residency

[michael reader]

what would be the difference between someone who was born and living in costa rica who wanted to open an offshore bank account in the seychelles vs someone who was born in costa rica but living in bolivia? how would it make a difference when opening an offshore bank account for either one when comparing both? would both be the same when the bank ask where they were born and where they live or would both be looked the same way for the bank? can someone who knows about residency please tell me. rsvp. thank you.

 

[Martin Everson]

It will make no difference. Whats behind asking such a question?

 

[michael reader]

for taxation purposes that is. if a costa rican living in costa rica has to pay taxes because of that governments taxation vs living in bolivia where that government has different taxation laws compared to costa rica. rsvp

It will make no difference. Whats behind asking such a question?

 

[Martin Everson]

for taxation purposes that is. if a costa rican living in costa rica has to pay taxes because of that governments taxation vs living in bolivia where that government has different taxation laws compared to costa rica. rsvp

Ahh you should have mentioned taxation in the first place .

Costa Rica operates a territorial tax system and also has no CFC laws. All personal income earned abroad that has a foreign non-Costa Rican source is exempt from tax. Just make sure there is no Costa Rica sourced income in the offshore setup and keep everything abroad and its tax free. Bolivia also operates a territorial tax system in same way as Costa Rica and has no CFC laws.

Basically you pay no tax legally for Seychelles company and offshore activity if you choose either. Speak to a local tax advisor first before you make any decisions. I am just giving a random man on the internet view point .

 

[michael reader]

no cfc laws? what do you mean by that? a local tax advisor from a specific country like costa rica or bolivia? a tax advisor from the government preferibly? rsvp.

Ahh you should have mentioned taxation in the first place .

Costa Rica operates a territorial tax system and also has no CFC laws. All personal income earned abroad that has a foreign non-Costa Rican source is exempt from tax. Just make sure there is no Costa Rica sourced income in the offshore setup and keep everything abroad and its tax free. Bolivia also operates a territorial tax system in same way as Costa Rica and has no CFC laws.

Basically you pay no tax legally for Seychelles company and offshore activity if you choose either. Speak to a local tax advisor first before you make any decisions. I am just giving a random man on the internet view point .

 

[Martin Everson]

no cfc laws? what do you mean by that? a local tax advisor from a specific country like costa rica or bolivia? a tax advisor from the government preferibly? rsvp.

Google CFC (Controlled Foreign Corperation) laws. A good local advisor is fine as I doubt any government will provide tax advice.

Have a nice weekend