Italian resident- Dropshipping + Crypto assets

[ciccino]

I'm actually resident in Italy with a dropshipping business, 200K yearly turnover, supplier extra-UE extra-US, customers worldwide 60% US

What's the best setup? Malta/Cyprus residency + LLC New Mexico + Bank Account in US without CRS + Emi like transferwise as second option? Can I open a personal bank account as well in US? Where can I open personal bank with IBAN?

Or going straight with Paraguay? I read Panama is awful to open bank account in US and EU, they also report to Italy (they will start to investigate as soon as you declare the Panama residency)

Honestly the first years I can stay 6 months, the other years I want to be mostly in Italy, even in incognito, I will left nothing in my name in Italy

I also have crypto assets and like to invest profits in crypto

The more I read the more I'm confused, really looking for advice, what should I do?

I will thank you forever for any suggestion, thank you.

 

[Outlander]

Panama will soon stop Friendly Nations program and therefore Paraguay will be your best bet.

 

[Fred]

Residence in Paraguay will be your best bet from the jurisdictions you have mentioned.

However it really depends on what merchants are involved in your dropshipping business.

Especially PayPal could have issues if your residence is not in the country of your incorporation.

From what we have seen always the most sense makes Malta Ltd with Malta Residence, Cyprus Ltd with Cyprus Residence when PayPal is involved.

Stripe could maybe work with Paraguay Residence and US LLC company but again things are changing frequently.

So if you want to have a long lasting solution when it comes to the Merchants Accounts we can highly suggest to have the Residence, Company and Bank Account in the same country.

Dubai Company with Residence and local UAE Bank Account could be interesting as well as it gives you all what is required from PayPal as well as from Stripe - it comes with less bureaucracy, privacy and 0% tax as this is what I assume you require with the jurisdictions you mentioned.

I know that @Outlander has a setup with BVI + Paraguay Residence + SG Bank Account - but the questions is if you can still get this setup and then again if you have with such a setup a full PayPal and Stripe functionality.

 

[Outlander]

@Fred I have many setups but for my businesses neither PayPal or Stripe is needed. BVI doesn't work well with either, anyways. Also for bank account I mostly use US banks and have a SG account as a backup.

 

[vevaconsult]

Dear compatriot, the southern hemisphere of the American continent is no longer the most suitable place to structure offshore companies. Panama is now an old lady who nostalgically remembers her glories of youth, a dreamer's paradise, but expensive and totally unreliable. Paraguay has also tightened a lot in this sense with recent regulations. The fact that you trade with crypto makes things worse, Latin America is not cryptofriendly, with a few small exceptions in Brazil and Mexico where some improvements are noted

 

[ciccino]

Dear compatriot, the southern hemisphere of the American continent is no longer the most suitable place to structure offshore companies. Panama is now an old lady who nostalgically remembers her glories of youth, a dreamer's paradise, but expensive and totally unreliable. Paraguay has also tightened a lot in this sense with recent regulations. The fact that you trade with crypto makes things worse, Latin America is not cryptofriendly, with a few small exceptions in Brazil and Mexico where some improvements are noted

Thanks, what do you suggest for my particular case? Thank you

 

[i888]

You want to stay in your country Italy, but without paying tax and you want to do it risking freedom.

You either find a country close by with low tax, I know about Romania, there are BG, Malta, Cy, etc can't comment too much, there are plenty of info around here.

Romania could be 6% tax = dividents 5% and 1% tax on revenue for companies with revenue less than 1 million and one employee, yourself

Or maybe some complicated structures and risky ones dunno

 

[Ellipsis]

Stripe could maybe work with Paraguay Residence and US LLC company but again things are changing frequently.

Paraguay does not have a DTA with the USA; if an EU citizen moves to Paraguay and opens an LLC (without ETBUS), will he have to pay the income tax to the US tax authorities?

The same goes for Paraguay + US LLC with regard to the UAE?