Correct, but this is a complicated process and we recommend you to consult a tax adviser in the country of your residence. For sure there are options to reduce the tax it just gonna to be structured correct. You may look into your possibilities to make use of a Cyprus company in the EU.TwoFaces said:Hi phantomoffshore. How can it possibly work if you are a resident of one of the many western countries? Many big countries (such as the UK and USA) perceive your income as a whole i.e. it does not matter where the holding company is located. If you are resident of the UK (for example), all your income is taxable and must be declared. No?