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Offshore Banking for Affiliates?

by CashMoneyAffiliate
6 replies
Hey guys, I was wondering if any of you more accounting savvy affiliates out there have explored, better yet, set up any offshore banking for your affiliate incomes?


I've been recommended the dubai trade free zone as I'm based in the EU, and HK/SG aren't such great options anymore, in terms of longevity in terms of their potential integration with EU banking.
#affiliates #banking #offshore
  • Profile picture of the author Centurian
    There are some offshore banking solutions from Panama and the Carribean.
    Offshore Company Formation, Bank Accounts, Asset Protection Trusts and Captive Insurance specializes in this region.

    I specialize in forming turn-key U.S. companies with online international banking and e-commerce solutions. Most of these can be operated for less than $500 a year through a Delaware LLC.

    Some countries have tax treaties, others don't. I can recommend a tax adviser. I came across the above offshore company's services last year. Do your own due diligence though.

    My old friend, attorney Bob Bauman, may have some recommendations over at Sovereign Society.
    The Sovereign Society
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  • Profile picture of the author Richard Tunnah
    You need specialist advice (tax advisor) on this subject in your country as many governments are actively going after countries that provide tax havens to individuals under terrorist laws! For instance the UK government has exposed a number of tax evadors with accounts in switzerland in the last few years. Most have now got large back tax demands for high 5, 6 or 7 figures!

    Rich
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    • Profile picture of the author LOWESTCOSTWIRELESS
      Interesting,

      Unfortunately, speaking from the U.S. perspective, it is nearly impossible these days since patriot act was put in place, so don't bother, most foreign countries will not open up Offshore accounts any longer unless you are actually a citizen or located in country with verifiable business. With so many new rules and pressure put on foreign banks about U.S. citizen held accounts, most just don't want to deal with U.S. any longer. I still have Offshore accounts, but the bank will not open new requests, so if anyone knows of banks that are still accepting foreign accounts, let me know. lol

      Success to all,
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      FREE INSTANT PASSIVE INCOME SYSTEM
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  • Profile picture of the author Lexilou
    This is something you have to do your homework on. It's a little trickier just finding an account knowledgeable regarding IM for tax time. However what a great problem to have. I vote for the Cayman Islands.
    Good Luck
    Lexilou
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    • Profile picture of the author Centurian
      Originally Posted by Lexilou View Post

      This is something you have to do your homework on. It's a little trickier just finding an account knowledgeable regarding IM for tax time. However what a great problem to have. I vote for the Cayman Islands.
      Good Luck
      Lexilou
      The primary issue concerning international ecommerce and IM is keeping track of the country each sale originates in. With a U.S. company that has tax treaties with a foreign owner's home country, typically income taxes are owed on net profits of sales in country of origination.

      I have an accountant that handles this from sales records kept and country specific treaty requirements. In many cases, this may save money with lower U.S. taxes. A Delaware LLC has zero state income tax liability, only a $250 annual fee with no reports required.
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      • Profile picture of the author Vincentash
        Regarding the company in US, kindly note that nowdays it is nearly impossible to open a bank account in trustful bank for US company, for example Delaware or Nevada.

        With Dubai Freezone you will not have any problems, but you need to know, that incorporation there is very expensive.

        In my opinion the best solution for you will be to incorporate a company in UK or in pure offshore, like Seychelles, BVI, etc. These companies are accapted by almost every bank in the world.

        Anyway, I suggest you to read some articles in www.world-offhore.com and contact them. They will give you the answers on all your queries.
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