JOHNNY DOETHE LIFE WHISPERER

UAE offshore solution

in31

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in31New MemberAuthor
Joined
Sep 2020
Messages
7

#1

Hi, I'm looking to move from the UK to UAE, and intend to stay there at least 90 days per year to qualify as a tax resident, and stay less than 90 days a year in the UK to forgo my tax residency there.

I've currently got a limited company in the UK that sells digital products. I get paid through PayPal, Stripe and Google Adsense in GBP. Customers are primarily from the UK. I've set up a Free Zone company in the UAE and intend to shift all my operations over.

I have set up Currenxie (business) and Nomobank (personal) EMIs. These provide me with UK account numbers and sort codes, and the ability to be paid in GBP.

I've got a few questions:

1. Is this a legitimate setup to forgo my tax residency in the UK?
2. Can I simply change the current Stripe, PayPal and Adsense bank details to my new Currenxie account?
3. Can I pay myself a salary by transferring funds from my Currenxie account to my Nomo Bank account?

Thanks very much for the help.

Martin EversonOffshoreCorpTalk moderator
Joined
Jan 2018
Messages
11,922

#2

in31 said:

1. Is this a legitimate setup to forgo my tax residency in the UK?

in31 said:

1. Is this a legitimate setup to forgo my tax residency in the UK?

You need to pass the SRT to no longer be considered tax resident in UK.

home.kpmg/content/dam/kpmg/pdf/2016/01/statu…lowchart.pdf

in31 said:

2. Can I simply change the current Stripe, PayPal and Adsense bank details to my new Currenxie account?

No idea.

in31 said:

3. Can I pay myself a salary by transferring funds from my Currenxie account to my Nomo Bank account?

I have no idea what your revenue is, how much of the profit you intend to pay as a salary but get an accountant and speak to them before doing anything.

SolsOffshoreCorpTalk moderator
Joined
May 2019
Messages
6,542

#3

in31 said:

2. Can I simply change the current Stripe, PayPal and Adsense bank details to my new Currenxie account?

It might work for a while, but you will eventually need to open new merchant accounts for the new company.

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