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Why offshore structures fail founders (and what to do about it)
Most cross-border structures cost founders more value than they save. The idea is sound. The trouble is that people build them for a world that stands still. Where you live changes, your business changes and countries change their rules. A set-up that was ideal in 2019 can be actively harmful by 2026. This briefing covers the pattern we see.
Wat is er in 2026 veranderd?
Tax authorities are now much stricter about structures that exist mainly to save tax. They look at what a structure is really for and ignore the label on it.
Several rules do this work. The UK's Transfer of Assets Abroad regime (ToAA) taxes UK residents on profits parked offshore. The US has its own rules for foreign companies (CFC and PFIC). EU authorities apply anti-abuse doctrine, including the Danish beneficial-ownership cases. Most recently there's ATAD 3, an EU anti-avoidance measure. If a structure has no commercial reason behind it, it gets unwound in the tax assessment, and the tax follows the substance.
Banks and buyers add their own checks. A structure that gets past HMRC or the IRS (the UK and US tax authorities) can still fail a bank's onboarding or the first question in a sale due diligence.
Waar lekt de waarde weg?
There are six common leaks. Here's how each one works:
- Tax charged anyway. Say you're a UK-resident founder with a BVI (Britse Maagdeneilanden) company. Under ToAA, the profits are still taxed in the UK. The offshore fees and complexity are pure dead weight.
- Double tax with no relief. Income is taxed where it arises. It then passes through a company in a second country with no Double tax treatyEen afspraak tussen twee landen over wie waarover belasting mag heffen, zodat u over hetzelfde inkomen niet twee keer volledig belasting betaalt. relief, and is taxed again on its way to you.
- BronbelastingBelasting die bij de bron wordt ingehouden wanneer geld, zoals dividend, rente of royalty's, over de grens wordt betaald. (WHT) from poor routing. WHT is tax taken off a payment before it reaches you. Dividends sent through the wrong holding country can attract WHT that a direct structure would have avoided.
- ExitheffingBelasting die sommige landen heffen wanneer u of een bedrijf vertrekt, alsof uw vermogen op de dag van vertrek is verkocht. when you move. If you change your personal residence but leave the structure where it is, you can owe exit tax on gains you haven't actually cashed in. It often catches people out.
- A buyer's discount. Buyers pay less for a structure that's complex, opaque or non-standard. Sometimes the discount is material.
- Running costs. Annual accounts, audits, substance filings and tax returns in several countries add up. It's easy to underestimate them at €30–100k per year.
Waar zitten de grijze gebieden?
Most of this briefing describes outcomes that are fairly clear. A few points depend on facts and on how authorities read them. They're worth knowing before you act.
- Een structuur zonder duidelijke zakelijke redenagressief
Waarom het grijs isbelastingdiensten kijken naar de werkelijke inhoud en het doel van een structuur. Een laag zonder aanwijsbare reden kan daarom bij de aanslag worden teruggedraaid
Wat het voor u kan betekenende belasting volgt de werkelijke situatie, en de offshorelagen kosten alleen geld zonder iets te besparen
- Een structuur die wel door de belastingdienst komt, maar niet door banken of kopersdiscutabel
Waarom het grijs isbanken en kopers doen hun eigen toetsing, los van HMRC of de IRS
Wat het voor u kan betekenenze kan vastlopen bij het openen van een bankrekening of bij de eerste vraag tijdens een due diligence bij een overname, of bij verkoop een lagere prijs opleveren
- Een structuur die jaren geleden is opgezet en nooit is herziendiscutabel
Waarom het grijs isregels en uw persoonlijke situatie veranderen, dus wat eerder klopte, past mogelijk niet meer
Wat het voor u kan betekenenze kan afwijken van de huidige regels, met de hierboven genoemde kosten als gevolg
Bij grijze gebieden draait het om de details: waar u woont, hoe het geld loopt en welke documenten u bewaart. In een gratis gesprek van 30 minuten kijken we naar uw eigen situatie en vertellen we u eerlijk hoe sterk uw positie zou zijn, voordat u zich ergens aan vastlegt.
Welke uitgangspunten maken een structuur houdbaar?
Five principles keep a structure useful. Use them as a checklist:
- Match complexity to purpose. Every layer must earn its keep against a specific, stated reason.
- Work out your return, not the company's rate. A 0% company owned by someone taxed at 45% is a 45% structure.
- Plan for change. Model moving abroad, marriage, passing wealth to the next generation and selling the business when you set it up.
- Bank first. If you can't bank it at the level of bank you want, it isn't a real structure.
- Test it as a buyer would. Would a competent M&A (mergers and acquisitions) lawyer ask you to unwind it before signing? If so, fix it now or accept a discount later.
Welke fouten maken oprichters steeds weer?
Five mistakes come up again and again:
- Copying a friend's template. Every situation is specific, so templates are almost always wrong.
- Setting up before deciding the exit. A structure that's perfect for holding a business can be terrible for selling it, and vice versa.
- Ignoring family circumstances. Marriage, divorce and guardianship of children who inherit all interact with your structure.
- Going with the cheapest agent. A cut-price registered agent who misses a filing can cost many times more in clean-up and lost banking.
- Never revisiting it. A structure set up five years ago and never reviewed is very likely out of step with today's rules.
How do we approach this at Sovereign Signal?
We run structure reviews as fixed-scope jobs. First comes a full inventory of your companies, who owns them and how money flows. Then we model your tax outcome over the next five to seven years. Finally you get a written recommendation.
If the review shows your current structure works, we say so and don't propose changes. If it doesn't, we suggest the smallest redesign that does the job, which usually means fewer entities.
- 1Stap 1Inventarisatiealle bedrijven op een rij zetten: wie ze bezit en hoe het geld stroomt
- 2Stap 2Doorrekenenberekenen wat de komende vijf tot zeven jaar de fiscale uitkomst voor u is
- 3Stap 3Advisereneen schriftelijk advies: of "het werkt, laat het zoals het is", of de kleinst mogelijke aanpassing
Hoe ziet dit er in de praktijk uit?
Here's one case from our work.
A founder was UK resident. He had a Dutch operating company, a Luxemburg holdco (a company that holds shares in other companies) and a BVI company at the top. He was paying more UK tax than a straight UK-Dutch structure would have cost. ToAA attributed the offshore layers back to him, and the Luxembourg dividend routing lost treaty relief.
We collapsed the BVI and Luxembourg layers into a direct Dutch-UK structure with a UK holdco. That saved about £340k a year in unnecessary tax. It also made the group bankable at his target UK private bank for the first time.
FAQs
How often should I review my structure?
Every two years as standard. Also review it immediately if you change residence, sell the business or a major rule changes in a country you touch.
Is complexity always bad?
No. But complexity has to earn its keep, and every extra entity should have a written reason.
Will an M&A buyer really discount for structure?
Yes. Sophisticated buyers price complexity into the sale and purchase agreement (SPA). They often require restructuring before completion, at the seller's cost.
Can a bad structure be fixed cleanly?
Usually yes, though it can take 6–18 months and cause some friction. It's better to review before problems arise.
