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Can someone explain to me, in little tiny words, the "e-Residency" thing? As an American, if I become an "e-resident" of Estonia, I can then open a business in
by Cyberdog 4y ago
Can someone explain to me, in little tiny words, the "e-Residency" thing? As an American, if I become an "e-resident" of Estonia, I can then open a business in Estonia, right? But then aren't I just making myself subject to the regulations and taxes of two governments instead of just one? How is this simplifying things or reducing costs?
- deleted 4y ago[deleted]
- nivertech 4y agoIMO this is not for people from developed/"western" countries. This is mainly for people living in countries that have problems connecting to the western banking system, or with a lot of bureaucracy and/or corruption. In most developed countries, an Estonian e-Residency company falls under something like a "Foreign Controlled Corporation" and can be fully taxed just like a local one. This will surely create a lot of legal and accounting problems. Perhaps this is an option for crypto startups that have trouble opening bank accounts in their countries.