Wake up! These people are sitting in state institutions, banks and big corporations. They are the state.
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What is a UBO in practice? For court decisions, debts, legal action
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Yes, the absurd or obviously non-viable scenarios are not helpful. The world is not divided into drug kingpins and Mr by the books only.
Say I have legitimate money, but I also run businesses and in today's litigation-prone environment (not to mention increasingly hungry governments), it may make sense for me to want to protect my assets in case any crap happens.
I just want to understand whether these structures are a placebo or a real thing. They are a pain in the a*s to set up, manage, operate and explain to others. If at the end of the day it's all for nothing, I wouldn't bother.
So I'm curious to hear about their effectiveness in less obvious scenarios.
Have you read my post? "I would expect that there will be many levels." And then, there were two extreme cases. Anything in between is in between.
From my opinion, there are still quite many trusts that are working very well. If you have legitimate money that nobody has any entitlement to at present time, they do work. Do your own research (with our help) and try to do as much as possible yourself or trust it only small people you can trust or really big companies. You remember Mossack Fonseca.
However, you may not need them if you have a limited liability company and you manage it well, they won't be able to get your personal money. Why use a trust in addition? It costs a lot for a benefit you may get for as little as $100 in Wyoming?
You have already answered your question! 😉
PS. Recently, I wrote to a lawyer at a large law firm who got my buddy into a war with the state to ask why he gave my buddy terrible legal advice, knowing full well that SCOTUS had already decided such cases. His reply was epic: "Lawyers have to eat, too."
😳 stupi#21
Because it doesn't exist in any law and established legal principles. It's common definition even carries contradictions with existing law.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Just a tiny correction ”“ at least in some EU countries there exists a law defining what is UBO and how it should be handled (I even think that there is some EU/SSR/ directive concerning this). Yet I agree that these laws have not much common with established legal principles. (Just for fun: A city has a bank account with a certain bank. The bank insists on filling the UBO of a city in its records /witnessed/.)
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
You mean the Fifth Anti-Money Laundering Directive (2018/843) ?
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32018L0843
That's yet another expression of the stupidity of the EU.
Simple explanation of the EU:
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Yeah, it's probably this one. There is also some from 2015, IIRC. But frankly, I have not bothered to read thoroughly. 32 pages of BS.
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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂
If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...
Yeah that's this one : Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC (Text with EEA relevance)
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:32015L0849
At least there is a place to get free toilet paper that I can then use elsewhere.
I wonder where they will put the s**t in the EU when toilets are closed. Time to buy higher boots for your politicians in other to walk through the duty streets.
It sounds like the UBO can be whoever they decide it is, so whoever actually has the money. Today it is the settlor, next day it is the benefitiary and the whole time it is you.
Then what's preventing someone from creating a position of a UBO same as we do with directors or nominees? It can just be a nominee with a different title right 😉
Then what's preventing someone from creating a position of a UBO same as we do with directors or nominees? It can just be a nominee with a different title right 😉
It can work until it works. That nominee must be a very good friend, even better if imaginary.
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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
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