Cyprus Offshore for Non Dom

[bigbite100]

Hello guys,

I am living in Cyprus with the non dom program.

I would like to have a offshore company to earn the money back dividends. My only cost would be 2,65% NHS instead of 12,5% corporate tax.

Now my question is - which country should I choose?

The cheapest solution would be Seychelles with a bank account of ABC bank.

Second cheapest solution would be Singapore company with different banking opportunities.

Most expensive soltuion would be UAE (RAK) company.

From what I understood, none of this companies will have real substance. it will have a shared office rental and a nominee director. But from what i heard, this is common and also accepted by Cyprus.

I am living most of the time outside of cyprus (I am living there 60-90 days)

Which of these 3 companies would you recommend? I dont have a good feeling with seychelles and would prefer singapore but its more expensive.

Thank you in advance for your help. I already searched the forum but I couldnt find a answer to my questions.

Best regards

 

[CyprusLawyer101]

Sey co with ABC can be the way to go.
As an alternative of a more onshore jurisdiction would be a Mauritius authorised company

 

[MiltonStone]

Mauritius may indeed be the better solution for you. Speak with @CyprusLawyer101 since I see from his signature he is a tax firm.

 

[bigbite100]

Thank you for your replies.

@CyprusLawyer101
1) Do you have experience with ABC Bank? I checked some reviews online - they don´t have too many reviews and some of them are negative, so I am a bit scared leaving money at a small bank in Mauritius.

2) Do Cyprus authorities view dividends from Seychelles differently then they would view dividends from Singapore? Singapore to me sounds more legit and less offshore / tax evasion-like.

Thank you in advance for your reply.

 

[bigbite100]

Mauritius may indeed be the better solution for you. Speak with @CyprusLawyer101 since I see from his signature he is a tax firm.

Thank you for your replies.


@CyprusLawyer101
1) Do you have experience with ABC Bank? I checked some reviews online - they don´t have too many reviews and some of them are negative, so I am a bit scared leaving money at a small bank in Mauritius.


2) Do Cyprus authorities view dividends from Seychelles differently then they would view dividends from Singapore? Singapore to me sounds more legit and less offshore / tax evasion-like.
Thank you in advance for your reply.

 

[GrumpyMess]

I would like to have a offshore company to earn the money back dividends. My only cost would be 2,65% NHS instead of 12,5% corporate tax.

It's a grey zone, no one can guarantee that tax authorities won't punish you for this scheme. It's all about management and control.

Otherwise, it would be a perfect tax solution.

 

[CyprusLawyer101]

Thank you for your replies.

@CyprusLawyer101
1) Do you have experience with ABC Bank? I checked some reviews online - they don´t have too many reviews and some of them are negative, so I am a bit scared leaving money at a small bank in Mauritius.

I have been working with them for probably close to 10 yrs so I know them quite well, I would say everything ia normal with them thus far and they are not a pop up bank. They used to be in the market as a leasing compqny for mqny years before they got their license.

2) Do Cyprus authorities view dividends from Seychelles differently then they would view dividends from Singapore? Singapore to me sounds more legit and less offshore / tax evasion-like.

Thank you in advance for your reply.

There is a reputational aspect to it indeed. But the remmitting company is not disclosed when submitting a tax return. So what you are saying only becomes relevant once the Tax Office decides to investigate you. And again , a Seychelles company does not in essense mean anything.

 

[bigbite100]

It's a grey zone, no one can guarantee that tax authorities won't punish you for this scheme. It's all about management and control.

Otherwise, it would be a perfect tax solution.

what exactly do you mean? how can i manage and control it?

 

[bigbite100]

I have been working with them for probably close to 10 yrs so I know them quite well, I would say everything ia normal with them thus far and they are not a pop up bank. They used to be in the market as a leasing compqny for mqny years before they got their license.

There is a reputational aspect to it indeed. But the remmitting company is not disclosed when submitting a tax return. So what you are saying only becomes relevant once the Tax Office decides to investigate you. And again , a Seychelles company does not in essense mean anything.

Thank you for the information. So from what I understood, SCY and SGP makes no difference. I work with a US LLC (Florida) and will send the money to the SCY company. Normally the SCY company should be working as a holding (be a member of the US LLC), but I think then my US LLC transferwise account will get closed because they dont do business with seychelles (managed) companies.

Thats why I would like to just give the US LLC company a inovice from the Seychelles company and transfer the money. Is Wise allowing money sent to a Seychelles IBC company with a ABC Bank account?

 

[bigbite100]

@CyprusLawyer101 Hello, I would like to talk with you about the Seychelles company, I am interested in a company formation. Could you please me your contact details so we can do a quick call? I would appreciate it.
Thank you in advance.
Kind regards

 

[sergeylim88]

does cyprus have cfc rules?
what would you have to do to avoid your offshore (seychelles) company being taxed as local company for corporate income tax?

 

[cyprustoomuch]

@CyprusLawyer101 I would be interested in a solution too. I am currently living in cyprus with the lovely 12% tax that has to be paid in advance twice a year. I am in Ecommerce and have a lot of inventory that apparently cant be pulled off as company expense before its been sold in Cyprus. A solution where I hire some employees and set up an office in UAE or Bahrain or wherever else would be highly welcome.

Could you DM me so we can see how to target this together?