How come nobody mentioned Antigua?
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I didOriginally posted by Mrdredd
Hmmmm...... are you webby from the antigua excursion??Comment
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Switzerland ??Comment
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as I told you its very easy to build a company structure where you act as a share holder only(owner of the company) and have annonymouse debet card for ATMs.Your off shore bank has just the informations about your company and your director (person you never met or maybe even doesn't exists)Originally posted by Mrdredd
OK, first this isnt about taxes
Second, the money will never touch any of my USA bank accounts - it will go straight to the offshoure bank and will not have my name on it either, except maybe if the offshoure bank isnt anonymous.
What can you recommend now, based on those details?
I need something that wont crack under pressure... I know the tricks the govt. plays here.(usa)
Hmmmm...... are you webby from the antigua excursion??Comment
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Good Luck!Originally posted by Nydahl
doesn't matter for me.All you must do is established off shore company.You need to set up a director , who is able to establish bank account - you don't even need to meet your director - who knows if this person even exists?You are just a share holder of the company.Bank can provide any information about your company or your director but it has nothing to do with you.The country where is your company located won't provide anybody with your info - if you have good registrant officer and choose right country.
+ must get annonymouse debet card for ATMs so no bank have record about debet card holder.
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No way.Originally posted by Fred Zeppelin
Switzerland ??
And I got something awesome lined up to setup now - thanks guys.
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If you are just looking to move some money, the Philippines has LAWS on the books protecting the privacy of you account. Even the government here cant look into your account,
Also, you can try Hong Kong, they have a great banking network.
The key is move your money two steps away from the US.
You you transfer from the US to a holding account (first country), and then from that holding account to your cash pile (second country).
Once you do that, no one is finding the cash.
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What offshore zone to choose plays no role. They are all preaty equal. Important is to have a nomenee director and a good bank account. Latvian banks are great to operate from but I wouldn't advise to keep large $$$ in there...Comment
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A good tax guy can get your tax bill down to 10% - 15% of your earnings. Unless you are making $10mil a year plus it's not worth going offshore.I've trusted my sites to them for over a decade...
Webair, bitches.Comment
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the problem with 'directors' is, would you really trust them to be the signatory (read: full power over to withdraw, transfer, close etc..) on the coprorate account ?
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Originally posted by Pornwolf
A good tax guy can get your tax bill down to 10% - 15% of your earnings. Unless you are making $10mil a year plus it's not worth going offshore.
I love it when people pull imaginary figures out of their ass.Comment
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Originally posted by russian_agent_69
I love it when people pull imaginary figures out of their ass.
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Latvia is very cool, if you would like some details i have them and as well they are very safe, they say the new switzerland 50 years ago and it is all online banking as well as very personal and safeFreedom for life, life for freedom
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Can someone explain how the anonymous bank account opening process is supposed to work
I mean, even if you register an offshore corporation the latvian banks, for example, still require you to send a notarized copy of your passport... which means the bank/government still knows you own the account.
Would it help if one would use nominee directors, would the nominee director send you a notarized copy of his passport?
Thanks in advance for any help.Comment
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m0rph3us:
Any scenario where a "director" (where I assume you are talking about a nominee) has any powers of signatory or access (or even knows of the existance!) of any bank accounts is a non-starter.the problem with 'directors' is, would you really trust them to be the signatory (read: full power over to withdraw, transfer, close etc..) on the coprorate account ?
I have never ever been in such a situation and hold 100% control over all activities of corps and the bank accounts. However, this situation may not be readily available to all, especially in the scenario where the offshore is simply a tool for decreasing tax liability and the "owners" are in fact, not offshore.XXX TLD's - Another mosquito to swat.Comment
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Nydahl:
Any offshore bank requires full details of the account beneficary and this is normally supported by items like a notorised passport and other forms of ID. "Your director" is not a person who is going to stand in the frame for the conduct/misconduct of a bank account over which he/she has no control. The nominee director is simply that, and "should" not have any access to bank accounts and is not the person who, as you suggest, to be any kind of "front" with a bank.as I told you its very easy to build a company structure where you act as a share holder only(owner of the company) and have annonymouse debet card for ATMs.Your off shore bank has just the informations about your company and your director (person you never met or maybe even doesn't exists)
It is not in the client's interest to lie to banks - either onshore or offshore. That kinda stuff places ya in a situation where accounts can get frozen, subject to releasing true identities.XXX TLD's - Another mosquito to swat.Comment
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so the only way to decrease one's tax liability is to move to a low tax country? Like Monaco for example.Comment
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McVisa:
Yes.. it is correct that any bank will want a true set of documents of the proposed account holder/signatory. This is part of the "know your customer" routine which is pretty much enforced by all banks, both on and offshore.Can someone explain how the anonymous bank account opening process is supposed to work
I mean, even if you register an offshore corporation the latvian banks, for example, still require you to send a notarized copy of your passport... which means the bank/government still knows you own the account.
Would it help if one would use nominee directors, would the nominee director send you a notarized copy of his passport?
Offshore jurisdictions have strict laws of confidentiality and it is, most often, a criminal offence to disclose any information about either an offshore corporation or any banking accounts. Unless there is any criminal activity involved in the "source of funds", banks will honor this confidentiality. If criminal conduct is presented to a court within the offshore jurisdiction and this criminal activity is, in fact, an offence in that region, a judge may grant an order for the account disclosure and the bank will comply.
It is custom, least in most offshore jurisdictions, that the "government" do not know of the account details of banks. It is not their business to know this, serves no purpose and also breaks the laws of the jurisdiction.
Nominee directors sure will not give copies of their passport out to be used by others as a "bank front" unless they have total control over the account. These folks are usually lawyers and ain't that stupid! *g* They stand to loose far more!!
It is usual for a nominee to grant the beneficiary a Power of Attorney over the corporation and, with that, you may then open whatever bank accounts you wish and conduct the business of the corporation as you see fit.
For your own security, there is little choice in providing accurate information to an offshore bank - to do otherwise would possibly jeopardise any monies in the account. You need to be in a position to identify yourself to the bank, else you will be ignored.
This stuff any help?
XXX TLD's - Another mosquito to swat.Comment
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You need a better tax man and a bit of experience.Originally posted by russian_agent_69
I love it when people pull imaginary figures out of their ass.I've trusted my sites to them for over a decade...
Webair, bitches.Comment
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McVisa:
so the only way to decrease one's tax liability is to move to a low tax country? Like Monaco for example. The only "real" way is to actually be offshore if you wish to kill taxes although offshore structures can legitimately be used (for many purposes!) by folks "onshore", suject to the tax laws in their country of residence.
For US folks, this is complex, since the US is one of very few countries who require their citizens to submit IRS returns on income irrespective where they live or work in the world. You really need advice from a competent tax lawyer if you hail from the US. (Tho the IRS does grant ya something like $70K plus "allowances" for living outside the US).
For most other countries, it is not such a big deal and they usually have no problem about where folks live and don't expect em to cough up tax or submit tax returns on their worldwide income when they don't even live in their home country.
Monaco is OK for a playground (for a week! *g*), but there are plenty other offshore jurisdictions where the tax rate is zero and the climate appealing
XXX TLD's - Another mosquito to swat.Comment
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thanks Webby
... so probably not a good idea to open any bank accounts in the EU region (latvia, switzerland, luxembourg, gibraltar, cyprus) that now shares the info.
Any recommendations from anyone on what would be some fast, inexpensive offshore banking solutions with a good online banking interface and atm/debit or credit card solution?Last edited by McVisa; 01-20-2004, 10:44 PM.Comment
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Hi McVisa!
Depends where your home country is and what you actually want to achieve in the end.
There is nothing wrong with opening accounts in places like Lativa, Switzerland etc, tho, for a load of reasons *g*, I'd be looking at Latvia.
OK.. on the reason, or one of em, for opening a corp account instead of a personal account. Depending on where you live (ie not the US).. you may not want a transaction processor or a sponsorship program paying you as an indivdual since, first, this creates a paper trail and, depending on your home country laws, you may be required to pay tax on this revenue.
On the other hand, again depending on where you live, if you had a corp, this is more "private" and often it is the case that you will only be required to declare any actual funds for taxation which are drawn into your home country. You may elect to keep some or all of this offshore and not be subject to tax levies in your country of residence.
If you live in Canada or the EU, most or all of the above would apply!XXX TLD's - Another mosquito to swat.Comment
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hmm... problem is that I live close to Latvia and the local offshore advisor suggested not going for Latvia because the information leaks bad there. It even leaks in my country and Latvia is in a much worse condition - heard they only accept card payments in the capital of Latvia.
The advisors said all the local IRS has to do is just call the Latvian IRS and they will fax back the requested info - (un)official info sharing. And it's gonna get much worse when Latvia joins EU.
Very likely that Latvia shares info with US also, as most other US trade partners do. The Baltic and former Soviet region countries are good at kissing the US ass.
So I'm thinking - Me registers an IBC in Belize and becomes the director and shareholder of that IBC as Belize keeps the information private, so there's no need for nominee services.
Then me opens a bank account in Latvia for the IBC using my own notarized passport. Then in a couple of months Latvia joins EU and they'll join the automatic information sharing regime
(http://www.kaupthing.lu/resources/files/EU_taxation.pdf)
...and whaddya know, up pops good old me with me little Latvian bank account and an IBC in Belize
Probably have to start looking for a nice cozy bank in Panama... *cough*Blow*cough*
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McVisa:
Ah.. we have a local problem!hmm... problem is that I live close to Latvia and the local offshore advisor suggested not going for Latvia because the information leaks bad there.
OK... Unfortunately this can start to get expensive, but this is it - a Panama corporation, - that part is not expensive - and a bank account in another jurisdiction which would probably be Belize or one of the Caribbean islands.
The expensive part, if this is needed, would be the cost of travelling to the Caribbean for a holiday and arranging the opening of an account face-to-face. I'd recommend you do this with most island banks. If the account is in Belize, (better!) you can arrange an account without having to travel.
I'd also suggest that whatever combination of countries you use, keep the corporation jurisdiction separate from the banking jurisdiction :-)
Think on this one :-) Lativa (and several other EU type countries) rely on their reputation as offshore services facilitators. No offshore jurisdiction will forgo the earning potential simply because some country (such as the US) wants some info, nevermind the fact that it a criminal offence punishable by a term of imprisonment to disclose information.Very likely that Latvia shares info with US also, as most other US trade partners do. The Baltic and former Soviet region countries are good at kissing the US ass.
If I ever found out that any lawyer or banker disclosed any information about our bank accounts/corporations to another country or *anyone*, - rest assured this would be made public and all would have their ass sued, nevermind any criminal charges. Lawyers get "struck off" for this kinda stuff and bankers get sacked.
The main problem only arises in the area of criminal conduct. Banks are not going to disclose information about clients otherwise and will not even acknowledge an account actually exists in X name.
But gotta agree.. if you live in Latvia or next door, it's like a UK citizen opening an account in a bank on the Isle of Man or Jersey. It is preferable you are outside the region :-)XXX TLD's - Another mosquito to swat.Comment
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McVisa:
Probably have to start looking for a nice cozy bank in Panama... *cough*Blow*cough* Panama ain't too cosy! It is currently smothered in drug money and nice office blocks - tis better for banking purposes you are in a "cleaner" area :-)
Belsize can be cosy tho! *splutter*XXX TLD's - Another mosquito to swat.Comment
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Is it a must to fly over to Panama and is Panama the only country that requires going over personally for the corp. registration? Or just an optional security measure? Just need the setup as a temporary one-time solution, after that I'll be a honest tax payer again, I promise!
Also, found a great offshore company chart at OCRA:
http://www.ocra.com/documents/compar...ison-Chart.xls
Webby, thanks for all the valuable info... gotta get some sleep now... have read every offshore thread on GFY tonight... and so far the best solution seems to be screwing the government and buying a one-way ticket to Belize
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You need to mail me the # to your accountant. lolOriginally posted by Pornwolf
A good tax guy can get your tax bill down to 10% - 15% of your earnings. Unless you are making $10mil a year plus it's not worth going offshore.Comment
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Originally posted by McVisa
Is it a must to fly over to Panama and is Panama the only country that requires going over personally for the corp. registration? Or just an optional security measure? Just need the setup as a temporary one-time solution, after that I'll be a honest tax payer again, I promise!
Also, found a great offshore company chart at OCRA:
http://www.ocra.com/hahahahahahahaha...ison-Chart.xls
Webby, thanks for all the valuable info... gotta get some sleep now... have read every offshore thread on GFY tonight... and so far the best solution seems to be screwing the government and buying a one-way ticket to Belize
Mcvisa, did you find some good bank, which is not located in the EU and opens bank accounts for offshore companies?Comment
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guys .... just to be sure that this offshore thing works out for you - get a second identity and do the banking in your second name.Comment
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Originally posted by faxxaff
guys .... just to be sure that this offshore thing works out for you - get a second identity and do the banking in your second name.
What's that noise? Sounds like someone getting their ass reamed in prison.Comment
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Ze by urednici z finacniho uradu surfovali na GFY?Originally posted by faxxaff
guys .... just to be sure that this offshore thing works out for you - get a second identity and do the banking in your second name.
Trochu paranoia.Comment
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