Martin, to be fair, this is a structuring matter. It is nothing to do with BVI per se. What you say applies equally to Belize, Cyprus, England, Comoros, you name it... any reasonably sophisticated tax authority will claim jurisdiction over any foreign company that appears to be administered from its jurisdiction. Location of directors and place of significant control is the main indicia.
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USA Bank account for BVI company
- Thread starter Piri Erts
- Start date
Amazing that your point is not obvious to anyone on this forum! Also, there will be no hiding from the tax man in any jurisdiction if you expect to be able to transact internationally. Of course, depending on the jurisdiction, one might be able to find out the owners of a company, or maybe not. So perhaps one is better than the other for privacy but it will NOT be for tax purposes. No legitimate bank will accept an account where they do not know the true beneficial owners. Shady structure = shady bank = high probability of loss of money.
Taken to an extreme, if you believe that there IS a place where you will be completely anonymous AND pay no tax to your country of tax residency (assuming tax rate > 0%), then you might as well just buy Bitcoin as it will probably be equally liquid when comes to exchanging for good and services!
BVI is pointless for serious international business in 2018 as it has no double taxation agreements (DTA's) in the place firstly. Secondly BVI's derive no tax benefits to holders who legally declare them in most cases. It makes no sense to register a company there unless for holding purposes, as part of wealth management or as the ultimate parent entity. Thirdly there are simply better solutions that will allow you to take advantage of DTA's and offer better tax advantages in 2018
Going offshore is 100% about structuring. The moment you decide to bank or open a company outside your home country you need to be 100% sure you know what you are doing as a cross border setup. The truth is many people read this board and they always ask about setting up a Belize company or a HK company and sometimes a Seychelles company without fully understanding the consequences. It is not just location of directors that matters for determining control purposes it is place of operation firstly (which is never BVI in most cases). Secondly if it cannot be determined the place of operation outside of BVI then it reverts to location of directors aka shell company activity. The taxman in your home country determines this btw and not you or your CSP/Accountant. The taxman looks at where correspondence is sent too, where board meetings take place, where staff are located, where goods and service are provided and sent from etc etc. They go through your phone records, travel records and card and accountant records. They directly request the information from Visa and MasterCard or Amex. The last tool they have is to simply label it a tax avoidance vehicle and its game over...lol.
Cyprus and UK I would not put in list with Comoros and Belize as both are cooperative EU states with information sharing in place
If you plan on using a BVI and not declaring it to your home tax authority then you better hope that luck is on your side. It is far better to think ahead now and declare such a structure to your home country. BVI registries and in fact all UK Crown dependencies and Overseas territories will have open registries to the world and it will be like a CRS part 2 with many people caught napping.
BVI is pointless for serious international business in 2018 as it has no double taxation agreements (DTA's) in the place firstly. Secondly BVI's derive no tax benefits to holders who legally declare them in most cases. It makes no sense to register a company there unless for holding purposes, as part of wealth management or as the ultimate parent entity. Thirdly there are simply better solutions that will allow you to take advantage of DTA's and offer better tax advantages in 2018
Going offshore is 100% about structuring. The moment you decide to bank or open a company outside your home country you need to be 100% sure you know what you are doing as a cross border setup. The truth is many people read this board and they always ask about setting up a Belize company or a HK company and sometimes a Seychelles company without fully understanding the consequences. It is not just location of directors that matters for determining control purposes it is place of operation firstly (which is never BVI in most cases). Secondly if it cannot be determined the place of operation outside of BVI then it reverts to location of directors aka shell company activity. The taxman in your home country determines this btw and not you or your CSP/Accountant. The taxman looks at where correspondence is sent too, where board meetings take place, where staff are located, where goods and service are provided and sent from etc etc. They go through your phone records, travel records and card and accountant records. They directly request the information from Visa and MasterCard or Amex. The last tool they have is to simply label it a tax avoidance vehicle and its game over...lol.
Cyprus and UK I would not put in list with Comoros and Belize as both are cooperative EU states with information sharing in place
If you plan on using a BVI and not declaring it to your home tax authority then you better hope that luck is on your side. It is far better to think ahead now and declare such a structure to your home country. BVI registries and in fact all UK Crown dependencies and Overseas territories will have open registries to the world and it will be like a CRS part 2 with many people caught napping.
BVI is pointless for serious international business in 2018 as it has no double taxation agreements (DTA's) in the place firstly
Please tell us the offshore jurisdiction with zero income/corporate tax that has a favorable tax agreement with any G7 country? Or, tell us offshore jurisdiction that will allow for a REAL reduction in taxes paid for a resident of any G7 country, after DTA agreement?
Secondly BVI's derive no tax benefits to holders who legally declare them in most cases.
Please tell us a zero income/corporate tax offshore jurisdiction that provides tax benefits to G7 residents who legally declare them?
Thirdly there are simply better solutions that will allow you to take advantage of DTA's and offer better tax advantages in 2018
Please identify solution for a G7 resident that will allow for DTA's and better tax advantages?
It is not just location of directors that matters for determining control purposes it is place of operation firstly (which is never BVI in most cases). Secondly if it cannot be determined the place of operation outside of BVI then it reverts to location of directors aka shell company activity. The taxman in your home country determines this btw and not you or your CSP/Accountant. The taxman looks at where correspondence is sent too, where board meetings take place, where staff are located, where goods and service are provided and sent from etc etc. They go through your phone records, travel records and card and accountant records. They directly request the information from Visa and MasterCard or Amex. The last tool they have is to simply label it a tax avoidance vehicle and its game over...lol.
Please explain how this does not apply to ANY offshore jurisdiction for G7 resident, thus making comparison of BVI to another irrelevant?
Cyprus and UK I would not put in list with Comoros and Belize as both are cooperative EU states with information sharing in place
Assuming offshore jurisdiction is not sharing information with G7 country, do you believe company domiciled in said jurisdiction will be able to open a bank account in a G7 country? If not, do you think bank account in obscure country will not lead to operational issues when sending payments to G7 country from said obscure bank in obscure country?
If you plan on using a BVI and not declaring it to your home tax authority then you better hope that luck is on your side.
Regardless of offshore jurisdiction, are you advocating breaking the law of your country of tax residency? For regardless of where offshore company is one must comply with the laws of the country of tax residency. Thus, are you advocating for an offshore entity that has no AEOI with country of tax residency, thus enabling far easier TAX EVASION?
If one chooses to actually live in a high tax jurisdiction AND maintain REAL control of an offshore entity, via having responsibility for its operations and/or providing the main labor input, it will be very difficult and probably illegal to paint a picture otherwise via an offshore structure that uses nominee directors/shareholders etc. Of course, there will always be those who advise that they have the structure than answers your dreams. Some will get away with it, some won't. But LEGALLY avoiding taxes while resident in a G7 country is becoming almost impossible.
Please tell us the offshore jurisdiction with zero income/corporate tax that has a favorable tax agreement with any G7 country? Or, tell us offshore jurisdiction that will allow for a REAL reduction in taxes paid for a resident of any G7 country, after DTA agreement?
Secondly BVI's derive no tax benefits to holders who legally declare them in most cases.
Please tell us a zero income/corporate tax offshore jurisdiction that provides tax benefits to G7 residents who legally declare them?
Thirdly there are simply better solutions that will allow you to take advantage of DTA's and offer better tax advantages in 2018
Please identify solution for a G7 resident that will allow for DTA's and better tax advantages?
It is not just location of directors that matters for determining control purposes it is place of operation firstly (which is never BVI in most cases). Secondly if it cannot be determined the place of operation outside of BVI then it reverts to location of directors aka shell company activity. The taxman in your home country determines this btw and not you or your CSP/Accountant. The taxman looks at where correspondence is sent too, where board meetings take place, where staff are located, where goods and service are provided and sent from etc etc. They go through your phone records, travel records and card and accountant records. They directly request the information from Visa and MasterCard or Amex. The last tool they have is to simply label it a tax avoidance vehicle and its game over...lol.
Please explain how this does not apply to ANY offshore jurisdiction for G7 resident, thus making comparison of BVI to another irrelevant?
Cyprus and UK I would not put in list with Comoros and Belize as both are cooperative EU states with information sharing in place
Assuming offshore jurisdiction is not sharing information with G7 country, do you believe company domiciled in said jurisdiction will be able to open a bank account in a G7 country? If not, do you think bank account in obscure country will not lead to operational issues when sending payments to G7 country from said obscure bank in obscure country?
If you plan on using a BVI and not declaring it to your home tax authority then you better hope that luck is on your side.
Regardless of offshore jurisdiction, are you advocating breaking the law of your country of tax residency? For regardless of where offshore company is one must comply with the laws of the country of tax residency. Thus, are you advocating for an offshore entity that has no AEOI with country of tax residency, thus enabling far easier TAX EVASION?
If one chooses to actually live in a high tax jurisdiction AND maintain REAL control of an offshore entity, via having responsibility for its operations and/or providing the main labor input, it will be very difficult and probably illegal to paint a picture otherwise via an offshore structure that uses nominee directors/shareholders etc. Of course, there will always be those who advise that they have the structure than answers your dreams. Some will get away with it, some won't. But LEGALLY avoiding taxes while resident in a G7 country is becoming almost impossible.
You have a chip on your shoulder I think after I exposed your false claim on swift fees. It is just grudge posting now that you are making with endless question after question. You certainly have OCD and some mental health issues with being proven wrong but please try and get over it instead of wearing out your keyboard...lol. I am not against you, trying to flame you or anything. I enjoy good debate but I think you are getting a little odd now. You can find the answers to your question using google it is not that difficult...really it isnt...lol.
Peace out...lol.
Peace out...lol.
Exactly as suspected. Making unsubstantiated claims on a public form is quite easy. Specific questions are posed to you and will not answer them because it will show you to be the utter charlatan that anyone with a clue can surmise. No doubt you are selling your "expertise"....I think anyone who has read this thread will make their own conclusions about the value of your rantings, which have been shown to be nonsense and of little value to anyone with a shred of common sense.
"BVI's are tax transparent if place of significant control is not in BVI."BVI's are tax transparent if place of significant control is not in BVI. The place of operation of a BVI is deemed to be the location of the directors or place of significant control hence the tax liability falls away from BVI. They are ineffective in 2018. I am in middle of a tax case with a client over his daft understanding of how to use a BVI - he has zero chance of winning against this government.
Also BVI's will no longer be private solution:
'Dirty money': U-turn as Tories back plans to make tax havens transparent
However is privacy and tax is not your concern then use a BVI in 2018
You are talking as of now or like in the article that is says from 2020?
Hello,
If you have all company documents you can work with delawareagency Delaware Company Formation They can handle all process around 48 hours.
If you have all company documents you can work with delawareagency Delaware Company Formation They can handle all process around 48 hours.
This is over 3 years ago I posted this. What you need to know exactly. I can't read through whole thread again to work out the gist of it all
.
OP did you ever got your US bank account for your BVI company?
I believe NO true?
I believe NO true?
I don't think this it true...
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