Better to store Wealth (cash, securities) under your Personal or Corporate account?
- Thread starter mike400
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If I want to transfer larger amount of funds from UAE bank account to Interactive Brokers, is it better (in terms of compliance asking less questions) to:
1. Send from corporate bank account to corporate IB account
2. Send from corporate bank account to personal (as salary/dividends) and then send from personal account to personal IB
3. Or it doesn't matter?
1. Send from corporate bank account to corporate IB account
2. Send from corporate bank account to personal (as salary/dividends) and then send from personal account to personal IB
3. Or it doesn't matter?
That is like asking a complete stranger what automobile is best for me. It is highly fact specific.
You want input from a professional who can provide an objective analysis (meaning that he is not going to recommend a Nevis trust or a Panamanian foundation just because he only sells a Nevis trust or a Panamanian foundation). That happens a great deal in the offshore world.
In the U.S., a will and a living trust may suffice. It depends on your country and your specific facts.
https://www.nestmann.com/what-larry-king-and-prince-had-in-common
You want input from a professional who can provide an objective analysis (meaning that he is not going to recommend a Nevis trust or a Panamanian foundation just because he only sells a Nevis trust or a Panamanian foundation). That happens a great deal in the offshore world.
In the U.S., a will and a living trust may suffice. It depends on your country and your specific facts.
https://www.nestmann.com/what-larry-king-and-prince-had-in-common
You should never mix personal accounts with business accounts; it only leads to trouble with the tax authorities in the end. I had to learn this the hard way, with bitter consequences and very expensive accountant and lawyer bills!
Avoid mixing the two at all costs.
Avoid mixing the two at all costs.
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