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But it’s not you earning any money, it’s an entity in Panama. Just outlining the complexity of this.

• refurb 4y ago
  That’s not how Singapore defines “Singapore earned income”. They define it by “where the work was completed” not “where income come from” or “country where you were hired”. Many countries do it that way. Edit: I misread. Well if your Corp doesn’t pay you I see the point, but you’re also the sole owner?
• yardstick 4y ago
  You’d still have to pay the corporate tax rate in Panama I assume? How would you eventually obtain beneficial use of that money? Ie how and when would it reach your personal bank account? If it won’t, how do you plan to use the money for your own gain? I assume (haven’t done any research) that Panama wouldn’t let you treat things like paying for Netflix, movie tickets, supermarket shops, clothes shops, etc as business expenses? At some point you’d need to transfer it from Panama to yourself and at that point it would be taxable (capital gains or income tax depending on how you transfer). If you time things right you could be resident in a country without income tax eg UAE. But you would have still paid Panama corporation tax I believe.
  • sgjohnson 4y ago
    Panama doesn’t tax income on foreign gains, so the corpo tax there would be 0%.