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Reputable Firms To Assist With Offshore Incorporation Process

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bradenjames

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Aug 26, 2021
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Vancouver, BC, Canada
#1
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Hello I am currently located in Canada, and looking to shift my financial business to a preferable tax haven. Can anyone recommend any reputable firms that can consult on a variety of jurisdictions and actually deliver quality work on time? It would seem alot of firms online in this space have alot of negative or scam reviews? thanks
 
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#3
Yes essentially I'm a crypto day trader who trades at a high enough frequency where revenue is considered business income. Ideally I'd like to shelter this in a tax haven with a low corporate tax rate. Ideally I am looking for a company/firm to consult and help initiate these processes. Like I said before there seems to be alot of firms in this space however a good majority have alot of extremely negative reviews. So would love to work with a firm that has a good reputation
 
#4
bradenjames said:
Yes essentially I'm a crypto day trader who trades at a high enough frequency where revenue is considered business income. Ideally I'd like to shelter this in a tax haven with a low corporate tax rate. Ideally I am looking for a company/firm to consult and help initiate these processes. Like I said before there seems to be alot of firms in this space however a good majority have alot of extremely negative reviews. So would love to work with a firm that has a good reputation
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Would you consider Cyprus?
 
#6
bradenjames said:
What are the advantages of cyprus over other jurisdictions? Similarly can you recommend any firms?
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12.5% corporate tax
As you are considered a non dom (even if you relocate in Cyprus you keep the non dom status for 17 years) dividend payments are SDC/tax exempt.
Nice and sunny place to relocate
High quality of legal and financial services.
If it is ok I can pm you for further info
 
#8
bradenjames said:
I think its not as ideal considering there are other jurisdictions with lower or next to no corporate tax rate
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It depends on what you are looking for. A tax haven would create other issues and cause trouble with banking solutions. While a jurisdiction like Cyprus would give you access to the EU, not a tax haven, and very good tax incentives. In any event review your options and if you need any other info for Cyprus feel free to reach out here
 
#9
what is the purpose of non dom when he doesn't stay more than 60 days in cyprus and will be considered tax resident in the country he spends most time anyways ?
 
#10
Question number one... Do you want to stay in Canada? Here's what I've been told from an actual Canadian tax attorney: "Any money the company makes that you pay yourself in Canada with will be charge at around 25%". If you leave, like I did, now it's a whole other ball game. But, for starters, get in touch with a Canadian tax attorney. He'll explain to you the whole strong ties thing and you'll have a better understanding of your options afterwards. Hope this helps.
 
#11
369 said:
what is the purpose of non dom when he doesn't stay more than 60 days in cyprus and will be considered tax resident in the country he spends most time anyways ?
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As a non dom there is no sdc/tax on dividends, if he is a tax resident in Cyprus this means that he will not pay any sdc/tax on dividends. If he is a tax resident elsewhere he will still have no obligation at a Cyprus level but will have to declare it in the jurisdiction of his tax residency, hence the most optimized tax structure would be to become a Cyprus tax resident
 
#12
CyprusLaw said:
As a non dom there is no sdc/tax on dividends, if he is a tax resident in Cyprus this means that he will not pay any sdc/tax on dividends. If he is a tax resident elsewhere he will still have no obligation at a Cyprus level but will have to declare it in the jurisdiction of his tax residency, hence the most optimized tax structure would be to become a Cyprus tax resident
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What is the purpose of non dom.
It says min 60 days in cyprus but when i stay lets say 70 days in germany for holiday i will have to pay taxes there.
 
#13
369 said:
What is the purpose of non dom.
It says min 60 days in cyprus but when i stay lets say 70 days in germany for holiday i will have to pay taxes there.
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The non dom is a separate concept from the tax residency. To become a Cyprus tax resident you need to spend at least 60 days in Cyprus, have a business in Cyprus, be able to show that you own property or rent and do not spend more than 183 days in another jurisdiction.

The non dom status is simply being considered a non domiciled individual i.e. not having lived permanently in Cyprus for the last 17 years. This exempts you from sdc on dividend and interest. But it is a different concept from the tax residency
 
#14
NoKYC said:
Question number one... Do you want to stay in Canada? Here's what I've been told from an actual Canadian tax attorney: "Any money the company makes that you pay yourself in Canada with will be charge at around 25%". If you leave, like I did, now it's a whole other ball game. But, for starters, get in touch with a Canadian tax attorney. He'll explain to you the whole strong ties thing and you'll have a better understanding of your options afterwards. Hope this helps.
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What would happen if the cyprus company makes money, but you don't pay anything to yourself in Canada? I mean, does this trigger CFC rules?
 
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#16
pragmatic mouse said:
What would happen if the cyprus company makes money, but you don't pay anything to yourself in Canada? I mean, does this trigger CFC rules?
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Well the problem becomes how do you pay yourself? If it comes from that company, the banks and the authorities will want to know who's the owner and why are you getting paid from them. Personally I wanted to move from Canada so there was many options but even then, you need to cut so many ties with the country because the CRA can easily say Mr. X or Mrs. Y is still a tax resident because of this and that and now you have to prove that YOU'RE not a tax resident.

As my lawyer said, it's not like a criminal case, you're what they say you are unless proven otherwise. Also noteworthy, if you have a company in Cyprus, their reasoning (CRA) will be "then why isn't he living there?". It's really difficult in this day and age. Especially with all the regulations in place. No matter what, you'll have to pay some taxes. Either when you leave as it was my case or if you're getting money from someplace else.
 
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