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Tropical island or something else?
When people think about the term offshore, the first picture that comes in mind is tropical, paradise island. They imagine secret bank accounts, hidden in unknown locations. They think of places such as the Cayman Islands, or the Bahamas.
However, this couldn’t be further from the truth. When we think of offshore we think of any place that is outside of your own country.
For example, the US is offshore for Canada or the UK, but the UK could be offshore to the US.
In a traditional sense when we say offshore, we usually think of a place that is some sort of tax haven, with different (more flexible) regulations. In that sense, Germany, for example, wouldn’t qualify, however, it could be offshore as well.
Here in Offshore citizen, we are talking about how you can benefit by going internationally. We help you relocate, get another citizenship, alternate bank account, register your company or hire people abroad.
If you do it right, it can bring many benefits both for you and your business.
On the other hand, if it’s done badly it can be very painful and can cause lots of issues.
So to conclude: Offshore is anything that’s outside of your home country.
But, if you want to go further than your home country, you want to get something you can not get at home- you want to be focused on better taxes, lower costs, better infrastructure, greater secrecy, greater privacy, better protection rules, more safety, stability, better environment to do business, etc.
However, those can sometimes contradict. For example, you can get lower taxes in Cayman islands, or BVI where there’s zero tax, but those places are not business-friendly. You don’t have a great environment for employing people in there and doing business from those places will be very hard.
Where should I set up a company?
We always say that there’s no one size fits all.
We will take a look at your specific situation and decide which place will fit your needs the most. Just because someone went somewhere and it worked for them doesn’t mean that it will work for you as well! It’s very important to keep this in mind, otherwise, you could potentially make a costly mistake.
So just like we said, it’s important to make a distinction between a tropical island paradise and going abroad because you will gain so many benefits from doing so.
If you are interested in incorporating your company abroad, and you don’t know where to start reach out to us and we’ll do our best to help you.