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Safest and best tax jurisdiction for Russian IT company?

#21
DavidS said:
With uncertain future and sanctions which would be best offshore jurisdiction for Russian IT company to register at?

In terms of tax wise and stability.

How is Hong Kong, Malta...any other ideas?

Preferably tax efficient a well.
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Due to geopolitics I'd go for Hong Kong as they will (and cannot due to China) not fall to the western sanctions (and it was a good very place before covid and also tax efficient).

UAE might also be an option as well.
 
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#22
UAE and Hong Kong are some of the places I would count on at the moment, not sure how it will look long term i.e. 3 -5 years ahead.
 
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#23
Hello Jack,

Cyprus may be very interesting to attract EU clients and minimise tax.

The setup may resemble the following:
  • A Cyprus non-dom resident owns the Cyprus company on your behalf and acts as nominee director
  • No need for employees or physical office, no extra expenses (you need a true Cyprus resident for it to work)
  • Clients get invoiced by the Cyprus Ltd
  • You invoice to the Cyprus Ltd what is STRICTLY necessary to cover your company expenses back in Russia
  • The Cyprus Ltd pays you in Crypto, to circumvent banking restrictions
  • The rest of the profit gets taxed 12,5%
  • After tax, the profit is distributed by the Ltd to the Cyprus resident, as dividend
  • Dividends are (almost) free from any other burden for the non-dom resident nominee
  • The nominee sends the net dividends to you in crypto, as a lifetime donation
  • There's no gift tax in Cyprus, nor in Russia
  • You enjoy the money legally
12.5% may not seem low as a tax figure, but in this way you completely erase the personal income tax (and if you wish, you still can reinvest the money in the business, but it gets in as capital and you'll be able to get it out tax free at a later point in time).

To minimise risks with the nominee, you can agree for a monthly (or even weekly payment); that depends on your business model
 
#24
CaptK said:
I can tell you for now UAE has no issues with Russia. Bank accounts are being open for Russian clients some activities like oil and gas maybe harder but IT is still ok.

I can confirm that as my client has his account approved today.
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As of today, Mashreq are not accepting any Russian passport holders. Russian born but with a different passport is acceptable.
 
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#28
I think that's a proper decision. And by the same token, a great deal of the americans and europeans have to be banned from all the banks owing to the atrocities they've done in the Middle East, for instance, by engaging in proxy wars, by sending weapons there, killing civilians and, for the US, envading Irak and Afganistan.
 
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#29
JamesDonkey said:
I think that's a proper decision. And by the same token, a great deal of the americans and europeans have to be banned from all the banks owing to the atrocities they've done in the Middle East, for instance, by engaging in proxy wars, by sending weapons there, killing civilians and, for the US, envading Irak and Afganistan.
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It’s the best decision for exposing the idiocy of banks and the inevitability of cryptocurrency.
 
#36
Hello @DavidS,

Depend on how you are going to maintain your business.
Might be UK LP structure will be an option for you if you don't want really care about the company
Few fules to make it super easy
1) Nominee from not taxtatible jurisdictions
2) No financial relations with UK counterprties

^ With this structure you'll meet some problems with EMI or Banks onboardings, but this can be solved if you will show who is UBO

Georgian company can bring you lots of problems... also that is not that high rated jurisdiction that can't be accepted by some financial institutions and please anyone help me to close account in TBC
 
#37
pippo said:
Hello Jack,

Cyprus may be very interesting to attract EU clients and minimise tax.

The setup may resemble the following:
  • A Cyprus non-dom resident owns the Cyprus company on your behalf and acts as nominee director
  • No need for employees or physical office, no extra expenses (you need a true Cyprus resident for it to work)
  • Clients get invoiced by the Cyprus Ltd
  • You invoice to the Cyprus Ltd what is STRICTLY necessary to cover your company expenses back in Russia
  • The Cyprus Ltd pays you in Crypto, to circumvent banking restrictions
  • The rest of the profit gets taxed 12,5%
  • After tax, the profit is distributed by the Ltd to the Cyprus resident, as dividend
  • Dividends are (almost) free from any other burden for the non-dom resident nominee
  • The nominee sends the net dividends to you in crypto, as a lifetime donation
  • There's no gift tax in Cyprus, nor in Russia
  • You enjoy the money legally
12.5% may not seem low as a tax figure, but in this way you completely erase the personal income tax (and if you wish, you still can reinvest the money in the business, but it gets in as capital and you'll be able to get it out tax free at a later point in time).

To minimise risks with the nominee, you can agree for a monthly (or even weekly payment); that depends on your business model
Click to expand...
I think there is some confusion of the non dom concept here..

Also, you can’t hide the UBO any more, all companies have an obligations to disclose the UBO’s details in the relevant reguster. Failure to comply would incur criminal liability on the director.
 
#38
JackAlabama said:
Not your bank not your money. Only keep in banks what you are willing to lose.
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it isn't always possible.

CyprusLaw said:
Also, you can’t hide the UBO any more, all companies have an obligations to disclose the UBO’s details in the relevant reguster. Failure to comply would incur criminal liability on the director.
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non the less I just opened a thread about something that is going on like that, you are welcome to comment on it here

I know the rules, but I just saw the opposite with my own eyes in a documentary.
 
#39
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#40
JackAlabama said:
Yes, it is also not advisable. Just make sure the bank aligns with your passports geopolitics.
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yes.. looks like I figured out what they are doing and how... will post about it inside the mentor group gold to avoid public attention.
 
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