Setting Up an Anonymous, Low-Cost Tax-Free Company Globally in 2024 with Minimal Compliance Requirements?

[GPT]

if you play by the rule YET is the word if you play the seek and hide game you don't have to worry it works.

Those days are gone.

If you are truly in corporate services then you ought to know better. Nevertheless, good luck

 

[Propeller]

Good luck to you fellow

 

[Marzio]

I only get to 35 years of personal experience in the offshore industry

So i'm curious now with all those years of experience why a Panama resident wouldn't be able to open a US bank account by going in person to a branch.

They will continue to be the world's biggest tax haven for non-us citizens, that will not change.

Also, you don't have to jump immediately from EU high tax country to Panama, you could add an intermediate step and move to Cyprus first (for example) and then from there to Panama.

 

[GPT]

So i'm curious now with all those years of experience why a Panama resident wouldn't be able to open a US bank account by going in person to a branch.

They will continue to be the world's biggest tax haven for non-us citizens, that will not change.

Also, you don't have to jump immediately from EU high tax country to Panama, you could add an intermediate step and move to Cyprus first (for example) and then from there to Panama.

Where did I say that a Panamanian resident wouldn't be able to open a US account? You can open the US account if you manage to jump through all the hoops and over all the hurdles, like anywhere else. In some states walking into a branch and walk out with an account isn't happening anymore. In some states that is still possible.

It becomes however challenging to not declare those bankaccounts and get away with it. Is it a major risk if it is just a passthrough account? No not directly. Indirectly it becomes an issue once information requests are issued. Also if such an account doesn't hold >150k I don't think there will be an immediate risk. There are bigger fish in the pond.

Latest info is that the US is starting to exchange requested information by foreign nations. Panama is already doing that for a good handful of years. Ive personally seen dozens of requests passing my desk since 2017-2018-ish.

 

[Marzio]

Where did I say that a Panamanian resident wouldn't be able to open a US account?

Practically you will encounter banks closing the bankaccount because you are not compliant to the requirements.

If you now start such a setup, good luck

You didn't say explicitly that a Panamian resident wouldn't be able to open a US bank account but implied that it will be a very hard task to get one.

It becomes however challenging to not declare those bankaccounts and get away with it

But why should you be worried about having a US bank account as a Panama resident I don't understant. You don't have anything to hide.

 

[GPT]

You didn't say explicitly that a Panamian resident wouldn't be able to open a US bank account but implied that it will be a very hard task to get one.

Yes, and that doesnt change. If you however jump the hoops etc you might be able to get a US bankaccount (it largely depends on the state/county nowadays). Jumping the hoops means presenting ID, Proof of Address and in some cases Source of Funds. Sometimes, with higher amounts a second form of ID is already asked for in the US by certain banks.

But why should you be worried about having a US bank account as a Panama resident I don't understant. You don't have anything to hide.

If you declare everything correctly in Panama - nothing to hide as you say and insofar obliged to declare - then there is no problem in Panama. What I wrote before was and is in the context of "anonymity and low compliance" (see the title of this thread). Given that you used ID etc when opening, it is not anonymous and also not low compliance. Low compliance depends on a whole different subset of criteria and largely is user influenced.

On a side note, given that Panama (and partly the USA) nowadays complies with information requests, then your high tax home country (the one where you were born and hold the passport off) might even try to tax you when they find out that you don't pay tax anywhere else. Situations like that are currently happening in multiple countries in Europe.

 

[Marzio]

Jumping the hoops means presenting ID, Proof of Address and in some cases Source of Funds.

Those hoops are becoming the norm to open a bank account pretty much everywhere.

What I wrote before was and is in the context of "anonymity and low compliance" (see the title of this thread)

A US LLC is still an anonymous public facing company, only the IRS knows who is behind a company and with no accounting, no taxes to pay in US, you only need to file form 5472 this is very low compliance.

If with "anonymity" he was talking about was about hiding ownership to governments and banks then this is very different topic.

 

[GPT]

A US LLC is still an anonymous public facing company, only the IRS knows who is behind a company and with no accounting, no taxes to pay in US, you only need to file form 5472 this is very low compliance.

If with "anonymity" he was talking about was about hiding ownership to governments and banks then this is very different topic.

Based on current legislation it is not wise to skip accounting. The jurisdiction of incorporation might not require it (although that changes as well. The Seychelles was for instance a jurisdiction that didnt require accounts being kept. That changed drastically over the last couple of years), banks do or will soon do, based on global AML-CT legislation. The good ole US of A is slowly following this trend.

If anonymity is used to avoid having your name show up in public registers, sure, that will work. The title of this thread suggests imo a little more than that. Its also not just the USA offering this service. In Switzerland you can incorporate an AG and the shareholders registers are not public. Similarly you would remain anonymous. Im sure there are more countries offering similar options.

 

[lory]

It might seem that way but the forum is more active than ever (I think), thanks to a shift in focus towards residence and compliant solutions. There is way more to discuss, research, and discover now than previously.

OCT in 2009: just form an offshore company in Seychelles and open a bank account in Panama, you'll be anonymous.
OCT in 2014: just form an offshore company in Seychelles and open a bank account in Panama, you'll be anonymous as long as there are no TIEA requests which Seychelles and Panama both often don't respect if they sign them at all. Just don't be a US citizen.
OCT in 2019: just form an offshore company in Seychelles and open an EMI account. Maybe it's anonymous? Probably not for long.
OCT in 2024: set up residence in X, form a company in X or Y, and get a bank account in X, Y, or Z. You won't be anonymous but with the right structure, you'll be out of scope of taxation in your home country. Also here are some ways to cash out crypto. Plus information about nominees, lawyers, corporate service providers, and more.

Those who keep up with the times won't struggle. Those who are still looking for that 2009–2014 (if not even older...) era offshore financial services industry are falling further and further beyond each year.

very true, set me back to 2009 and let me restart and I would be a billionaire today.

 

[GPT]

very true, set me back to 2009 and let me restart and I would be a billionaire today.

You, me and everyone else on this forum would all have bought btc. No offshoring needed.

 

[vehzag]

Can someone explain in few words please why a person (resident of EU) that running a crypto company in EU needs for example Swiss anonymous company?

 

[daniels27]

Can someone explain in few words please why a person (resident of EU) that running a crypto company in EU needs for example Swiss anonymous company?

Short answer: They do not.

Long answer:
There are different people posting here. Those with less than 10 posts and asking such thing are usually French or Germans that once read in a newspaper about the big companies not paying taxes, "stealing money from them." Then, they think as they make 50k and pay 35% taxed, they can do so too. Long story short, it does not work as long as they do not move away form the EU.

Then, there are the people like OP, which are long gong and live in airports, hotels and the like. In this case, the question actually does make sense, up to a certain extent. I personally would recommend him SG or GG, it will cost about 5k per year.

And finally, there are those mentioned earlier that have substantial income and the possibilities to play the rule by the game. They hire 2 guys somewhere and have substance. This certainly works for now, I suspect that there soon will be a company on Taobao offering such substance as a service and soon, the rules will change again. Also, the corrput governments have too many corrupt and lazy officials that are never personally liable for their lousy work. Hence, their laws are full of loopholes. Of course, the governments are in need to fill some covid spending debts and are now looking for an easier way to get money than by covering loopholes. Hence, they introduced the tax evasion laws where any structure to avoid tax is per se subject to the avoided tax, even if legal. Of course, this also does not change much as all it does it increase the lawyers fees as they have to find excuses for the structure in order to qualify as legitimate.

 

[sebastian]

OP checkout, if you need help or want to discuss PM me

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[turmpy]

You, me and everyone else on this forum would all have bought btc. No offshoring needed.

don't speak about it, I'm getting sad not have taken action back that time.