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Thanks Steffen. I will certainly look into that. It sounds great actually!! :D
If you are going to sell to retail and plan to get paid with stripe or paypal make sure you can get an account for a BVI company, it's likely that you can't. And even if all is legal and fine, if you can't get the money from clients, not very useful
Also, your country of residency can have controlled foreign company (CFC) rules, meaning that your BVI company may have to pay your country corporate tax
I have applied for e-residency in Estonia. I think that really looks like the ideal way to go for us digital nomads. Thank you so much for you advice Steffen. Are you willing to share the company you work with to setup the business in Estonia and do your administration?
Of course, no problem. It's nordicconsult dot ee - Margus is online 24x7 XD
Thank you very much! Goes straight into my browser bookmarks :D
The problem of Estonia is that corporate tax is high if you don't reinvest your profits in the company. So, the day you want to be paid by your company you need to pay 20% of your income. I've heard it's easier than others, but way more expensive than Cayman, Panama, Singapore... if you have decent income
And probably worth mentioning that for a similar corporate tax as Estonia, you can incorporate in the UK, which is extremely easy. You don't need to apply, you can get a company operating in few hours just sending an email, and also a business bank account
Estonian CIT is still relatively low compared to the first world, I wouldn't by any stretch call it high. The problem comes with the controlled foreign company laws as you mentioned earlier. A lot of the cheaper places are either tax havens and you'll have trouble handling payments with them, or might be a bit more stringent in requirements (and/or having to be a resident there), e.g. Cyprus
If you reinvest all your profits (forever), Estonia sounds great and it's tax free. But my understanding is that if you pay yourself the profits of your company, those are tax with corporate tax of 20%. In the UK corporate tax is now at 19% (increasing soon because of all the lockdown spending, but still at similar levels as Estonia). So, depends on the case, but if you need the money the company makes, I don't think Estonia has any advantage compared to the UK. Maybe I'm missing something, I know well how it works in the UK, but just read about Estonia.
Paying yourself is a cost, thus not taxable. _Dividends_ are taxed at the CIT rate of 20%
I agree though that the main advantage is the ease and remote-friendliness, but UK is pretty competitive too
I don't think you're 100% right about paying yourself. I agree it's a cost, and the company doesn't pay taxes on this cost, and even reduces profit and corporate tax. But to pay yourself a salary from an Estonian company, you must be an Estonian resident, and pay income tax on your salary. Afaik you can't simply pay salary to people in other countries. Otherwise corporate tax would become irrelevant for single person companies, you'd pay yourself a salary of the amount of your profit and leave in a country with zero tax or territorial tax system, and you can incorporate anywhere in the world.
That'd also be a residency thing, yeah. If the place of effective management is not Estonia, you shouldn't need to pay tax there just because the business is registered. Otherwise you'd be double taxed, and then double taxation treaties apply.

To be honest I can't speak about this with 100% certainty and am curious myself, this is why we need to keep saying find a tax consultant ๐Ÿ˜›
Anyone have any experience selling russian domains from TimeWeb or such? MFers are requesting ACTUAL freaking PAPERS, translated and certified, sent by FREAKING post to Saint Petersburg... what in the FFFFFFFFFFFFFlying FFFFpterodactyl is this?? Is it still 1999 in Russia? Not even Fax??
Has anyone gone through O1/EB1A visas in the US? Going through the process right now, any pointers would be helpful.
In russia domain buy you.
I'm considering incorporating in the US (my company is in the UK right now). For the UK, I need accountants that take care of my accounts (it's somehow complex and time consuming, with payrolls, VAT....). I'm checking an LLC in the US, and for what I read sounds like depending on the state, you can simply keep a registry of the cash transactions, and you don't even need to fill annual reports. Is as simple as that and people take care of their own accounts, or is it trickier than it sounds?
In California you need to file taxes each year, income or not. The anual fee is $800. Popular business friendly states are Delaware and Nevada which are cheaper
The US is one of those places you should probably avoid incorporating within, unless absolutely necessary.
Delaware would be the place to incorporate, you've likely heard of the term "Delaware Corporation"
Did you consider the UK LLP UREC3APL2?
I didn't know about UK LLP, looks interesting, I'll research more. For US states, looks like New Mexico would probably be the most convenient for my needs, but thanks all for the info. What it's still not clear how much accounting is needed in for example New Mexico, which doesn't require filling annual reports. For what I read just keeping income an expenses in a spreadsheet should be good enough, bit sound too good to be true
Why is that?
There are 101 reasons. Many to do with tax and anti-money laundering regulations. Strum the wrong chords of an interest group (maybe the Copyright, media or life sciences lobby) and perhaps some of your new worst enemies will try to ding you for USD wire fraud even if the transaction happened in Timbukthree.
Hey everyone.
Does anyone had signed a W-8BEN form before?.
Actually, is there any tax-lawyer with you still got in contact?
I have, as a Canadian. Pretty sure for both some US-domiciled investments and for contracting with a US company. My understanding is that it is essentially me claiming that I am a resident of a country that has a tax treaty with the us for taxation purposes, and in those situations the US should not withhold income (or in some cases, dividend) taxes that are being paid out to me from a US entity.
I am not a tax lawyer, though.
I do W-8BEN-E all the time and lunmhejzcz is correct. Without a w-8ben they have to with hold 30% of all payments.
Render a list of country in which US has a tax treaty. So luckily for the startup i'm working, i'm from Venezuela, but living briefly on ๐Ÿ‡ฆ๐Ÿ‡ท with a temporal residency. I think i should use the ๐Ÿ‡ป๐Ÿ‡ช passport to fill that form.
During my quick google search, difference between W-8BEN & W-8BEN-E is the legal figure.
as a canadian the proper number to fill in was my social insurance number, not passport number. if youโ€™re just fiddling with passports to try and get your taxes as low as possible iโ€™d recommend getting a tax lawyers.
? itโ€™s company vs personal.
My situation is funny, because i want to make things "the right way" while escaping from my home country.
you are correct in that it is hilarious
The first is for individuals, the other for Entities ( i'm assuming companies )
thatโ€™s exactly what i said
> I think i should use theย :flag-ve:ย passport to fill that form.
please clarify this with a company as well, I think there might be some restrictions sending money to Venezuela from US so actually it might be problematic for folks paying you (I'm not saying there are any, but there definitely might be), in that case ๐Ÿ‡ฆ๐Ÿ‡ท would work better
Well actually they're paying me through Wise. But my main concern is save them some money with the best option. If you know an accountant or lawyer of trust, much appreciated.
Doing the yearly taxes is virtually impossible to do for a foreign owned LLC. The good thing however is that if itโ€™s very similar from year to year you can just duplicate the form and adjust the numbers. I paid around $300 for a dormant LLC with few transactions
but itโ€™s around $500 per year in Delaware with a registered agent and the state tax
Hey everyone! Iโ€™m currently planning to set-up a C Corp in Delaware with Stripe Atlas! My cofounder (Swiss) any I (Austrian) are both based in Berlin and have our investment holdings registered there. For our new venture we want to set up a US C Corp (which will be held via our German investment holdings) since 80% of the clients are based in the US and we are also planning to get a hardware product certified in the US later on.
From my understanding we will have to pay corporate taxes in Germany, since this is the place of management/business. However, I want to make sure to set everything up correctly with Stripe Atlas and therefore wanted to ask if someone has experience with a similar set-up or can refer a (bootstrapped friendly) tax advisor who can help with this? Best, Benjamin
Anyone experience with deliberately immigrating from EU nation to the other for the 30% tax expat deduction?
You mean the Dutch one? Afaik no other country has implemented similar
I know there is a Dutch one, as well as in Denmark
Figure there are more ๐Ÿ™‚
There is Italy too (70-90% tax exempt). But I personally moved from germany to cyprus, largely for the taxes.
> Such individuals currently enjoy a 70% personal income tax exemption on any employment, self-employment or business income earned during the five-year period including the year of the transfer and the following four. The exemption is increased to 90% if the individual moves to certain southern regions. There is no cap to the income amount eligible for the exemption.
TIL! That actually sounds pretty tempting ๐Ÿ˜ƒ
Croatia and Greece also implemented similar ones recently but they arenโ€™t as good IMO
Italy's is 70-90% as mentioned for 5 years, then a potential extension under certain circumstances for another 5 years.

Greece is 50% for 7 years if you work for a Greek entity.
That's amazing, I guess payroll companies are seen as nation companies too?
I suppose as long as they're incorporated there they'd count, yes. So if your contract is with them sure. But consult a tax adviser
Hello. I'm shopping for a reputable country to set up LLC-like entity with minimum hassle and overhead in doing business. I'm in EU (on Malta), my clients are in Israel, so I suppose I'm looking for a jurisdiction with avoidance of double-taxation agreement signed with Malta. Any recommendations?
US, UK?
How about an US LLC in Wyoming, New Mexico or Delaware so you don't have any corporation taxes ?
Thanks, I'll start from these!
ZenBusiness is really good for incorporation of US LLC (I'm not affiliated, got 2 LLC)
physicaladdress for your address is good too
Firstbase has a streamlined process as well
You could use the created US entity for O1 visa as well
That's interesting and might be useful in future, thanks.
Maybe silly question. My undertanding is that for an LLC taxes are usually transferred to the director (like if it was a freelance). Why is it relevant if the state has corporate tax or not? Am I missing something? Thinking on incorporating an LLC in New Mexico, mainly for the low registration fee and lack of annual reports
Singapore or Delaware is the standard for tech companies
nyzfoqwelzjfsnrs Well, it's not exactly corporate tax sorry, I think it's sales taxes depending on the state you are, you are right, because it's a passthrough, you pay income taxes on the LLC revenue only if you don't opt to be taxed as C-corporation
ovcqleehiz Sure, Delaware is good for taxes, New Mexico and Wyoming are fine too. I heard some people having some issues opening Stripe account with Delaware company, I don't know if it still hold but in case you can have a dormant LTD in UK to open Stripe acting as a payment processor for the holding.
trxfraasorewghe first time Iโ€™m hearing about this. It sounds pretty exciting haha. Can you share a link to dive into this topic? ๐Ÿ‘€
naz5d
There are few places where your current citizenship/residency might play a role too. From experience, setting up a US LLCs for someone with a passport from underdeveloped world might be easy on the surface - impossible to do business because no bank will open an account for you.
I guess it really depends. Maybe Iranian folk wonโ€™t be able to, but Iโ€™m a passport holder of Kazakhstan and didnโ€™t have a problem with opening a bank account with Mercury and BofA. Got credit cards from BofA and Amex too.
Just chiming in as an obscure passport holder, non-resident with a pass-through US LLC.
You can open transferwise account for your LLC, no need to go in person
If you get caught for tax evasion, technically, what can the country do if you simply never return to it? Can you be extradited? (Realistically, not if youโ€™re a celebrity criminal like John McAfee was.) Asking for a curious friend.
and say youโ€™re a relatively small fish earning less than USD 200K per year
The US will revoke your passport
U01DRKNSN4SWhat do you mean by evasion, do you mean not filing or paying taxes, or committing fraud to not pay taxes.
But if you are trying to ascertain if you should commit a crime because you think you can get away with it, the answer is no. Prisons literally exist and are filled with people who thought they could get away with it.
And perhaps asking where others can see may not be the greatest idea
You also just posted this to a public chat that has 5527 people which you are almost guaranteed to have someone who is either in the IRS or knows someone in the IRS. If you are trying to commit a crime, I wouldn't really say that is a big brain move.
IRS is one thing but some tax agency in some Paraguay or Armenia wonโ€™t do shit as they donโ€™t have the means. I donโ€™t see why you would do it though. There are plenty ways to minimize your tax burden without breaking the law.
Not an expert, but about extradition I'm sure it depends on the agreements the two involved countries have. For example, if you are from the US and you move to North Korea, not likely that you'd be extradited (but maybe you wish you would :rolling_on_the_floor_laughing:), but if you move to the EU, more likely that you can. So, check for the specific countries.
To be honest, I donโ€™t know the difference hvljyasaaifwqdjrm

What would constitute fraud in order not to pay?
^ this
Hi everyone!
As a foreing working for a US company. How do i get a ITIN or SSN, for filling W-8BEN form?
Ease up crdkwmxbvttyhkxae

No one is talking about committing crimes here
Just what happens in case someoneโ€™s unlucky enough to be charged with tax evasion when they thought theyโ€™re no longer tax resident and stopped paying tax because they stopped living in that country
Iโ€™m curious what the worst case scenario is and the likelihood of it happening
I think you would have to go years without filing and I imagine they would give you an opportunity to pay it back with penalties.
In order to get charged with evasion it has to be willful, not forgetting.
If they thought they were no longer a tax resident, that isn't willful.
Tax Evasion is, I am going to lie about my income so I don't have to pay taxes.
Or being ordered to pay taxes and then leaving the country, that would also be evasion.
for instance with Mccafe, it wasn't just forgetting to file taxes.
"According to the indictment, McAfee allegedly evaded his tax liability by directing his income to be paid into bank accounts and cryptocurrency exchange accounts in the names of nominees.ย The indictment further alleges McAfee attempted to evade the IRS by concealing assets, including real property, a vehicle, and a yacht, in the names of others."

The fact that he didn't file taxes and did all this other stuff is what made it evasion.
Hi, I'd like to transition to nomadic lifestyle next year and I'm looking into what would be the best way to go about organizing my business and tax situation.
Currently, I'm in Czechia doing business under sole proprietorship. Originally, I'm from Slovakia, but was never a tax payer there since I moved out right after graduation.ย 
Any good tips on where to setup a company? Do people keep their tax residency in their country of origin even if they spend less than 6 months home?
You can get residency in a country without taxes (at least in foreign income), and you can incorporate an LLC in the US (or the UK), which tranafers the taxes of the company to your own, that you won't pay
It depends on many things, like where do you want to be, where are your clients, whether they are b2b or retails... You can research about flag theory on the Internet, Paraguay is one of the options for residency, very easy to get, and no tax on foreign income
Keep it at home unless you're permanently moving to a new place for multi years
Thanks both! I'll check it out.
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