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GlobalWealth

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Sorry but what is your question?

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Eskil

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Just came here to say - to anyone who doesn't know Bobby / @GlobalWealth - he is an extremely knowledgeable guy in this field. Having personally seen a few of his presentations on this subject at the Fastlane meetups, there is no questioning the value and expertise that he and his services provide. Oh and, he's also a pretty cool dude :)
 

GlobalWealth

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Ironically I am currently in Panama City, Panama at a GWP INSIDERS event with clients.

We are walking them through getting Panamanian residency and visiting a private vault today.

One client is a British couple. Based on the strategies we are implementing for them they will save 6 figures in taxes thus funding their new nomad life.

Another client is a real estate investor. We are moving his liquid portolio offshore and re-establishing his real estate holdings to save a bit over $100k in taxes.

Clients like these are the reason I love this work.

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MTF

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Sorry but what is your question?

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My question is why you recommend LLCs in the US for non-residents if they most likely won't be able to open a bank account in the US or any other country in the world, which renders this structure pretty much useless for people outside the US.

The same applies to offshore companies - many internationalization experts say you can use them to reduce your taxes, but the only way to do that would be to have a tax residency in a tax haven/country with territorial taxation in the first place (otherwise if you want to do everything by the book, your offshore company is taxed in the country of your residence, so there are no tax benefits whatsoever).

I'm just trying to understand what I'm missing here...
 
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GlobalWealth

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My question is why you recommend LLCs in the US for non-residents if they most likely won't be able to open a bank account in the US or any other country in the world, which renders this structure pretty much useless for people outside the US.

The US is the largest tax haven in the world....just not for Americans. Using a US LLC for investments allows foreign investors to take advantage of asset protection benefits as well as tax exemption on capital gains (minus real estate) and huge tax incentives. It is actually quite easy for a foreigner to open a bank account for their LLC. They would just need to apply for an ITIN and use that when applying for the LLC's EIN.

The same applies to offshore companies - many internationalization experts say you can use them to reduce your taxes, but the only way to do that would be to have a tax residency in a tax haven/country with territorial taxation in the first place (otherwise if you want to do everything by the book, your offshore company is taxed in the country of your residence, so there are no tax benefits whatsoever).

Again, not necessarily true. But to be honest this is too complicated of a question to answer in this forum. This requires in depth research for each individual situation as factors such as nationality, residency, source of income, product type, nature of income, and other factors matter to get a real answer.
 

Mckenzie

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I just signed up. For anyone here considering the membership, I can state that the articles and info in the members only section are awesome. I have been looking for similar information for months now and short of questionable sources and anecdotal information, its VERY hard to find a reliable source of information like this.

Another question for @GlobalWealth - are the webinars recorded for later viewing? I might have missed this week's webinar by just a few hours, and can't find a link. (I know I can ask the GWP support team, but I figured this might help others here as well).
Hi @ShakeItUp, thanks for the posts. I'm Australian too, been here more 30 years...
How did you find the INSIDERS membership so far? Is it still good and valuable as an Australian, non-US citizen? Like you, I've been looking for these kind of info a long time, and not found much legit ones that I can trust.
Thanks
 

Mckenzie

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Thanks MJ. Any questions - ask away.
Thanks @GlobalWealth. I've been reading your other thread on live rent free, and now found this. I'd like to check your INSIDERS out and learn more about this thing. I'm Australian, so are your teachings in there applicable for the non-Us citizen? And do you mind if I ask what's the cost joining the INSIDERS?
Thanks
 
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GlobalWealth

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Thanks @GlobalWealth. I've been reading your other thread on live rent free, and now found this. I'd like to check your INSIDERS out and learn more about this thing. I'm Australian, so are your teachings in there applicable for the non-Us citizen? And do you mind if I ask what's the cost joining the INSIDERS?
Thanks
More than 50% of my clients are non US.

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GlobalWealth

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Just wanted to chime in and say Bobby (@GlobalWealth) is a walking Wikipedia article on this stuff. I sat down with him for a day and I'm pretty sure he know 99% of the questions I asked him. I currently hadn't been out of the country much...

But now I'm typing this in Bali.

Again, Bobby knows his sh!t like no one else I know when it comes to this stuff.

This just reappeared in my notifications and I read back in the thread realizing you posted this in 2015.

I clearly remember sitting out by your pool in AZ and you telling me you were going to go abroad for about 3 months then back to AZ.

Damn, that was 6 years ago. Wow.

Look at all we've done and seen in the past 6 years.
 

GlobalWealth

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Ed Schimmel

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Fire away.
Hi Bobby,

Currently, I have developed a SaaS product that runs on Azure and hopefully will give me income. This will be paid by Microsoft. I live in Australia and pay tax in Australia, but I am a citizen of The Netherlands. I don't have any income and hardly any savings in The Netherlands. I still have a bank account, but don't pay tax.

Reading about the apparently good tax conditions in The Netherlands, I wonder if it is wise to move the company to The Netherlands, once it gives a solid income stream, and start paying tax there, instead of Australia.

I also think that the money earned on the service, is actually earned in the US. I don't know exactly how this works.

I would love to hear what you think about this.

Thanks,
Ed
 

GlobalWealth

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Hi Bobby,

Currently, I have developed a SaaS product that runs on Azure and hopefully will give me income. This will be paid by Microsoft. I live in Australia and pay tax in Australia, but I am a citizen of The Netherlands. I don't have any income and hardly any savings in The Netherlands. I still have a bank account, but don't pay tax.

Reading about the apparently good tax conditions in The Netherlands, I wonder if it is wise to move the company to The Netherlands, once it gives a solid income stream, and start paying tax there, instead of Australia.

I also think that the money earned on the service, is actually earned in the US. I don't know exactly how this works.

I would love to hear what you think about this.

Thanks,
Ed
As an Australian resident you would be required to file and pay tax on Australia.

Due to CFC rules it won't make any difference where you register your company.
 
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Ed Schimmel

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As an Australian resident you would be required to file and pay tax on Australia.

Due to CFC rules it won't make any difference where you register your company.
Thanks Bobby,

Indeed, as an Australian resident, I pay tax in Australia. I thought, I could also choose to pay tax in The Netherlands, if I have income there.

I don't understand why companies choose to have holdings in Ireland and The Netherlands. I thought it was because of the tax benefits. And if so, why wouldn't that apply to me?
 

GlobalWealth

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Thanks Bobby,

Indeed, as an Australian resident, I pay tax in Australia. I thought, I could also choose to pay tax in The Netherlands, if I have income there.

I don't understand why companies choose to have holdings in Ireland and The Netherlands. I thought it was because of the tax benefits. And if so, why wouldn't that apply to me?
International taxation is very complex and there are many variables: your citizenship, your tax home, your legal residency, company structure, location of vital interest, your client base, currency, nexus, etc.

There is no way to know your entire situation without us doing a full consultation, but Australia has very strict CFC rules and unless you meet company establishment rules in the Netherlands (very unlikely) then you would be taxed in the Netherlands.

As for your question about big companies, they meet company establishment rules, but mostly that loophole for Dutch companies no longer exists.
 
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GlobalWealth

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Make sure to follow globalwealthprotection on instagram for based content delivered regularly.

See you in PDC Bobby
See you soon. I'm very exited about BnP this year and looking forward to catching up with all of you.
 

Ed Schimmel

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International taxation is very complex and there are many variables: your citizenship, your tax home, your legal residency, company structure, location of vital interest, your client base, currency, nexus, etc.

There is no way to know your entire situation without us doing a full consultation, but Australia has very strict CFC rules and unless you meet company establishment rules in the Netherlands (very unlikely) then you would be taxed in the Netherlands.

As for your question about big companies, they meet company establishment rules, but mostly that loophole for Dutch companies no longer exists.
Thanks. This answers some questions. It is probably not worthwhile investigating taxation in the Netherlands and focus on getting the taxation in Australia right.

Indeed, international taxation is complex. I still don't really understand how it works. I also sell a small amount of art on US and UK websites and I am still not sure that I do it all correctly.

Thanks for your time and insights.

Ed
 

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