Recent content by AnthonyR

So I'm currently in Malaysia, although still waiting on my employment pass, the process for which started about 3 months ago. It seems a combination of Christmas, New Year, Chinese New Year and now Ramadan means that barely anything official moves in the first few months of the year (according...

If you have reported and paid all taxes then there is no problem. The issue is that many people with international structures don't appreciate the complexity that they bring and lots of people assume crypto and/or offshore LLC exempts you from having to report and pay tax (and assume that it'll...

My experience is that it is virtually impossible to set up any traditional banking arrangements for UK companies with no UK resident directors. Even EMIs will struggle to get an account. There are a few I know who will, but they will price it up as high risk and you'll pay a premium for the...

I've dealt with clients with HMRC enquiries about foreign income from Italy, India, Jersey and Switzerland. In each of these cases, the only way HMRC would have had this information on the clients was through information exchange arrangements such as CRS. So it certainly is effective for many...

So after months of speculation and waiting we've now had confirmation of the new UK tax regime for new arrivals which replaces the on non-dom system from 6 April 2025. Effectively non-dom status will be removed and replaced with a residence based system. This means that for the first 4 years of...

Any time you transfer your BTC to a third party you are taking a counterparty risk that they'll be hacked, crash or run off with your money. If I was going to go down this route I'd probably look at a big decentralised platform, something like AAVE, which has around $9bn in assets on the...

Yeah I will be working and living in Malaysia, likely tax resident and will have a director's employment pass, which requires a RM10k per month salary which is taxable under local rules. If I didn't need an employment pass then I wouldn't take a salary at all (unless I needed to spend the money...

It seems that there is a bit of 'flexibility' between what the strict letter of the law is and what is acceptable in practice. The official answer is that there should be 50k RM of operating expenditure per year. This isn't defined, but salary of directors is generally accepted to be part of the...

Minimum operating expenditure is 50,000RM, which is more than covered by my salary. Plus there is the cost of running a small office, which is provided by the trustee company. In order to get the work visa you don't need to live in Labuan, but you do need to physically visit to pick it up and...

Cost to set up was circa £6,500 with circa £5k ongoing costs. Substance requirements tend to be met through having local directors, with a local office and through the fact that I have to pay myself a RM10k a month salary.

Most of you have probably heard of Labuan, but it still seems to be somewhat of a rare setup in the offshore world. However, I've started the process and I thought it might be of interest to some of you on the forum to follow my journey. As a bit of background, I'm a UK Chartered Tax Advisor...

Absolutely not, but they'll take the word of someone willing to sign it off on their own AML/Compliance risk.

I think this will depend on the ratio of your wealth - what percentage is crypto and what percentage is tradfi. If you have $10m and $8-9m can be traced through S&P500 investments/earnings/business sale etc then I wouldn't mention unless asked. If crypto is a meaningful percentage of your wealth...

Yeah this one was 4 pages long, mostly explaining what dogecoin mining was.... some of the others were much more complex - one was for $20m with a client who had worked for a crypto firm, had bonuses paid in crypto, traded, provided liquidity, staked, played with DeFi etc over the course of 7...

On the subject of source of wealth, I've done a handful of proof/source of wealth reports for clients over the years covering off crypto wealth and gains. My experience is that banks/lawyers will accept crypto wealth if someone else has done the due diligence and taken the AML risk. We've done...