Got Advised BVI / Cayman for Holding

[inector]

Why do corporate providers keep recommending BVI / Cayman for a holding?

They don't explain it properly either, the goal is asset protection, and both of these have long statute of limitations / no bond requirements.

Are there more reasons to it?

 

[cuno]

It could be because of your citizenship.

 

[Don]

Both are/have been well established and reputable offshore jurisdictions.
Note that EU recently‍ added Cayman and BVI to the black list of overseas tax territories that do not⁠ effectively co-operate with the EU, which make them less optimal in many cases, and its⁤ one of the reasons why there is a trend toward onshore jurisdictions, e.g. Cyprus.

In addition the recommendations are often based on commercial interests, and lack of knowledge about alternatives.⁣

 

[Onassis]

They probably have an‌ office there so it's just about money for them

 

[inector]

Cayman is I think removed, but yes it makes sense that‍ they do not seek alternatives

It is weird for me that the "Offshore Magic Circle"⁠ and many int. law firms have offices in the exact same jurisdictions. No creativity.

 

[Wellington]

BVI is becoming burdensome.

Received an email from my agent the past few days, renewal‌ works out just below 2,000$.

New company formation 1600$ -> The cost is irrelevant, but‍ that speaks volumes...

Next irk, have to complete substance forms, I have BVI staff of⁠ sorts, but basically they declare i don't have substance (no clue why). and expect me⁤ to fill in a form Questionnaire etc.

Question there, if its reported you don't have⁣ 'staff' substance -> then where on heck is it taxed if profits/revenues exist in the⁢ year.

Next thing was a mention of accounting, apparently we now have to do accounting︀ submissions... how does that work with a holding company with no revenues/profits.

Seems a lot︁ of headache and getting worse by the year.

 

[JackAlabama]

Theres no︁ way out of this, only way out of this operating crypto only. This then incentivizes︂ these shatholes to become more forthcoming since the primary enforcement tool (the banking system) becomes︃ moot and all cannot be bombed either.

 

[JohnLocke]

BVI has been long time not worth the effort unless you have really good reasons‌ to form a company there.

 

[uranium]

I wonder how to get banking for such jurisdictions..

 

[Asmodeus]

You need to have money.
50-100k deposit is a good start for decent non EMI bank‌ accounts.
Or hold 1m in big banks as assets under management and they open you‍ a bank account for almost every jurisdiction that you want.

 

[uranium]

I'm talking about banking for bvi/cayman company.
I'm not talking about personal account.

 

[JackAlabama]

this applies as well.

 

[uranium]

Can you name banks

 

[JackAlabama]

depends on you. no one size‌ fits all. Its like tinder.

 

[Wellington]

As a legitimate paper-retention-company for record keeping during research it's an ideal location, with my residence⁠ location it's also ideal.

But aspects will be moved off to a new location as⁤ the paperwork for HFT will be far too expensive.

But yeah the new BVI stuff⁣ makes it pointless.

 

[Marko Krassus]

BVI hasn't been a good option for some time now.