Non-Dom Tax Breaks Alternatives Discussed

[Nw1]

With new global aligment for base tax rate at 15% and IMF grip on several countries due to those countries leaders messing up and going to IMF to borrow money. Even countries like UK cutting off non dom tax break what are the current options that exempt foreign income continously once setup new company? Not those programs where it's like 5 year non dom tax break and then base rate. And mention country has stripe and paypal and wise business account capability or not?

 

[Nw1]

And mention that country tax payment schedule is one bulk payment at financial year end or is it quarterly tax payments with year end return and CIT submissions?

 

[Nw1]

Whole of EU kind of out since due to Mica rules USDT orders will not be allowed by many exchanges

 

[Martin Everson]

With new global aligment for base tax rate at 15% and IMF grip on several countries due to those countries leaders messing up and going to IMF to borrow money. Even countries like UK cutting off non dom tax break what are the current options that exempt foreign income continously once setup new company? Not those programs where it's like 5 year non dom tax break and then base rate. And mention country has stripe and paypal and wise business account capability or not?

1. Gibraltar Category 2 residency.

2. Ireland non-dom scheme.

Should cover all of above.

 

[Nw1]

1. Gibraltar Category 2 residency.

2. Ireland non-dom scheme.

Should cover all of above.

Gibraltar no PayPal it seems as per their website country list?

Ireland non Dom scheme it says income needs stay outside Ireland what does that mean? Like if u incorporate a company and make bank account there online and get payment gateway then all sales from foreign sources would anyways come to Ireland bank right? So then that foreign source income gets taxed since it comes to Ireland?

 

[Marzio]

Ireland non Dom scheme it says income needs stay outside Ireland what does that mean?

It means that foreign sourced income shouldn't be deposited in Ireland.

And BTW if your plan is to manage an offshore company from Ireland thinking that "income from outside Ireland it's foreign sourced income" you'll find yourself in deep trouble.

Foreign sourced income is generally passive income.

 

[daniels27]

Yes, you would have to short BTC as individual in Ireland while your Bahamas company buys them. Once you move out of Ireland, you take the dividends and revert the BTC transactions.

Post in thread 'Anyone have thoughts on best ways to hedge crypto positions / profits?'

Dec 26, 2024

Excellent, thank you. I didn't realize the short side of perpretuals usually TAKE the funding. I'll give it a try, thank you!

• Nigital Domad

• 

Has been doing excessively by Apple in the US when they could not take back their foreign profits. Just in fiat.

 

[Nw1]

It means that foreign sourced income shouldn't be deposited in Ireland.

And BTW if your plan is to manage an offshore company from Ireland thinking that "income from outside Ireland it's foreign sourced income" you'll find yourself in deep trouble.

Foreign sourced income is generally passive income.

Got feeling this would be the case what would be a good alternative to run an offshore company meeting the requirements I mentioned earlier in the thread with minimal costs? Excluding stuff like Bahamas which have very high administrative fees and tons of paperwork and hefty fines for delays in doc submissions yearly

 

[Marzio]

I'd say this is the solution you are looking for: https://corriericilia.com/publications/resident-non-domiciled-companies

 

[Nw1]

I'd say this is the solution you are looking for: https://corriericilia.com/publications/resident-non-domiciled-companies

This option mentions tax refunds so let's assume all income earnt is foreign income so then does company need pay quarterly or yearly taxes and get tax refund at end quoting that foreign income clause of tax act makes that taken tax refundable?
If that would be the case it is more paperwork and loss of Interest on income the time tax department holds onto the money until you make refund request

And new news it seems;
Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands and the Turks and Caicos Islands will implement registers restricting public access to persons with a ‘legitimate interest’ by June 2025 or earlier. The Falkland Islands, Gibraltar, Montserrat and Saint Helena have agreed on fully open registers with no restrictions on public access.

 

[JustAnotherNomad]

What about Malta?
Also Cyprus, I guess? (Or was it 17 years "only"?)

 

[Marzio]

This option mentions tax refunds

No, this option mentions running a company tax resident in Malta tax free.

You can then decide to become a Maltese non dom and pay 5K max on all the income you keep outside Malta.

 

[Cloudbanck]

It means that foreign sourced income shouldn't be deposited in Ireland.

And BTW if your plan is to manage an offshore company from Ireland thinking that "income from outside Ireland it's foreign sourced income" you'll find yourself in deep trouble.

Foreign sourced income is generally passive income.

Ok, but what if you as non dom in Ireland have a multi member US LLC where you are a minority owner, and you have a majority owner partner that is a non-resident alien living in a no/low tax country. So you are just a passive owner. This US LLC could do business, and own ETFs or Bitcoin without it being taxed in Ireland, I hope. Would this work?

 

[Marzio]

Would this work?

Probably but one thing that you would need to verify is if Ireland sees US LLC as opaque entity.

If IE sees US LLC as trasparent the percentage of income generated by the US LLC attributable to the minority partner, even if not tax resident in IE, could be taxable.