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I like the idea but they definitely have to redo the site. not transparent enough for something like this.
Yeah, I will do Transferwise and Payoneer. I probably don't even need the mercury account as of now but it's free anyway ๐Ÿ™‚
I thought you needed a real, physical bank address for using Stripe? ๐Ÿค”
No. They officially support Virtual banks without issue. Even mention it in their FAQ. Will be sure, once the first payout arrives.
ah interesting! I'm not really affiliated with them but we have the same investors, so I'll pass on some feedback
Just stuff like who is behind this, why should I trust them, real reviews etc.
ah right, yeah that totally makes sense! thanks!
Interesting... Do you need to have a US SSN or valid address for setting that up or can you do that as a non-US resident?
SSN no. Address yes, at least for the company.
tgqjkhbcmrk did you also get a Stripe account? I have heard a lot of foreign LLC owners get their accounts shut down. Try to log in via amazon remote desktop in case you donโ€™t want to risk it. Thatโ€™s what someone in the DC forum said.
I've just read more about the no annual fees or reporting requirements, makes this even more interesting and super cheap.
I'm surprised this doesnt make it more difficult with Transferwise or Mercury. Did they ask for any extra documents?
so weird, they're attracting foreigners to open US companies with Stripe Atlas, why they're shutting down Stripe accts then?
I'm starting my nomad life in couple of months, and I'm curious to know where people is based in terms of residency, company, and bank accounts
I also find it weird, though. A friend of mine just opened with Stripe Atlas and everything is fineโ€ฆ

It could be that Atlas founders are not the typical people who would commit fraud. Thatโ€™d be my most rational explanation.
That mostly depends on your citizenship, business model / clients and preference on where you want to live. Why would you be interested in someoneโ€™s situation if you donโ€™t have matching starting points?
I find interesting knowing and learning about other people experiences, even if of course every person is different. Don't you like to share your favourite restaurants even if we all like different food?
I work for a UK company and already had a UK bank account before leaving the country. Itโ€™s one of the savvier ones that allows you to be out of the country and still use them (Monzo). As long as I spend >90 days in the country / tax year, I get to be a UK tax resident as well.

I know of people that jump through a lot of hoops to save on money, but I quite like having the piece of mind with everything being sorted in one place
Thanks for sharing! I think that makes sense. I'd say that the UK is happy to have you as a tax resident even if you don't spend any time there. I'm based in the UK right now, and the main problem I see to do what you say (besides the amount of taxes) is having an address. I guess friends or family can help with that.
Added stripe to my LLC and they audited it for 2 weeks. Just told me its fines yesterday.
They didnt really ask for many documents, just told me they are working on reviewing it many many times.
This particular website used a HK Company and Stripe acct before. Maybe this confused them.
Would still be interesting to know the pattern of those foreign founders having their accts closed.
cthcgbtdxwzzjhzk I have my company and fiscal residence in Cyprus, they have low taxes and you only have to spend two months to be eligible to pay taxes there. Banks in Cyprus are expensive so I am doing banking with Revolut (not recommended for the long run, your money is probably not covered in case of disaster). Ping me if you want me to elaborate about something
Thanks a lot for sharing jlggvlgsb I've heard about Cyprus few times, mainly for people from the EU. So far one of the best options I found for myself is moving to Paraguay (trivial to get residence, cheap, and no minimum stay required), and incorporate in Panama or Singapore. Still unsure about the banking, in Panama they're quire annoying, I guess in Singapore they're expensive, and it's not an option if the company is offshore and incorporated in Singapore.
I have a Pte Ltd in SG with SG banking. No SG operations are required and I wouldnโ€™t say banking is that expensive. All in all Iโ€™m very happy with my setup. Just finished third fiscal year last month. Running costs are around 3-4k USD per year.
If you don't have operations in Singapore, my understanding is that you've got 0% corporate tax if your bank is outside of Singapore, and 8.5% if your bank is in Singapore. Do you know if that's correct, and if in your opinion is worth having your accounts in Singapore anyway?
The zero tax if the company does not do business in SG.
glfcwnztmgpvbkf - A few questions, if you don't mind!
1. How much bureaucracy is involved?
2. Are there any significant setup costs?
3. Do you have to physically be in SG at any stage?
4. Reg. those 3-4k USD per year running costs - is this a fixed price or depends on your revenues/activity?
1. Very little if you outsource accounting
2. Setup is around 1k SGD if you use a service
3. You donโ€™t need to be in SG for incorporating but if you want to bank there you need to fly in
4. Naturally if you have huge amount of transactions and/or complex setup the costs of accounting would be higher. My company is a simple consulting business with around 500k revenue.
Cool! Thanks for the info. So, say you outsource everything, and say you fly in once for the bank account; you don't necessarily need to fly back in for anything else again? And the running costs would still be 3-4k USD per year, with 0 taxes for business outside of SG?
That has been my experience so far.
OK, thanks again! I'll look into that :-)
ltnxpddhgxvvwimz my setup is German citizen, company in Estonia, residency in Panama (right now), but thinking about switching that to Georgia in 2020. I can recommend Estonia a lot. I cannot recommend banking in Panama though. Itโ€™s cumbersome and transfers are costly.
Thanks! That's very useful to know, I was considering Panamรก too
ficetxppiltd may I ask why Georgia?
a) territorial tax.
b) no need to be there more than a couple of days/weeks if you qualify as high net worth (60k+ / year income)
c) kind of easy to get (open company or purchase property in excess of 100k USD).
That said, there is a difference between resicency and tax residency, as lemidant pointed out. Iโ€™m investigating on this now.

how about you?
I've both Company and Residence in Cyprus, no tax on dividends from outside, 5% tax on dividends from my company, 12.5% company income tax. I only have to stay 2 months to be elegible
nylgsaxaiyqtdaq what's your personal residency now?
Hi :) I'm planning on doing slow travel around Europe and stop renting a house in uk. Do you know how i can keep paying taxes/ bank account /etc in the uk without an address? Or you know any accountants that can help?
qrxurrgm Taxes will be due depending on your tax residence status, regardless of whether you have a current UK address or not. Check the Statutory Residence Test to find out.
Separately, HMRC requires you to inform them of any new address, whether within the UK or overseas. If you'll have no fixed address for a long period, you can register a virtual mail service or an accountant's office as a separate _correspondence address_ to make sure you keep receiving tax notices etc.
If you think you'll be UK non-resident for tax purposes, read HMRC's guidance here www.gov.uk/tax-right-retire-abroad-return-to-uk|https://www.gov.uk/tax-right-retire-abroad-return-to-uk
If you'll still be UK tax resident, tax is reported and paid exactly as before, and you can do everything online from overseas.
For bank accounts, most people change their registered address to a friend or relative's house before they start travelling. If your account is completely paperless, you might not need to even do that.
Technically you're supposed to inform your bank of any change in residence, but in practice they rarely check up on this proactively.
Thanks for the information and i just read that page.
I think i will be a non resident with uk income.
The best i can do is going to an accountant and make sure everything is filled properly. Im scared i put something wrong is those reports abd then pay massive fines or worse
my experience with UK tax...living abroad, working remotely and paying UK tax, returning to UK to do an eye test, had to pay for it because NHS requires you to live in UK for free tests. Why am I paying tax then?!
Yea Canada is the same. If you live outside Ontario, your national health coverage will expire even if youโ€™re still paying income tax
Itโ€™s totally ridiculous
That rule was put in place for snowbirds, pensioners who donโ€™t spend their pensions in Canada
qcqjx IIRC, eye tests aren't universally free on the NHS for residents anyway, it's limited to under 18s in full time education, over 60s and people on certain benefits.
you are entitled to a free eye test every 2 years as a resident
I had two free eye tests while living in UK and I was over 18 with no benefits
Anyone here use PayPal with a Labuan company?
well, then my opticians were generous ๐Ÿ˜„
Haha, I got a free eye test last time I was in the UK too, but the optician was just hoping I'd sign up for their contact lens subscription service afterwards
I did mine at SpecSavers, but they actually told me that I can have it for free because it's an NHS free eye test. They also mentioned that I can do that for free every two years, hence the info above. Not sure how this works ๐Ÿ˜„ maybe NHS has some deals with 3rd party companies
Cross-posting from taxes-us, bc itโ€™s that much of a puzzle:
Trying to wrap my head around my expected tax obligations for this next tax year - maybe someone here can point me in the right direction? I have somewhat of a unique situation I believe.
1. I am a US citizen and have paid taxes there my entire life
2. I am now director of a UK LTD company
3. So far, I have taken 0 salary from this company but expect to begin soon and once I do it will be my sole source of income
4. On January 4th I left the country for Thailand on a tourist visa. I expect to spend ~9 months out of this year in Thailand and the rest of the year hopping around to other countries in SEA. I anticipate meeting the requirements for FEIC in the US as I understand them (outside of the country for >330 days)
5. Up until the day before I left I was employed by a company in the US. I will collect a couple paychecks from them this month.

Who gets my 2020 tax money? Genuinely trying to understand my tax obligations and not trying to be shady/evade taxes.
I also donโ€™t anticipate spending much, if any, time in the UK this year
rjnquzqkgsri Are you a resident of the UK or US?
If you are out of the US for >330 days you can pass the Physical Presence Test for FEIE
The safe option is to get personal tax residency elsewhere and pay tax there
E.g. Panama
Potentially can not pay anywhere but information on whether that works is controversial. I'm trying it now, but am not American..
Actually, since the US doesn't have the concept of tax residency, you might not need a tax residency at all
iirc the FEIE just saves you from paying tax on the first 100k of income per year. So you're still paying taxes to the US, just with a discount applied
Hello everyone, any Canadian citizens living abroad?
I am
Been stable in the UK for 3yrs, but that will change Jan. 27
Hey evoxnnmwck that's cool. I'm actually looking for someone who is still filing taxes in Canada but not living there (i.e., perpetual traveler). So far I haven't been able to find an accountant or tax advisor with this type of expertise...
When I left Canada to live in the UK after an acquisition, I went through a list of 15 accounting firms recommended by the CRA. 3 (literally 3) even responded to my inquiry. One advised me based on a deprecated version of the Canada-UK treaty and said I would be double taxed on the acquisition of my company. One didnโ€™t know what a deemed disposal was and advised that I would be taxed as having earned the cash value of the acquisition as regular income, and another wouldnโ€™t advise me when they learned my acquisition was less than $10m.
I had a great accountant firm for a while, until they nicely fired me for being too small as they are โ€œfocusing on startupsโ€ and โ€œcompanies with revenue over $500kโ€. They were all remote too, most of the time in Canada though, but some travelled.
psoogct whatโ€™s your actual question?
Thanks for the info UJEPJL5GQ.br />
<@U04CD3CGH> my question is if anyone here is able to recommend an experienced Canadian tax consultant who is familiar with the nomad lifestyle and tax implications.
Iโ€™m not a tax consultant nor a lawyer.

But my understanding is that unless you become a โ€œnon resident for tax purposesโ€, you must file taxes as if you are physically present in Canada.

Once you become a โ€œnon resident for tax purposesโ€ you are no longer obligated to file taxes in Canada.

To become โ€œnon resident for tax purposesโ€ you first must become a tax resident somewhere else and sever ties with Canada.

There isnโ€™t a hard rule as to what that means to sever ties unfortunately. CRA is probably intentionally keeping it vague. But itโ€™s things like bank accounts, property, close relatives (spouse, kids), cars, memberships, etc.

You can read more here:

Thanks yeqsrydt I appreciate the help. I'm aware of all of the implications and requirements to become a non-resident.

I will still be filing my Canadian taxes. For now I just need someone who can provide the best advise in terms of what province to choose to establish my Canadian residency (I don't even have an address in Canada any longer), which expenses I can deduct, if it's better to be incorporated due to my current situation (and in which country), etc.
mgkwxmn please stop starting new threads when there's no other topics going on.. so basically to answer the question you asked in the last thread, you might be interested in ontario because there's a "remote worker" provision with OHIP which lets you keep healthcare while travelling.. but i think it takes 2-3 months to establish residency in any province
What happened U03FHDBMD?
Are you pro or anti threads then?
Iโ€™m not anti threads, I start threads too, but not on the most recent messages in a channel, itโ€™s better to keep convo in channel and visible.. threads are good for going off topic though
But itโ€™s also okay to go off topic in the channel too
Thatโ€™s an entirely new thread-osiphy (for me) ๐Ÿค“
Iโ€™m pro threads along with a few other behaviors to keep communication effective... I find it super difficult to follow multiple, intertwined discussions
But not on the most recent messages in a channel, unless they are wildly disparate topic wise.. and still not on the very most recent message anyways..
Forcing everyone else to click through to view the thread is annoying
So less readers and participants in a thread chat vs the channel chat
Another thing I donโ€™t like is ppl starting threads on their own messages, thatโ€™s laziness ๐Ÿ˜‚
Not many ppl do that
Thatโ€™s specifically how I encourage others to use threads... by starting it myself ๐Ÿ˜†
Setup a secondary home base
xkyzcawwitmsztl i'm curious. which passport, 1st base, 2nd base, how long for each ?
fi passport, primary residency in th for the past 4 years, rented a place in fi as 2nd base, why it got complicated is another question which too complicated to answer here
Ohh I see
USD โ”€ $

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