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Offshore Company Formation and Management Services

Ireland or UK Non-Dom and Central Management and Control (CMAC) Provisions

Jmeery1

New member
Hi. I was wondering if anyone had any experience with running into trouble with CMAC provisions as a non-dom in either of these countries?

I am going to be moving to Ireland, but I hold a 100% owned HK company where I make investments. Whilst living in Ireland, from a personal tax perspective I'll only be taxed on income remitted into Ireland.

However, if my overseas company makes a profit, could that be taxed as an Irish tax resident company under CMAC if I am living in Ireland?

And, is there any reason I could simply make sure that the company never makes a profit, by paying myself directors fees to a non-Irish bank account (not remitted into Ireland)?

If anyone can help with this, or has experiences with CMAC, that would be great. So far, the accountants just give a vague answer.
 

mange38

Entrepreneur
Can you get a tax residency certificate for the Hong Kong company? Do you have an office in HK, a local director and/or employees?

If the answer is no to either of those questions then the HK company is resident in Ireland and you'll have to file accounts in Ireland.
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
I am going to be moving to Ireland, but I hold a 100% owned HK company where I make investments.
Place of control, management and operation of HK company will come into play. If company is controlled by you from Ireland than forget it. It cannot be considered offshore activity. Generally speaking the non-dom status is suited towards passive personal and corporate income and holdings held offshore. So if it is passive investment company rather than an active one you may be ok. But having an active company with the place of operation and control in Ireland won't fly you really want to make sure the operations and management of company is outside Ireland. You can ust move investment assets into your personal name offshore and keep offshore and that solves it.

If you want to be 100% sure get professional tax advice.

So far, the accountants just give a vague answer.
Be aware that anybody helping you with a non-dom structure in EU by law now has an obligation to to report your structure following DAC6.
 

Jmeery1

New member
Martin, another quick question on this. For the money you remit before moving (ie pre existing capital), once it has been remitted, did you just leave it in cash for living expenses (and only invest money outside the UK) or did you invest the funds that were inside the UK too and pay tax on the gains from those investments?
 

Martin Everson

Offshore Retiree
Mentor Group Gold
Elite Member
Martin, another quick question on this. For the money you remit before moving (ie pre existing capital), once it has been remitted, did you just leave it in cash for living expenses (and only invest money outside the UK) or did you invest the funds that were inside the UK too and pay tax on the gains from those investments?
Left all in cash and invested outside UK.
 
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