UK resident with clients in the US. What the best setup for a dual citizen?

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saintjohnny

New member
I checked it's basically the same as Panama and HK set up. Any funds derived from a DR client or a DR bank account is taxable. You can run your business from DR but you can not have DR clients.
Yup, that's it. So after 3 years 1. I will save a lot of money, and 2. become liable for tax personally, but not the UK LLP.

On another note, I was looking into the option of forming my new UK LLP with my UK LTD as a partner - But, wouldn't that make the LLP liable for tax in the UK since my partner, the LTD company, is considered a UK resident?
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
If the LTD is purely a partner with no profit share then it would file dormant accounts it doesn't matter that you own it.
 

marzio

Mentor Group Gold
I contacted @CaptK via PM to have more information about the DR citizenship after 2 years of permanent residency because online i found a totally different story.
No clue as I was born a citizen

I guess you are still in DR, right? Since you are in the process of getting a DR passport could you please ask someone in the know how many years of permanent residency are required before getting the citizenship? Thanks
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
I contacted @CaptK via PM to have more information about the DR citizenship after 2 years of permanent residency because online i found a totally different story.


I guess you are still in DR, right? Since you are in the process of getting a DR passport could you please ask someone in the know how many years of permanent residency are required before getting the citizenship? Thanks
Hi Bud,

Let me find it again it was a couple years back its only when @saintjohnny started the discussion it reminded me.
Give me a nudge by Monday if you dont hear from me.
 

saintjohnny

New member
I contacted @CaptK via PM to have more information about the DR citizenship after 2 years of permanent residency because online i found a totally different story.


I guess you are still in DR, right? Since you are in the process of getting a DR passport could you please ask someone in the know how many years of permanent residency are required before getting the citizenship? Thanks

Hi Marzio. I couldn't find that first-hand experience. I just went to the passport office and they don't have any information on naturalization. Sorry I couldn't be of any help.

Edit: Yes, I'm in DR until February unless Spanish Hacienda lets go of me sooner... which might happen as I'm a citizen here and I can just move as I see fit? I'm going to submit a document that changes my fiscal residence next week.

@CaptK Maybe you know something about the latter?
 

CaptK

Nominee Company Bank Account Real Estate Passport
BANNED MEMBER
Hi Marzio. I couldn't find that first-hand experience. I just went to the passport office and they don't have any information on naturalization. Sorry I couldn't be of any help.

Edit: Yes, I'm in DR until February unless Spanish Hacienda lets go of me sooner... which might happen as I'm a citizen here and I can just move as I see fit? I'm going to submit a document that changes my fiscal residence next week.

@CaptK Maybe you know something about the latter?
I couldn't find it but its not that hard to register a a company but I think there is some minimum capital or something to do.
Get a local partner or nominee similar to BVI and Cayman and you should be fine.
 

marzio

Mentor Group Gold
So after 3 years I become liable for tax personally, but not the UK LLP.
@saintjohnny can you please clarify something? If after 3 years you will become liable for tax personally but not the UK LLP, does this mean that if you transfer money from the UK LLP bank account to your personal bank account in Santo Domingo you will get taxed? Also, if you are a Dominican Republic tax resident do you need to declare to tax office that you own an offshore company or that you have a offshore bank account? Thanks i'm becoming more and more interested in this Dominican Republic setup.
 

saintjohnny

New member
@saintjohnny can you please clarify something? If after 3 years you will become liable for tax personally but not the UK LLP, does this mean that if you transfer money from the UK LLP bank account to your personal bank account in Santo Domingo you will get taxed? Also, if you are a Dominican Republic tax resident do you need to declare to tax office that you own an offshore company or that you have a offshore bank account? Thanks i'm becoming more and more interested in this Dominican Republic setup.

I suppose you will get taxed if you transfer from your LLP to your personal bank account in Santo Domingo. I'm not opening a bank account in DR so I wouldn't know.

From my understanding, you do not need to declare to the tax office that you have an offshore company or bank account. But I could be wrong. I'm not a tax advisor but I can recommend you one via PM.
 

marzio

Mentor Group Gold
Correct me if i'm wrong: you are going to become tax resident in DR while managing your offshore UK LLP tax free. You will only use UK LLP's bank account and cards so that money never reach DR hence you will never pay any taxes there. Do i understand it correctly?
What i don't understand is what are you going to use the DR SRL for? Your answers can help me a lot in deciding what should i do, thanks!
 

saintjohnny

New member
Correct me if i'm wrong: you are going to become tax resident in DR while managing your offshore UK LLP tax free. You will only use UK LLP's bank account and cards so that money never reach DR hence you will never pay any taxes there. Do i understand it correctly?
What i don't understand is what are you going to use the DR SRL for? Your answers can help me a lot in deciding what should i do, thanks!
Yes, I will only use my LLP's bank and cards. DR SRL is just there in case I need it for anything.
 

saintjohnny

New member
I was telling you this for a month lol.
The company is the main thing but by then you would have moved to the UK by then unless DR tax works out better.

Alternatively it allows you to live a nomadic lifestyle with no issues.

Using your mum would be fine but as @John Andrews said a company is always better.

Do you think I would even have to live in DR for the 182 days to be considered tax resident in the DR? I'm a DR citizen and there is a tax treaty between DR and Spain that says I am resident wherever I have my vital interests and permanent home. I have property and all my family in the DR, while I have nothing in Spain, not even a bank account.

The only thing that ties me to Spain, in this case, is that I'm living a nomadic life (spending 0 days in Spain, and a month in DR) using my Spanish passport. I also have a Spanish pre-paid phone that I only use for WhatsApp and top up every month.

Thoughts?
 

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