Young professional looking for personal banking advice

Easy peasy, I would create a UK LTD with a Wise account and what else you need.
Follow some of the steps in this guide:
https://www.offshorecorptalk.com/th...ss-up-running-”“-tried-tested-providers.33487/
It covers almost everything you need to know in order to get your setup. Just ask the company you work for, if they are able to transfer money to foreign accounts.

You can speak with @Fred , @Gediminas , @CaptK for Dubai setups which also may be a good alternative.

In addition Cyprus, may be good, speak with @CyprusLaw and @Lawyer101

vaillant said:

Hi everyone, I am pretty new to this as I am a young professional at the beginning of my career, I hope some of the veterans here can provide some advice for my situation.

I am a Mexican resident who is working as a contractor for a US based company, I get paid around 100k (I might not be much for the standards here, but for a third world country its a lot).

As some of the threads in this forum have mentioned, having any amount of money is a problem in Mexico. With the covid pandemic, insecurity is at an all time high, so having money here basically means asking to get kidnapped or scammed. The banks here are also corrupt, they will give your information to criminals (already happened to me, luckily with an account with much less money) so I want to move my money to an offshore bank.

Additionally, I pay around 30% in taxes each month, and to minimize taxes I have to report expenses. This is not ideal, it basically means I have to spend a lot of money to avoid paying 30% in taxes, it definitely takes a good chunk of the paycheck.

So, what I am asking is, what would be the best setup for my situation? here are some considerations I have:

• I am already paying 30% in taxes, if possible I would like to move my tax residency to a place with lower taxes.
• Privacy and security are important to me, I would like to open an account on a trustworthy bank.
• I have no problem travelling personally to open an account, I think I would prefer this to an EMI, if possible.
• For the reasons I mentioned above, I would like to move to a more developed country that is peaceful, my ideal would be any place in the EU.
• Due to my work I can request a work visa for the US, but I hear that taxes are much higher there. Also rent is really expensive.
• I have some investments in crypto, and would like to invest more, so any bank that is crypto friendly would be great.
• In the future, I plan on starting a business, so I want a place where I can live and register a business (possibly an LLC).
• It might be too early for this, but I am also considering places where I can invest/buy real estate as a foreigner.

From what I understand, I only need to notify the tax service in Mexico that I am stopping my financial activities here, I already have hired an accountant that can help me with this process.

So in overall, I just want a place where it's safe to keep my assets, and where I pay less taxes. I am trying to plan for the future because I am at the beginning of my career and I think it's important if I plan this early on.

Does anyone have some advice for a possible setup I can do? It would be incredibly helpful.

Thank you so much.

Cyprus would be an option for you. 12.5% corp tax, no tax sdc on dividend as your will be a non-dom.
Happy to PM you to discuss this option in detail.

EliasIT said:

You can speak with @Fred , @Gediminas , @CaptK for Dubai setups which also may be a good alternative.

In addition Cyprus, may be good, speak with @CyprusLaw and @Lawyer101

thank you for the mention Elias!

vaillant said:

Thank you so much for the answers! I will look into the UK LTD and Cyprus, see which one best fits my needs.:)

Be sure to check out the US LLC structure as well! Guide in my signature! 😎

CyprusLaw said:

Cyprus would be an option for you. 12.5% corp tax, no tax sdc on dividend as your will be a non-dom.
Happy to PM you to discuss this option in detail.

thank you for the mention Elias!

Hi there,
is it possible to legally pay 12.5% taxes in Cyprus and have an access to public medicine etc. there? Or this rate doesn't include the social security system?
Thanks!

Blackside said:

is it possible to legally pay 12.5% taxes in Cyprus and have an access to public medicine etc. there? Or this rate doesn't include the social security system?

it is the corporate tax, not the personal income tax!

Blackside said:

Hi there,
is it possible to legally pay 12.5% taxes in Cyprus and have an access to public medicine etc. there? Or this rate doesn't include the social security system?
Thanks!

The 12.5% is corporate tax, in addition to that you pay an extra 2.65% on dividends towards the general health system.

CyprusLaw said:

The 12.5% is corporate tax, in addition to that you pay an extra 2.65% on dividends towards the general health system.

the 12,5% is corporate tax, but what does someone pay in personal income tax with an income of 150K a year?

lory said:

the 12,5% is corporate tax, but what does someone pay in personal income tax with an income of 150K a year?

A few questions here:

(a) I assume you are a non dom correct?

(b) Are you an employee or a contractor?

(c) Is the employer based in Cyprus?

These are just some of the questions that need to be answered, generally for this kind of income having in mind the tax obligation, social insurance obligation and GHS it would be better to have a company (depending of course also on the abovementioned replies).

Happy to discuss more by PM