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Incorporating offshore for trading cryptocurrency


by @invictus_1 | 2yr  | 3 comments

Hello everyone,

I am a resident of Canada and I just found this site. I have been involved in cryptocurrency since 2011. I have been taking a bit of profits and paying capital gains taxes on my withdrawals for the 5 years. The problem is, 2018 is going to be a big for me because I have some investments that I expect to 10x in value. If I proceed with active trading the gains are getting to be so much that they are really going to cut into my bottom line.

I would like to incorporate offshore somewhere so I can trade in a companyโ€™s name and then pay myself a wage through that company that I can pay taxes on. What would be the best location to do so?

I have looked at Hong Kong because I am in the area fairly often (living in Phuket now) but it seems that there are a lot of hidden costs to the 0% tax rate according to this thread:

Would someone be able to offer advice or point to someone who can?

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@reinissietins | 2yr

Hello there!

Maybe it is a bit too late, but I would suggest to check Cryptocurrency trading company license in Estonia and go towards this solution.
For sure, company in Hon Kong with 0% tax sounds nice, however as you mentioned yourself, there will be a lot of following costs afterwards.

Iโ€™ve been helping to small and medium businesses to manage their operations across the world and from my point of view, I see several problems with your proposed solution - number one being the fact that most probably you wonโ€™t be able to open bank account for your Hon Kong company which conducts business with trading cryptocurrency. And without bank account there is really nothing you can do with it.

For sure, these offshore solutions sounds nice on paper with 0% tax rates on foreign income, however, nowadays more and more people face various problems with account opening and company without bank account in most cases is like a car without engine.

Therefore I recommend you to consider cryptocurrency company licence in Estonia which would make it a lot easier to open an account in banks or PSP which in your case would work. It would be totally legal, without any hassle with regards to administration and with corporate tax rate of 20% only on distributed profit, which in fact is great advantage. To get cryptocurrency trading license you would have to spend approximately EUR 4000, but in my opinion if you are interested in long - term business in this sphere, then it is worth it.

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@simonl | 2yr

Hi there,
Iโ€™m busy going through a similar process.
You could check out NomadCapitalist for a bunch of free information. I recall reading about a place in Malayasia that was attractive and a couple Eastern Europe opportunities. He also offers a service to help you get it all setup, dont quote me but I recall it costing around $10k.
I have the time so Iโ€™ve looked into things myself and considering the following.
You can email me for details but basically as a Panamanian resident you donโ€™t need to pay tax on foreign earned income (crypto). They make it pretty easy to become a resident and open a bank account.
Part of the process is opening up a company which the lawyer does
Its $3700 for the first family member. Thereafter its $1700 for the next adult/child older than 12 and $800 for children younger than 12. But if youโ€™re only doing it for crypto then perhaps skip doing your family memebers
As part of the process you have to open a bank account and deposit $5000. Once your application process is completed, you may withdraw these funds.
You and your family would be required to visit Panama twice. Once to start your application and again once itโ€™s been processed. So youโ€™d need to factor in these plane tickets which will vary for everyone as well as costs while in country.
Iโ€™m already in the country so it makes sense for me to goes this way.
The only catch is that you have to visit the country every 2 years for 3 days.
I can put you in touch with the lawyer Iโ€™m using and more guidance with my experience so far.

Good luck, lets us know what turned out to be your best option

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@kevit | 2yr

There is fresh and promising law in Belarus related to the cryptocurrency. There is rights granted by government of mining, ownership, exchange, buy-sell operations with 0% taxation till 2023. I can help you with incorporation as well as an accounting support.

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We're looking for a country in south east asia that can function as our base, mainly for tax purposes. Meaning it will have to be a place where we can stay for the 183 days required without too much hassle.

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What are the best blogs by individuals who have started businesses in Southeast Asia?


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Any Estonia e-residency company viritual office provider that accepts cryptocurrency?


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I previously use Profia. Contract is ending and I want to have someone who accepts crypto payment instead.

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Where to set up offshore LLC (as an American)?


by @gnefkow | 1yr 1 year ago | 8 comments

Hello,

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  • will be on-sight in South East Asia, but officially billed as a private contractor for the company.

  • will make less than the cut-off amount for the American tax exemption in next year. It is realistic to assume based on my career, though, that in the coming years I will be over that mark.

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Nomad Capitalist: http://nomadcapitalist.com/
Flag Theory: https://flagtheory.com

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Gaming Cheat Software Offshore Incorporation


by @pixels | 1yr 1 year ago | 1 comment

Greetings Nomads,

I recently closed a US company that was used to sell cheats or hacks for popular games due to imminent litigation.

I have just recently embarked on a similar venture, but working as a contractor. Myself, and my lead developer have just found ourselves in the position of not being paid and will need to re-establish ourselves.

Due to my experience in marketing, distribution and management I know running a company myself would still be a successful venture, I just do not want to run it out of the US.

Due to the nature and risk of litigation from large gaming companies I believe moving offshore will be the path I should take. I spoke with my attorneys, who basically made it sound like it would be impossible to set up without physically living somewhere, based on my past experience with these guys, and paying tens of thousands of dollars to protect myself just for them to say โ€œitโ€™s best to shut downโ€ the moment we were contacted by a gaming company, I am going to assume itโ€™s their lack of experience.

My questions are:

  1. As a service likely in the same realm as Adult Services or Gambling, with myself residing in the US and my Lead dev residing in Europe, what country would be a good option to set up with fair tax that cant easily be pressured by US or European game producers?

  2. In said country should I find and contact legal council there instead of using US attournies to fumble through this charging me exponentially more to just relay info and elongate the process?

Thank you in advance for any assistance.

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in Hong Kong by @prof | 3yr 3 years ago | 23 comments

Iโ€™ve just hit the 18-month mark of business in Hong Kong ready to submit by first Profit Tax Return. I also have the option of filing an Offshore Profits claim.

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by @hooers | 4yr 3 years ago | 18 comments

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What about incorporating a company in Gibraltar?


in Gibraltar by @nouk | 4yr 3 years ago | 7 comments

Gibraltar is known to be home of companies for online websites related to gaming and gambling.
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Are there issues related to this jurisdiction?

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Does anybody have experience with setting up an offshore company and bank account in Labuan (Malaysia)


in Malaysia by @nomads_and_drifters | 4yr 4 years ago | 4 comments

Hi there,
We are a husband and wife who travel a lot and have a small company set up in Fiji. We offer services to clients all over the world, but the Fijian banking system isnโ€™t very accommodating for a digital based business with a lot of overseas expenses.

To make our life easier we are planning to set up an offshore company and bank account in Labuan.
We have a Fijian, Belgium and Uk passport but have residency in Fiji.

Does anybody have experience with a situation like this? and any advice how to go about setting up an offshore company and bank account ideally in Labuan (or Singapore)?

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Can I have an offshore company but still keep my residency?


by @neutron | 5yr 4 years ago | 3 comments

Hi,

Iโ€™m from the UK and looking at setting up a business offshore. However, Iโ€™m wondering is it possible to become an employee of this offshore company that I set up, while remaining a UK tax resident?

Are there any provisions in the UK tax system surrounding whether you are a sole director of the company etc?

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Hi, I'm Manu, an accountant turned digital nomad and offshore tax expert. AMA!

 

by @xiufensilver | 5yr 5 years ago | 39 comments

Wonder how to do your taxes as a nomad? Ask your question now!

About Manu:
Today Iโ€™m here to clear any misunderstandings about international taxation for digital nomads. There is too much wrong, outdated and irrelevant information out there.

I will answer any general questions, relevant to the community as a whole. You are welcome to give your own situation as an example. If you are looking for personalized and actionable recommendations or referrals, please contact me or someone else you trust in this matter privately.

About myself: I learned accounting for 5 years in high school, but became more interested in international management and programming at university. I worked as a director and purchasing manager for a 100m+ private trust in Europe and Greater China. In 2013, I resigned from this position to have a better work-life balance and travel more. Since then I have spent most of my time in Asia doing consulting through various companies.

My latest project is a crowdfunding accelerator that will take place in Shenzhen, China later this year.

ASK AWAY!

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