Offshore setup for Canadian living in Mexico

[vijo]

I am a Canadian citizen living in Mexico on a 4 year temporary resident permit.

I own a media company incorporated in British Columbia (BC Corporation). Before moving to Mexico, I appointed a BC resident as director to keep the company in good standing.

However, I am thinking about closing the company and opening a new one offshore. If I decide to move out of Mexico later, I would not have to make major changes.

I looked at Anguilla IBC, however the uncertainty around banking has me second guessing.

Company will be mainly selling digital products to customers worldwide (mostly in US). Other sources of income are YouTube ad revenue, iTunes sales, etc. There would also be larger client payments coming in for professional work. These clients are also mostly in the US.

I will also be accepting crypto as payment and ideally would need a bank account that can interact with an exchange, but it’s not a major necessity at the moment.

Tax avoidance is obviously a factor, however the lack of reporting requirements is a bigger draw towards offshore as I’m mainly a one person show. My Canadian company is a hassle to maintain and the time + cost of compliance is barely worth it. Plus I’m bearish on Canada as a whole.

Any recommendations? Would a US LLC be the best option? Are my banking concerns about Anguilla overblown? Initially I plan on building a history using Wise or other EMI before moving to a traditional bank for safekeeping.

I plan on paying myself directly into my personal mexican bank account and paying the appropriate taxes.

Thank you!

 

[startfleetio]

US LLC is a breeze to maintain if you are a non-us resident. For Anguilla I wonder if you can find any serious EMIs for it. With a US LLC, you can have bank accounts and even apply for a crypto exchange account at US Exchanges.

 

[hc99]

US LLC might be a good idea. If you are selling media/digital goods, you might be able to use some kind of IP licensing scheme to limit your tax exposure in USA to single digits tax.

Are you declaring yourself non-resident in Canada? or are you going to continue filing there? Also consider the exit tax, as it may apply in your scenario.

I would keep most of my money offshore and not in Mexico. If you start having a nice cash flow, it won't be long before somebody from the cartel comes knocking for protection dues. You can pay yourself a reasonable salary and file taxes with Mexico, if you want. As far as I know, the tax filing in Mexico is voluntary (i.e. the bureaucrats are busy doing other things). I speak from personal experience.

 

[boomy]

As far as I know, the tax filing in Mexico is voluntary (i.e. the bureaucrats are busy doing other things). I speak from personal experience.

The guy with the biggest Gun will pay the lowest tax