Offshore or Onshore?
Should you move your company and assets Offshore or Onshore? As usual a lot of people are interested in migrating their companies offshore. In the past this was in fact a viable option as these jurisdictions provided strict enough laws for someone to be certain his wealth and properties will be safe.
But is this still the case? Are offshore jurisdictions still the best option if you are interested in tax optimization?
After the major scandal with the Panama Papers and the follow up we believe not. At the time of writing this article it mainly considered that if one is to use offshore company it is connected to tax avoidance. Even if this is not the case.
Furthermore, the benefits of having an offshore company are not as much as they used to. In order for one to transfer funds (or properties, investments, trusts etc.) he/she would be required to provide a full and details proof of funds.
There is also a good chance that he would also be taxed for it as well.
There is however a solution for this.
Bulgaria currently offers the most beneficial tax jurisdiction in Europe. With a flat corporate tax of 10% and a flat income tax of 10% it will provide you and your business with the best way to legally minimize your taxes payable and gain a significant advantage over your competitors.
Furthermore, Bulgaria is a fully pledged member of the European Union. This means that you will also receive a Bulgarian bank account giving you access to your funds and the European Financial system.
The next question that comes to mind is how could this be done?
Thanks to modern advances in internet security it is now possible to complete the whole process remotely. This includes full company incorporation, bank account, receipt of all corporate certificates etc.