Perfect setup: Offshore company with second passport

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blip

blip

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Jan 11, 2017
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Hello,

I'm exploring some options for a worryfree setup.

I have passport in country A-HOME (EU). My residence is also here.

I get a passport in country B-SECOND (in Europe but outside of EU).

I open a Seychelles company (with nominees) and provide my passport and papers for my B-SECOND country when they ask to know the beneficial owner. I open a company bank account with passport and papers for B-SECOND. I never mention anything to anyone about country A-HOME. Everybody thinks I live in B-SECOND.

Now, who will report what to whom?
The bank will report me (beneficial owner) to country B-SECOND? I don't live there and have no tax residence in that country so nothing would actually happen to me?

Is this the perfect setup without going dark (not considering any costs involved to acquire second passport)?
 
I think you'll run in to problems. I'm slowly working towards a second passport myself and I was told the second passport will be linked to the original. Though that may depend on the countries involved. I really didn't follow it up too much as it's not why I want a second passport. Either way if someone wanted to track you back to country(and identity) A from the company run by identity B, it really wouldn't be that difficult.

What are you trying to achieve with your 'worryfree setup'? I think there are probably better options and personally, doing something dodgy (you'd either have to be honest & found out or lie if questioned) doesn't sound very worryfree to me.
 
I had this wonderful idea 🙂 that I can openly be the beneficial owner towards the bank (with my second passport) and they will not report me to my country of residence. They will only report me to the country where I have a second passport (which doesn't matter for me, I don't live there).

How would a second passport be linked to the first? Linked by whom? The second-passport-country?
 
You won't get the second passport without providing your original. I'd expect a much more thorough check than any bank would do. They aren't just providing a passport. A passport is just one benefit of them providing you citizenship. A second passport is a great thing to have but it doesn't create a new identity. For that you'll need to do some really dodgy stuff (which actually isn't that difficult either as I've found out).
 
Indeed @Internationaloff This is why I assumed @blip was trying to portray a second identity entirely. blip if you're going to lie about where you're a resident you don't need a second passport to do so!
 
I don't believe that a second citizenship will prevent you from being reported. With all the information the agen's started to collect there soon will be some sort of reporting requirements either to them or the registries around.

Just my thoughts about it.

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mnschwarz said:
mnschwarz said:
Indeed @Internationaloff This is why I assumed @blip was trying to portray a second identity entirely. blip if you're going to lie about where you're a resident you don't need a second passport to do so!
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If you mean dark docs to show residency somewhere else that has struck my mind. I'm just worried that using such docs to prove residency for the bank (or e-wallet) could prove fatal if they somehow find out the fake residency e.g. by requesting extra documents sometimes in the future. In theory they could block the account and all accumulated funds would be very hard to get out. 🙁 That would prove to be a disaster for me.

Or did you have something else in mind? If you don't want to write it here in public please do message me privately.
 
blip said:
blip said:
If you mean dark docs to show residency somewhere else that has struck my mind. I'm just worried that using such docs to prove residency for the bank (or e-wallet) could prove fatal if they somehow find out the fake residency e.g. by requesting extra documents sometimes in the future. In theory they could block the account and all accumulated funds would be very hard to get out. 🙁 That would prove to be a disaster for me.

Or did you have something else in mind? If you don't want to write it here in public please do message me privately.
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Messaged. It's a bit of a novel haha. Dark docs are an option I didn't mention also though I lean more towards the hidden yet legal approach. I like to protect my identity but still be covered if it was ever to come out in future. There's more complexity and cost in that route but i'm not constantly looking over my shoulder and losing sleep.
 
Many of our clients in LATAM that have passports from countries other than the ones they do business in perform this little trick. However, I do believe it is more complex in Europe.
 
mnschwarz said:
mnschwarz said:
Messaged. It's a bit of a novel haha. Dark docs are an option I didn't mention also though I lean more towards the hidden yet legal approach. I like to protect my identity but still be covered if it was ever to come out in future. There's more complexity and cost in that route but i'm not constantly looking over my shoulder and losing sleep.
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Can you please let me know what the costs are, roughly to setup whatever you setup and briefly let me know what approach you took?
 
I used a Foundation + IBC structure, both with nominees. I believe I paid $3600 or $3700 for both structures including nominees & pay approximately $2k/year ongoing, maybe a little less for both. It can differ quite a bit depending on what you require, who you go with, the use of corporate or natural nominees, if any etc. I'm relatively happy with my setup so far though it is still relatively new so I'm yet to comment regarding the ongoing support.
 
mnschwarz said:
mnschwarz said:
I used a Foundation + IBC structure, both with nominees. I believe I paid $3600 or $3700 for both structures including nominees & pay approximately $2k/year ongoing, maybe a little less for both. It can differ quite a bit depending on what you require, who you go with, the use of corporate or natural nominees, if any etc. I'm relatively happy with my setup so far though it is still relatively new so I'm yet to comment regarding the ongoing support.
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Foundation in which jurisdiction?

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He mnetioned it a few times in the Seychelles! I'm looking at it with an agent.. it's awful what documents they require to be completed stupi#21 @mnschwarz did you really go through all of this 😱
 
happyjohn said:
happyjohn said:
He mnetioned it a few times in the Seychelles! I'm looking at it with an agent.. it's awful what documents they require to be completed stupi#21 @mnschwarz did you really go through all of this 😱
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I think mine was relatively easy but I guess its subjective. I had to fill out a questuionaire which was quite long but the company I went with pre-filled suggestions or made it multiple choice etc. Other than that I just had to provide notarised scan of passport and bank statement for address proof. I did use nominees so perhaps they handled any extra required paperwork?
 
mnschwarz said:
mnschwarz said:
I think mine was relatively easy but I guess its subjective. I had to fill out a questuionaire which was quite long but the company I went with pre-filled suggestions or made it multiple choice etc. Other than that I just had to provide notarised scan of passport and bank statement for address proof. I did use nominees so perhaps they handled any extra required paperwork?
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What agent have you been using for the foundation? I'm interested.
 
mnschwarz said:
mnschwarz said:
I think mine was relatively easy but I guess its subjective. I had to fill out a questuionaire which was quite long but the company I went with pre-filled suggestions or made it multiple choice etc. Other than that I just had to provide notarised scan of passport and bank statement for address proof. I did use nominees so perhaps they handled any extra required paperwork?
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I'm finish with the collecting of documents and completing the forms, will send it to the agent shortly and keep my fingers crossed nai¤%
 
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