Belize LLC for Asset Protection

[Clank]

I recently read an article comparing the use of a Belize LLC with a trust in the Cook Islands (link here: The Belize LLC: Better Than an Asset Protection Trust | Lighthouse Trust).

It seems like a great solution. However, I'm wondering if it's possible to get a bank account for the Belize LLC that also offers brokerage services, as I prefer not to keep my money in cash.

So far, I've reached out to Capital Security Bank.

 

[Shories]

It is possible, given that the company has a plausible source of funds and enough‌ capital to be taken into consideration.

While it's all good and well in theory to‍ set up these layers, establishing them without having at least $1,000,000 to deposit with these⁠ banks doesn't sit well and would make it difficult for you to open an account.⁤

In practice, setting up these structures without substantial funds would not be easy.

 

[Clank]

I have also contacted Swissquote and it seems that it can be done but I'm‌ waiting for the requirements.

 

[drphantom]

that may be the point to know about, if it's possible to reduce the 1‍ million to an half or less , it's interesting.

 

[Clank]

Capital security bank will open an account for me which includes brokerage.

I’m a client‌ already, minimum balance 250,000 which is not that much and fees are more than reasonable.‍

 

[Clank]

Capital security bank approved my account, they are fine with digitally certified company documents. Fees‌ are much lower than OCBC so I will opt to use CSB instead.

 

[uplana]

Good information, only problem I have is the 250K which is much⁠ to deposit into an online bank.

 

[Clank]

They have a good track record and‍ good correspondent banking.

 

[apres777]

How difficult is it nowadays to have a Belize LLC as a "holding" / "main"‌ shareholder of an "international company" when it comes to banking for the "daughter company"? (E.G‍ US LLC or HK LTD)

I'm well aware that banking for the Belize LLC will⁠ be significantly difficult besides going the "bigger deposit path" but how big is the "influence"⁤ on an operational "daughter company"?

 

[Clank]

No issues with a US⁣ LLC. It’s very common to have this setup to avoid US estate tax.

 

[TheGlobetrotter]

Anyone has experience with opening⁣ up an account for a daughter LLC (mother Belize LLC) in Europe ?

 

[lavel]

I tried that last year,⁣ it's impossible, the banks run away if you tell them the shareholder of your trading⁢ company is a Belize or any other exotic company!

 

[Don]

The way to do it properly is to have a front⁠ company in a whitelisted jurisdiction for payment processing, which basically sends all the profits to⁤ the offshore co.
The offshore company receives money from the company in a whitelisted jurisdiction⁣ and distributes profits either directly to you or to a trust for reinvesting.
Banking is⁢ a bit more expensive but still doable this way.

 

[EliasIT]

yeah well discussed and described⁣ forum white so a guide in the mentor group gold is available for such structures.⁢ The problem is still the bank for the belize company since one has to relay︀ on less stable banking and as you say expensive banking. However, if the costs for︁ banking are less than what you would have paid in taxes one should not mind.︂

 

[uplana]

What's your take on such setups fully anonymized, can you handle it⁢ ?

 

[notagoy]

Probably a stupid question, but wouldn't it give enough asset protection to open an individual‌ account at capital security bank?

 

[Shories]

For sure

 

[Davis123]

Capital security bank had a relationship banking‍ problem earlier. They had their accounts frozen for months. A friend had an ac there⁠ at that time.

 

[EliasIT]

how long ago?

 

[Clank]

They had OCBC for the past 8-10 years so it must be long ago