4 ms·
IANAL, but that's not useful for hackers. This is more useful for hackers: https://www.caymanenterprisecity.com/ https://www.caymanenterprisecity.com/ - 100% f
by rdrey 8y ago
IANAL, but that's not useful for hackers. This is more useful for hackers: https://www.caymanenterprisecity.com/ https://www.caymanenterprisecity.com/
- 100% foreign ownership
- No corporate/capital gains taxes
- 5-year work/residence permits for the team
-- No personal income tax in the Caymans for anyone moving here
From a friend who has gone through the process of setting one up for consulting, the initial setup cost ~30k USD and renewal costs ~15k USD per year.
- you still need an office package https://www.caymanenterprisecity.com/service-packages https://www.caymanenterprisecity.com/service-packages
- setup is not really that quick and painless
If you'd otherwise pay income tax pretty much anywhere else it might still make financial sense.
- deleted 8y ago[deleted]
- mattsfrey 8y agoUS citizens still owe taxes on any income over a certain threshold as per: https://en.wikipedia.org/wiki/Foreign_earned_income_exclusion https://en.wikipedia.org/wiki/Foreign_earned_income_exclusio... There is no more tax advantage to the law abiding citizen in this scheme versus just registering an llc in wyoming/nevada and living abroad.
- rdrey 8y agolaw abiding *US citizen, but yes.
- mattsfrey 8y agoWhich is why I started my comment with "US citizens.." but also, if you're not a US citizen (for most countries anyway) you can register a corporation in a dozen other tax havens and avoid any taxation without those ludicrous fees given you are living abroad.
- rdrey 8y agoIf you can pull off the tax-nomad thing. There are fewer places in which you can basically "buy" work permits and live income tax-free semi-permanently. (The Caymans will "roll you over" / send you home for a year after 8-9 years if you don't apply for Permanent Residence (more expensive).)
- qaq 8y agoMalta has economic residency program with fixed 15% tax rate (minimum 15K).
- jmalicki 8y agoThere are a number of advantages to Cayman Islands incorporations, such as (under some complicated circumstances) delaying recognizing income until repatriation (allowing for the money that would have gone to taxes to compound for some time), or avoiding Unrelated Business Income Tax for an IRA or non-profit entity that invests in a business that takes on debt (the latter being an extremely common reason above-board entities use Cayman Islands blocker corporations). http://www.taxpolicycenter.org/taxvox/why-do-us-investment-funds-operate-tax-havens http://www.taxpolicycenter.org/taxvox/why-do-us-investment-f...
- ThrustVectoring 8y agoTax deferral doesn't help you if you pay at the same rate at repatriation. Multiplication commutes, paying either before or after compounding doesn't matter. It could help for, like, maintaining ACA subsidy eligibility.
- jmalicki 8y agoYes, it does: Imagine 39% tax, where you compound at 10%. If you pay tax once per year, that becomes 6.1% after tax. 1.061^5 - 1= 0.34455 Now imagine you compound for 5 years at 10%, then repatriate and pay 39% on your profits: (1.1^5-1)*.61 = 0.37241 You have 10% more if you defer taxes.
- deleted 8y ago[deleted]