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Best Country for Tax Residency

Conduit

Conduit

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Jun 22, 2020
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Tropic of Cancer
#1
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I have a few associates who are looking for 0% capital gains and income tax, preferably in an environment with no annual property taxes with a low cost to apply. They are currently UBO of IBCs and looking to liquidate crypto-assets. While I normally recommended English speaking territories/countries, I am willing to learn about some possibly better territories. While my current solution costs $2000 and requires so much personal documentation (educational/medical/financial/police check, etc) I am not sure whether the climate will change in the near-term. Looking for a more stable environment, with no annual taxes applied on real property (condominium or freehold house). What do you guys recommend?
 
#2
Conduit said:
I have a few associates who are looking for 0% capital gains and income tax, preferably in an environment with no annual property taxes with a low cost to apply. They are currently UBO of IBCs and looking to liquidate crypto-assets. While I normally recommended English speaking territories/countries, I am willing to learn about some possibly better territories. While my current solution costs $2000 and requires so much personal documentation (educational/medical/financial/police check, etc) I am not sure whether the climate will change in the near-term. Looking for a more stable environment, with no annual taxes applied on real property (condominium or freehold house). What do you guys recommend?
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Are these crypto assets in the IBC? Or is the IBC separate and they hold crypto as private individuals. What are they intending to do with the IBC?
 
#3
IBCs are separate holdings entities that are not making any revenue at the moment, they are private individuals with crypto assets that could easily be transferred to an IBC however the sale would definitely trigger a tax enquiry hence the need for them to reside in a zero tax environment, the main preference is that the zero tax environment doesn’t tax them to live there in other ways, such as annual property taxes and high sales/VAT taxes and customs duty for the importation of their personal effects and stuff.
 
#4
Conduit said:
IBCs are separate holdings entities that are not making any revenue at the moment, they are private individuals with crypto assets that could easily be transferred to an IBC however the sale would definitely trigger a tax enquiry hence the need for them to reside in a zero tax environment, the main preference is that the zero tax environment doesn’t tax them to live there in other ways, such as annual property taxes and high sales/VAT taxes and customs duty for the importation of their personal effects and stuff.
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Try Georgia, if they are willing to live here at least 183 days in any 12-months rolling period. Study this Questions about Georgia (country) (+ entire thread and links) for details. Note that laws and regulations in Georgia change almost as often as the weather!
 
#8
Conduit said:
It appears that Georgia is a very complex environment. I will take a look.

Does anyone know about the UAE?
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We can help you with the UAE and your venture.

The key are the decent retail banks in the UAE you have access to if things are setup right.

Basically you get with a Dubai Company all the benefits of an IBC but with access to reliable retail banking with local banks in the UAE.

This is especially for the crypto cashout the key and essential.

With classic IBC's in Belize / Seychelles you have already headache without even being crypto related - so to work with them something related crypto out you either have the millions to manage something with a private bank in switzerland or you endup banking on east european EMI's that are limited to SEPA only.

So the move to Dubai away from the current IBC's would be to improve the banking situation that then leads to a successful crypto cashout.
 
#10
Fred said:
We can help you with the UAE and your venture.

The key are the decent retail banks in the UAE you have access to if things are setup right.

Basically you get with a Dubai Company all the benefits of an IBC but with access to reliable retail banking with local banks in the UAE.

This is especially for the crypto cashout the key and essential.

With classic IBC's in Belize / Seychelles you have already headache without even being crypto related - so to work with them something related crypto out you either have the millions to manage something with a private bank in switzerland or you endup banking on east european EMI's that are limited to SEPA only.

So the move to Dubai away from the current IBC's would be to improve the banking situation that then leads to a successful crypto cashout.
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Does the CRS/AEOI apply to the UAE? Because the UBO would not be resident in the UAE, wouldn't the IBC be meaningless when it comes to dividend distribution until tax residency is established?

One of the reasons I have stayed away from Spanish and Arabic structures is due to the language barrier and dependence on others to interpret the regulations, but I am more open to it due to the changes in the BWI.
 
#11
Conduit said:
Does the CRS/AEOI apply to the UAE? Because the UBO would not be resident in the UAE, wouldn't the IBC be meaningless when it comes to dividend distribution until tax residency is established?
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CRS/AEOI applies for UAE - however due to the Residence Visa - Emirates ID (local ID card) and local phone no. it's not triggered as the UAE banks consider you fully as local UAE resident.

It's going as far as that some banks even have pre-filled the CRS part of the application.

It's technically no longer possible to open Business Bank Accounts without Residence Visa - only in theory. Because they want to get rid of non-resident banking as this is a high risk and leads most of the time to EU blacklisting.

You can call the Dubai Company Formation as an investment - see below link:

https://www.oecd.org/tax/automatic-...sistance/residence-citizenship-by-investment/
 
#16
Probably not something you'd be interested in due to the language, but I am choosing Paraguay for my tax residency. It's terratorial tax based, and also only 10% even if it wasn't. They have 100% renewal energy from hydro so the local government is actually trying to encourage crypto miners, which is an interesting position. Mind you, it's a developing nation so a far way off on a lot of fronts (but I like that). But yeah, if you structure it right and you liquidate your IBC, assuming it's percieved as foreign owned/controlled - it's tax free. Cyprus is English speaking however, and if you apply for non-dom you can get 17 years tax free on capital gains/dividends e.t.c (but need to pay 2.65%). I don't like Cyprus because their COVID policy is draconian, so I'd rather be in the wild west of Paraguay :)
 
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#17
rhomber said:
Costa Rica is no longer viable, they are ditching territorial taxation very soon.
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Source? Any approx time when that's going to happen?

rhomber said:
Probably not something you'd be interested in due to the language, but I am choosing Paraguay for my tax residency. It's terratorial tax based, and also only 10% even if it wasn't. They have 100% renewal energy from hydro so the local government is actually trying to encourage crypto miners, which is an interesting position. Mind you, it's a developing nation so a far way off on a lot of fronts (but I like that). But yeah, if you structure it right and you liquidate your IBC, assuming it's percieved as foreign owned/controlled - it's tax free. Cyprus is English speaking however, and if you apply for non-dom you can get 17 years tax free on capital gains/dividends e.t.c (but need to pay 2.65%). I don't like Cyprus because their COVID policy is draconian, so I'd rather be in the wild west of Paraguay :)
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You shouldn't just dislike a country because of the covid policies being implemented because some r*tards don't have brains, plus covid will slowly fade out anyways
 
#18
legrant said:
Source? Any approx time when that's going to happen?


You shouldn't just dislike a country because of the covid policies being implemented because some r*tards don't have brains, plus covid will slowly fade out anyways
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I disagree, I refuse to get the vaccine. So, if I don't get a vaccine - to live in Cyprus I will need to have 10+ COVID tests per month to buy groceries. That's tyranny, and I will not be a part of it. If you believe the vaccine is benign, that's ok, you're free to take it - I do not and so I will not :)
 
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#19
rhomber said:
I disagree, I refuse to get the vaccine. So, if I don't get a vaccine - to live in Cyprus I will need to have 10+ COVID tests per month to buy groceries. That's tyranny, and I will not be a part of it. If you believe the vaccine is benign, that's ok, you're free to take it - I do not and so I will not :)
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That's how it's going to be all over EU and probably in all developed countries, a lot of countries in EU are doing the exact same thing right now. It's not tyranny in any way, no-one forces you to take the vaccine (unless you're an essential worker like a doctor), so if you don't want to take it, you need to get tested in order to protect the people you may get close to you, it's basic common sense.

Paraguay has also had curfews, forced quarantines, forced to wear masks in certain places and other stuff, so talk about tyranny all you want but every country will end up having similar rules.
 
#20
legrant said:
That's how it's going to be all over EU and probably in all developed countries, a lot of countries in EU are doing the exact same thing right now. It's not tyranny in any way, no-one forces you to take the vaccine (unless you're an essential worker like a doctor), so if you don't want to take it, you need to get tested in order to protect the people you may get close to you, it's basic common sense.

Paraguay has also had curfews, forced quarantines, forced to wear masks in certain places and other stuff, so talk about tyranny all you want but every country will end up having similar rules.
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"no-one forces you to take the vaccine" ... bulls**t. As I said, to buy GROCERIES - you need to have the vaccine or a valid PCR *EVERY* 72 hours. This WILL become mandatory, a rolling affect. And I could care less about Europe. I'll continue to move until I cannot move any more. I'm not just going to give into this nightmare.
 
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