Is it the end of financial privacy thanks to Common Reporting Standard (CRS), FATCA and other new laws? Can a Bulgarian foundation help you?
Back in the day, financial privacy was considered a basic human right but, with the rise of cross-border terrorism, tax evasion and money laundering, the major governments of the world are fighting to bring transparency to international financial transactions. This is a noble cause and we all support it. But due to this issue, the law-abiding citizens are at the risk of their privacy being invaded. The never-ending leaks from major banks are a new challenge and do not seem to stop.
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Plane ticket (check), Offshore company (check), Offshore bank account, Payment processing (check),
NO TAXES …!!! ….. SLOW DOWN …. CFC will put a damper on your tax free dreams if you neglect to follow some basic guidelines listed below.
We will cover some information to protect yourself from liberty bashing politicians and regulatory authorities while you travel and enjoy the benefits of a location independent lifestyle.
While there are many jurisdictions where you can establish a company, other factors come into play aside from ‘x’ % – tax rate in ‘y’ country
CFC rules prevent many people from legally doing business through another company in another country while they are sitting in their home country or country of residency. Unfortunately these ruin grand plans people have about sipping fruity cocktails and working from their laptop on the beach.
However, there are some countries that do not have laws constraining your earning ability in a foreign country while you are in your current country.
Our goal is to help you better understand how to avoid the shakedown by the taxman in your country of citizenship and country of residence as you travel and work worldwide.
Continue reading “CFC: The devil in the details for location independent business people”