Newbie question - pay no tax legally

[MarkOne]

Hi,

I'm an IT consultant and based in the UK, but I spend most of my time travelling, spent about 3 weeks there last year, so resent paying corporation and personal tax there.

I was hoping somebody could provide some information/suggestions...ideally I'd pay no tax.

I was thinking of setting up a ICB in Belize, 0% corporation tax.
Becoming a resident of Panama - via friendly nation visa and pay 0% tax on foreign income - I would pay myself via dividends from company in Belize.

Does this seem about right? Would there be a better way to achieve this, I have been looking at this on and off for the last few months and its very difficult to get any definite information.

 

[negon]

Are you an UK citizen and for how long have you lived there already?

 

[MarkOne]

I'm citizen all my life.

 

[proples]

I'd like to know this one too.

 

[MarkOne]

Basically you can do what I've outlined providing you fulfil the obligations of the Panaman tax certificate requirements, which you would need to prove to whatever government that comes asking that you are a tax resident in Panama. From what I can tell you'd then end up paying about $500 a year for the 2 companies (1 in Belize to bill through, and 1 in Panama to be eligible for the Friendly nation visa).
This would be possible in other places too, but Panama is relatively cheap and easy to get residency in (for me at least) and Belize is cheap too so it makes sense for me, but I'm sure other places would be able to work this out too

 

[Juoffshore]

Basically you can do what I've outlined providing you fulfil the obligations of the Panaman tax certificate requirements, which you would need to prove to whatever government that comes asking that you are a tax resident in Panama. From what I can tell you'd then end up paying about $500 a year for the 2 companies (1 in Belize to bill through, and 1 in Panama to be eligible for the Friendly nation visa).
This would be possible in other places too, but Panama is relatively cheap and easy to get residency in (for me at least) and Belize is cheap too so it makes sense for me, but I'm sure other places would be able to work this out too

It could be a good option, keep in mind if you want to avoid to pay tax in the UK, you have to break the UK residency and move into another country where offshore income are not taxed.

Have a look on the residence statory test to make sure you are no longer UK resident for HMRC, for exemple if your wife stay and the Uk and you still have a house here, you can be considered as a resident for HMRC even if you spend less than 90 days in the UK.