Offshore LTD for gambling affiliate which location?

[RedFoxLotto]

What is, in your opinion, the best location to register an LTD for a gambling affiliate or an operator, under the following criteria:
low or no taxes
gambling-friendly
moderate costs for incorporation and yearly fees
banking options

[Sherlock]

no comment for the same reason as by banks - what works for one might not work for thousands

also the company is taxed based on your own residence, so having offshore comapny for example with EU residence might actually be a worse setup than having the EU company

not to mention that the banking problems are even greater and no normal bank wants to open an account to such a structure (although it is not against the law)

[tufty]

Sherlock is right. Just setting up an offshore company doesn't get you out of paying taxes if you reside in a country that has direct taxation. In fact it is a red flag to your home authorities because it is obviously a scam.

A couple of ways to legitimise it are: 1) Make sure you live in a tax-free location too, which means you actually don't need the company at all. 2) Set up an office in the tax haven with a permanent staff. That is the only way to be able to argue you are within the law. You will still have to pay taxes on any dividends / salary you pay yourself in your home country. So really, in my view, point 2 has very little upside.

Otherwise, if you go ahead, be fully aware that you are evading tax in your own country and are happy to take the risk of criminal action. A problem remains if you do this: When you need to spend the money in your own country, where has this money come from? Can you answer this question and persuade your home tax authority? Because you and I will know the source is actually a tax scam. So it will be hard to spend the money you don't pay tax on (a bit like a drug dealer).

If you want to do it properly and with no legal implications, there is only one answer and that is point 1: Relocate yourself permanently to a tax haven. It is the only answer.

Offshore residency is enough for most nationalities. That advice does not apply to Americans - they would need to renounce their citizenship and swap to another to be legit as otherwise it doesn't matter where they live, the IRS still wants their tax take.

I have looked at the angles for many years, spoken to many lawyers (onshore and offshore) and travelled to many of the destinations I could relocate to. So the solution is easy - move country.

After that, other issues have to be considered and all these are less important if you are childless and single: Is the country you want to relocate to safe? Are the police corrupt? How bad is violent crime - or is it just locals shooting locals? What is the health system like ie: will I die in a hospital there when I might have lived in my home country?

[Sherlock]

Exactly.

Just few corrections. America =/= USA, Americans 1B people, citizens of USA 300M people... a subset of Americans. You might be kicked or even shot if you claim in the rest of America, that US citizens are Americans. It is the vocabulary that US imperialism is using and American locals do not like it at all. There are tax paradises in America.

How bad is violent crime - or is it just locals shooting locals?

This is important. People from 1st world do not understand this, but overall crime numbers for any 3rd world country do not matter for most statistics. If you have money and you are afraid of crime, you can afford to pay to live in aquarium that is, when we talk about violent crime, as safe as Europe and probably safer than average of USA (which is also unevenly safe). The most dangerous person there will be probably your wife. Most people who shot themselves are gang members and then there are random victims from low classes. The high class members might have problem if they are stupid enough to be at the wrong place with valuable things, but even if you are robbed in 3rd world country, the probability that you will survive that is actually greater than probability of survival of robbery in the 1st world, because you can negotiate and the attacker is used to the situation.

The problem of living in 3rd world country is not that there is no safety. The problem is that if you want to have that safety, you can not do whatever you want, wear whatever you want, to go whenever you want etc. It is kind of like adjusting your behavior to corona. The failed states are just another disaster. I for example refuse this. I am not maximising my safety, so I walk everywhere and I do not give a ****. I was robbed few times, I saw another violent accidents, but I am alive (yet). But, the Damocles sword is always there, remember Tony from 5dimes.

Analogical situation is with hospitals: there are good hospitals on 1st world level, you can afford them with the unpaid taxes that you save, but they are not everywhere. They are in cities. So in short if you want what you are used to, you must live in the affulent neighborhood of a city. There people do not shoot themselves that much and there are decent hospitals. In many villages things are safe, but hospitals are bad. In Europe the system of the taxes is subsidising the village hospitals, in case of emergency you have air transport to special clinics etc.

The really concerning thing is a road traffic. In all countries of the world young or mid-age people like we are most likely to die at car accidents. The death rate per km can be even more than 10x higher than in Europe. It is a lot and this risk is far greater than all your wild imaginations of gang torture mixed with covid complications. This statistics is highly influenced by emergency care. While hospitals might be good, the emergency care is bad. Also people are uneducated and they do not know how to help before the rescue teams arrive.

There are many surpluses however: the 3rd world countries tend to have much lower suicide rates. That much lower, that it more than makes up all the car accident victims. There is much less stress, if you have money in poor countries, so the mental health is much better. Not only you have much lower probability to kill yourself from the tax bill or something else. You will have higher quality of life. Also you will not be scared of corona or anything else, because you will learn how to live with risks and accept them.

[Triple7]

This questions pops up every few months.

Generally you're paying taxes the place you're living, no matter where you're company has its postbox. You can easily set-up a company in Seychelles, Belize or where-ever, but if you're living in for example Sweden, than you'll be paying taxes there. That's nothing weird, because you're using there the facilities that are funded by tax payers money.

In some cased you can create enough substance to pay taxes just in Belize, Seychelles, etc. But substance means also costs and even than you're not exempted from discussions with tax authorities in the country you're living.

Also, it's more and more difficult / impossible to get a bank account with a Belize PB-company (or whatever 3rd world country) with little or no substance.

If you want to pay less tax, the first thing to do is decide where you want to live. And then have a look there which opportunities do exist.

[Sherlock]

Also, it's more and more difficult / impossible to get a bank account with a Belize PB-company (or whatever 3rd world country) with little or no substance.

Yes this is tougher and tougher even when I think nearly nobody is tax avoiding the way OP wants. I think the politicians as always are beating a dead horse.

I have an offshore company, but since I live offshore it does not matter from tax sense. I am thinking to switch all payments back to myself as physical person, because there are just problems with the company. If bet365 decides to steal, I will do it right away. But referring to the other thread, December revenue was totally outstanding.

With the physical emmigration offshore I just wanted to point out that - as with everything else what anyone is considering and thinking about - things are different. What one thinks is a problem, it is not a problem at all. The real problem elsewhere is that the certainities are disappearing and the problems are some stupid tiny things that no one would think the problem can be.

Like my water company is not delivering water for years. Randomly. So you have no problem with heating, you have a problem when you can use washmachine etc. The problem with violence, health is exaggregated to the same level as people from the tropicals are afraid of winter/cold in far North or South. I never felt so cold as in tropicals for the record. The people in cool areas have the highest temperature comfort, because they know how to handle things, how to insulate houses, how to wear.

[Triple7]

Yes this is tougher and tougher even when I think nearly nobody is tax avoiding the way OP wants. I think the politicians as always are beating a dead horse.

I have an offshore company, but since I live offshore it does not matter from tax sense. I am thinking to switch all payments back to myself as physical person, because there are just problems with the company. If bet365 decides to steal, I will do it right away. But referring to the other thread, December revenue was totally outstanding.

With the physical emmigration offshore I just wanted to point out that - as with everything else what anyone is considering and thinking about - things are different. What one thinks is a problem, it is not a problem at all. The real problem elsewhere is that the certainities are disappearing and the problems are some stupid tiny things that no one would think the problem can be.

Like my water company is not delivering water for years. Randomly. So you have no problem with heating, you have a problem when you can use washmachine etc. The problem with violence, health is exaggregated to the same level as people from the tropicals are afraid of winter/cold in far North or South. I never felt so cold as in tropicals for the record. The people in cool areas have the highest temperature comfort, because they know how to handle things, how to insulate houses, how to wear.

Yes, even if you're not trying to evade taxes it's difficult enough to get a bank account as a gambling affiliate. Leave alone if you're trying to duck taxes somewhere in the tropics.

I've had offshore companies too. I've had a Belize company, but without substance it was almost impossible to get a bank account somewhere. Or just in some countries in the tropics with high fees and poor service. At least, nowhere within the EU I could obtain a bank account. Even with a Maltese company that was close to impossible. Just "banks" like Satabank.

Moving to Belize or where-ever is a solution. Than it would be no problem to pay no taxes there and probably a bank account would be a little bit easier too. But it's kind of a move. Those tax paradises usually are small countries with not much to do. If even Malta is boring for someone, than what Belize would be...

[Sherlock]

You are right but one thing needs to be corrected.

Just the well known tax paradises are boring countries. And those paradises are exactly where you do not be, because the taxman will go after you from original country soon even there and I believe even retrospectively. Belize, Monaco, Seychelles and such.

But there are a lot of 0 tax countries which are not taken as tax Paradise yet and some of them are not that boring. One of them, and for obvious reason I will not disclose it, allows you even not to be there but still be 0 taxed there. The world is much more complex really. DYOR, DYOR!

Also those unknown but de facto tax paradises are sometimes also not part of the bank information exchanges, so your bank in 1st world even does not report the income to the tax paradise country (the classic tax paradise countries howeer were forced to be part of information exchange - Belize I think was completely shut down from international banking by USA, until they accepted it).

So yes, you have to move from your original country and forget about it except occassional visits. But you do not have to live in country of your new residence. You can live anywhere you want except your original country pretty much, but you better just spend money there and that is it.

[Former Member 14]

What's so Buzz Worthy about your post. Not a damn thing... More troubling... a non sponsor program, and an AM who works for said program, who is clearly 'clueless' about things one should know, about this industry. Mental note to self - don't work with this program

Edit: No need to reply, I wont see it, you, like others in your class, have all earned themselves a spot on my ignore list!