Residence for bank account and offshore company

[iloveyouguys]

You only flash your ID and proof of address to the bank (both of which are real) but you don't tell you're already registered as a non-resident for tax purposes. The bank has fulfilled CRS requirements and is not subject to fines; you pay no tax; and your real country of tax residence is not known to Portugal/Belgium either

Unless you live in a EU country for more than 6 months, right?

 

[JohnLocke]

You only flash your ID and proof of address to the bank (both of which are real) but you don't tell you're already registered as a non-resident for tax purposes.

You think that will work or do you know that will work?

 

[daxbr]

You think that will work or do you know that will work?

It will work because they got you in database already, not because they are so lax and forgiving. Important part is to check database info first and make sure it matches, even with smalltalk.

 

[JohnLocke]

OP if you are still around I would like to hear what your outcome was for the bank account opening?

@daxbr I'm not quite sure if it was because you had tried to move around and failed to disclose your addresses to the bank or if it was just in theory, but if you have tried it, then the bank has not discovered that you have moved yet?

 

[Educate]

Here is a tricky situation:
- So let's say you are a tax resident in EU country, for example, Germany.
- You fly over to Portugal and get tax residency there.
- Register everywhere as resident of Portugal.
- Claim non-resident status in Portugal.
- Now Portugal IRS receives the information from CRS, yet since they see you are a non-resident of Portugal and resident of EU country, Germany, they send the info straight to Germany.

Or this is too paranoid?

 

[LoveMyLife]

Here is a tricky situation:
- So let's say you are a tax resident in EU country, for example, Germany.
- You fly over to Portugal and get tax residency there.
- Register everywhere as resident of Portugal.
- Claim non-resident status in Portugal.
- Now Portugal IRS receives the information from CRS, yet since they see you are a non-resident of Portugal and resident of EU country, Germany, they send the info straight to Germany.

Or this is too paranoid?

This is exactly how it works.. For this reason, before applying for portugeese tax ID, you have to use address from some country with territorial taxation, when filling a form.

 

[Educate]

This is exactly how it works.. For this reason, before applying for portugeese tax ID, you have to use address from some country with territorial taxation, when filling a form.

What do you mean by "territorial taxation"?

So this structure won't work?

 

[LoveMyLife]

What do you mean by "territorial taxation"?

So this structure won't work?

It works. When filling Portugeese Tax ID application, you have to file your residency address. You can use a foreign one. For example - from Panama. And they will report you to Panama. Whereas Panama has a territorial taxation, all informations they receive from Portugal are deleted immediately. Panama taxes just local sourced income and they do not care about foreign income. And as they do not need received data and there is no legal reason to store it, it is deleted. The only problem is, you have to have an tax agent in Portugal when using non EEA address. It costs something around 200-300 Eur per year.

 

[Educate]

It works. When filling Portugeese Tax ID application, you have to file your residency address. You can use a foreign one. For example - from Panama. And they will report you to Panama. Whereas Panama has a territorial taxation, all informations they receive from Portugal are deleted immediately. Panama taxes just local sourced income and they do not care about foreign income. And as they do not need received data and there is no legal reason to store it, it is deleted. The only problem is, you have to have an tax agent in Portugal when using non EEA address. It costs something around 200-300 Eur per year.

So that means, that, for example, as a German you first have to go to Panama and get residency there.
And then you have to go to Portugal and get residency there indicating Panama's residency?

 

[fortunespeculator]

Paraguay residence - real one.

Costs next to nothing; usable legit document; if you need to buy or rent an apartment to further prove your Paraguayan residence, real estate in country costs (and rents for) next to nothing. You can even sub-rent it to someone else if you find a tolerant landlord.

Belgium, Portugal, Bolivia are also good - they have taxes on foreign-earned income, but you can just become a non-resident after you get your ID which is valid for years to come. They will not force you to shred your ID when you register as non-resident. Effectively, you pay no tax, but you still use their ID for KYC when banking. Easy Peasy!

Panama is an option, but not as good as the shills claim. Costs more, and the reputational baggage is quite heavy, and it almost never leads to a second passport.

I moved to Paraguay permanently - the best financial decision I ever made.

Hi Tax Cow I am looking to get a paraguayan residency could you help connect someone.

 

[LoveMyLife]

So that means, that, for example, as a German you first have to go to Panama and get residency there.
And then you have to go to Portugal and get residency there indicating Panama's residency?

Yes. But in real - you do not need to have a residence permit in Panama. Porgugeese tax authority will not chech if you have a residence permit there or not. They will just ask for any proof of address. And they accept almost everything..

 

[Educate]

Yes. But in real - you do not need to have a residence permit in Panama. Porgugeese tax authority will not chech if you have a residence permit there or not. They will just ask for any proof of address. And they accept almost everything..

But how can you get proof of address if you don't have an address in Panama? Just fake documents or pay Panama company to send you one?

 

[LoveMyLife]

But how can you get proof of address if you don't have an address in Panama? Just fake documents or pay Panama company to send you one?

No. You can order a mail forwarding service there. And you can go to some store in the EU to buy a prepaid card. And register it the same day by using this panamian address ver the internet or phone. Registration of prepaid card does not require proof of address. And ask to have sent original card statement just few days after by the post. Mail forwarding service will forward it to you wherever you live and portugeese tax authority will be happy. They accept statements from any financial company..

 

[Spinat]

You can get a mail forwarding address which no one can lookup to see it is a shared address?

Not bad.

 

[LoveMyLife]

You can get a mail forwarding address which no one can lookup to see it is a shared address?

Not ba

You can get a mail forwarding address which no one can lookup to see it is a shared address?

Not bad.

Exactly. Panama has a special regime when talking about post delivery. There are a few locations where no one will know that it is a mail forwarding facility.