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


by @gnefkow | 2yr  | 8 comments

Hello,

Iโ€™ve been searching through the forum, but most of the information Iโ€™ve found seems a little old and Americans, unfortunately, seem to be exceptions to a lot of things.

Situation:
Iโ€™ll start a new job with a 1-2 year contract outside the US in about a month, I:

  • am a US citizen - it is the only passport I hold

  • have been using my parentsโ€™ address (Texas) as my official address for the past few years.

  • 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.

  • plan to qualify for the 330 rolling days outside of the US

  • Donโ€™t plan to return to the US for at least the next several years, maybe ever for residency.

From research so far, it looks like the best options for me are Belize, though I see a lot of people talking about Hong Kong or Singapore. I know that within the US, Delaware LLCโ€™s are easy to set up, and may be a good short-term option since Iโ€™ll likely qualify for the foreign tax exemption in 2018.

I would love to talk to anyone that has some experience with this as my head is spinning a little bit. Website recommendations would also be great (there is a lot of information out there, but figuring out what is and isnโ€™t sketchy is a bit harrowing - has anyone worked with, like Nomad Capitalist or Flag Theory before?).

Thanks!!

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

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@flipchan | 1yr

Hey i have gone down this road and can tell you this: all the major banks in the caribians and around that area charge a lot for transactions like 70-200usd per transaction, a huge problem after finding a banking partner is to find a payment service merchant, My tips would be to find a good and cheap(and good!, dont use a shady one) payment merchant, flag theory is pretty good for setting up a company to try the offshore stuff, but trust me the Banking for offshore companies is a REAL pain

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@kyleschutter | 1yr

Iโ€™m also an entrepreneur. I spent a bit of time looking into this. One option is to renounce your US citizenship but then where do you go, Dominica? There arenโ€™t many countries that you want to be a citizen of that are easy to citizenship in. For example, Switzerland is great for tax and Visa purposes but hard to become a citizen of. An LLC is a pass through entity so it doesnโ€™t matter where you set up your LLC. In fact, Delaware is a bad option if you donโ€™t live there. Believe me, I made that mistake. The best place to set up an LLC is a place you have an address in. Iโ€™m trying to do the 330 day exemption so I use my parents house in Pennsylvania as the address. If you set up in a state you donโ€™t have an address in (PO box doesnโ€™t count) you have to pay a yearly fee to someone to have an address, usually $300 plus extra paperwork. Some states have onerous LLC reporting, like California so if you have an address there donโ€™t bother. Yearly reporting, even if you have an address there, is $900. Pennsylvania has no yearly reporting or cost for LLCs.

I plan to not take more than $100k as personal income per year thus having no federal taxes and any extra profit I will reinvest in my company or buy land or something. Better to let the profit compound than pay taxes. Down the road I can take the profit or give the money away or invest in something else. That way I donโ€™t pay tax on it. Why do I need more than 100k a year while Iโ€™m living in developing countries?

I hope that helps. This is not legal advice, obvi. Just a guy talking from personal experience.

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@travelingpm | 2yr

It may be worth it if youโ€™re paying $10k after FEIE allowance. There are maintenance fees and paperwork though. Steward Patton can help. http://ustax.bz

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@alanhalley | 2yr

Why do you need an offshore company? Iโ€™m an American. Iโ€™ve lived outside the U.S. for nearly ten years. And Iโ€™ve considered setting up a business in another country. But I couldnโ€™t figure out any benefit to having another company, and there is a cost to maintaining a company as well as dealing with the paperwork. Am I missing something?

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@ibobriakov | 2yr

why wouldnโ€™t you want to setup LLC in Wyoming?
From what Iโ€™ve heard its kinda offshore which you can use within US.

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@levelsio | 2yr

Beware youโ€™re entering a legal and fiscal minefield which may not be worth the trouble.

The CFC laws in countries apply to controlled foreign corporations. They make you obligated to report all income from your foreign companies. Depending on the situation, the IRS may even double tax your foreign company and consider it a US company for fiscal purposes.

Additionally as an American citizen your global personal income is taxed in US. The FEIE exclusion helps you in that but only until $100k.

The only way to escape this is to renounce your citizenship. Even then US might exit tax you if they figure your reason to immigrate is fiscal. See Eduardo Savarinโ€™s case.

Anyone reading this whoโ€™s European like me: yes the CFC law probably also applies to you and your country has its own version of it. Luckily as a European youโ€™re NOT taxed globally in your country as long as you donโ€™t LIVE there (as a resident).

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@gnefkow | 2yr

Yeah, it kind of sucks to be American in that respect - theyโ€™ll tax you no matter where you go!

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@gnefkow | 2yr

Update:
I still donโ€™t really have an answer, but Iโ€™ve found this (rather scathing) article about Nomad Capitalist and Flag Theory: https://gregorydiehl.net/edmund-john-flag-theory-review/

I also bought this book which Iโ€™m only a few chapters in, but has been useful so far:


(it doesnโ€™t really answer the question so far, but since the American tax system is really complex - particularly for nomads - it helps break all of that stuff down).

The book was written by the people at 1040 Abroad, but I havenโ€™t worked with them, so if anyone has opinions about that organization Iโ€™d love to hear as well.

Thanks,
Kyle

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How can I get a refund and cancel my membership?

 

by @rid123 | 3h 2 hours ago | 0 comments

When I go to support and click "refund and cancel membership" after only have used it for 4 days it takes me to the welcome page to fill out more information and won't let me cancel and get a refund. What did you do to get around this? I don't want it to be 7 days later and NomadList does not have an e-mail I can reach out to. Help!

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by @yousifyalda | 16h 15 hours ago | 5 comments

All I see is section to add trips, but I reside here. Home and all.

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How to get post abroad for UK Expats??

 

by @davda1546 | 3d 2 days ago | 0 comments

Hi guys, wonder if you can help. I'm from the UK, and my husband and I are looking to go across Europe this coming year.

What's the best solution you've found re having all your post sent to you? I've found a site online that will set up a street address in the UK for you and scan in post to your email address, just wondering if you've found any other ways?

We've set up paperless statements, which has helped but with things like mortgages, official docs etc - how have you got around it?

Thanks so much!

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What's the best thing to do with your phone/ your phone number when travelling?

 

in Poland by @davda1546 | 4d 3 days ago | 0 comments

Hey, hope everyone is well!

We're leaving in a month to go travelling. Our first destination is still to be confirmed, but will likely be Poland or Slovakia. We will be moving around every month or two to different destinations.

The question we have is: what do people do with phones/ phone numbers when hopping from country to country? Ideally we'd just like one number for the whole trip (even better, the number we already have) wherever we go, rather than getting new SIMs with different numbers.

This is just so it's easier to keep in contact with family/ clients/ etc.

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What are some nice French beach towns?


in France by @amin | 5d 4 days ago | 4 comments

I'm thinking to head over to France during the winter and I'm looking for recommendations on a good French town that has beach and is warm enough during the winter.

What are your favourites? Any recommendation is appreciated.

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Where do I get good legal advice/support to have a long-term stay?

 

in Lisbon, Portugal by @mzorrilla | 6d 6 days ago | 0 comments

Hello, everyone!

My idea is to stay as low as 6 months and as long as a year (maybe, who knows) over Lisbon after doing some analysis from many cities in Europe.

I'm an Argentinian and Chilean (both nationalities) so... no Euro-pass for me (getting my Italian nationality could take 2 years easily). I'm also a remote worker and I have a really good income (I work for a Silicon Valley company) so I can show more than enough resources to stay in the country.

Everything I see online doesn't inspire me much confidence (most sites looks a bit scammy) and this is not a "vacation stay"... I want to be clear my head far away from Argentina right now. If someone has a good website, recommendations, etc I will super appreciate.

Thanks in advance!

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What is the best online insurance for digital nomads ?


by @berberos | 9d 8 days ago | 4 comments

Hi guys ! hope you are doing well.

I would love to get your feedback regarding the best insurance for digital nomads. i'm traveling around Asia since 1 year and for next 4 or 5 years. Would love to buy an insurance to cover especially :

- health

- laptop, phone ...

- Flights

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Driving from Italy to Croatia..how to handle passport?


in Croatia by @ld | 16d 15 days ago | 3 comments

Hello, we are US citizens that have been able to stay in Italy past our standard visa stay due to covid. Now we must leave. We want to drive to Croatia as our โ€œout of EUโ€ stay. But Iโ€™m now wondering what considerations I need to take care of for my visa. I wonโ€™t go through an airport and get my passport stamped. But I assume I need to get my passport stamped as a way to prove Iโ€™m out of the EU.

Anyone else travel in and out of Schengen zone via car? Or know what I should do to properly handle the visa situation? I get unclear answers online. Hmm.

Appreciate your help!

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Introduce yourself โ€” who are you, where are you and what do you do?

 

by @coffeeshopceo | 20d 19 days ago | 672 comments

tl;dr: introduce yourself in this thread.

We must all get sick of the same backpacker travel questions when we meet new friends, I know I do.

You know the ones - where are you from, whereโ€™ve you been, where are you going, what do you do, how long have you been doing it - etc.

The novelty of answering these questions wears off after maybe a week, but theyโ€™re nonetheless insightful and no matter how much we hate them, we find ourselves asking others.

So letโ€™s bring the dreaded backpacker questionnaire to NomadForum and introduce ourselves shall we?

**

  • whatโ€™s your name?
  • where are you from?
  • how long have you been away from home?
  • what do you do?
  • where are you currently?
  • where are you going?
  • what has been memorable for you so far?
  • will you go home anytime soon?
  • what have you learnt during your time as a nomad?
  • [insert your own question here]

**

No need to answer them all if you donโ€™t want to :smile:
But the more you shareโ€ฆ The merrier!

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Best/quickest way from Italy to Croatia?


in Croatia by @ld | 22d 21 days ago | 3 comments

Hello,

We are in Umbria until August 31. We've been here since March, but crisis-level visa extensions are over. After that we have to leave the EU. We would like to stay out of the USA (our home) due to it's covid crisis, at the same time we want to be responsible about travel. Ideally we would not travel at all, rather stay hidden in the countryside of Umbria forever until covid is more under control globally, but here we are!

So we must leave the Schengen zone. We should avoid USA. We should avoid long air travel.

We were thinking Croatia.

Do you recommend a route to Croatia? We are open to long train rides. Ideally not long ferry rides. Is there a ferry route under 4 hours? I read about it...I don't see it. If not, the other option is to make our way north and up over to Croatia via train.

I'd appreciate your thoughts and insights!

Thanks.

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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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Nomad volleyball hubs, know of one? (Asia)


by @brmolin | 1yr 1 year ago | 2 comments

Hey all! Planning to head to Southeast Asoa later this year and Iโ€™m looking for a place thatโ€™s got a good community of people who play beach volleyball. Iโ€™m in Medellin at the moment and joined up with a community of locals and expats who play a few times a week and Iโ€™ve gotta say Iโ€™ve quickly fallen in love with the game!

I want to find a place thatโ€™s got a good community I can play and practice with somewhere down there. Mix of locals and expats are both fine, though ideally thereโ€™s at least a few expats so I can communicate with at least one person in the same language! Iโ€™m open to indoor volleyball too, though I know thatโ€™s much less common (especially amongst nomads).

Appreciate any direction yaโ€™ll can give!

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Incorporating offshore for trading cryptocurrency


by @invictus_1 | 2yr 2 years ago | 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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Has anybody with a Hong Kong company been through an Offshore Profits claim?

 

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.

The Offshore Profits claim itself seems to be a convoluted, long drawn-out process with significant costs to bare in working with a certified CPA to answer Inland Revenue Department questioning.

Iโ€™d love it if somebody who has been through this already were able to answer the following questions:

  • How long did it take for the claim to be accepted or denied?
  • What was the end result?
  • How much did the IRD dig into each transaction?
  • How much did you pay your agent to deal with the offshore claim?

Any insights are much appreciated! :slightly_smiling:

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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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Which bank can I use for my UK LLC in Colombia?


in Colombia by @matthieudrula | 5yr 4 years ago | 6 comments

Just phoned my current business bank in the UK(cashplus), they told me that I need to be in the UK to keep using their account.
Can I open a new bank account in Colombia and use it to trade for my UK LLC?
I have seen this : Non UK resident banks
But many requirements to open those bank accounts (having a UK resident shareholder, coming back to the UK, making a deposit of 20K).

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Should I elect my LLC as an S-Corp for taxes, I'm a US citizen in Europe?


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

I have an LLC formed in Portland, Oregon. I am the only member and do not ever plan on adding more members. Should I elect to have my LLC treated as an S-Corp for my taxes? I am a US citizen living in Europe but I do not qualify for the foreign income exclusion yet. Can anyone give advice that has made this election? I know that as an S-Corp I can pay myself a reasonable salary based on the companyโ€™s income and then pay the rest to myself in dividends that are exempt from certain taxes.

If I chose to pay myself 70% of the companyโ€™s income as my salary am I required to pay myself the other 30% in dividends or can I leave that 30% in the companyโ€™s coffers for legal fees, large chargebacks, and the like? Thank you for reading and with any help provided.

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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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