Offshore company with low tax + Puerto Rico account

[Dizzl]

Hi,

I'm looking to draw down my crypto assets into an offshore company and pay tax on the money. I've looked around and seen the cheapest @ 1.5%.

I want to pay tax so I could never be accused of evasion, just avoidance at worst, plus I'd have a certificate proving tax had been paid.

Once here I can then invest in my other companies around the world.

For this I'm looking at using a PR account, which is not subject to the CRS.

I won't be drawing down all the time as I'll leave majority in crypto, but as and when I need to.

I will keep accounts for the company too, I want to run it as a proper entity, even if I have 12 transactions per year.

Can anyone recommend the best location to set the company up, with paying the least amount of tax.

Thanks

 

[Tax Cow]

Montserrat for that.

Since the volcano eruption which swallowed their capital, the place has been largely forgotten. There are less negative associations; only the old timers who were offshoring in 80s and 90s remember the place.

Corp in Montserrat which elected a small tax instead of annual fees, and an account in San Juan for no CRS. Seems like a plan?

Enjoy!

 

[Dizzl]

Hi,

Thanks for your reply. Why did you choose San Juan over Puerto Rico?

 

[Tax Cow]

Hi,

Thanks for your reply. Why did you choose San Juan over Puerto Rico?

San Juan is the banking hub of Puerto Rico.

 

[Tax Cow]

Sounds interesting! How much taxes you pays for a Montserrat IBC or LLC? Sounds interesting as f**k

Relevant law extract:

...
the company may, in respect of any calendar year subsequent to its year of
incorporation and in substitution of the licence fees under subsection (1)
hereof, elect to pay a corporate tax calculated at the rate of 1.75 per centum
of its net profit for that calendar year...

Source: International Business Companies Act (#3 under Companies)

http://www.fscmontserrat.org/legislations/

 

[Tax Cow]

That's great!!! Do you have any experience with Montserrat IBC's?

Yes and no. Just as end user, not as service provider.

 

[Tax Cow]

Tell more about....how it's privacy there? Where are u banking?

Corporate registry is quite transparent. For filthy stuff without utilizing smurfs, it's not the best. And if you're already up for smurfs/darks and fraud, Montserrat doesn't make sense. Then it would be better to go for U.S., France, Germany, etc. to appear as an onshore milking cow, instead of being the "possibly compliant tax payer" who found a way to reduce burden.

Smaller high street banks in the region work with Montserrat corps. Including some banks in Puerto Rico, Antigua & Barbuda, and Bahamas. I can mention a few options via PM, not in public, sorry. OCBC Singapore, CIM Suisse are some higher caliber options on the table.

And don't forget the usual: TW, and @Martin Everson 's favorite bank of all time EPB, also consider Montserrat IBCs.

 

[Martin Everson]

I consider using EPB

 

[aquarius]

For receiving money is not as bad lmao.... But I wire money out to safer banks

Safer banks as eg?

 

[JohnLocke]

Not bad @xzars really not bad. Thank you for your very helpful posts in this thread, I just wonder why you don't want to share the banks in this thread?

 

[Tax Cow]

Not bad @xzars really not bad. Thank you for your very helpful posts in this thread, I just wonder why you don't want to share the banks in this thread?

@Cetme308win recieved a reply with 2 banking options in addition to those mentioned.

The problem with me highlighting the less known small banks is the risk of uptick in scrutiny and harassment these banks may recieve. From the likes of FATF, OECD, other commie-like organizations. A shout out from an ex con launderer isnt't the best kind of advertisement a bank would like in this climate.

The ones I mentioned anyhow, are well known to everyone, on and off this forum. I'm just echoing the information that's already out there for years. They've been scrutinized so much that their compliance lays some of the tightest fish nets around. Small banks, the less known, may turtle-up and completely close down to non-resident businesses on the first sight of OECD logo. So that's why I'm taking a little caution. I want these options to be available for a little while longer.

 

[JohnLocke]

All clear @xzars I understand that, just wanted it to be pin pointed so that others that read your replies understand it.

Thank you anyway.

 

[Martin Everson]

The problem with me highlighting the less known small banks is the risk of uptick in scrutiny and harassment these banks may recieve.

lol..you mean like what happened to Ameria bank in Armenia after I mentioned remote account opening. The service got killed .

 

[Tax Cow]

lol..you mean like what happened to Ameria bank in Armenia after I mentioned remote account opening. The service got killed .

Lol...Precisely! Say some hot keywords like "remote opening" and the bank will be hit on by all kinds of playboys. Even sexier if you mention "low fees," "crypto friendly," and "Seychelles IBCs accepted."

Then by the next time you try to log in to your account, the bank will be an AIDS hotspot undergoing compulsory liquidation.

 

[JohnLocke]

lol..you mean like what happened to Ameria bank in Armenia after I mentioned remote account opening. The service got killed .

Yeah, we need to take more care before posting something on the forum, banks and other service providers are already monitoring this forum closely. It means we have some wise people around here on OffshoreCorpTalk - a good example @Martin Everson - @Sols and many more, thanks to all of you by the way.

 

[Martin Everson]

Yeah, we need to take more care before posting something on the forum, banks and other service providers are already monitoring this forum closely. It means we have some wise people around here on OffshoreCorpTalk - a good example @Martin Everson - @Sols and many more, thanks to all of you by the way.

Yeah maybe I stick to mentioning in mentor group certain things only. This forum's threads appear in google news on the topic of offshore banking in top position. That means every man and his dog interested in offshore banking knows about this forum .

 

[Dizzl]

I've just made contact with an accountant on the island to enquire about the reporting requirements and their associated charges.

It seems strange to me that no one is really offering an on island incorporation service, with address and document filing service, except with the usual crowd of internet advertisers.

I don't know if it would be permitted if was able to post my formation journey, with the relevant companies/contact information for the initial formation, and ongoing requirements/costs direct with the companies/services on the island, as opposed to a company in India or Dubai charging the earth.

D

 

[JohnLocke]

I don't know if it would be permitted if was able to post my formation journey, with the relevant companies/contact information for the initial formation, and ongoing requirements/costs direct with the companies/services on the island, as opposed to a company in India or Dubai charging the earth.

You can post it all BUT there is no need to post contact details other then a single website url for people to learn about the provider.

 

[Martin Everson]

I don't know if it would be permitted if was able to post my formation journey, with the relevant companies/contact information for the initial formation, and ongoing requirements/costs direct with the companies/services on the island, as opposed to a company in India or Dubai charging the earth.

What BS is this now...ffs.

You started this thread last Friday and asked the below

Can anyone recommend the best location to set the company up, with paying the least amount of tax.

Now after being a member of the forum for less than two weeks you want to advertise your formation journey that took your from last friday till today i.e less than 5 working days at best .

Not everyone is born yesterday. Honesty and being straightforward with people is key. This sort of marketing does NOT WORK!!!! If you want to advertise on here pay for it. Don't create some BS thread like this one to promote your service when your the accountant.

I've just made contact with an accountant on the island to enquire about the reporting requirements and their associated charges.

Just admit your the accountant and stop playing stupid games. Your worse than those Russian banks posting fake feedback on here about their experiences that I keep catching out .

 

[Alex Fr]

So if Montserrat IBC select to pay license fee as 1.75% of it's revenue do they provide TIN for this IBC and any kind of tax certificate or tax residency cerificate (some banks may ask for this document to make sure it's not a shelf company)

So far there are no economic substance demands to the moment.