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One of Estonia's first "e-residents" explains what it means

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Re: One of Estonia's first "e-residents" explains what it means

#161

Post by pavlov »

jessaustin wrote: post #155
ProblemFactory wrote: post #123

Earlier quoted context omitted.

I think the confusion here might be "starting capital" vs "registered share capital". You should set the registered share capital to the minimum allowed 2500 eur. Even companies making hundreds of millions of euros in revenue set usually set it to 25000 eur. You can then invest any amount over that as your actual starting funds without increasing the registered share value. That way the company is only required to ow…

If one didn't have this background knowledge, one might hesitate to enter a totally fictitious number on this form.

What's the fictitious number? You do need to show proof that you have the 2500 € in a bank account.

Re: One of Estonia's first "e-residents" explains what it means

#162

Post by crankylinuxuser »

fastball wrote: post #160
s73v3r_ wrote: post #63

Earlier quoted context omitted.

"Don't we then all have the same ancestors and therefore all equal opportunity?" Just about every study done on the subject shows that the family you're born into has a HUGE effect on how successful you'll be in life.

Yes, and presumably some parents work hard to give their children a good future and some do not. Is this irrelevant? Why is it not acceptable for someone that had better parents to do better?

That's because children are seen as innocent. We can blame someone in poverty of "making bad choices"... What choice is there for a newborn to make bad choices?

Yet, we have little issue,society speaking, condemning a baby and their family to a life of poverty to continue that cycle.

Or should we say that the newborn/baby deserves lack of medical care, substandard food or hunger,substandard housing, less/lacking education? If you believe they deserve that, can you explain what actions a baby can do differently?

Re: One of Estonia's first "e-residents" explains what it means

#163

Post by s73v3r_ »

fastball wrote: post #160
s73v3r_ wrote: post #63

Earlier quoted context omitted.

"Don't we then all have the same ancestors and therefore all equal opportunity?" Just about every study done on the subject shows that the family you're born into has a HUGE effect on how successful you'll be in life.

Yes, and presumably some parents work hard to give their children a good future and some do not. Is this irrelevant? Why is it not acceptable for someone that had better parents to do better?

Hard work of the parents doesn't really factor into it. It's the social standing of the parents. A single mom who works 2 jobs works harder than most of us on this board. Yet, our kids are going to have it much, much, much easier than hers would.

"Why is it not acceptable for someone that had better parents to do better?"

If your whole schtick is about "meritocracy", then having people start out better by default defeats that entire thing.

Re: One of Estonia's first "e-residents" explains what it means

#164

Post by crankylinuxuser »

s73v3r_ wrote: post #163
fastball wrote: post #160

Earlier quoted context omitted.

Yes, and presumably some parents work hard to give their children a good future and some do not. Is this irrelevant? Why is it not acceptable for someone that had better parents to do better?

Hard work of the parents doesn't really factor into it. It's the social standing of the parents. A single mom who works 2 jobs works harder than most of us on this board. Yet, our kids are going to have it much, much, much easier than hers would. "Why is it not acceptable for someone that had better parents to do better?" If your whole schtick is about "meritocracy", then having people start out better by default def…

One thing about meritocracies - someone gives the merits and demerits.

Why do they deserve that power? What checks and balances exist to prevent them from entreanching themselves and family/friends?

Follow the money and power.

Re: One of Estonia's first "e-residents" explains what it means

#165

Post by ohazi »

carlmr wrote: post #136
ohazi wrote: post #57

> can open Estonian bank and securities accounts Does anyone know how well this works in practice for US citizens? I've been led to believe that FBAR requirements are so onerous that most non-US banks would rather turn away US citizens than take their business.

I'm not an accountant, but wouldn't a foreign business with an associated bank account count as a foreign person? I mean I'd assume that incorporated businesses in Germany (e.g. GmbH which roughly translates to LLC) would count as a German person and the same for Estonia. You as the owner would still have to do your taxes and FBARs on the income you receive and what you have in your accounts. But I wouldn't expect to…

There might be some questions about beneficial ownership of the company, but maybe?

My original question was more along the lines of the individual with e-residency opening a personal bank account.

Re: One of Estonia's first "e-residents" explains what it means

#166

Post by GordonS »

nordify wrote: post #151
GordonS wrote: post #141

Earlier quoted context omitted.

Are there any real benefits for citizens of other European nations? For example, I run a small B2B company in the UK - would there be any benefits to incorporating in Estonia?

0% tax on retained earnings.

OK, I can see how that would be a big draw for some companies. Doesn't help me personally though, since I take everything out.

Re: One of Estonia's first "e-residents" explains what it means

#167

Post by michaelmrose »

jadedhacker wrote: post #43
donatj wrote: post #35

Earlier quoted context omitted.

Despite the propaganda, statistically the United States has one of the lowest starvation rates on Earth at .58/100,000 - half that of Norway. The majority are not homeless but rather shut-ins, uncared-for elderly or suffering from other mental health issues.

I accept your argument that few are starving like a national geographic picture. Instead we have merely undernourished schoolchildren in the richest country in world history. As for the adults, maybe we can write sleep outside until you freeze, get shot/stabbed, or jailed where you're threatened with sexual assault and are in general treated like a disease until you acquire enough money to escape the poverty trap and…

You are correct.

Excess mortality is often hard to pin on its actual cause. If you can imagine 100 people in 2 alternative universes. One in which they are well fed, have access to medical treatment, get normal sleep. Another in which they are tossed on the street where they eat poorly, sleep poorly on a cold corner and live poorly.

In the second universe they don't drop dead of being poor on the spot or tomorrow they just gradually die a lot sooner.

Its much harder to drum up enthusiasm to fix. There is a 60% chance that 7 out of 10 of these people will die an average of 10-20 years sooner than it is to save someone who will die next week.

Re: One of Estonia's first "e-residents" explains what it means

#168

Post by freeloop10 »

dang wrote: post #74
freeloop10 wrote: post #40

Earlier quoted context omitted.

Suppose a average married couple had a child and also adopted a rock. By your reasoning, the rock would perform exactly as their living breathing child, right?

Please don't do this here.

What's so wrong with pointing out someone else's absurdity?

Re: One of Estonia's first "e-residents" explains what it means

#169

Post by jessaustin »

pavlov wrote: post #161
jessaustin wrote: post #155

Earlier quoted context omitted.

If one didn't have this background knowledge, one might hesitate to enter a totally fictitious number on this form.

What's the fictitious number? You do need to show proof that you have the 2500 € in a bank account.

If the actual number is 100000, then 2500 seems fictitious?

Re: One of Estonia's first "e-residents" explains what it means

#170

Post by dang »

freeloop10 wrote: post #168
dang wrote: post #74

Earlier quoted context omitted.

Please don't do this here.

What's so wrong with pointing out someone else's absurdity?

It was a tacit insult taking the form of an argument. That adds no information, it just lowers discussion quality and encourages worse from others.
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