Hi Community, I have few questions about the e-residency.
My situation:
- I am dual national, French and US, currently living in Texas (payed 2019 USA Taxes in Texas … lol)
- I want to buy products in Bangladesh (soccer items), and sell them to soccer clubs in EU, in France, Belgium, etc (will sell them all over EU first, and then the US if the product works). (of course the products will be CE standards).
- I am planning to have the products sent to different cities in Europe according to which country in EU i will sell them. Which should be ok, after all as a EU citizen i assume I can receive products anywhere i want (i think, i hope.).
- Before i sell them online thru my website, i want to take the products and prospect / sell them in small soccer clubs in the EU.
- I am planning to go back to France (from the USA), and live in hotels (I do not plan to rent a place, because i will be travelling across the EU), and also in france they insist that I have a work contract, and want me to show 3 months salary slips… in order to rent an apartment. So it is so difficult to rent there.
(Will drive around with my personal utility van, and stay at friends and family for free).
My questions are: - If i open an e-residency and a business account in Estonia, which country of Residence will I need to pay my Taxes.
I cannot see where will be my Tax-Residence since I may not stay in one country 183 days, if i travel around EU.
i know that as a US citizen, I have to declare my worldwide income, with 105k$ foreign tax credit. which I have no problem at all with usa.
Let say i spend 2 months in France, 1 months in Germany, 1 month in Belgium, 2 months in the Thailand on vacation, 2 months in the USA, and just for the sake of argument, i travel on someone’s sailboat (the boat registered in Argentina) in international water in the pacific for 4 months… )… - I may not exceed the 40000 Eur in first year (so no need VAT number for now), which may complicate it for later.
- how do I deposit EU checks in the Estonian Bank? and maybe cash from sales in small soccer tournament events. (i may use my tablet to get the payments thru my website for credit cards purchases, but not sure how to handle the cash (small amounts 10-30 Eur)).
So to simplify, let say the payments are only online: The customer order online in front of me, and I give them the products right there after the payment is accepted. instead of having the products stored at a depot and ship them to customers, I have the depot in my van, and I do the delivery myself… - Now that the money is in the Estonian business bank account, after deducting the travel and business expenses (lodging, fuel, tolls, printing fliers, etc), and I want to transfer money to my Estonian Personal bank account, what is the tax rate for this ‘distribution’. I have heard that above a certain amount - it is 40%???
- If i pay myself a salary, what % of the salary i have to contribute to the ‘social system’ if at all (like for example in UK they NHS takes a cut of revenue, i think the minimum was 120 pounds).
and if so, can i benefit from the medical services in Estonia? since I pay there social benefits… - When I transfer initial money from my USA bank to my Business Account in Estonia (to pay for the products and shipment from Bangladesh), it is not income of course, so how does e-business know that those are not ‘distributions’ but recuperating my initial ‘investment’.
- When i transfer money from my personal account in Estonia, to a french bank account, i am afraid that sending money from Estonia, will alert the French Tax authorities, because Estonia sounds like a Tax-heaven. (even if i have nothing to hide).
I have heard that money coming from Cayman islands or any other tax heaven countries automatically raises ‘alerts’ in Tax authorities.
thanks.