Any accountants - tax lawyers on here?

[Jami77]

I'm looking for advise from any tax professionals that might be lurking on here (and before you ask - I've posted on a variety of other forums but for some reason I keep getting this question banned or blocked - so I figured well fk it everyone on here is pretty friendly and theres no shortage of opinions so...)

I travel internationally and have a new business I'm setting up. The business is an online digital thing and I plan on settling outside of Canada. So if I were to set up a new corporation where should I go? Should I keep it in Canada but pay myself a salary in a low tax jurisdiction?

Or should I set up the corporation in a low tax jurisdiction (Jersey has 0% corporation tax) and just pay myself a salary in whichever country I'm settled in?

And what countries might be best for setting up a corporation.

Has anyone done this before?

And yes all the above assumes I want to keep it legal and dont want to get paid under the table (although that is an option) - but if I can keep it legal and keep my taxes low then I'll do that.

Thanks

 

[xix]

Florida?

https://www.cnbc.com/2024/02/12/jeff-bezos-move-to-miami-will-save-him-over-600-million-in-taxes.html

Cayman Island?
Iceland?
Panama


Not
Canada
California.

 

[shrek71]

Start watching the youtube videos from Nomad Capitalist. They specialize this type of thing.

Cheers

 

[Liam011]

^^^ what he said.

Also, don't discount low or flat tax jurisdictions either. Most havens are either places you wouldn't want to live or couldn't afford to (not that you have to but in case you were thinking that). Whereas a lot of more attractive places have either low corporate or capital gains taxes (or both) or a general flat tax. Sometimes paying a known low rate is better than worrying about a haven changing the rules down the road or WEF type fuckers collaborating to get the rules changed (for everyone except themselves natch).

 

[shack]

Ask Andy Dufresne.

 

[stephenp]

I'm looking for advise from any tax professionals that might be lurking on here (and before you ask - I've posted on a variety of other forums but for some reason I keep getting this question banned or blocked - so I figured well fk it everyone on here is pretty friendly and theres no shortage of opinions so...)

I travel internationally and have a new business I'm setting up. The business is an online digital thing and I plan on settling outside of Canada. So if I were to set up a new corporation where should I go? Should I keep it in Canada but pay myself a salary in a low tax jurisdiction?

Or should I set up the corporation in a low tax jurisdiction (Jersey has 0% corporation tax) and just pay myself a salary in whichever country I'm settled in?

And what countries might be best for setting up a corporation.

Has anyone done this before?

And yes all the above assumes I want to keep it legal and dont want to get paid under the table (although that is an option) - but if I can keep it legal and keep my taxes low then I'll do that.

Thanks

If you're Canada-resident, you're taxable on worldwide income and with CRS now in place most countries are expected to share tax-related info, so Canada will, at least in theory, know about foreign-sourced income if the tax authorities in that jurisdiction know and know which country you are actually resident in. How effective CRS has been in practice, or is likely to be in the near term, is another matter. It is e.g. heavily based on self-identification to FIs in the particular CRS-country where the non-Canada income would be reported from. There can also still be benefits from the salary vs business income element even if CRS holds. This is all a major simplification but it's a complex topic not suited to a discussion forum like this

 

[bluecolt]

I am in this business. However, instead of getting off the cuff information, consult with a corporation lawyer in another country. There are a number of dependencies and countries that have no income tax such as the Caymans, Bermuda and the Bahamas, and many with low rates such as Ireland and Hong Kong. Find out about corporation residency requirements, shareholder requirements, i.e. some countries require native shareholders in addition to you. Some countries require a minimum investment in their country. There are many considerations. When you are selling in multiples countries, there are a number of factors involved. Some tax consequences can be quite complex.