El Salvador Company, Panama trust

[BillBong]

So, in the cryptosphere, i had a consultation with lawyer in El Salvador who assists with defined setups, as a us resident/uk citizen, anything todo with crypto is bad business and there is the insane beaucracy and reporting requirement. If it's done via a trust as trustees as beneficials then no reporting requirement and the staff under carry out the wishes of the trustees.

I am wondering if anyone else has done this setup? Any possible pitfalls?

-El Salvador Company Owned by a Panama Trust
-E-commerce sales done in El Salvador not done to Salvadorian residents is vat free
-No capital gains on crypto

Quoted around $15k setup, $9k year fees for maintenance, lawyer/accountancy fees.

Last edited: Aug 20, 2022

 

[TheCryptoAnt]

For that price Id rather go with a UAE FZCO tbh.

 

[Fred]

TheCryptoAnt said:
For that price Id rather go with a UAE FZCO tbh.
Click to expand...

Second that.

Further there are absolutely no serious Banking options for a El Salvador Company owned by a Panama Trust with Trustees. You would end up with Private Banks charging you again couple of 1000$ each year for the banking relationship + min. 1m$ in assets under management.

If the lawyer has very good contacts he maybe gets you something done in El Salvador but the question is if you really wanna bank there - this was already discussed here back in the days when BTC was announced to be legal tender in El Salvador.

Further you mentioned e-commerce - can't imagine that you can get any payment processing done with such a structure.

The same could be setup in Dubai with the difference that you get normal decent retail banking access done but even here the Trust/Foundation need to be kept off the map till the Business Bank Account is verified and tye payment processing - in that way you could even access Stripe UAE and PayPal UAE.

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[BillBong]

The e-commerce limitations i understand, not great.

But what better alternatives are there for forming a trust? This method would mean there would be no individual/personal reporting requirement to the USA, get gets around that.