Complete privacy with offshore structure possible?

[Revoltec]

Hello everybody! I'm new to the Mentor Group Gold.

I do not find the information by using the search service. Is it really possible these days to create offshore structures that completely make your holdings anonymous? What are the expected costs for a really good structure? How much is it worth doing for a net worth of ~400k. I mostly do crypto and stocks.

I want to be clear that I am paying my taxes and doing everything correctly but I have unknowingly made errors before that costed me much and I do not trust governments knowing about my assets.

Thanks in advance!

 

[Houdini]

For the most part, and as you will see from other responses that may follow, you can't avoid having your assets visible to others, especially to public authorities. You should make sure to place them in a country other than the one where you live and work, such as Dubai, Monaco, etc. You must ensure everything is legally in order, and you won't escape paying taxes.

However, by consolidating your assets in a foreign company or trust, it becomes much harder for authorities and creditors to reach the assets owned by that entity. From there, you can also invest in securities, crypto, etc.

 

[Revoltec]

How about letting one government know about the assets but not leaking the information to other governments like Panama?

 

[Revoltec]

Houdini said:
For the most part, and as you will see from other responses that may follow, you can't avoid having your assets visible to others, especially to public authorities. You should make sure to place them in a country other than the one where you live and work, such as Dubai, Monaco, etc. You must ensure everything is legally in order, and you won't escape paying taxes.

However, by consolidating your assets in a foreign company or trust, it becomes much harder for authorities and creditors to reach the assets owned by that entity. From there, you can also invest in securities, crypto, etc.
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How about letting one government know about the assets but not leaking the information to other governments like Panama?

 

[brianK]

Revoltec said:
How about letting one government know about the assets but not leaking the information to other governments like Panama?
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You must be sure it is not shared at any time which is difficult. But I guess Panama would be a good start to research how they do.

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[Revoltec]

brianK said:
You must be sure it is not shared at any time which is difficult. But I guess Panama would be a good start to research how they do.
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It does seem to be part of their constitution.

 

[mytoofood]

It only takes a request from your country's tax authorities to Panama, and I'm sure they'll jump to hand over your information promptly.

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[Revoltec]

Any source

mytoofood said:
It only takes a request from your country's tax authorities to Panama, and I'm sure they'll jump to hand over your information promptly.
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Any source backing this information?

 

[OKboomer]

Houdini said:
However, by consolidating your assets in a foreign company or trust, it becomes much harder for authorities and creditors to reach the assets owned by that entity. From there, you can also invest in securities, crypto, etc.
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How so? They still would record the UBO, wouldn't they ?

 

[sebastian]

OKboomer said:
How so? They still would record the UBO, wouldn't they ?
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They will but they need a local court order to release any assets. It will be very difficult and expensive for normal creditors to get just close to it.

 

[OKboomer]

sebastian said:
They will but they need a local court order to release any assets. It will be very difficult and expensive for normal creditors to get just close to it.
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So we can assume it protects against claims below 150-200k USD maybe, but not above that, right?

 

[sebastian]

There is no specific amount, but if you're at that level, I believe they will drop the case rather than pay the same in lawyer and court fees, just to maybe get a part of your assets.

 

[OKboomer]

sebastian said:
There is no specific amount, but if you're at that level, I believe they will drop the case rather than pay the same in lawyer and court fees, just to maybe get a part of your assets.
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I'm assessing these options from the point of view of holding 8-9 figs. Spinning up a swiss foundation+ Swiss ag for 200-300k, even up to 1m of assets is not worth it, as too expensive. And if putting 1m+ of assets, then it may be worth it for would be creditors or plaintiffs. Or am I missing something?

 

[sebastian]

You're absolutely right. If you're over 1 million, it's worth considering splitting it into different entities. If you browse the forum, you can find topics with suggestions for more attractive ways to set up your structure. Also, stay away from Switzerland - like you said, it's too expensive, and the benefits are too small.

 

[bountymounty]

The best option in your situation, if you want to avoid having your details used, is to either find nominees or use darks. In many situations, both options can work quite well, and if you think carefully, there's no need to worry about nominees running off with anything since they don't know anything about the company.