Hey everyone, I'll be starting an online consulting+sales business very soon, and I'd love to get some suggestions on the best way I can set it up in a foreign country in order to fully avoid paying taxes via a territorial tax system, or greatly minimize them.
The online business I'm planning to create is a B2B consulting firm where I'd be partnering with numerous entrepreneurs and helping them grow their online business via different strategies as well as providing them with valuable DFY services. In return, I'll be getting paid on a performance/commission-based pay, where the greater revenues I help generate for their business, the more I get paid as well (based on a set % we agree on).
In many ways, this is the exact same idea or concept as affiliate marketing, where you normally get paid anywhere from 15-40% of revenues you generate for a company as an affiliate, except there's a lot more to it than that. And the great thing about this business model is that I don't even need to create my own merchant account to accept payments - I only need to have a reliable bank account where I can receive money from people quickly, easily, cheaply, and where I can transfer it to other countries or bank accounts without any issues or complications if I want to. And ideally a bank account in a country where it is safe to store large amounts.
After doing some research, I decided to go to Panama to obtain permanent residency for personal reasons & benefits, and as part of the process I also had to set up a Panamanian Corporation which I'm thinking of using for my online consulting business. This would bring me many benefits, but the main downside is that I heard that Panamian corporate bank accounts are not very reliable internationally, esp when dealing with large amounts - so if this is true, I'll need to find another way or country where I can easily & quickly set up a reliable corporate bank account and connect it to my Panamian Corporation to start receiving transfers from my partners who mostly live in English speaking countries (where there's little to no taxes).
Also, if something like this would be possible, then ideally I would love to receive ALL of my money/transfers through crypto USD stablecoins and store them all in my own personal digital wallet where I have full control over it. This way I will never have to ask governments for any permission or go through a bunch of questioning & BS to receive and transfer large amounts of money on a regular basis. I know there are various crypto payment processors that accept crypto and then automatically convert it to fiat and send it to the business owner's bank account as fiat, but I'm looking for something similar but the other way around.
This brings me to a few questions I have about my situation:
1. What would be the best country(s) where I can set up a corporate bank account where there are little to no taxes on worldwide income? A place that is reliable and where I can easily & quickly receive large amounts of money and then use or transfer it in any way I want without a bunch of questioning or complications?
And would I be able to easily connect that corporate bank account to a corporation from another country like Panama, or I would need to set up the corporation there as well?
2. What do you think about Panamanian residency for personal reasons, as well as Panamian Corporations + bank accounts for doing business & accepting payments/money transfers from overseas? Is it really as unreliable for online business as I heard when it comes to dealing with large numbers? Would be great if someone here has personal experience with that or knows someone who does.
3. For crypto - is there any merchant/payment processor that can not only accept payments in crypto with low fees, but most importantly accept fiat currency as well, then convert them to BTC, ETH, or preferably USDT/USDC (especially a set % of the full amount like it usually goes when affiliates get paid), and then automatically send the converted USDT/USDC to your digital wallet? If something like this exists and is reliable then it would be the perfect solution for me and I'm willing to pay good money for that.
And if there's no payment processor that can do that - is there any business, bank, or organization that deals with large fiat-to-crypto exchanges that is reliable and is fully virtual? Because my goal is to store 99% of my money in crypto and avoid keeping a lot of money in any country or bank account. I want to have full control over my money and not depend on any country to store & control it for me when I can easily do it myself thanks to crypto.
P.S. I'm currently a Canadian resident & citizen, and for many different reasons I'm looking to move away from Canada and start a new chapter in life + set up my online businesses(es) in a country that doesn't have insane tax policies or that taxes entrepreneurs on their worldwide income (but still keep my Candian citizenship for passport purposes), hence why I chose Panama at the moment.
The online business I'm planning to create is a B2B consulting firm where I'd be partnering with numerous entrepreneurs and helping them grow their online business via different strategies as well as providing them with valuable DFY services. In return, I'll be getting paid on a performance/commission-based pay, where the greater revenues I help generate for their business, the more I get paid as well (based on a set % we agree on).
In many ways, this is the exact same idea or concept as affiliate marketing, where you normally get paid anywhere from 15-40% of revenues you generate for a company as an affiliate, except there's a lot more to it than that. And the great thing about this business model is that I don't even need to create my own merchant account to accept payments - I only need to have a reliable bank account where I can receive money from people quickly, easily, cheaply, and where I can transfer it to other countries or bank accounts without any issues or complications if I want to. And ideally a bank account in a country where it is safe to store large amounts.
After doing some research, I decided to go to Panama to obtain permanent residency for personal reasons & benefits, and as part of the process I also had to set up a Panamanian Corporation which I'm thinking of using for my online consulting business. This would bring me many benefits, but the main downside is that I heard that Panamian corporate bank accounts are not very reliable internationally, esp when dealing with large amounts - so if this is true, I'll need to find another way or country where I can easily & quickly set up a reliable corporate bank account and connect it to my Panamian Corporation to start receiving transfers from my partners who mostly live in English speaking countries (where there's little to no taxes).
Also, if something like this would be possible, then ideally I would love to receive ALL of my money/transfers through crypto USD stablecoins and store them all in my own personal digital wallet where I have full control over it. This way I will never have to ask governments for any permission or go through a bunch of questioning & BS to receive and transfer large amounts of money on a regular basis. I know there are various crypto payment processors that accept crypto and then automatically convert it to fiat and send it to the business owner's bank account as fiat, but I'm looking for something similar but the other way around.
This brings me to a few questions I have about my situation:
1. What would be the best country(s) where I can set up a corporate bank account where there are little to no taxes on worldwide income? A place that is reliable and where I can easily & quickly receive large amounts of money and then use or transfer it in any way I want without a bunch of questioning or complications?
And would I be able to easily connect that corporate bank account to a corporation from another country like Panama, or I would need to set up the corporation there as well?
2. What do you think about Panamanian residency for personal reasons, as well as Panamian Corporations + bank accounts for doing business & accepting payments/money transfers from overseas? Is it really as unreliable for online business as I heard when it comes to dealing with large numbers? Would be great if someone here has personal experience with that or knows someone who does.
3. For crypto - is there any merchant/payment processor that can not only accept payments in crypto with low fees, but most importantly accept fiat currency as well, then convert them to BTC, ETH, or preferably USDT/USDC (especially a set % of the full amount like it usually goes when affiliates get paid), and then automatically send the converted USDT/USDC to your digital wallet? If something like this exists and is reliable then it would be the perfect solution for me and I'm willing to pay good money for that.
And if there's no payment processor that can do that - is there any business, bank, or organization that deals with large fiat-to-crypto exchanges that is reliable and is fully virtual? Because my goal is to store 99% of my money in crypto and avoid keeping a lot of money in any country or bank account. I want to have full control over my money and not depend on any country to store & control it for me when I can easily do it myself thanks to crypto.
P.S. I'm currently a Canadian resident & citizen, and for many different reasons I'm looking to move away from Canada and start a new chapter in life + set up my online businesses(es) in a country that doesn't have insane tax policies or that taxes entrepreneurs on their worldwide income (but still keep my Candian citizenship for passport purposes), hence why I chose Panama at the moment.
