Spot on! The bureaucracy is byzantine. We wasted a year there trying to get set up. We NEVER managed to open a personal bank account. Avoid like it has the clap.
As opposed to the other popular channel , Nomad Fugitive, this Gent goes to the effort of giving specific and useful information 😊 A big thanks for avoiding the crap of every video becoming an advertisement 🎉
Hey Michael, I just love your video's and your channel. Would you please do an update video on Cyprus, the current situation and the non-dom regime, like you did with Malta? That would be amazing.
I didn't know all of that about Malta, but I knew it was difficult. When I looked at their residence program, it was very convoluted. I did a lot of inquiries and I spoke to other people that have formed companies there, and they told me that sometimes they would wait a year or more for the refund. I guess the country was short of money and didn't want to issue these refunds. I also I also spoke with people who had gotten audited by Malta and they refused to give him their refund. I was in touch with a lawyer in Portugal who was setting up structures in Malta for people using the nhr. There is a loophole in the Portuguese tax system that says if you pay tax on income in a jurisdiction that they have a tax treaty with, you don't have to pay any tax in Portugal. I don't know what I was thinking but my fifth sense came through and said no I don't like this deal. It seems to me like you're trying to circumvent public policy. That's never a good thing, you're bound to get re audited. The discussion that you had about this bureaucracy makes a lot of sense. They also have a bunch of other services that people do in Malta like writing up fake invoices to show that you were on the island when you were not. They have this ambiguous law that says that you have to have the intention of making multi your home, but does not prescribe how long do you have to actually be on the island. So when you go to renew your residence permit, you have to show them documents that you were there. Again there's no definition as for how long. This concept of using service providers to do all these different things and not allowing you to do any of these things yourself is clearly a system to bring revenue into the island. I've Incorporated hundreds of companies in Ontario Canada. I did them online and it took me less than an hour. I would pay on a credit card, and get a certificate of incorporation along with all of the filed an articles etc. Very straightforward! Even the name search was an hour and a half to two hours. I also looked at Cyprus and I wrote to the company's branch and asked him if all I'm allowed to incorporate myself. They said no you must use a cypriot lawyer or a registered agent. And the fee is $1,500 to incorporate a company. I don't know how much of it is disbursements but certainly there's money bundled in for the agent. And of course there's also annual filings and annual fees, and all of the tax returns that you file in Cyprus have to be audited. You can't do them yourself, and you can't do a notice the reader. It's going to be a full audit. So it makes a lot of sense to avoid these countries if there are other ones available that are simpler, easier, and more effective. I have heard about the banking in Malta as being unbelievable. I spoke to people both in Malta and Cyprus, and the majority of them are using either revolute or wise, some of them use both actually. But it's not really a banking system, it's more like a debit card fintech. You still have to have a bank somewhere where you can send money to your debit card. I know they also give you accounts that you can receive money to and I think they have Canada the USA and of course probably all of Europe. It's just not the kind of banking I'm used to. I guess as a Canadian expat, I've been spoiled!
Hey Michael, Given how countries like Ireland have abolished their CBI programs, do you think we're past the golden age of CBI programs? Or do you think the ''best'' is yet to come? Meaning, these programs will get less and less attractive because of the pressure from the outside?
Would you still advise against incorporating in Malta for someone who lives and is based there? And if so, I wonder what you'd recommend instead -- incorporating in the UK and registering as a permanent establishment (which gives the establishment resident-but-not-domiciled status) in Malta?
Great video Michael, a couple of questions: (1) What would be the main alternatives in Southern Europe, besides obviously Cyprus? (2) When you talk about scale, do you have any figures in mind? I heard another expert suggest minimum €100k net profit, otherwise somewhere with higher taxes but lower costs would make more sense
Philippines is the worst for opening a checking account I lived there for 2 years wasn't able to open a account banking system is crap stuck in the stone ages
Does it also take that much bureaucracy to move management and control of a foreign company to Malta, i. e. to have a resident, non-domiciled company that has a foreign bank account already? So that company is only managed in Malta, no operations take place there.
@@OffshoreCitizen From my experience, all the Estonian gov process were very smooth compared to Malta, Greece, Italy, doing anyt business in Southern Europe was a nightmare
Malta .......only Elon Musk is not here but he knows Peter Thiel, so we will see him soon. Last year alone, 35 billion euro In foreign investment. In 2008 crisis , Malta was ultra safe for banks.Here property is best place to own because of no monthly tax. One big problem , it has many secret advantages ........
Spot on! The bureaucracy is byzantine. We wasted a year there trying to get set up. We NEVER managed to open a personal bank account. Avoid like it has the clap.
As opposed to the other popular channel , Nomad Fugitive, this Gent goes to the effort of giving specific and useful information 😊
A big thanks for avoiding the crap of every video becoming an advertisement 🎉
Thanks! Appreciate your support. Integrity is very important to us.
Have you had any experience with Malta? How was it?
@@OffshoreCitizen
I have a European passport but lives elsewhere for now. Always looking for other options
Keep up the great content
Agreed
Hey Michael, I just love your video's and your channel.
Would you please do an update video on Cyprus, the current situation and the non-dom regime, like you did with Malta?
That would be amazing.
Michael, I would love a Labuan update video.
man your channel should have already crossed 100K by now, run ads for few weeks and you'll go faster
I didn't know all of that about Malta, but I knew it was difficult. When I looked at their residence program, it was very convoluted. I did a lot of inquiries and I spoke to other people that have formed companies there, and they told me that sometimes they would wait a year or more for the refund. I guess the country was short of money and didn't want to issue these refunds. I also I also spoke with people who had gotten audited by Malta and they refused to give him their refund.
I was in touch with a lawyer in Portugal who was setting up structures in Malta for people using the nhr. There is a loophole in the Portuguese tax system that says if you pay tax on income in a jurisdiction that they have a tax treaty with, you don't have to pay any tax in Portugal. I don't know what I was thinking but my fifth sense came through and said no I don't like this deal. It seems to me like you're trying to circumvent public policy. That's never a good thing, you're bound to get re audited.
The discussion that you had about this bureaucracy makes a lot of sense. They also have a bunch of other services that people do in Malta like writing up fake invoices to show that you were on the island when you were not.
They have this ambiguous law that says that you have to have the intention of making multi your home, but does not prescribe how long do you have to actually be on the island. So when you go to renew your residence permit, you have to show them documents that you were there. Again there's no definition as for how long.
This concept of using service providers to do all these different things and not allowing you to do any of these things yourself is clearly a system to bring revenue into the island. I've Incorporated hundreds of companies in Ontario Canada. I did them online and it took me less than an hour. I would pay on a credit card, and get a certificate of incorporation along with all of the filed an articles etc. Very straightforward! Even the name search was an hour and a half to two hours.
I also looked at Cyprus and I wrote to the company's branch and asked him if all I'm allowed to incorporate myself. They said no you must use a cypriot lawyer or a registered agent. And the fee is $1,500 to incorporate a company. I don't know how much of it is disbursements but certainly there's money bundled in for the agent. And of course there's also annual filings and annual fees, and all of the tax returns that you file in Cyprus have to be audited. You can't do them yourself, and you can't do a notice the reader. It's going to be a full audit.
So it makes a lot of sense to avoid these countries if there are other ones available that are simpler, easier, and more effective.
I have heard about the banking in Malta as being unbelievable. I spoke to people both in Malta and Cyprus, and the majority of them are using either revolute or wise, some of them use both actually. But it's not really a banking system, it's more like a debit card fintech.
You still have to have a bank somewhere where you can send money to your debit card. I know they also give you accounts that you can receive money to and I think they have Canada the USA and of course probably all of Europe. It's just not the kind of banking I'm used to. I guess as a Canadian expat, I've been spoiled!
Hey Michael, Given how countries like Ireland have abolished their CBI programs, do you think we're past the golden age of CBI programs? Or do you think the ''best'' is yet to come? Meaning, these programs will get less and less attractive because of the pressure from the outside?
Would you still advise against incorporating in Malta for someone who lives and is based there? And if so, I wonder what you'd recommend instead -- incorporating in the UK and registering as a permanent establishment (which gives the establishment resident-but-not-domiciled status) in Malta?
Great video Michael, a couple of questions:
(1) What would be the main alternatives in Southern Europe, besides obviously Cyprus?
(2) When you talk about scale, do you have any figures in mind? I heard another expert suggest minimum €100k net profit, otherwise somewhere with higher taxes but lower costs would make more sense
Awesome!
Thanks! Anything you'd like to see next?
Are there any other options aside from Malta that have a DTA with Australia? Or is Malta the best option in this regard? Thanks!
What do you think about bermida ? Barbados and grenada is it called that for safty and low tax for one that trades forex ? Thank you
Philippines is the worst for opening a checking account I lived there for 2 years wasn't able to open a account banking system is crap stuck in the stone ages
Early squad
😎😎😎
Does it also take that much bureaucracy to move management and control of a foreign company to Malta, i. e. to have a resident, non-domiciled company that has a foreign bank account already? So that company is only managed in Malta, no operations take place there.
Yes
We are looking to setup a company in EU and get a residency and business bank account
Please send us a message through the website and we'll be happy to assist: offshorecitizen.net/contact/
Very disorganized speech. Takes lot of attention to extract the info nuggets. I'd suggest to use slides with notes on the points touched
estonia is better
what do you like about Estonia?
@@OffshoreCitizen From my experience, all the Estonian gov process were very smooth compared to Malta, Greece, Italy, doing anyt business in Southern Europe was a nightmare
Malta .......only Elon Musk is not here but he knows Peter Thiel, so we will see him soon. Last year alone, 35 billion euro In foreign investment. In 2008 crisis , Malta was ultra safe for banks.Here property is best place to own because of no monthly tax. One big problem , it has many secret advantages ........