If, for example, a French entrepreneur opens a business in Estonia through e-Residency, but all of his or her physical operations are from France, the work is carried out in France, and all of the sales are done to France, then with 99,9% probability there will be a permanent establishment in France and all of the profits on these fully French operations will be taxable in France. No one must have any misconceptions about that. In addition, should there be international operations the profits of which would be taxed in Eston…