Seychelles Company - Residencey In High Tax County

[Jezzawalt]

I am looking at moving my company/banking to Seychelles. Given that I live in a high tax country I have come up with a plan outlined below. Would love some feedback to see if this is a viable option for my situation.

Hold all savings offshore in Seychelles. Pull out x amount per week for personal spending to pay tax on in home country.

After x amount of years when I want to bring all of the company savings into my home country. Move briefly to a country and gain a residency permit for 1 year or less that won't tax me on foreign income, Portugal, Malaysia, Panama etc. Bring all the money into this country legitimately. Then move back to my home country and legally bring the money back with me when I "move" back.

Is the above correct? Maybe a bit of a hassle with having to leave the country to fetch the money years down the track, however the savings are worth the hassle.

 

[khinkali]

Most high tax countries would tax you for the offshore company's profits due to controlled foreign corporation rules, or tax the company as a permanent establishment in your country if you manage it or do work for it there, or tax you on the company's income due to the work or management in your country.

People use the approach you described illegally but of course they risk getting caught later when their tax authority wants to look into their source of wealth, or even sooner due to CRS or profit shifting flags.

 

[CaptK]

Move out first get the tax residency then start pulling savings.

It depends on where you live now for instance Germany will go back 8 years before you left.

You need a plan for CFC rules also. So the choice is either move and set up where you intend base the operations. Use a Nominee and place yourself as UK consultant on a salary or retainer. Where your offshore company is there must be a proper set up. Office, staff, email and website.