Best banks for the usd 100,000 trust or foundation

[achab]

uplana said:
Why not demonstrate it how you can help doing so ?
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Ok, let's try to do it, even it's not simple at all.

Describe me a case (real or unreal) completely and I'll answer a step-by-step solution.
It is necessary to know:

• Who are the actors (people, corporates, foundations, trustees, settlors, beneficiaries, protector, etc.)
• Where the actors are resident
• What are the assets and where they are located
• Which are the Jurisdicions involved
• The more you will be specific and complete, the more my answer will be correct

 

[Martin Everson]

Well folks he didn't last long after getting 3 warnings 🙁

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[lory]

The cold, clammy moderator hand strikes again... Good job kicking out those who don't play by the rules!

But I would've been curious to read his solutions for a bank that's worth putting 100K into, owned by a trust or foundation.

 

[Martin Everson]

lory said:
But I would've been curious to read his solutions for a bank that's worth putting 100K into, owned by a trust or foundation.
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His solution [as a 5 day old new member] would be you give him a load of money and he disappears on you like Houdini make no mistake...lol.

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[Clank]

If you need a trust check https://www.utgl.net/ https://www.unitrustglobal.com/

For your amount I think it will work. They have an app and it's very easy to set-up.

Other solutions are probably too expensive.

They will open a bank account in SG, HK and US and brokerage (IBKR) account for your trust.

They also provide a credit card.

Last edited: Oct 22, 2024

 

[Martin Everson]

Clank said:
If you need a trust check https://www.utgl.io/ https://www.unitrustglobal.com/
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Who are the people behind this company that's only been around since 2019? Can you give me some names?

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[Clank]

Martin Everson said:
Who are the people behind this company that's only been around since 2019? Can you give me some names?
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This is the correct link: https://www.utgl.net/

Here there is some additional info: https://www.utgl.net/resources/company

The account they open is a HK account in DBS but you also have the possibility to move the funds to one in SG or US.

 

[Martin Everson]

Clank said:
This is the correct link: https://www.utgl.net/

Here there is some additional info: https://www.utgl.net/resources/company

The account they open is a HK account in DBS but you also have the possibility to move the funds to one in SG or US.
Click to expand...

Thanks, that's more like it thu&¤#.

I need to look into this but it seems interesting. But first links you posted were some BS...lol.

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[Martin Everson]

Clank said:
This is the correct link: https://www.utgl.net/

Here there is some additional info: https://www.utgl.net/resources/company

The account they open is a HK account in DBS but you also have the possibility to move the funds to one in SG or US.
Click to expand...

Humm utgl.net and utgl.io are same people. Some of the user guides on utgl.net site refer to utgl.io. Was utgl.io an older version of site before a redesign?

Does not pass the sniff test for me yet but looks good in terms of concept and execution. Remember with a trust your transferring legal ownership to them. You need to 100% trust the people who are behind the ownership of your assets. Hence credibility and longevity in the trust business is the beginning and end for me personally.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Sols]

I looked into UTGL at some point. I think I posted about it.

IIRC, everything checks out in that the people involved are/appear real and they even have the necessary registrations/authorizations.

But the product is fundamentally flawed and likely wouldn't hold up for asset protection purposes. A trust you can dip into at any point is going to be disregarded by most competent courts. Money going in is probably taxed the same as if it was going into your pocket. I'm not sure what the use case is, aside from getting naive people to pay fees to spend their own money with no real upside.

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This is the probably the answer to your question.

 

[aniglo22]

Martin Everson said:
Humm utgl.net and utgl.io are same people. Some of the user guides on utgl.net site refer to utgl.io. Was utgl.io an older version of site before a redesign?

Does not pass the sniff test for me yet but looks good in terms of concept and execution. Remember with a trust your transferring legal ownership to them. You need to 100% trust the people who are behind the ownership of your assets. Hence credibility and longevity in the trust business is the beginning and end for me personally.
Click to expand...

https://ugtl.io (ugtl.io) is their backend/dashboard where you can see your funds etc.. And https://www.ugtl.net (ugtl.net) is the landing page/informational page .

 

[Martin Everson]

It's clearly not a Discretionary Trust they are offering but more like a Settlor-Interested Trust or something. A discretionary trust is needed to have a chance of getting any tax advantage in a lot of common law jurisdictions. But if the service checks out then its use will be limited and depend heavily on where you live and assets it holds.

P.S Crypto is being added to AEOI CRS reporting so a pure crypto trust won't escape CRS reporting as they claim 🙁

https://www.oecd.org/en/publication...f-information-in-tax-matters_896d79d1-en.html

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Davis123]

Martin Everson said:
It's clearly not a Discretionary Trust they are offering but more like a Settlor-Interested Trust or something. A discretionary trust is needed to have a chance of getting any tax advantage in a lot of common law jurisdictions. But if the service checks out then its use will be limited and depend heavily on where you live and assets it holds.

P.S Crypto is being added to AEOI CRS reporting so a pure crypto trust won't escape CRS reporting as they claim 🙁

https://www.oecd.org/en/publication...f-information-in-tax-matters_896d79d1-en.html
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Wasn't there a trust similar to this type sometime ago in the news ? That got busted.

 

[Martin Everson]

Davis123 said:
Wasn't there a trust similar to this type sometime ago in the news ? That got busted.
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No idea.

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[ssttyy]

so i also came across utgl and can anyone explain how the whole thing work

 

[EliasIT]

I have hold roughly 150K instant with Wise for the last 3 years, no problems at all with them.

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