My website is hosted off-shore. It's 'owned' by an off-shore company - an International Business Company or IBC, all profits are sent to the IBC's bank account which is also offshore.

I don't pay myself a salary from the IBC but I do have access to the money obviously!

Can I live in the UK and not have to worry about paying any tax on this operation.. Although I do have access to the business I'm not the owner, the IBC is the owner, although I do own the IBC. The IBC has no connection to the UK at all.

Is this all legit? What's the deal? Thanks very much!

As long as you keep the money in the off-shore zone you don't have to pay tax in the UK (Would be a non-sense to be otherwise).

However, I believe that if you transfer your money from the off-shore zone you to your bank account in the UK you will have to pay tax. I have a company in off-shore zone as well and that's the case (Im not in the UK)

Cheers,
Hades

Sounds to me that if you never get the money in hand in your country and only use it online. Even if you use it to get stuff shipped to you from purchasing online. You might have a loop hole. I am not a legal adviser but just saying how would they track that?

you will have to pay taxes for the money you bring in to any country, if your money lies offshore you don't have to pay taxes in your home country, but whatever small amount of money that you bring into your country from that ibc account is taxable. so say you have a million bucks in the offshore account and you withdraw about 2k a month for your expenses, you will have to pay taxes only for the 2k, and you can call it your salary from the ibc

This is something I'm interested in more and more...
I've heard that you can do that if you have an abm (interac) access card connected to your account - I'd still change my machines frequently as they do have cameras.

I'd appreciate it if you could connect me to some reliable resources. PM would be preferable. There used to be a membership site, but it's been a few years and I'm out of circulation.

I was wondering if you could buy real estate using the IBC...

So in theory this would be the best way to save the bulk of the money you don't actively need each month. Then just pay yourself a salary from the IBC which you would declare and pay tax on..

Would you fall into any problems if the tax authority found out you own the IBC?

Also I can easily get a debit card which is directly linked to the IBC bank account. Can I just use this in the UK to buy whatever I need? Can I go so far as to use the IBC to pay my monthly rent in the UK?

I want it to be legal... or completely untraceable.. either way I don't want to get bit in the ass in years to come..

I think it will be fine but like snipe said you should ask a professional.

Cheers

I think its Fine if you are going to use it Online or you transfer it to your own account at UK because it the transfer will deduct all the taxes on the go but if you bring the money IN by other raw method then it will be a problem so you better consult someone who really knows about Laws.

Also, use a more relevant post title next time please.

can anyone tell me where i'd be able to go online to find out more about this?

i would look it up, but it'll take hours probably to find a site about this that isn't going to want to scam me or want something in return for the information.

thanks in advance...

Originally Posted by Ghoast

I want it to be legal... or completely untraceable.. either way I don't want to get bit in the ass in years to come..

LMAO with that comment. Remember the risk is commiserate with the amount of dollars involved.

I am not sure about the legals there but i own an offshore company and all my payments are forwarded to my payoneer card which i use to withdraw money from ATMs

Originally Posted by lensman

Depends on your citizenship

Do research on PT "Perpetual Traveler"

Your company(s) should be in one juridiction

Your bank(s) in another jurisdiction

Your investment(s) in another jurisdiction

Your body in another jurisdiction different from your citizenship

Always be a tourist and you will be ignored

Why live in the UK when you could be on the Spanish Rivera, Cannes or the Swiss mountains?

Lensman

.

Good point.
My ideal lifestyle would be as a perpetual traveler.
My goal is to be making 20k a month by my mid 20s so I can travel around the world in style.

Guys, check out Dr. Hill's book on this topic. It really opened up my mind to the possibilities. The tax implications are also very interesting as you'll save up a massive amount that you would have otherwise paid in all kinds of taxes(especially if you're in a high tax rate country).

If you get a debit card and business checks, you can buy or spend whatever you want to out of the IBC account. The only way you get in trouble or caught is if you transfer money to your personal bank account in the UK. Then it is taxed, and might bite you in the ass. You could talk to the people at the IBC Bank and find out how to get money out of the account if needed. A wire transfer would also get you nailed eventually since it has to be wired to your account which would be taxed when your UK bank reports it on their taxes. It might be more difficult but safer to just fly to the IBC Bank and take out a lump sum if you need to. What's a grand or two for a flight if your pulling out a large amount of money?

Originally Posted by Standard

Good point.
My ideal lifestyle would be as a perpetual traveler.
My goal is to be making 20k a month by my mid 20s so I can travel around the world in style.

Guys, check out Dr. Hill's book on this topic. It really opened up my mind to the possibilities. The tax implications are also very interesting as you'll save up a massive amount that you would have otherwise paid in all kinds of taxes(especially if you're in a high tax rate country).

Which book is that? Got the full title?

Originally Posted by naturalbornthriller

If you get a debit card and business checks, you can buy or spend whatever you want to out of the IBC account. The only way you get in trouble or caught is if you transfer money to your personal bank account in the UK. Then it is taxed, and might bite you in the ass. You could talk to the people at the IBC Bank and find out how to get money out of the account if needed. A wire transfer would also get you nailed eventually since it has to be wired to your account which would be taxed when your UK bank reports it on their taxes. It might be more difficult but safer to just fly to the IBC Bank and take out a lump sum if you need to. What's a grand or two for a flight if your pulling out a large amount of money?

What's the most amount of cash you can travel with without having to declare? It's about £10,000 isn't it?

Originally Posted by Ghoast

What's the most amount of cash you can travel with without having to declare? It's about £10,000 isn't it?

Depends on from where to where you want to travel.

anywhere into the EU..?

Originally Posted by Ghoast

My website is hosted off-shore. It's 'owned' by an off-shore company - an International Business Company or IBC, all profits are sent to the IBC's bank account which is also offshore.

I don't pay myself a salary from the IBC but I do have access to the money obviously!

Can I live in the UK and not have to worry about paying any tax on this operation.. Although I do have access to the business I'm not the owner, the IBC is the owner, although I do own the IBC. The IBC has no connection to the UK at all.

Is this all legit? What's the deal? Thanks very much!

If you don't transfer big amounts from this account to yours in the UK, and if they never know that you have this as income it's ok. In my opinion it's illegal, as it is an income from work (it's taxable then) but maybe I'm wrong !