Why are not more people mentioning Montenegro?

[GrumpyMess]

but believe me, better than Cyprus

why better?

 

[1nomad]

why better?

As @MarioSmith said, every jurisdiction and country has it's own advantages and disadvantages. For me Cyprus is too far, not accessible by car, quite expensive

 

[1nomad]

Benefits are the following: 9% corporate tax, flexible banking system when it comes to resident company, USD transactions, possibility to do business worldwide, easy to use and also you can perform many activities that EU banks don't like because of overregulation. Also their tax system is very simple so with the help of the right bookeeper you can lower the amount of tax to be paid significantly. But you can not make business with local company and pay nothing just like that if you operate through local bank - and we never advise our clients to do that.

As for the undevelopped country - it depends with what you compare it. I was living there for 3 years and the development is very fast, especially in coastal area that in some places corresponds to highest luxury standards (area towards Albania is not so developped). Even capital city Podgorica which was voted the ugliest capital in Europe is now experiencing nice growth with a lot of projects now being developpped, nice restaurants, hotels, etc. Of course, if you can afford to use banking services in Switzerland, Montenegro will not be attractive for you anyway.

Every jurisdiction and country has it's own advantages and disadvantages. Montenegro has high corruption level, quite incompetent authorities, etc. but this is something that describes majority of emerging economies.

Personal tax is 9% too, so you can run IBC from Montenegro and paying just dividend tax I think. For freelancers ideal., but for someone who's doing business in Europe and needs VAT can be better do it with a Montenegro company, right?

 

[jakonda]

Relatively difficult to find a good accountant speaking English in MNE. Good to speak local language (Serbian/Croatian) so you can enjoy full corp. sevices. ...there are better options/countries to set up a company in the Balkan area.

 

[monkeyb0y]

Because it is a corrupt third world banana republic maybe...just a guess . I would have put my pension in Bitconnect and bought shares in Satabank before I go near Montenegro.

https://www.offshorecorptalk.com/threads/ibm-bank-montenegro-bankruptcy.25069/#post-90561

Thats rough! Do you have a top list of jurisdictions that you think are worthwhile considering. I have read a lot of your comments and would really appreciate a reply.

 

[Martin Everson]

Thats rough! Do you have a top list of jurisdictions that you think are worthwhile considering. I have read a lot of your comments and would really appreciate a reply.

Consider for what?

 

[EliasIT]

I would love to learn more about such a Top list of jurisdictions according to Mr. Everson's opinion

 

[monkeyb0y]

Consider for what?

I would say in order of importance:

1. not a banana republic
2. good life style
3. low tax and asset protection

 

[JackAlabama]

I would say in order of importance:

1. not a banana republic
2. good life style
3. low tax and asset protection

The only thing which comes to mind is the land of dreams accessible while sleeping.


1. and 3. is almost mutually exclusive and 3. in itself is exclusive in most cases and 2. is highly individual. What is a great lifestyle for me is most probably not for you.

 

[JosephLL]

Because it is a corrupt third world banana republic maybe...just a guess . I would have put my pension in Bitconnect and bought shares in Satabank before I go near Montenegro.

https://www.offshorecorptalk.com/threads/ibm-bank-montenegro-bankruptcy.25069/#post-90561

Last 2 years truly brought a whole new light on a shithole perspective now didn't it? Since feb 2020 I spent most of my time sunning my balls (not metaphorically, the majority of cost was emptied most of the year), getting my optimum vit D levels on the Montenegro's coast.

 

[Martin Everson]

I would say in order of importance:

1. not a banana republic
2. good life style
3. low tax and asset protection

I think @JackAlabama answered it well enough. Living outside your home country is something that is very individualistic. You need to find what works for you. There is no one place that will meet all 3 points. Culture, language and rule of law are also very important factors. Like Jack says, what is good life style to you? I am equally happy living in a 400sqm 5 bed $5m air conditioned Penthouse as I am living in a 25sqm studio apartment with a mattress on the floor in a third world country. Good life style to me means freedom of thought, low crime rate, warm weather, transparent rule of law and no taxes. With the exception of Monaco I cannot find this in Europe or Middle East hence why I live in Caribbean.

 

[JamesDonkey]

I think @JackAlabama answered it well enough. Living outside your home country is something that is very individualistic. You need to find what works for you. There is no one place that will meet all 3 points. Culture, language and rule of law are also very important factors. Like Jack says, what is good life style to you? I am equally happy living in a 400sqm 5 bed $5m air conditioned Penthouse as I am living in a 25sqm studio apartment with a mattress on the floor in a third world country. Good life style to me means freedom of thought, low crime rate, warm weather, transparent rule of law and no taxes. With the exception of Monaco I cannot find this in Europe or Middle East hence why I live in Caribbean.

Where in Caribbean do you live?
Don't the high prices of living offset the benefit of the zero taxation, in general for the whole Carribean region?

 

[Martin Everson]

Where in Caribbean do you live?

Bahamas

Don't the high prices of living offset the benefit of the zero taxation, in general for the whole Carribean region?

Depends on your income. If you have a low income then your better of in a high tax country as cost of living is expensive out here. However if you earn a high wage lets say 500k a year then the tax savings are huge and cost of living and price of goods is largely irrelevant.

Remember every tax dollar you save goes into your quality of life. Yes you can go to a restaurant and end up spending $150 on a meal. But that is $150 that would have otherwise gone to the taxman in a high tax country...lol. I would rather then $150 go to someone hard working and directly into local economy rather that go to government and be mismanaged.

 

[cuno]

you are so right @Martin Everson - I don't have the 500K to relocate to the Bahamas, if I had I would buy you are beer.

 

[Verbatim]

Bahamas



Depends on your income. If you have a low income then your better of in a high tax country as cost of living is expensive out here. However if you earn a high wage lets say 500k a year then the tax savings are huge and cost of living and price of goods is largely irrelevant.

Remember every tax dollar you save goes into your quality of life. Yes you can go to a restaurant and end up spending $150 on a meal. But that is $150 that would have otherwise gone to the taxman in a high tax country...lol. I would rather then $150 go to someone hard working and directly into local economy rather that go to government and be mismanaged.

AFAIK if you get economic residency in the Bahamas you still don't have the right to work initially. When people apply for permit to work in their own company does that usually get approved or it can be a hassle?

 

[Martin Everson]

When people apply for permit to work in their own company does that usually get approved or it can be a hassle?

Don't know to be honest but very much doubt it. Not many people I imagine come as self sufficient to live tax free life and then want to setup a business here as it makes no sense. You got payroll taxes to deal with and then business license fees. None of these taxes and fees are small. The business license fee can be up to 0.75% of turnover not profit. Payroll tax is over 9%. Then you got reputation of Bahamas company if dong international business. Seriously its pointless.

 

[JamesDonkey]

Once you've established your tax residency in Bahamas, you can travel and live for a little while in other Latin American, more interesting, countries, right? How many months, at the minimum, are required to stay in Bahamas per year to be deemed living there?

 

[noname]

Montenegro is a beautiful country, but has high corruption and crime rate that's true especially last years fights between narco mafia it can happen that a car bomb explode below your appartment or near your favorite restaurant so I woudn't recommend living there, but if you are going to run your company from abroad and have good local accountant maybe visit country once in a year it shoudn't be a problem. Their ambitions are to join EU but who knows when and if that will happen. I believe you can find some decent banks there with modern online banking system. Disadvantage can be that most international companies such as Google, Stripe, Apple and others not support Montenegro companies to do business with. I am not expert for this but I think UAE, Cyprus are better options.

 

[Martin Everson]

Once you've established your tax residency in Bahamas, you can travel and live for a little while in other Latin American, more interesting, countries, right?

Yes thats correct but you cannot spend more than 183 days in any single country.

How many months, at the minimum, are required to stay in Bahamas per year to be deemed living there?

I think tthe minimum stay is 90 days. But as mentioned you cannot spend more than 183 days in any other single country.

 

[JohnLocke]

Because it is a corrupt third world banana republic maybe...just a guess . I would have put my pension in Bitconnect and bought shares in Satabank before I go near Montenegro.

really?

Montenegro is an undeveloped and small country with good nature but still hard to live also their banking system is like from 1990

That can be bad as well as good. If just they can make SWIFT transfers to Europe it could work if you have the time to wait for it. On the other hand, as mentioned Montenegro is an developing country, you could put all your money into Satabank or Bitconnect the risk losing them is the same.