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rob117

New member
I recently moved to the states from the uk and married a US citizen. I am currently in the green card process.
I am a broker and carried on my business around the globe.
I have the chance to sell a large asset and make a few million in commission.
What would you do in this circumstance? Open to anything suggested.
Im thinking getting out of the US before I get my green card and selling the asset in another country. Where is best to set up a bank account and offshore company?
Thanks for any help
 

avalanche

Entrepreneur
I recently moved to the states from the uk and married a US citizen. I am currently in the green card process.
I am a broker and carried on my business around the globe.
I have the chance to sell a large asset and make a few million in commission.
What would you do in this circumstance? Open to anything suggested.
Im thinking getting out of the US before I get my green card and selling the asset in another country. Where is best to set up a bank account and offshore company?
Thanks for any help
You can try Cyprus but your problem is that income type may be counted as commission, not sale of asset. That may be something other than capital gains tax which depends on intricacies of each jurisdiction where you decide to try.

You would need to pick 3-4 jurisdictions and get a lot of tax consultation with domestic consulting firms.

Also you can try United Arab Emirates (never had experience with it)
 

rob117

New member
Thanks for that.
I must explain myself more clearly.
I am not the owner of the asset , I would just be selling it as a Broker.
I know I can sell it easily so was now thinking after reading to move to R of Georgia as I will have till 2023 to sort the proceeds out.
Can you see any issues there?
 

avalanche

Entrepreneur
Thanks for that.
I must explain myself more clearly.
I am not the owner of the asset , I would just be selling it as a Broker.
I know I can sell it easily so was now thinking after reading to move to R of Georgia as I will have till 2023 to sort the proceeds out.
Can you see any issues there?
That's what I mean, your brokerage income will be considered normal income which is subject to income taxes and corporate taxes. Also there may be some VAT depending on the asset and structure of the deal.

Its difficult to give advices in such scenario without having all the details
 

rob117

New member
It won’t be if I have a bank in Georgia though will it?
I presume if I leave the country to work on it then I can’t get taxed especially with Georgia not being CRS?
 

avalanche

Entrepreneur
It won’t be if I have a bank in Georgia though will it?
I presume if I leave the country to work on it then I can’t get taxed especially with Georgia not being CRS?
1. Banks in Georgia may not be huge fan of foreigners trying to channel money through their accounts. The risk is just too high for them: amount of money is large, penalties for money laundering are insane, but rewards are little: couple of thousand of $ in transaction fees?

Before you do Georgia you may need to *really* set up your residence in that country: get permanent residency, get some property in Georgia, rent an office with Georgian employees. Only then banks would consider trusting you with that kind of transactions.

2. Its better to sleep well, dont rely on country being non CRS. Clear all taxes, try to minimize them but do it legally.
 

rob117

New member
Thanks guys.
In terms of money laundering , the funds would be coming from a massive hedge fund that can be legitimised in seconds.
I read a thread in here saying Georgia would be best.
Me and my wife are also going to start a family and need good surrogacy options. Georgia is great for that so we would legitimately live there.!
 

legrant

Active Member
UAE may be a very good option. They may be a dictatorship or whatever you want to call it, but they handle big money over there and they will probably care less than a country like Georgia. I may be completely wrong though, it's just my opinion.
 

Bagpacker

Active Member
I read a thread in here saying Georgia would be best.
Which thread was that? I do not recall any recent thread where Georgia came out top for what you are planning. Moreover, understand that the legal system in Georgia is immature at best. Courts come up with rulings where even a law student in his first semester would scratch his head .... .
Georgia was once the new star on the horizon - these days are long gone. Moreover, do not underestimate the cultural shock.
 

rob117

New member
After reading about it I’m going to stay in America. I’ve not been here for over 183 days but I don’t want it to look bad.
I wouldn’t know where I could receive the funds if I sold the project anyway.
Thanks for the help guys
 

legrant

Active Member
After reading about it I’m going to stay in America. I’ve not been here for over 183 days but I don’t want it to look bad.
I wouldn’t know where I could receive the funds if I sold the project anyway.
Thanks for the help guys
UAE?
 

legrant

Active Member
What would I have to do for UAE? What do you need to open a bank etc? Do you need a permanent address there etc?
would they accept a large payment?
@Fred can probably answer all those with accurate information, wait a bit till he sees this message and he replies to you.

Before he replies though, it shouldn't be hard for you to go there, open bank accounts, and get your residency. And when it comes to large payments, as long as it's from a legal source, you shouldn't have any problems as they're used to large sums of money moving around.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Hi Guys,

not sure if aboth @rob117 is understanding that we are talking about the CIS country Georgia and not the US state Georgia.

However like mentioned here - UAE is your best bet for the case you don't have any significant links to the US like holding property, green card, passport etc.

The Dubai Company Formation grants you the Residence Visa in the UAE and once you have received the Residence Visa we open you local UAE Business & Personal Bank Accounts.
Due to the Residence Visa no CRS reporting is triggered as the bank is not required to do so - it's called Residence by Investment from the OECD see below:


This together with the fact that there is no public company register makes Dubai Setup the strongest in 2021 in terms of privacy - 100% on the Company & Financial level.

Hint: check the imprint of plenty of corporate service provider and you will figure out that 90% are UAE based and this for a reason.
 

rob117

New member
Thanks so much for the help on this everyone.

Yes I brought it up about the Republic of Georgia as I saw a thread in here with a list of CRS countries and Georgia was a fit they were saying.

UAE sounds great though.

@Fred do you set up companies etc as a business? If so be great to talk.

What kind of paperwork do I need to set up a bank and a company?

References etc.

And then do I need I need an address there? And live there? For how long in the year?

I have a few friends out there who could maybe help also.

Thanks again
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
@Fred do you set up companies etc as a business? If so be great to talk.
Yes - just send us an E-Mail or a Message on Messenger. Click the banner below to find all details on our website.
And then do I need I need an address there? And live there? For how long in the year?
No - to keep the Residence Visa active you are only required to be every 6 months for at least 1 day in the UAE - that's it.
 
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