Own nothing, control everything. How?

[grandioz]

Hi guys,

What are some of the best, simplest, most cost effective strategies that I can manage/control my own funds and assets: Crypto, FIAT, real estate..
Easily Sending , receiving, investing and so on, while also protecting my privacy in a way that will not add to current tax obligation / burden in the country I reside in (Georgia)?

Thanks

 

[TheCryptoAnt]

Georgia has no CFC rules so just choose a jurisdiction you like (because of low taxes or maybe rule of law?) and incorporate there.
Pay yourself dividends from that company.

Your country slaps hard, you are a lucky man.

 

[grandioz]

TheCryptoAnt said:
Georgia has no CFC rules so just choose a jurisdiction you like (because of low taxes or maybe rule of law?) and incorporate there.
Pay yourself dividends from that company.

Your country slaps hard, you are a lucky man.
Click to expand...

Any recommendations on where?
The most easy is some offshore like saint Vincent or some island
But they went be accepted well by banks anywhere

grandioz said:
Any recommendations on where?
The most easy is some offshore like saint Vincent or some island
But they went be accepted well by banks anywhere
Click to expand...

Went = wont

Last edited: Sep 4, 2022

 

[Marzio]

If you manage a company from Georgia, even if Georgia doesn't have CFC rules it wil be considered a Georgian tax resident because of PoEM rules.

 

[clemens]

I assume you refer to the below article with the title, actually it's costly to setup.
https://www.offshorecorptalk.com/th...-”“-a-concept-that-can-change-your-life.37015/

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One of my favorit articles in Mentor Group ~ Sending money anonymously archieve Financial Anonymity

 

[TheCryptoAnt]

grandioz said:
Any recommendations on where?
The most easy is some offshore like saint Vincent or some island
But they went be accepted well by banks anywhere
Click to expand...

UAE

marzio said:
If you manage a company from Georgia, even if Georgia doesn't have CFC rules it wil be considered a Georgian tax resident because of PoEM rules.
Click to expand...

indeed but you can set it up on a way that gives you substance in another jurisdiction too.
Also, it's Georgia. Chances of getting in trouble are low (not 0 tho)

 

[khinkali]

TheCryptoAnt said:
Also, it's Georgia. Chances of getting in trouble are low (not 0 tho)
Click to expand...

Indeed. The problem is that people get away with a particular thing for so long that it just seems normal. Then, there is a crackdown.

grandioz said:
most cost effective strategies that I can manage/control my own funds and assets: Crypto, FIAT, real estate..
Click to expand...

In Georgia, some things are tax efficient as an individual ("exempt" income from non-Georgian source) rather than through a company (onshore or potentially offshore).

 

[Fred]

It's UAE when you require Banking as well.

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[overnbeyond]

TheCryptoAnt said:
UAE



indeed but you can set it up on a way that gives you substance in another jurisdiction too.
Also, it's Georgia. Chances of getting in trouble are low (not 0 tho)
Click to expand...

second this

 

[TheCryptoAnt]

khinkali said:
Indeed. The problem is that people get away with a particular thing for so long that it just seems normal. Then, there is a crackdown.
Click to expand...

very true.

Always have a plan for when s**t hits the fan.

 

[khinkali]

TheCryptoAnt said:
Always have a plan for when **** hits the fan.
Click to expand...

I agree, but there are two very different approaches.

1. Get everything straightened out. If the Revenue Service come after you, make sure you can stand in front of a judge, and win. Depending on the location that might mean making your legal situation watertight, or it might mean making friends with powerful people. In many places, you could do with both.
2. Don't keep all your assets locally. Keep a bug out bag. Be ready to hop on an airplane and never need to look back.

If there's one thing that I think people get wrong, it's looking for the half-way version. If you ever catch yourself saying "Oh but i'm kind of legal" it means you're not.

 

[TheCryptoAnt]

khinkali said:
I agree, but there are two very different approaches.

1. Get everything straightened out. If the Revenue Service come after you, make sure you can stand in front of a judge, and win. Depending on the location that might mean making your legal situation watertight, or it might mean making friends with powerful people. In many places, you could do with both.
2. Don't keep all your assets locally. Keep a bug out bag. Be ready to hop on an airplane and never need to look back.

If there's one thing that I think people get wrong, it's looking for the half-way version. If you ever catch yourself saying "Oh but i'm kind of legal" it means you're not.
Click to expand...

I choose option 2.
Always.

 

[KalasZX]

Cost effectiveness limits your options. Dubai is a good choice as long as you go are fine with going there every 180 days to keep the structure working the way you want and are on top of renewing your visa every 3 years. If you can/won't/don't want to make the visa runs looking into a Panama foundation could give you what you want. Singapore is another option, especially if you think you might need first world credibility or access to AAA banks.

 

[koohl]

Fred said:
It's UAE when you require Banking as well.
Click to expand...

how would the setup look like if we based on the title of this thread? could you to a brief list.

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[Fred]

koohl said:
how would the setup look like if we based on the title of this thread? could you to a brief list.
Click to expand...

ADGM Foundation holds Holding FZCO shares to 100% - you are the Director of the Holding FZCO to have the ability to pay yourself director salary/bonus whatever you want - I recommend ADGM over DIFC because the bylaws are more straightforward to handle for banks.

The Holding FZCO can hold property local and international and of course other Trading Business Entities - local and international.

With such a structure and the wealth which should come along with it you can approach HSBC, CITI, Standard local UAE Branch and every serious Switzerland and Liechtenstein Private Bank who most of the time anyway has some UAE Rep Office.

no need for banana republic banking and outdated structures.

Shoot me a PM to know with which Trustees in the ADGM we see the best experience for our clients.

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[Onassis]

Fred said:
ADGM Foundation holds Holding FZCO shares to 100%
Click to expand...

This would be a charitable foundation then, correct? As far as I know ADGM foundations can only be charitable.

Last edited: May 8, 2023

 

[aage]

Fred said:
ADGM Foundation holds Holding FZCO shares to 100% - you are the Director of the Holding FZCO to have the ability to pay yourself director salary/bonus whatever you want - I recommend ADGM over DIFC because the bylaws are more straightforward to handle for banks.

The Holding FZCO can hold property local and international and of course other Trading Business Entities - local and international.

With such a structure and the wealth which should come along with it you can approach HSBC, CITI, Standard local UAE Branch and every serious Switzerland and Liechtenstein Private Bank who most of the time anyway has some UAE Rep Office.

no need for banana republic banking and outdated structures.

Shoot me a PM to know with which Trustees in the ADGM we see the best experience for our clients.
Click to expand...

What's costs for setup like the one you say? I'm interested.

 

[Spinat]

clemens said:
I assume you refer to the below article with the title, actually it's costly to setup.
https://www.offshorecorptalk.com/th...-”“-a-concept-that-can-change-your-life.37015/
Click to expand...

great read for everyone interested in this concept. It makes good sense to setup your self this way if you're able to do.

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[Fred]

aage said:
What's costs for setup like the one you say? I'm interested.
Click to expand...

Past 10,000 USD for sure - it comes down how much the Registered Agent charges for the Council Member/Guardian Service for the Foundation.

General speaking we can say that ADGM Foundations have better written/formulated By-Laws - compared to DIFC Foundations.

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[Onassis]

Fred said:
General speaking we can say that ADGM Foundations have better written/formulated By-Laws - compared to DIFC Foundations.
Click to expand...

Thanks for clarifying the choice of ADGM. So as you said earlier the ADGM foundation would fully own the underlying FZCO which the founder of the foundation would be the director of.

What is not clear to me is the succession procedure in case of founder's death. What exactly would be written in the foundation rules so that the descendants or family members of the founder have the right to appoint themselves or someone else as a director in case he/she dies?