UK Citizens, Adult Industry, Low Tax solutions

[koohl]

@Fred do you have any input to this?

 

[Fred]

@Fred do you have any input to this?

Yes but nothing for the public.

 

[theviewer1985]

60 days is the minimum to maintain your tax residency in Cyprus, not the maximum. You can spend 365 days per year in Cyprus if you wish without changing anything.

Thanks for clarifying

I can also stay in Cyprus 90 days every 6 months, without a VISA as well if I am not mistaken. (as a UK passport holder)

But that feels like its wrong. Surely id need a VISA of some sort, especially if I am a tax resident there. A Work Visa at the very least. I doubt I can do the usual BS of "I'm here only for pleasure sir" if I am a documented tax resident lol

The reason that's of interest, is I'm not sure long-term VISAs are easy to come by now since Brexit. But maybe I'm wrong...?

Yes but nothing for the public.

Intrigued.

I feel stupid but i cannot find how to PM you. Can you send me a private message and we'll chat elsewhere

 

[luap]

Thanks for clarifying

I can also stay in Cyprus 90 days every 6 months, without a VISA as well if I am not mistaken. (as a UK passport holder)

But that feels like its wrong. Surely id need a VISA of some sort, especially if I am a tax resident there. A Work Visa at the very least. I doubt I can do the usual BS of "I'm here only for pleasure sir" if I am a documented tax resident lol

The reason that's of interest, is I'm not sure long-term VISAs are easy to come by now since Brexit. But maybe I'm wrong...?


Intrigued.

I feel stupid but i cannot find how to PM you. Can you send me a private message and we'll chat elsewhere

You're right, it wouldn't work if you entered on a tourist visa, but getting residency in Cyprus is very easy. I got my visa as a non-EU citizen and had no issues, likewise I've met many Brits and other non-EU citizens there. Prove around 24K in savings (or 2K monthly income), open a LTD company and rent a place. Any accountant will take care of all of this for you and you just show up to get photographed at immigration.

 

[theviewer1985]

You're right, it wouldn't work if you entered on a tourist visa, but getting residency in Cyprus is very easy. I got my visa as a non-EU citizen and had no issues, likewise I've met many Brits and other non-EU citizens there. Prove around 24K in savings (or 2K monthly income), open a LTD company and rent a place. Any accountant will take care of all of this for you and you just show up to get photographed at immigration.

Seriously...?

Your confidence changes everything. Cyprus was my first choice because not only is it a hot, lush island, but it also had the second-best tax rate I could find. Which I believe is 12.5% corporation tax ONLY. And ZERO percent on everything else (including dividends) for 17 years. Is that right?

Anyway, the reason I went off that idea is because I heard back from a tax/immigration service out there, called Mcmillanwoods. Read the email if you like: CleanShot 2023-04-03 at 12.07.54 - they did say what you said, which is to show a 'stable income' but they sounded very uncertain of the OnlyFans thing being deemed as stable.

Although in hindsight, I probably did overreact to that. Im sure 2 years of solid accounts, showing well over £25k savings AND £3k per month x 2 wouldn't be looked at as unstable. Unless Cyprus really hates sex workers or something.

After that email, I turned my target to Romania. Which I believe has the best tax rate (9% all in). It does look like an incredible country (and may be my new number one) but I just can't shake the idea that I'd regret not picking a sunny country.

So with Cyprus, can you give me a basic order of actions - talk to me like I'm 10yrs old with a 1,2,3,4 list of steps if you have the patience. Presumably opening a LTD is the very first step. Do I need any sort of VISA before visiting there, or do I turn up on a standard tourist visa and deal with getting the digital nomad residency while there? At what point should I rent a long-term apartment as that seems risky too early?

Oh and lastly do you have an accountant recommendation that helped you or your friends with all of this?

 

[luap]

Seriously...?

Your confidence changes everything. Cyprus was my first choice because not only is it a hot, lush island, but it also had the second-best tax rate I could find. Which I believe is 12.5% corporation tax ONLY. And ZERO percent on everything else (including dividends) for 17 years. Is that right?

Anyway, the reason I went off that idea is because I heard back from a tax/immigration service out there, called Mcmillanwoods. Read the email if you like: CleanShot 2023-04-03 at 12.07.54 - they did say what you said, which is to show a 'stable income' but they sounded very uncertain of the OnlyFans thing being deemed as stable.

Although in hindsight, I probably did overreact to that. Im sure 2 years of solid accounts, showing well over £25k savings AND £3k per month x 2 wouldn't be looked at as unstable. Unless Cyprus really hates sex workers or something.

After that email, I turned my target to Romania. Which I believe has the best tax rate (9% all in). It does look like an incredible country (and may be my new number one) but I just can't shake the idea that I'd regret not picking a sunny country.

So with Cyprus, can you give me a basic order of actions - talk to me like I'm 10yrs old with a 1,2,3,4 list of steps if you have the patience. Presumably opening a LTD is the very first step. Do I need any sort of VISA before visiting there, or do I turn up on a standard tourist visa and deal with getting the digital nomad residency while there? At what point should I rent a long-term apartment as that seems risky too early?

Oh and lastly do you have an accountant recommendation that helped you or your friends with all of this?

Seriously. The digital nomad visa or golden visa (300k investment) aren't the only options, and the stable income thing is easily achieved (transfer 24K yearly from your UK account or Wise/Revolut account into your CY Bank, then spend it anywhere). The most common route for non-EU is to just open a LTD Company, become director, transfer funds to CY bank from abroad. Contact any other accountant/lawyer (or PM me for mine)

 

[theviewer1985]

Seriously. The digital nomad visa or golden visa (300k investment) aren't the only options, and the stable income thing is easily achieved (transfer 24K yearly from your UK account or Wise/Revolut account into your CY Bank, then spend it anywhere). The most common route for non-EU is to just open a LTD Company, become director, transfer funds to CY bank from abroad. Contact any other accountant/lawyer (or PM me for mine)

And on the digital nomad visa, I would still be a tax resident of Cyprus (presuming I stay there longer than 60 days?

Yeah my plan would be to open a LTD company as a director.
Can you PM me? I deffo would love to know what accountant you use, as it is tried a tested. I still cannot figure out how to open a PM on this site

 

[clemens]

A micro-company in Romania might be what you are looking for (1% CT for income up to 500K EUR, 8% dividend tax).

That may indeed be a very good solution for your situation OP!

 

[theviewer1985]

That may indeed be a very good solution for your situation OP!

Oh I am following that one up dont worry I have a 1 hour consultation with a Romanian immigration lawyer on Friday!

But although Cyprus is technically more expensive, (only by a few %) I just cant ignore the fact that we do love sunny climates.

Romania however, is a very very nice second choice if I struggle with Cyprus VISAs. We already honed in on 'Brasov' which looks amazing. Surprising fact, Romania has the fastest internet in Europe.

 

[theviewer1985]

Seriously. The digital nomad visa or golden visa (300k investment) aren't the only options, and the stable income thing is easily achieved (transfer 24K yearly from your UK account or Wise/Revolut account into your CY Bank, then spend it anywhere). The most common route for non-EU is to just open a LTD Company, become director, transfer funds to CY bank from abroad. Contact any other accountant/lawyer (or PM me for mine)

Urgh mate, im hitting road blocks everywhere. So I've spoken to several immigration lawyers in Cyprus now and half of them seem super laidback and think of it as easy:

"Fly out as a visitor, open an LTD and we will sort your permanent residency while here"

The other half seem to make it sound impossible. Some saying no chance because "Onlyfans" wont be deemed stable and/or CY business banks wont accept the business. And the one I just spoke to now says I wont be able to employ myself if I open a Cyprus company, without getting a work visa (thanks to Brexit as the company will be foreign owned). But to get a work visa, id need to invest 200k into the business bank - which isnt doable yet. He also said, my only VISA option (unless I buy a 300k house) is a visitor VISA which means I would need to leave the country every 90 days to renew it somewhere.

This led me back to you on here to see what your thoughts were?

I do see that you said

become director, transfer funds to CY bank from abroad

Maybe this is the key....?

Sorry mate, I know im dumb with this kinda thing

Also I still cant figure out how to PM you...

 

[luap]

You don't need the permanent residency. The easiest is to start with the temporary 1 year residency and renew it each year (but they wont make their commissions on the 300K). It really is as laid back as some of them are making it - as long as you have no criminal record, earn money from abroad etc.

I don't have PM privileges on here (only premium do), but I emailed your username @ gmail.com as it shows as a valid and working email, else let me know how to message you.

 

[MiltonStone]

You can choose to stay in the UK and find a solution where you do not have to use your name or other personal information, or you choose to move out of the country and to a place where you can accept the tax rate that must now be paid there.

 

[theviewer1985]

You don't need the permanent residency. The easiest is to start with the temporary 1 year residency and renew it each year (but they wont make their commissions on the 300K). It really is as laid back as some of them are making it - as long as you have no criminal record, earn money from abroad etc.

I don't have PM privileges on here (only premium do), but I emailed your username @ gmail.com as it shows as a valid and working email, else let me know how to message you.

Hey

I created a burner email on my Mac, it'll forward to my main one then we can chat Its: vastest-moon0j @ icloud.com