If your mind is already set on establishing an offshore company, the next step is determining the best location that fits and optimizes your circumstances. If you’re from Asia, Africa, or South America, lucky you—many options are still very safe for you, but those same choices may not be optimal for someone from the USA or the EU. The more developed and powerful your country is, the more countries it has a tax transparency treaty with, making it harder for you to find a good place to hide your money. Even within the EU, the rules, laws, fines, and punishments for tax offenses can vary from country to country.
To be honest, a Google search may lead you to some useful basic information, but it is often not complete nor tailored to your specific needs and situation. In my opinion, the best way to proceed, whether legally or illegally, is through a trusted and highly confidential agency. Unfortunately, these agencies won’t appear on the first page of your Google search. If you can find them easily on Google, so can your local tax authorities, indicating they’re not as discreet as necessary. This lack of discretion is already a warning sign to steer clear.
If you observe carefully, you will see that truly wealthy individuals tend to keep a low profile. Look at Mark Zuckerberg, Bill Gates, Elon Musk, or Jeff Bezos—have you ever seen them flaunting their wealth or publicly showcasing it? Absolutely not. Their new yacht, private islands, or private jet might be caught and revealed by paparazzi in tabloids, but they would never publish those themselves. They often prefer to operate discreetly and under the radar.
The same principle applies to offshore agencies. If they’re reputable and proficient, they won’t need to rely on “cheap and accessible” public visibility. Referrals and word of mouth are sufficient to attract ample business.
In line with this principle, my offshore company was incorporated through a well-established agency in Hong Kong, which had been referred to me by a very wealthy business client. The agency was located on the most affluent financial street in Hong Kong, just a few steps away from the HSBC headquarters. I visited their office a couple of times from 2015 to 2018, and whenever I was there, it was always bustling with high-profile clients and top-notch staff.
“Where There Is Light, There Must Be Darkness; Where There Is Wealth, There Must Be Tax Avoidance”— Moon Pham
I chose Seychelles because it was the best fit for my needs at that time. All I wanted was to keep my identity hidden, park my money somewhere, and pay no taxes. This island certainly met all the criteria.
I’ve come to learn and witness over the years that offshore businesses and tax avoidance are extremely sensitive topics that everyone handles with caution. Even those who offer these services don’t dare to advertise or discuss them publicly; everything “must” happen behind closed doors. As I said, those who dare to make bold statements on the Internet should be avoided. Take your time to find a trustworthy and knowledgeable agency that works with you for the long term. It’s better to invest time and effort into making an informed decision than to rush and fall short.
In brief, I regret to say that I don’t have a definitive answer regarding the best location for you to establish your offshore company. The optimal choice hinges on various factors, including your country of residence, type of business, earnings, and personal circumstances. These considerations are paramount, as mishandling them could result in dire consequences. My sole advice is to seek guidance from a reputable agency or lawyer who can furnish you with tailored information on the offshore jurisdiction(s) most suitable for your situation and citizenship. Moreover, regulations in these jurisdictions frequently evolve, particularly in matters of information exchange and tax transparency. Hence, it is imperative for you and your agency to remain vigilant and well-informed to ensure compliance and success
** This chapter is part of a SIX-chapter series— don’t miss any part of the story! Stay updated and read more chapters from this series here:
- Introduction: Offshore Companies & Tax Evasion (6 Chapters)
- Part 1: What Is an Offshore Company? What Is Tax Evasion?
- Part 2: List Of Known Offshore Countries And Territories
- Part 3: Should You Open An Offshore Company?
- Part 4: What Is The Best Offshore Structure?
- Part 5: Where Should You Best Have Your Offshore Incorporated?
- Part 6 (Final): Words Of Caution
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