Hi,i am a professional bettor and I need help.I don't know which is the best jurisdiction for company formation.
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Hey!
If you want to receive your payments tax free and legally you would just set up in Marshall Islands and receive payments to Bank of Cyprus or Millenium Bank in Poland.
Set-up:
1. Marshall Islands company
2. Bank Account (as above)
3. 2X EMI accounts with cards
Hope this helps!
Em
If you want to receive your payments tax free and legally you would just set up in Marshall Islands and receive payments to Bank of Cyprus or Millenium Bank in Poland.
Set-up:
1. Marshall Islands company
2. Bank Account (as above)
3. 2X EMI accounts with cards
Hope this helps!
Em
I don't know if Marshall Islands allow sports betting activity through treir companies.If they allow,how can I report my earnings if I don't pay taxes?If I want to deposit money in a bank they will ask for proof of income.I want papers from the tax office.I don't want EMI accounts because they're not reliable.My broker pays me in Bitcoin.
The real question is: where are you resident? Banks may exchange informations with your tax authority and a company will not resolve the problem. Also many betting companies/sites will not allow you to bet as a corporation.
Your biggest issue will be finding betting agents that provide corporate accounts. To my knowledge, bar betfair no other bookmaker that welcome winning players is providing corporate accounts. Which bookmakers are you planning to use?
betfair and matchbook do support company accounts (for obvious reasons)
also betdaq, but they are practically unusable anyway
no soft bookie nor "professional" (pinnacle, sbobet, 3bet, ...) supports company account - for most jurisdictions personal winnings from sportbettting are tax-free - this is not true for company accounts so it makes no sense in most cases
also betdaq, but they are practically unusable anyway
no soft bookie nor "professional" (pinnacle, sbobet, 3bet, ...) supports company account - for most jurisdictions personal winnings from sportbettting are tax-free - this is not true for company accounts so it makes no sense in most cases
Winnings from sportbetting are tax-free, however in most jurisdictions, betting on non licensed books is prohibited/illegal. So if you win 100k per year on pinnacle, you just can't claim you won 100k on an illegal book. In my country at least, you are risking 50k fine and up to 1 year in jail. A corporate account with betting agents and an offshore company would be ideal solution but as you said, bar exchanges no other book for profetionals provide corporate accounts. However, Pyckio claim they register the first regulated betting fund and they are planning to use asian bookmakers, unsure how they will do it though. Check their crowdfund page here in spanish Pyckio | 350,330 € : Crowdcube A regulated betting fund whereas the only shareholder will be just you might be a solution. Good luck if you find a solution, please update though as i am having same issue
Just a brief response to your post - we could talk about this for hours but it belongs maybe to another forum and also wouldn't help us anyway...
Yes, regulation of everything is spreading like a plague and the socialism growing in Europe is supporting it even more - idiotic politics then think they can easily decide that sports betting or poker are the same type of "gamble" like roulette or slots...
I can't see how Pyckio could make it a sustainable business for two reasons:
1) it's unusable for live betting which is the main opportunity to make money from sports betting
2) no one will give money to anyone just like that - no matter which bookmakers are they planing to use, "winners welcome" is just a slogan - this can maybe end like another betting broker as best case scenario
thegame,you don't have to have corporate account.You can make a Seyhelles Foundation who controls a Seyhelles IBC.Then you can appoint yourself as company's trader.You can send an invoice to the company to pay you for the services.You'll pay taxes in your country,is the only way to make this money legal.
Thanks for the response mate. However, didn't understand how gambling profit will be legal this way. As a ''trader'', i will still need accounts with bookmakers to place bets. Those accounts, need to be opened on my own name even if i act as a trader. Hence, i will still be illegal in my country.
If i understand correct, i will win the money under ''trader'' status, receive the money via an ebank/ewallet, sent the money to the Seychelles IBC and then i will invoice the company for my services and receive profits back. Yet, i am still betting illegally
Ideal solution would be placing bets under the Foundation or IBC name/bank account and then invoice the company for my services. But then, we have the problem that bookmakers are not opening account on Foundation or IBC etc
If I read you correct you just need an intermediate account to "clean" the money and to hide where it is coming from. If so, there is Trnasferwise borderless, MisterTango and Revolut which all 3 can be used for this purpose. I'm using them for something similar just with crypto money!
I don't know about other jurisdictions but at least in my country (and I believe it will be very similar elsewhere) when I receive bigger amount (say 20k EUR or many smaller amounts from the same source) to my bank account I'm asked what is the origin (source) of money. And it's not enough to say 'this is my own money from my revolut account', you have to show some contract (loan, sale, ...), account statement from cryptocurrency exchange or a screen shot from betting site in thegame's case.
So it's not that simple. The only solution I can see here is to move some betting/gambling friendly jurisdiction, which again is easy to say but a bit hard to make happen.
1) fake docs showing what? that he earned this some other way? this would be typically subject of taxes in case of his tax-free income...
2) depends on what money are we talking about - there is a very slight difference between not saying truth (or providing fake docs) and committing crime (in sense of some stupid law produced by degenerated socially oriented so called 'democratic' country) - some people live decent life, having children, enjoying things worth more than 6 figure money they could save using some dark way
fake contracts, fake bank statements etc. I don't believe that many auth. have the time to do closer checkup's on the docs. and if they do, you can simply claim that's what you got from the guy which is a citizien of Somalia.
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