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Originally Posted by Webby
OK.. Goes like this. You must be a resident of another country (Cyprus/Malta/wherever) and "non resident" in the UK.
The one country you don't stuff your net earnings into is your "home country" - ie the one you are no longer a resident of.
If you do in fact stuff your biz earnings into the UK - there will undoubtedly be problems with taxation and this will need to be paid.
A common scenario to kill that problem is simply have a foreign corp - preferably in an area of no or little taxation and then have a corp bank account (wherever is most convenient), but again, not in your "home country".
In effect, you are taking the full advantages of being "non resident" in your home country and paying minimum or no taxation on your business activities - and eg.. living in Cyprus tax free or Malta with a flat taxation rate of 15% - and that 15% applies only the the funds drawn into Malta.
A place to look for a corp which may be suitable is Gibraltar, but Soul may have a better clue from the Cypus end (not sure of the specifics of living there and operating a corp).
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I understand ... in think. I could incorporate in Jersey, for instance, and become resident of Malta or Cyprus and pay local income tax only on money brought into the coutry (malta or cyprus). Malta, I know, does not tax on money brought in for investment, only on the income generated by the investment). Cyprus actually seems a little harder to get into than Malta (but I am probably just not understanding everything). As far as I can tell, I'd need to officially retire to Cyprus, and receive money from my limited company based, for instance, in Jersey.
However!! ... where I get more confused is am I allowed to work online as a retiree in Cyprus, earning money for that limited company based in Jersey.
I have brain ache.
