Hello,
I am happy to join this community after so many hours reading the content of this forum.
I think I am pretty much ready to start writing the offshore chapter of my business story but I would like to have more experienced people's feedback or point of view in case I have missed anything.
I am currently operating a UK business (I am not a UK citizen but I am a resident in the UK). This business buys, restores and resells high end classic cars mainly in the US at the moment but could expand to other areas in the future.
Since this business is not location-tied, I would like to relocate somewhere I wouldn't have to pay tax on what I earn and so far the Bahamas seems to be a good option to me. With a few thousands dollars I can get an annual residence permit for myself and my family and this is renewable yearly or I could get a permanent residency if I bought an expensive enough property there.
Now on the business side, it seems that a Belize IBC would be the best fit for my situation and I have been advised that a bank account in St Lucia would be a good solution too.
So, so far this is the combination I am considering but I still have a few questions:
- The bank in St Lucia doesn't offer individual IBAN/SWIFT. I am not familiar with this sort of setup so in this case, how can my customers transfer me their money?
- The Belize IBC seems to be the best solution for my activity as opposed to an LLC but could someone with experience confirm that just in case I have missed anything please?
- Regarding establishing tax residency in a country where you are not allowed to work like the Bahamas, I am guessing the only way to be covered in case of health problem is to get your own medical insurance. Does anyone have a good company to refer me to for this?
I will certainly have many more questions but these are the ones I am getting stuck on so far so I would greatly appreciate if someone had some answers to them.
Thanks in advance for your help.
I am happy to join this community after so many hours reading the content of this forum.
I think I am pretty much ready to start writing the offshore chapter of my business story but I would like to have more experienced people's feedback or point of view in case I have missed anything.
I am currently operating a UK business (I am not a UK citizen but I am a resident in the UK). This business buys, restores and resells high end classic cars mainly in the US at the moment but could expand to other areas in the future.
Since this business is not location-tied, I would like to relocate somewhere I wouldn't have to pay tax on what I earn and so far the Bahamas seems to be a good option to me. With a few thousands dollars I can get an annual residence permit for myself and my family and this is renewable yearly or I could get a permanent residency if I bought an expensive enough property there.
Now on the business side, it seems that a Belize IBC would be the best fit for my situation and I have been advised that a bank account in St Lucia would be a good solution too.
So, so far this is the combination I am considering but I still have a few questions:
- The bank in St Lucia doesn't offer individual IBAN/SWIFT. I am not familiar with this sort of setup so in this case, how can my customers transfer me their money?
- The Belize IBC seems to be the best solution for my activity as opposed to an LLC but could someone with experience confirm that just in case I have missed anything please?
- Regarding establishing tax residency in a country where you are not allowed to work like the Bahamas, I am guessing the only way to be covered in case of health problem is to get your own medical insurance. Does anyone have a good company to refer me to for this?
I will certainly have many more questions but these are the ones I am getting stuck on so far so I would greatly appreciate if someone had some answers to them.
Thanks in advance for your help.
