I am an Italian resident in Italy. I do not know the situation of other freelancers in the world. But I believe that many people would be comfortable with being able to keep the money earned on the Xolo corporate subaccount and withdraw it only upon request.
This would allow you to enjoy the absence of taxation on profits as established in Estonia and bring into your personal account only the money you want by previously calculating the convenience of this choice on the low taxation of your country of residence.
Furthermore, using the money on the Estonian corporate subaccount also to deduct the costs of the activity as a freelancer.
In practice, exactly as it happened at the beginning with XoloGo.
How many of you agree?
If you think like me, make this topic popular.
Keeping us on our toes, always! Thanks for the feedback Alessandro, keep it coming I would love to sit down with you to gather all of your feedback so I can bring it back to the product team. If you’re open to this send me a DM and we can schedule a call.
First of all, thanks for the answer. I don’t think a call is necessary. What I’m asking for is basically what XoloGo offered until a few years ago.
Honestly, with the old conditions, for me who am a resident in Italy (but I was also in Slovenia and much of Europe doesn’t change much) being able to manage the withdrawal of money from the company subaccount was a great advantage and maximum freedom of management and evaluation of the tax burden on personal taxable income.
It would therefore be enough to restore the “old XoloGo”. With the current conditions it is not convenient for me.
Try asking the registered freelancers to hear their opinion too.
I agree with this! After the change in Xolo Go, you now automatically withdraw the money you get paid. So now there’s basically no advantage in using Xolo Go instead of issuing an invoice yourself as a registered freelancer in your country of residence. Only fees.
The value of Xolo Go as it was sold to me via Xolo’s website was that I could theoretically work with multiple clients, charge them all via Xolo Go, and then whenever it is convenient to me, invoice Xolo Go for my services and withdraw the amount of money that I want.
Potentially, I could even go as far as issuing a single invoice once a year (instead of as many invoices as the projects I’d worked on), which would really simplify the accounting in my home country.
With the current XoloGo we can’t take advantage of the absence of corporate income taxation as granted by the estonian government.
In my case, a resident in Italy, having other income (royalties, part-time employment, etc.) I would like to decide which bracket to fall into for the payment of residential taxes, evaluating whether to withdraw from the estonian corporate subaccount.
We understand your concern regarding the change in the feature and understand that for many freelancers being able to keep money in the Xolo Go account and withdraw it at their convenience is a valuable feature.
The logic was modified to comply with regulatory requirements. However, we are actively exploring compliant options to enable the ability to maintain a balance in Go accounts in the future. We will keep you posted and let you know when a feature like this is ready to be rolled out.
I would love to sit down with you to gather all of your feedback so I can bring it back to the product team. If you’re open to this send me a DM and we can schedule a call.