Own Nothing, but Control Everything – A Concept That Can Change Your Life
- Thread starter JohnLocke
- Start date
- Status
I would be very grateful if I could find someone to help create a structured plan for such a setup. I am already working with a Word document, copying and pasting all the key insights from the mentor group gold threads, and trying to piece it together into a strategic plan for my own use case.
@CyprusLaw or @CyprusBusiness can one of you confirm this is true or not ? I'm ready to move on with a Cyprus trust right now if that is true!
You can do that if it is defined in the provisions, but you need to be careful that it cannot be overturned if you owe money or have outstanding tax liabilities!
It all depends on where you live. Many civil-law countries (e.g. most EU countries) do not recognize trusts, as far as I know.
But even if they do, if you have control over the trust (so you can sell the assets back to yourself), they would disregard the trust and see the assets as owned by you personally anyway, at least for tax purposes.
You have to give up control (trusting︀ that the people managing the trust won't screw you over) for something like this to︁ work.
There was a recent example of an Israeli billionaire who set up a foundation︂ in Liechtenstein. The board members ended up spending his money for their own entertainment (something︃ with jet skis if I remember correctly, among other things), he sued, but the court︄ in Liechtenstein sided with the board (Liechtenstein citizens).
But even if they do, if you have control over the trust (so you can sell the assets back to yourself), they would disregard the trust and see the assets as owned by you personally anyway, at least for tax purposes.
You have to give up control (trusting︀ that the people managing the trust won't screw you over) for something like this to︁ work.
There was a recent example of an Israeli billionaire who set up a foundation︂ in Liechtenstein. The board members ended up spending his money for their own entertainment (something︃ with jet skis if I remember correctly, among other things), he sued, but the court︄ in Liechtenstein sided with the board (Liechtenstein citizens).
Speak to an advisor who has experience with clients from your home country. I believe for Europe, you would usually require a foundation, not a trust, and you or close family members really can have no control. You're trusting someone else not do steal your money. Irrevocably.
Yes, sure. But as far as I've understood, you can't tell them what to do.
You can basically only say: "Hey, I think it would be nice if you could buy this house. What do you think?"
In the end, it would be their decision. At least on paper...
You can basically only say: "Hey, I think it would be nice if you could buy this house. What do you think?"
In the end, it would be their decision. At least on paper...
Would be great to get a formal OCT update to this original thread (latest possibilities, ideas, service providers, jurisdictions, etc.), given all the global changes / upheaval heading into 2025.
what is this ?
This article is more relevant than ever before, and even though it is a few years old, it contains an infinite number of golden nuggets that anyone who reads it thoroughly and understands its content can use to work towards eternal freedom.
I have gained great value from it, and I firmly believe that things can be boiled down to this: living in country A, having operating companies in country B, which are owned by an entity in country C, is the absolute safest way to secure one's wealth.
This article is more relevant than ever before, and even though it is a few years old, it contains an infinite number of golden nuggets that anyone who reads it thoroughly and understands its content can use to work towards eternal freedom.
I have gained great value from it, and I firmly believe that things can be boiled down to this: living in country A, having operating companies in country B, which are owned by an entity in country C, is the absolute safest way to secure one's wealth.
Back to good ole “flag theory”.
A concept which worked in both theory and practice very well throughout the 80’s, 90’s until︀ around 2012. After 2012 information started to be exchanged (TIEA, CRS etc) which pretty much︁ defeated the flag theory.
There are indeed still some routes where the flag theory currently︂ works. Those days are numbered. This has been discussed in various topics here.
A concept which worked in both theory and practice very well throughout the 80’s, 90’s until︀ around 2012. After 2012 information started to be exchanged (TIEA, CRS etc) which pretty much︁ defeated the flag theory.
There are indeed still some routes where the flag theory currently︂ works. Those days are numbered. This has been discussed in various topics here.
8 figure wealth is a different game with different rules.
I’ve advised and assisted multiple (U)HNWI myself in the past 35-ish years and accomplished in almost all occasions the goals set out.
Right now; it’s a challenging game. Not impossible but challenging given the variables which nowadays are decisive and were easy to circumnavigate in the past.︀
If you have 8 figure wealth, you know where to go and look.
I’ve advised and assisted multiple (U)HNWI myself in the past 35-ish years and accomplished in almost all occasions the goals set out.
Right now; it’s a challenging game. Not impossible but challenging given the variables which nowadays are decisive and were easy to circumnavigate in the past.︀
If you have 8 figure wealth, you know where to go and look.
- Status