Ideal setup for this scenario

[jg100]

Firstly I do apologise if this has been done to the death. I have had a bit of a search for information and learned a lot but still have a few questions and wondered if someone on this forum might help.
Currently living a rather nomadic life for work, UK citizen, currently taking approximately £300k in two or three chunks a year, from USA, UK, Russia, EU.
Unhappy with remaining incorporated in the Uk for a multitude of reasons, tax being one, two I’m not a great fan of people (friends included) being able to see how much or how little I made last year within 4 clicks of a mouse.
I took a look at Singapore, low tax for the first 3 years etc but I hear that opening a bank account is a nightmare and comes with ultra high minimums to be maintained. Is this correct?
Then Belize, on the face of it, it seemed ideal then I read that the US effectively stopped allowing payments to be made to or from their banks, again, correct?

Long story short, no objections to a little tax (<10%). Just like a little anonymity (nothing untoward) and ease of use.

Not too bothered about jurisdiction or it looking good on a website or invoice - just no blacklisted or grey listed countries where it’s too much of a headache.

Not expecting help that should be paid for of course, I would just really appreciate a nudge in the right direction. I’m also reading a lot of horror stories of incorporation firms promising the world, taking the fees and then barely responding, perhaps someone has a recommendation?

Thanks ever so much in advance, and again sorry if for some longtime members here if this has been discussed a million times.

 

[Vor]

Firstly I do apologise if this has been done to the death. I have had a bit of a search for information and learned a lot but still have a few questions and wondered if someone on this forum might help.
Currently living a rather nomadic life for work, UK citizen, currently taking approximately £300k in two or three chunks a year, from USA, UK, Russia, EU.
Unhappy with remaining incorporated in the Uk for a multitude of reasons, tax being one, two I’m not a great fan of people (friends included) being able to see how much or how little I made last year within 4 clicks of a mouse.
I took a look at Singapore, low tax for the first 3 years etc but I hear that opening a bank account is a nightmare and comes with ultra high minimums to be maintained. Is this correct?
Then Belize, on the face of it, it seemed ideal then I read that the US effectively stopped allowing payments to be made to or from their banks, again, correct?

Long story short, no objections to a little tax (<10%). Just like a little anonymity (nothing untoward) and ease of use.

Not too bothered about jurisdiction or it looking good on a website or invoice - just no blacklisted or grey listed countries where it’s too much of a headache.

Not expecting help that should be paid for of course, I would just really appreciate a nudge in the right direction. I’m also reading a lot of horror stories of incorporation firms promising the world, taking the fees and then barely responding, perhaps someone has a recommendation?

Thanks ever so much in advance, and again sorry if for some longtime members here if this has been discussed a million times.

300K pounds gives you certainly many options luckily. The first thing I will say is avoid Belize like the plague unless you want every nightmare in the book. You will be unable to get banking for a Belize company in general in the bulk of the world. Belize banking itself is an absolute travesty and I would not go within 1000 feet of any of their banks. Here is an article referencing two nightmares to come out of that jurisdiction.

https://www.caporasoandpartnerslawo...aces-two-offshore-banks-in-forced-liquidation
If I were you I would look into the current favorite place of this forum and that is the UAE. It's very popular because it simply works. You get a residence permit, setup your company, and can get access to banking fairly straightforward. Their is a member on this forum @Fred who specializes in this entire setup(I have never personally worked with him but he has a review thread and you will see that many have had good experiences). Dubai of course has 0% taxes, you only need to get in the country for 2 days a year I believe also to maintain your visa.

There is other options than UAE but if your nomadic and want a simple straightforward tax residency/banking solution I would say it's the way to go currently. Everything else begins to get more convoluted the second everything isn't in one place take for example a Belize company with Singapore banking... that example will just be straight up impossible, you would burn the incorporation cost on the Belize corp and waste your time as no compliance department would ever onboard the entity.

I'm sure others will have some potential other options but for sure look into UAE and from what I read/hear @Fred provides a reputable service!

 

[Sols]

First of all, take care of your tax residence. Make sure what you call home is a zero/low tax jurisdiction, or at the very least a company operating like yours is subject to no or low tax. If you don't have one, find a place to call home. It'll make life a lot easier.

You're right to avoid Belize. Banking there is difficult and banking elsewhere for a Belize company is also difficult, because the jurisdiction is generally considered one of the worst.

Singapore will cost you a few thousand SGD a year to maintain. Bank account opening in Singapore is going to be very difficult without ties to Singapore or Asia, but you might have more luck with Wise, Currenxie, Airwallex, and other EMI/non-banks.

Easiest might be a US LLC (Delaware, Wyoming) and open accounts with Mercury and Wise. Cheap, relatively fast, and so far seems stable. There's a risk that income from your US client is taxable in the US, but you can likely avoid that by ensuring the LLC is a single-member, transparent entity. Another consideration is how income from a US LLC is treated in your place of tax residence. Worth looking into, though.

Isle of Man and Gibraltar might be better options. Privacy isn't quite as tight as classic offshore jurisdictions (or US LLC) but it's cumbersome to dig up the docs. Might help if you appoint nominee directors/shareholders. If you're just hiding from nosy but not very skilled/motivated friends and family, that could be all you need. Service providers: ILS, Vistra, Gecko, Ellul, Trident Trust, Sovereign.

BVI is quite popular with people in similar situations. Lots of good providers there. Some frequently mentioned are Vistra, Appleby, Sovereign, Trident Trust, and Ogier. TCI and Anguilla are comparable to BVI (British territories with similar laws) but lower profile.

Cook Islands company with a bank account with CSB could also work. CSB corresponds primarily with DBS in Singapore, so sending and receiving USD shouldn't be impossible. Speak with for example Asiaciti Trust and Southpac Trust. Asiaciti can also help with Nevis and a few other jurisdictions.

Definitely explore UAE, but be mindful it's on the cusp of a FATF grey listing and consider how that may affect you now and in the future.

 

[uplana]

BVI is quite popular with people in similar situations. Lots of good providers there. Some frequently mentioned are Vistra, Appleby, Sovereign, Trident Trust, and Ogier. TCI and Anguilla are comparable to BVI (British territories with similar laws) but lower profile.

Cook Islands company with a bank account with CSB could also work. CSB corresponds primarily with DBS in Singapore, so sending and receiving USD shouldn't be impossible. Speak with for example Asiaciti Trust and Southpac Trust. Asiaciti can also help with Nevis and a few other jurisdictions

If I was in your place I would look at the above two mentioned options. It's what provide the most of your goals.

 

[CyprusLawyer101]

I agree with Sols that you should fix your tax residency first. Deciding on the best jurisdiction to do this, has many variables for consideration such as the stability of the tax system( not changing too often), tax and other benefits to non doms, good international reputation, a good banking system and good professionals on the ground.

 

[JimBeam]

how much or how little I made last year within 4 clicks of a mouse

Dude, learn me how to make 300k/year with 4clicks and I'll send you half

If you want zero tax, UAE would be my #1 pick.
Also you can stay there half a year and enjoy nice weather, pool/beach etc...

But if you don't mind paying some taxes, you're left with former British colonies like Malta or Cyprus.
In both they dive on the lefts side, English is widely spoken and you can have some brits to hang out in a pub.
Both are about 3 hours flight from UK and generally safe places to live/hang out...

I would personally stay away from Asia (HK/SG, especially if you're not spending time in Asia)...