GFY sleuths - guess the quote..... - GoFuckYourself.com

NewNick · 01-02-2013, 06:03 PM

Whose words of Wisdom were these ?

Even in the US, _company_ income is not _personal_ income, except if your company is setup as such. That does of course not mean that opening a company in cyprus and you being in the US solves your taxes in the US. There is always the issue of substance. Meaning, even if you are in the US and company in Cyprus, unless everything or the vast majority done for that company is handled in Cyprus, or whoever else handles it does 1) not own the company and 2) actually charge standard rates for their work, you will have to pay your income as if it was made in the US, since the US will just pierce cyprus's corp veil.

Since most people here open a company in Cyprus and then just have nothing there and still do all the work, this obviously does not work... But for the bigger corps in this industry, they are usually setup correctly. For example, Private's Fraserside Holdings in Cyprus, owns all copyrights for their content, and licenses it out to the corps that use it. There is staff that is there and they license it at certain rates which match the rates any third party would do the same, the governments can then not really say anything against it since its just as if they would buy content from third parties.

Taxes is not simple. And to set it up right, you need to be a certain size and you need to get real advice. Also, do not forget, if you have started your business in the US and have been running it for some time, and want to move to Cyprus, you can not just switch and be done with it. The IRS will expect a sale from the US to Cyprus at true company value and they will take you capital gains on it in the US of course...

NewNick · 01-03-2013, 05:42 AM

No one care to guess ?

Surely someone recognizes the references to Cyprus and getting the right advice ?

Voodoo · 01-03-2013, 05:44 AM

Quote:

Originally Posted by NewNick

Whose words of Wisdom were these ?

Even in the US, _company_ income is not _personal_ income, except if your company is setup as such. That does of course not mean that opening a company in cyprus and you being in the US solves your taxes in the US. There is always the issue of substance. Meaning, even if you are in the US and company in Cyprus, unless everything or the vast majority done for that company is handled in Cyprus, or whoever else handles it does 1) not own the company and 2) actually charge standard rates for their work, you will have to pay your income as if it was made in the US, since the US will just pierce cyprus's corp veil.

Since most people here open a company in Cyprus and then just have nothing there and still do all the work, this obviously does not work... But for the bigger corps in this industry, they are usually setup correctly. For example, Private's Fraserside Holdings in Cyprus, owns all copyrights for their content, and licenses it out to the corps that use it. There is staff that is there and they license it at certain rates which match the rates any third party would do the same, the governments can then not really say anything against it since its just as if they would buy content from third parties.

Taxes is not simple. And to set it up right, you need to be a certain size and you need to get real advice. Also, do not forget, if you have started your business in the US and have been running it for some time, and want to move to Cyprus, you can not just switch and be done with it. The IRS will expect a sale from the US to Cyprus at true company value and they will take you capital gains on it in the US of course...

https://gfy.com/showpost.php?p=18454135&postcount=15

spazlabz · 01-03-2013, 05:46 AM

Dang, beat me to it

Quote:

Originally Posted by Voodoo

https://gfy.com/showpost.php?p=18454135&postcount=15

CrocMint · 01-03-2013, 07:14 AM

If you want to pay no tax, you can apply for Russian citizenship like Gerard Depardieu and you're sorted :D

01-02-2013, 06:03 PM	#1
NewNick Confirmed User Join Date: Mar 2009 Posts: 7,056	GFY sleuths - guess the quote..... Whose words of Wisdom were these ? Even in the US, _company_ income is not _personal_ income, except if your company is setup as such. That does of course not mean that opening a company in cyprus and you being in the US solves your taxes in the US. There is always the issue of substance. Meaning, even if you are in the US and company in Cyprus, unless everything or the vast majority done for that company is handled in Cyprus, or whoever else handles it does 1) not own the company and 2) actually charge standard rates for their work, you will have to pay your income as if it was made in the US, since the US will just pierce cyprus's corp veil. Since most people here open a company in Cyprus and then just have nothing there and still do all the work, this obviously does not work... But for the bigger corps in this industry, they are usually setup correctly. For example, Private's Fraserside Holdings in Cyprus, owns all copyrights for their content, and licenses it out to the corps that use it. There is staff that is there and they license it at certain rates which match the rates any third party would do the same, the governments can then not really say anything against it since its just as if they would buy content from third parties. Taxes is not simple. And to set it up right, you need to be a certain size and you need to get real advice. Also, do not forget, if you have started your business in the US and have been running it for some time, and want to move to Cyprus, you can not just switch and be done with it. The IRS will expect a sale from the US to Cyprus at true company value and they will take you capital gains on it in the US of course... __________________ "Americas Hitler" JD Vance. “There isn’t really an upside to Trump.” Tucker Carlson. “a convicted felon rapist is now your president” OneHungLow, gfy.com

01-03-2013, 05:42 AM	#2
NewNick Confirmed User Join Date: Mar 2009 Posts: 7,056	No one care to guess ? Surely someone recognizes the references to Cyprus and getting the right advice ? __________________ "Americas Hitler" JD Vance. “There isn’t really an upside to Trump.” Tucker Carlson. “a convicted felon rapist is now your president” OneHungLow, gfy.com

01-03-2013, 07:14 AM	#5
CrocMint Confirmed User Industry Role: Join Date: Oct 2010 Posts: 227	If you want to pay no tax, you can apply for Russian citizenship like Gerard Depardieu and you're sorted :D __________________ Our Herbal Supplements for Adult Health - a New Revenue Stream for You - mike[at]crocmint.com Last edited by CrocMint; 01-03-2013 at 07:17 AM..