Asset preservation options

[Mr Magoo]

Due to all the changes in the offshore world lately, I decided not to use my Belize IBC anymore for business transactions. Since there are still considerable assets on the accounts of this IBC, I wondered what the best action to take would be with the purpose of holding/preserving the assets:

• setup an offshore foundation with access to better banking
• setup a company in another jurisdiction with access to better banking
• leave the assets on the IBC

 

[TurnedToRobot]

Mr Magoo said:

• setup a company in another jurisdiction with access to better banking

Click to expand...

I would go this way for sure. It's easy to move assets from a Belize company to another Offshore company.

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[Martin Everson]

Mr Magoo said:
I wondered what the best action to take would be with the purpose of holding/preserving the assets:
Click to expand...

Depends what you are trying to preserve the assets against? ns2

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

 

[James Turner]

In most cases asset holding is fine in Belize, unless it is IP. The vast majority of Belize companies will not need to change in any way.

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[Mr Magoo]

I mainly want to preserve my assets against a government wanting to take it for some reason (tax). Also not sure if the bank where I hold the assets will be fine with the fact that no more income will come into the account via the IBC since I stopped using it for this purpose. AI dont want my self finding without banking options for the IBC if the net closes more on BZ IBC's.

 

[James Turner]

I think while creating a Foundation is an option, this is unlikely to result in better banking or more banking options. Retaining them in the IBC seems not to be an option for you so I would suggest incorporating in a different location which is more acceptable to banks and transferring the assets into the new entity. How difficult this is will depend what the assets are.

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[Mr Magoo]

Thanks @James Turner . Assets consist of money in the bank (20%) and money/stocks with a broker (80%).

 

[Mr Magoo]

what would be an offshore jurisdiction with better banking options and where I can use the company just for holding the assets?