Hi, as a U.K. tax resident part owner of a hotel in Belize we usually get paid in USD (most of our guests come from the US). I want to keep the USD paid by guests as USD (local accounts are all in Belize dollars).
Can anyone recommend an efficient way of doing this?
I have thought of…
- Using a personal Wise account in trust for the Belize company, and
- Setting up a subsidiary IBC somewhere and a USD international business account linked to this IBC (we previously did this but the bank went bust, so not my favourite).
Simplest might be to have a UK subsidiary company with a UK based USD account (Wise probably), as long as the business revenue was not seen as UK taxable (business tax is paid in Belize, and dividend tax paid in Belize and UK). Does this work?