.. again it's a complicated process to setup and you need to know what you are doing beside a budget aprox 6 - 7K EURO!
Click to expand...
Hi Auric, I'm confused. I myself have a UAE offshore company with Cyprus corporate bank account. My understanding was that reporting on a corporate bank account would go to the authority for the place of incorporation (UAE in my case). How does that effect my own privacy if I am not UAE resident?
Plus on another forum Admin writes regarding regarding Cyprus corporate accounts:

"Banks have to report in compliance with CRS.

CRS recognizes 2 types of companies:

1. Active Companies
2. Passive Companies

An Active Company is the company that meets any one of the following criteria:

(a) Less than 50 percent of the company's gross income for the preceding calendar year or other appropriate reporting period is passive income and less than 50 percent of the assets held by the company during the preceding calendar year or other appropriate reporting period are assets that produce or are held for the production of passive income;
(b) The stock of the NFFE is regularly traded on an established securities market or
(c) Substantially all of the activities of the Company consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution

A Passive Company is a company that is not active. Basically it includes companies that have income from investment activities like dividends, interest, rent and royalties.

The beneficial owners of an Active company will not be reported by the bank

The beneficial owners of a Passive company will be reported by the bank.

So, if the company is an active, then no reporting will be made by the banks".

Is this now old news or which is correct? Thanks

Admin, Oct 12, 2016 Report
 
#19
You must log in or register to reply here.
Offshore Bank Accounts

Forum Announcement

Latest Threads

The Kingdom Bank
Offshore Bank Accounts
SWISSMONEY Iban Accounts with Sepa
Top Bottom
Back