I wonder what experts here have to say

[Sols]

Would you specify the profits of the offshore company in your personal tax return?

Yes, you specify it as dividends from a foreign company. Best to have someone do your taxes for you.

And if the Cyprus tax authorities don't care, what can I do with the profits later (if I move to another country for example)? I would have no proof of funds, wouldn't I?

You show them your Cypriot tax returns. If they want further proof, show them proof of your crypto trading activities.

I would appreciate very much if you could look into this thread and post your opinion.

Profits from offshore company blacklisted?

Hi, my tax accountant in Cyprus came up with the structure to set up a Belize company to do crypto trading to pay zero percent taxes. He said I don't have to declare the profits in my tax return because they are tax free. Does anybody know if this is legal? But apart from this I think even if...

www.offshorecorptalk.com

OK.

I talked to 3 accountants now and 2 said me Nominee Directors still work, 1 said it will not work, but even the first 2 were not really clear...

My common sense tells me that the Cyprus tax authorities don't care if one makes small profits but will look in detail if one makes huge amounts of money to get their share of the cake.

Exactly. What you're proposing is probably not legal but enforcement is limited to nonexistent.

I prefer erring on the side of caution and would opt for a local company. A total tax burden of 12.5% is a small price to pay nowadays for an otherwise completely legitimate structure that's sustainable long-term.

 

[clemens]

A total tax burden of 12.5% is a small price to pay nowadays for an otherwise completely legitimate structure that's sustainable long-term.

that's reasonablke, don't mess with it.