Offshore Tax Strategy: The Most Important Factors You Must Consider
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- เผยแพร่เมื่อ 5 ต.ค. 2021
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How does international tax work? What are the factors that you must consider when designing an international tax structure? We are going to give answers to these questions today!
When thinking about international tax planning there are some important factors that you must look at:
Residency: residency of the company, residency of income, and your personal residency (residency of the shareholders). These are the most important things to look at because they determine which rules will apply to you, and where you will be taxable.
From here we need to think about management and control rules, and whether they apply in your case or not.
Residency of the income relates to where the work gets done. This would be the most simplified answer.
Residency of the shareholders. This concerns you personally but also concerns your company. Depending on your country of residency you will trigger (or not) Controlled Foreign Company rules, known as CFC rules. These rules would prevent you from keeping your funds in an offshore company and not taking income personally and bringing it back to your home country. You would be taxed as if you brought income back home, and claimed it personally.
These are some of the most important factors to look at. These things are super complex and some countries are harder to deal with than others. That's why it's always important to be super careful when doing your tax planning. If you don't do it correctly it will get you into lots of trouble!
If it looks easy, you're doing something wrong! That's why you should always talk to professionals when planning to do offshore structuring.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Wonderful clarity in illuminating the crucial parts of an offshore company regarding taxation.
Thank you for a great video.
Thanks for the kind words and your support! It's always our pleasure 😄
Are you interested in opening one?
@@OffshoreCitizen I definitely think it's the right structure to suit my needs but safely aligning within the jurisdictions for optimal support the business plans within the constraints of the DTTs accepted by the ATO.
Still at the research stage - back mapping various options from my business/lifestyle goals often uncovering roadblocks or unworkable combinations.
Each eastern European state has different opportunities in regards to corporate laws, tax, export, banking and visa requirements.... and, exceptions to their rules!
There just doesn't seem to be a multilingual CPA/lawyer who is an expert in setting up corporate structures in the various reasons eastern European countries to trade in northern Europe.
This is where your channel is invaluable Michael, thank you. It helps to find the available pathways and then narrow down those options to the final few warranting professional consultation before taking the next steps.
Here is an idea for a future video: CBI programs (formal and informal) and RBI programs that can lead to citizenship that have a military conscription requirement for citizenship. I think it's a necessary negative screen when considering CBI - for example, Turkey, Ukraine, and Georgia seem very attractive for CBI but they all have dangerous neighbors (Rusia and Syria) and either hot or warm conflicts and active military conscription. While you can pay a fee, delay through education, bribe etc to try and get out of conscription - the odds are that if you are a younger man, or have male children, eventually you or they will get caught in the net. Obviously, you can simply ignore the call, never visit the country and probably forfeit your passport - but that seems kind of stupid to get into that situation - plus you might go to jail. Along with allowing Dual Citizenship, I think all good CBI programs should either have a simple payment-based way to get out of conscription or not have conscription at all. Then there is the grey area - for example, Russia has conscription but if you were born outside the country or lived a long time in the US etc. they typically give you a pass since they don't want someone with mixed loyalties in their ranks.
Interesting suggestion!
Thanks for sharing that. We'll see what we can do 👍
How did you like this video?
@@OffshoreCitizen Great summary. It’s getting harder and harder to stay compliant and out of the grasp of tax authorities. When you consider the universe of investments and that the best ones (or best regulated ones at least) tend to be in high tax countries sometimes you can’t avoid at least the drag of withholding tax. I guess it’s worth mentioning that tax avoidance needs to be balanced against income creation! You can’t save tax if you haven’t made money…. Plus tax avoidance strategies cost money, so it needs to be commensurate with the extra workload and savings. You have mentioned that numerous times.
I see opening a Bank Account for new Company is not that straight forward , they dont like foreign remmitance to UAE ! i dont know why that's the case even for a free zone company
Are you considering to open one?
@@OffshoreCitizen yes i has a session with you and followed your advice in setting up however opening bank account seem to be more challenging than I thought
@@ameenasif yes banking is the biggest deal these days for sure.
I love your hat, what religion are you?
he's illuminati, duh
Hahahaha 😂
The Fez of Illumination! 😆🤣😆. Didn’t notice that at first. 😆
for the algo
I like this guy... just wish he wouldn’t mUmBLe so much. Huh? What’d he say? Rewind, rewind. 🧐
I agree. Like what he says, but as a native English speaker even I have difficulty understanding him sometimes. I've seen several comments on other videos of his from people who are not native English speakers and they have asked him to slow down and speak more clearly. Guess he's not reading the comments.
But if you ARE reading the comments, PLEASE slow down and speak clearer...for both the English speakers and the non-English speakers who want to watch your videos.
@@jimcvca thanks for the feedback. I'm always trying to balance keeping the videos short and covering a bunch of info so I generally figure if people want they can use the TH-cam feature to slow the video down or rewind.
I'll test slower speech and see about the reception.