Our valued sponsor

Seeking Insights and Strategies for Offshore Business

#4
Hi,

Living in the south-east of Europe. Interested in optimizing taxes, legally of course.

Looking to form an LLC that will provide IT Consulting services to customers around the world.

From what I gather so far, Wyoming, New Mexico would be interesting options.

Banking wise, Chase gave me some info, in terms of required documentation to open a corporate account by visiting the US:

Two forms of ID - drivers/passport + debit/credit card/utility bill
Certificate of formation
Company EIN

Based on your experience, is something missing here, or am I on the right track?

Thanks,

Kind regards
 
#6
techamok said:
Living in the south-east of Europe. Interested in optimizing taxes, legally of course.
Click to expand...

Then you can probably forget about this. I mean, unless your country's tax authority does not enforce the law.
Has it never occurred to you that if all you had to do to lower your taxes was to register a company for $200 or so, everybody would do it? Do you really think you are so much smarter than everybody else that nobody else has ever thought of this? I don't mean that in a condescending way, I just really don't understand why people don't immediately realize this couldn't possibly work?
 
#7
Marzio said:
You are missing that your country of residence will want its slice of the pie because your US LLC company will be tax resident where you live.
Click to expand...
Hi,

Does this apply even when I am not in the country long enough to be tax resident by law?

For example my country applies the 183 day rule, so people working on cruise ships etc. (just as an example) are effectively not taxed as they are not in the country for 183 days.

Kind regards
 
#8
Maybe, he is a friend of @troupos13. We had some good times with him recently. Here is what we found.
troupos13

Thread 'LLC for Greek Resident'

I am interested in establishing an LLC in Delaware or Wyoming. In Greece, where I reside, there is no clear guidance regarding the tax treatment of LLCs. Even the tax treaty between the USA and Greece does not mention anything specific.

However, there are a few points to consider:

- The tax authority manuals state that profit distributions from offshore companies are taxed as dividends. An LLC makes a profit distribution (not dividends).
- The LLC as a company type exists in Greece, and it distributes dividends (similar to the Greek ΕΠΕ - Limited Liability Company).

There is no...
  • Like
 
#9
techamok said:
Does this apply even when I am not in the country long enough to be tax resident by law?

For example my country applies the 183 day rule, so people working on cruise ships etc. (just as an example) are effectively not taxed as they are not in the country for 183 days.
Click to expand...
You then just have the PE risk. Most countries consider you tax resident if you perform work there in a permanent establishement. Depends on the circumstances etc. If it is your citizenship country where you grew up, it is most likely not to work, espcially if you have a nice office there and showroom etc. and are just out of the country 7 months on business travel.

If you spend 5 months in Albania, 5 months in Kosovo, 5 months in North Macedonia, 5 months in Montenegro, 5 Months in Bosnia & Herzegovina, 5 months Serbia, it probably works.
 
#10
JustAnotherNomad said:
Then you can probably forget about this. I mean, unless your country's tax authority does not enforce the law.
Has it never occurred to you that if all you had to do to lower your taxes was to register a company for $200 or so, everybody would do it? Do you really think you are so much smarter than everybody else that nobody else has ever thought of this? I don't mean that in a condescending way, I just really don't understand why people don't immediately realize this couldn't possibly work?
Click to expand...
Hi,

No, I get this point, just researching options to optimize the taxes. I am fairly certain that some taxes will need to be paid in my specific case.

Kind regards
 
#11
daniels27 said:
You then just have the PE risk. Most countries consider you tax resident if you perform work there in a permanent establishement. Depends on the circumstances etc. If it is your citizenship country where you grew up, it is most likely not to work, espcially if you have a nice office there and showroom etc. and are just out of the country 7 months on business travel.

If you spend 5 months in Albania, 5 months in Kosovo, 5 months in North Macedonia, 5 months in Montenegro, 5 Months in Bosnia & Herzegovina, 5 months Serbia, it probably works.
Click to expand...

Yes, this is what I was thinking, not to effectively have a PE anywhere, as I was planning to do lots of travel anyways. Not sure if it would be fully legal though, or there are other aspects to consider tax wise.
 
#12
techamok said:
Yes, this is what I was thinking, not to effectively have a PE anywhere, as I was planning to do lots of travel anyways. Not sure if it would be fully legal though, or there are other aspects to consider tax wise.
Click to expand...
Are you able and willing to leave your home country? If yes, there are ways. If no, it most often is not worth the risk.
 
#15
Then, you can just unregister there. Leave and never show up. You can then live with your US LLC while flying under the radar like we have discussed it here for example
P

Post in thread 'New Philippines FIV Permanent Residency?'

peter taradash said:
My trick as a PT is to never stay in any one country for over 6 months continuously. That way you are always a tourist & never a taxpayer. The problem is that for some things like banking they want to know where you pay taxes & unless you have a legal residence in a place like Monaco that has no income nor property taxes, you can't meet their KYC regs anymore. My kid who has taken over my consulting does has a few solutions, but they are not free. His min consulting fee is $1000.
Click to expand...
I think Dubai will also do in place of Monaco.
J

Post in thread 'Digital Nomad Perpetual Traveler + Apartment in Cyprus = tax ?'

The most perpetuated tax myths on the internet:

* You cannot be without a tax-residency. If you don't have a tax residency, you will be tax resident in your country of citizenship. (What about a child born to non-Emirati parents in the UAE and the parents permanently leave the UAE to live on a boat after the birth?)
My favorite part about is that they can never point to an applicable law, they refer to "the OECD" or random tax treaties, and they never even understand the sentences they are quoting.

* Tax residency certificates are magical papers that will make any tax inspector cry out...
  • Like
  • Haha
 
#20
yes back after 4 years, got emailed by the system and wonder what's going on here, didn't spend much time here for long time.

Does it change anything for you?
 
Register now
You must login or register to view hidden content on this page.
You must log in or register to reply here.

Similar threads

disagree
Strategies for getting back on-shore
Replies
40
Views
1,875
Tax, Accounting & Legal
Revoltec
R
P
Tax-Optimization Strategies for Czech s.r.o.
Replies
11
Views
254
Tax, Accounting & Legal
void
V
ikan
Seeking opinions / Reduce 500 ke inheritance tax
Replies
53
Views
729
Tax, Accounting & Legal
daniels27
D
rodrigogarciaster
Best Offshore Jurisdiction for AdSense Earnings: Seeking Advice (not duplicated)
Replies
8
Views
491
Tax, Accounting & Legal
justAnObserver
J
EliasIT
Seeking Expert Advice for Securing My New Lenovo Laptop
Replies
89
Views
3,214
Let's talk body
sebastian
sebastian

Forum Announcement

Latest Threads

Offshore Bank Accounts
Top Bottom
Back