The End of Offshore?

[sonato]

@James Turner and his staff is rock solid, I have bought a company from them some time ago, professional service with high level of service.

 

[Davis123]

It will never be the end of offshore companies. Someone pointed it already out here on the forum in another thread. What we see now is a game changer. All the criminals, narcos and con's have saturated the opportunity for all of us to setup some normal useful structure as it was used to be 6 -20 years back.

Now we have still options in the offshore jurisdictions with bitcoins, nominees, darks, Russian EMI's, Trust and Funds, we still can setup real offices and hide behind them or reduce taxes legally.

It is a matter of how much money have you available!

But aren't Trusts also reportable by the jurisdictions I know Cook island requires a lot of certification and reporting fully to the jurisdiction of the beneficial owner.

 

[Konstanz]

I agree there will be no end of the offshore industry. People can still move their residency to low tax or zero tax countries

 

[Silvio]

I agree, the title of the thread is a bit over the top.

The point is that you won't really be able to pay 0% even if you're living in a zero tax country. You will need to pay something- be it an office, some employees, etc.

It will be a hurdle only to small people as big companies can always afford substance anyway. Also it seems this is mainly with this bank as it's a well known "offshore" bank, I guess if you had an account with a bigger bank for a while they won't bother you (or they have already asked you for substance in the past).

 

[EliasIT]

Nothing to supply to what @maxmmm and @Konstanz already said.. it sums it all up. You need to pay something to avoid taxes. Total 0% tax freedom does not exists.

One has to pay something.

 

[Btraveler]

I agree there will be no end of the offshore industry. People can still move their residency to low tax or zero tax countries

Yes, but very difficult to move for 90% of the people who have wife, kids, etc...and cannot move to another country

 

[sonato]

Yes, but very difficult to move for 90% of the people who have wife, kids, etc...and cannot move to another country

I agree, it's not the first option for most of us.

 

[Konstanz]

Yes, but very difficult to move for 90% of the people who have wife, kids, etc...and cannot move to another country

Unfortunately, it's time that if you live in high tax country is getting very hard just to simply have company offshore or on-shore low tax country and avoid taxes in your country.
Moving to 0% tax country is probably the oldest and still most safe way and will be like it.
It's possible to move kids and wifes if it's worth money you would be earning..

 

[lavel]

Moving to 0% tax country is probably the oldest and still most safe way and will be like it.

I agree, know people, expats that live a nice live in both Spain and UAE some even in the UK.