What would be the more simple solution? My clients are currently outside the EU so not even that is important to me at the moment.
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US LLC + live in Thailand
- Thread starter Roo
- Start date
Just to clarify...
U.S. banks, under FATCA, only report to your country of residency (not to the country of your nationality).
And they only report if you earn more than $10 in interest. It's better to check the double tax treaty between your country of residency and the U.S.
They do not report if your account is an LLC account, as it is not a personal account.
Of course you have to but again, since you don't owe any taxes in US, IRS will not come to you asking to justify what are those $5000 payments for go go bars.
They only want the numbers to be factually correct.
You can't have 0% tax, no audits, no returns, EU whitelisted without accepting some compromises.
The best compromise is the US LLC because it's a jurisdiction with solid reputation, banking access, payment processor access, tax free, no audits and minimal filing requirements.
ALL other jurisdictions in a way or another are poorer choices because they lack banking access or payment processor access or require audits and so on.
Good point, I forgot to highlight this!
I don’t think you can legally run US LLC (or any LLC) while in Thailand and don’t declare it as income. Because it’s an extension of you, it’s a freelance job you’re doing it’s not a Ltd company. Correct?
I have a Spanish passport, I have moved out of Spain several times, once I told the tax authorities that I was leaving the country, they never asked me where I was planning to move to, and if I was going to pay taxes in any other country. I just left and for example, when I was living in Dubai tax free, the Spanish tax authorities (Hacienda) never asked me to carry on paying taxes in Spain. That's my personal experience, I don't know if this has been different for other Spanish citizens.
Correct in theory.
In reality depends on your risk appetite.
That's why i also suggested plan B
https://www.offshorecorptalk.com/threads/us-llc-live-in-thailand.44753/page-2#post-300872
I don’t want any risk at all!
as I understand the us LLC (any LLC as I wanted to open SVG) has risks. Sure we’re not sure for anything, but all this is hard. That’s why I look for something easier and more direct-clearWhich is the plan b?
I know a few people that have a single member LLC (SMLLC) and they live permanently in Thailand, they've never been asked to pay taxes in Thailand as no one is checking if you're working for your SMLLC from Thailand, especially if you're working from home.
Although technically you are working from home, they won't knock on your door to see what you're doing.
I spent time in Thailand and I also have an LLC, I've never had any problems tbh.
Plenty of digital nomads living in Chiang Mai and working from home and not paying taxes.
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I think in many countries unless you are a citizen you won't be catching authorities eyes unless you stand out. Running your own thing from you home or a caffe especially in a touristy country will probably not be something that will get you in trouble, if you stay permanently and have serious ties there like kids in school it may get a bit more complicated and someone may start asking questions. Probably depends a bit on your luck too and what gets reported about you and where.
Been nomading with long stays in various places and never been asked anything yet by anyone, hope it stays that way
.LOL easier than US LLC?
Click on the link i posted.
Exactly.
In theory you are working in Thailand without a work permit.
In reality nobody cares but if you want to do things by the book you need to hire a manager in a tax free jurisdiction so that it appears that the work is done from there.
If one day the Thai tax authorities have a way to check if you're indeed working from home and they start asking everyone to start paying taxes, I'm sure a lotttt of Expats and digital nomads will leave the country.
You are thinking in one dimension.
Good luck opening a bank account for those companies.
And even if you did, you woul have only one option (most likely Wise).
If for any reason Wise will close your account, you are out of business or relying on second tier scam banks with outrageous fees.
Good luck opening payment processor for those companies.
Good luck having EU companies and tax agencies accepting invoices from known tax havens.
You are only thinking about filing forms when your BVI / Cayman / you name it company is built on quicksands.
A US LLC is the best option because it's a reputable jurisdiction AKA all countries accepts an invoice from US and you have choices for banking and payment gateways.
That's the reality.
very clear and thanks for this! Then, which region? New Mexico, Dellaware, what else? What is the best for the specific case..
It better to seek the help of a CPA that will help you based on your needs, as well as with all the forms.
can i ask, since you have LLC USA : 1) do you need to make your OWN (at your name) TAX number in USA? 2) What is the actuall requirements - annually, tax filling, audit? what ? and every time you get money to your name, you need to fill forms to IRS etc? (from the company to your name).
thank you
What other is a headache in your experience?
thank you
thank you
Where can i find one? I'm looking but can't find. Could you suggest if you have somebody? thank you
can i ask, since you have LLC USA : 1) do you need to make your OWN (at your name) TAX number in USA? 2) What is the actuall requirements - annually, tax filling, audit? what ? and every time you get money to your name, you need to fill forms to IRS etc? (from the company to your name).
What other is a headache in your experience?
thank you
You can contact James Baker, he is in Florida, CPA. He will form the LLC and he will take care of all the forms, and if I were you I would pay him to take care of all the reporting so you don't end up facing a fine from the IRS.
James will also open the account for you if you want to, you can schedule a free consultation with one of his representatives through his website, just google him (he also has a YouTube channel where he is constantly explaining this subject), and most likely he will suggest you to form a MMLLC (multi member LLC) in order to avoid the Estate Tax.
Sorry but it's a long subject and there's a lot to learn, a CPA is the way to go.
I will look for him... "facing fine from the IRS", "avoid Estate Tax"
))) Welcome to the USA ))))
the tax brackets in Thailand are very friendly, in terms of usual living expenses in the country, it's better to simply calculate the needed planned expenses by having a look at the costs and then check how much % it will really end up being taxed, could easily be like 18% or something, which is not a big deal for having a nice paper that says "I already pay taxes in [X] country, you cant tax me twice arent you?" to the hungry-country
)). All countries are hungry though, just taxation in each one looks different - Hong Kong is not hungry with the 0% tax? well they tax through real estate by having all lands leased from government to contractors who charge exorbitant real estate prices and people pay their 'everything tax' that way, while still thinking they pay no tax. That's what I've read about Hong Kong, not an expert though. Dubai same story, all prices of "everything" are high, look at the cost of restaurants and real estate, same thing like HK just in a different wrap. If you name taxes "Government Fees", it's still a tax imho. Just convenient for some types of activities, not for everyone. I would choose what's best in terms of lifestyle, because life is short and money really doesn't buy any happiness 
. Look at the polls, people in Scandinavian countries are the "Happiest in the world, by all polls!" despite being taxed up to 72% total at some circumstances (Denmark 
), but they're always the happiest in the world 
. This makes me want to try living in one of these countries where wages after tax are 4k Euro, and a 1-bedroom apartment rent is 4k Euro. Just to figure out the mystery of how they even make ends meet, and then the second mystery of how they keep themselves so happy (number one in the world after all!). For now it's the number 2 I'm most curious about (number 1 is where are the aliens hiding in US underground bases - the topic of the year )unfortunately you will also need a US address proof, AT&T bill of some water / electric bill or long term rent contract (I think they don't even accept contract, but want bills specifically). My friend who's a non US citizen, recently went there for a bank account, we researched like 3-4 banks that are "foreigner friendly" but none of them agreed to open personal account without US address proof. And to get some mobile sim card bill at your address (he tried to get one to his friend place) needs like 30 days lol, and his ticket back home was for 2 weeks, so try to plan for that as well. Possibly it's different for LLC, but better to be safe than sorry - so just pick a few banks on google maps and call them, ask the workers if they require US address of not, for foreigners with LLC
that way you'll know for sure that they'll accept your application.Also most banks automatically know that an address is a "mail forwarding service" address, even when it looks like a completely physical address box (they have some database) so they won't accept, must be residential address of the account owner. Pretty sure for LLC too, although when I did my account for LLC I was still resident in Texas, they asked address, but I am not 100% sure how they handle non-residents.
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Good comment except this part. I mean so you really trust polls? Most polls are just made to influence the public and sent in the right direction (right for them)the . Look at the polls, people in Scandinavian countries are the "Happiest in the world, by all polls!" despite being taxed up to 72% total at some circumstances (Denmark
I must say that nature here is very good and a big plus for me.
Look at the situation in Malmo ect ( How gang violence took hold of Sweden – in five charts ) with all the immigrants and gang problems . + 72% tax that goes to such people who prefer to rob a grandmother instead of take a job. + getting free money from the goverment. Maybe this was the group that they invited for the poll? Most polls are just created by questioning a few k people (mostly by their selection) the A guide to number games
Oh and don’t forgot the motorcycle wars there in the last decades.
I know Denmark deal better with immigrants. I am not against immigrants but come bring something instead of just taking money and do robbery.
Also why is amphetamine is a big problem in Scandinavian countries Problem amphetamine and methamphetamine use in Europe | www.emcdda.europa.eu personally I think this poll is totally bulls**t.
My customers that pay the 5 times the normal prices are also the most happy one ok
But I totally agree. It’s better to pay some tax if it’s worth to increasing your lifestyle by this way. I am Libertarian and normally against tax but I have lived in Bulgaria and at that moment the 15% was totally fine for me.
Edit: By the way you can easy test it. Signup by a bunch of poll/survey company. Different email/browser/ip/fingerprints
in 1 account you answer for each poll
that they invite you for as a ultra left person and the other account you do the opposite. For this second account you will receive less and less invites. I tried a few year ago during the lockdowns.
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