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Webby · 09-22-2006, 12:35 PM

There is nothing "illegal" in having a corp in Gibraltar and also nothing wrong with a sponsor based there and offering the usual 2257 records to cover US resident affiliates, those who have US based businesses and others who may host in the US.

The illegal element arises from personal backgrounds and the declaring of worldwide income. Depending on which country of citizenship applies and where you are resident, - differing conditions apply eg...

If you are a US citizen, whether resident in the US or not, - there is an obligation to advise the IRS of any corps in which you have an interest and report all revenue recieved from these corps. The US is an unusal case for a number of reasons - not least being that taxes are still payable in the US whether you live there or not.

For other countries - whatever country you are resident in, taxes, if any, are payable at the local rate and an individual no longer resident in his/her "home country" has no obligation to file tax returns in their "home country" (unless there remains incoming-generating activity within that country). For obvious reasons residents of countries other than the US may choose to live in no or low taxation jurisdictions.

Beneficial owners of non-resident Gibraltar corps may not be residents of Gibraltar - nor can the corp operate a bank account within Gibraltar.

09-22-2006, 12:35 PM
Webby Too lazy to set a custom title Join Date: Oct 2002 Location: Far far away - as possible Posts: 14,956	There is nothing "illegal" in having a corp in Gibraltar and also nothing wrong with a sponsor based there and offering the usual 2257 records to cover US resident affiliates, those who have US based businesses and others who may host in the US. The illegal element arises from personal backgrounds and the declaring of worldwide income. Depending on which country of citizenship applies and where you are resident, - differing conditions apply eg... If you are a US citizen, whether resident in the US or not, - there is an obligation to advise the IRS of any corps in which you have an interest and report all revenue recieved from these corps. The US is an unusal case for a number of reasons - not least being that taxes are still payable in the US whether you live there or not. For other countries - whatever country you are resident in, taxes, if any, are payable at the local rate and an individual no longer resident in his/her "home country" has no obligation to file tax returns in their "home country" (unless there remains incoming-generating activity within that country). For obvious reasons residents of countries other than the US may choose to live in no or low taxation jurisdictions. Beneficial owners of non-resident Gibraltar corps may not be residents of Gibraltar - nor can the corp operate a bank account within Gibraltar. __________________ XXX TLD's - Another mosquito to swat. Last edited by Webby; 09-22-2006 at 12:37 PM..