Cheap OFFshore, no taxes, no audit what country for a 5k income freelancer?

[Lex00]

Hey,

What country would be the best choice for a freelancer with the following requests?

I won't be conducting any business in the country where I incorporate. I don't need complete privacy; I can be listed as the director of the company.

I expect to earn between $5,000 and $10,000 per month, planning to spend it all on day-to-day expenses via credit card, including bills, restaurants, takeout, kindergarten, etc. If I'll gather extra $ I'll spend them on trips.

I don't plan on withdrawing dividends to avoid paying taxes in my country; I intend to spend everything on the firm's credit card.

Therefore, I need a jurisdiction that doesn't require a yearly audit and allows me to spend the money as I see fit.

I’m looking for low maintenance (annual fees) and simple accounting, preferably without a registered office in that specific country.

I would like to use Wise or Revolut, but it’s not mandatory.

Any pointers?

When I had a higher income, I had a company in Gibraltar, but for $5,000 a month, I can't afford a UK company at the moment.

 

[daniels27]

At that number, maybe US LLC would be an option. Don't think it makes sense to pay 2500 USD for a SG/HK/GI company at such low figures, but technically possible too.

 

[Sols]

I don't plan on withdrawing dividends to avoid paying taxes in my country; I intend to spend everything on the firm's credit card.

If that spending includes funds not for the business but rather for yourself, that may be considered income (salary or dividends). Just something to be aware of if/when the local tax man comes and asks how you paid for your kids' kindergarten fees. You're still committing tax fraud.

Therefore, I need a jurisdiction that doesn't require a yearly audit and allows me to spend the money as I see fit.

As @daniels27 mentioned, a US LLC is probably a good fit if you also want an account with a service like Wise or Revolut. Other typical offshore jurisdictions will cost significantly more to create and banking will be harder.

 

[alley]

As already mentioned earlier in the thread, your local tax office will likely call you in for a meeting if you’re using your company in this way.

That said, a US LLC is still the recommended route from my side, it’s the cheapest and simplest option.

 

[shimo]

Let's summarize: kindergarten and probably bills/taxes are also red flags, but grocery/travel expenses aren't as closely monitored, i guess!?

Just be ready to proof your lifestyle or keep your instagram out of that flashy trips..

At the end of the day, the people on the other side aren’t stupid , sooner or later, the truth could comes out. You can hide like a mouse, or you can just pay your taxes and relax. Saving a bit of money on daily expenses isn’t worth the stress and trouble it can bring.

I suggest get in touch with your local accountant and compare your options ( if you can afford to wait untill dividends come, than HK is pretty nice and easy setup (i recently opened with full setup at sleek for 2k$) / otherwise US LLC as your personal income )