Offshore company - anonymous and/or with solid protection

E

envision

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Jun 5, 2008
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Offshore comes up once in a while here, but mostly around taxes. I'm not so much worried about taxes, although legal tax avoidance is a nice side benefit I guess.

I'm interested in anonymity or at least massive asset/legal/privacy protection. I've had my run-ins with the law and I don't ever want to have to deal with that BS again. I'm not planning to peddle kiddie porn, drugs or anything really illegal, but I don't want anyone to piss on my leg because I "borrowed" this or that picture, some disclosure is not up to snuff or I use a trademarked term without authorization.

So I'm thinking of setting up not only offshore hosting, but also an offshore company to obscure the money trail. "Offshore" to me means not US and not EU as I'm an EU citizen living in the US with a greencard.

Some criteria:
  • must not require physical residence
  • possible to set up with one natural person (me)
  • a bank there can give me a US$ bank account in company name, ideally lets me write checks in US$, but at least gives access via an ATM card in the US and a credit card to pay things
  • maximum anonymity (I believe I mentioned that)
  • low/no corporate tax
Does anyone know how the usual suspects (BVI, Cayman, Panama, Hong Kong etc.) compare in this regard? Or links to learn more?

As an aside, I understand US citizens get double-taxed on foreign income and I believe that applies to greencard holders too. So if I use my European passport (if a passport is absolutely necessary) to open a company in xyz, how would the IRS ever find out?
 


As an aside, I understand US citizens get double-taxed on foreign income and I believe that applies to greencard holders too. So if I use my European passport (if a passport is absolutely necessary) to open a company in xyz, how would the IRS ever find out?
Click to expand...

The US have double taxation treaties with many countries (http://www.irs.gov/businesses/international/article/0,,id=96739,00.html), so you may or may not be double taxed.

I don't think asking WF is the best place to get this information, and anything you do get I would get double checked.
 
Sohan said:
I don't think asking WF is the best place to get this information, and anything you do get I would get double checked.
Click to expand...

Well, I noticed that almost all the berry/mango/whatever pushers - the vendors, not the affiliates - are incorporated in Panama or some such place, and I assume for similar reasons. I thought some of those guys may hang out here too and have some wisdom to share.

Thx for the links though.
 
my only experience in this was being burned by panamalaw, which I could have avoided if I had done some more serious research before pulling the trigger, but if I was to do it all over again I would actually go to the country of choice and hire a lawyer there to do this shit for you. Offshore companies are a dime a dozen.

for reference: (meaning I do not vouch for any of these places)
Offshore Banking, Private Banking, Offshore Corporation, Second Passport and Asset Protection - Offshore Legal Associates Law Firm
PT Shamrock's Guide to Protecting Wealth and Privacy
Dubai Company Formation-Dubai Bank Account-Dubai Virtual Office-UAE Incorporation
https://www.delvallepanama.com/reso...oration.html?gclid=CPygqNSWz64CFYEBRQodbGHFAg
Offshore Banking, Cheap Corporations, Offshore Company Formation Services

all found with a quick google search.
 
my company is a Nevis limited liability company; the 1995 laws with my corporate status got me out of alot of frivolous legal situations. So I'd obviously recommend offshore. I lose about 1-2 clients a year because they don't wanna deal with an offshore filing, but it doesnt matter with the volume i do.
 
lemon said:
my only experience in this was being burned by panamalaw, which I could have avoided if I had done some more serious research before pulling the trigger, but if I was to do it all over again I would actually go to the country of choice and hire a lawyer there to do this shit for you. Offshore companies are a dime a dozen.

for reference: (meaning I do not vouch for any of these places)
Offshore Banking, Private Banking, Offshore Corporation, Second Passport and Asset Protection - Offshore Legal Associates Law Firm
PT Shamrock's Guide to Protecting Wealth and Privacy
Dubai Company Formation-Dubai Bank Account-Dubai Virtual Office-UAE Incorporation
https://www.delvallepanama.com/reso...oration.html?gclid=CPygqNSWz64CFYEBRQodbGHFAg
Offshore Banking, Cheap Corporations, Offshore Company Formation Services

all found with a quick google search.
Click to expand...

Most agents will open your offshore company with no problem, but often there will be problems with the following:

- you have to get an agent who understands your internet business and who will speak openly with you about your biz. He will then select the adequate offshore jurisdiction. If you want to be legally safe, you obviously shouldn't incorporate in a jurisdiction where porn is illegal if that is your activity. Same goes for gambling, pharmacies, escort agencies, etc. Incorporating in a jurisdiction where your activity is illegal gives an easy edge to anyone who wants to investigate you or simply damage you.
Are you incorporated in Dubai and want to criticize Islam on your blog? Think again.

- then things really get ugly with bank accounts, on several levels:
* Some people recommend HK or Cyprus... come on, HK is chinese now, do you think your account data will not be spied on by the "big mainland brother"? Cyprus... holy shit, it is in the EU!! do you really think that you are protected if France wants you for internet pimping (escort agency, serious criminal offense in France) or if Germany wants you for infringing its draconian anti-webmaster legislation? Get a bank in Switzerland or Singapore and sleep quiet at night.
* many agents will be evasive about the precise banking services or credit card and will refer you to "asset hunters", i.e. people working at some banks whose sole purpose is to reel in assets for "wealth management" oriented banks and get paid on commissions generated (=vultures).
You will discover you have an asset management account which requires a minimum of 1 million USD and which is not suited for conducting business with many business-related debits and credits, and then you discover the online banking is crap too, and then you find out you can't get the credit card you want.

To find out the above I had to try 4 different agents, lost about a year and spent many thousands $$$.

Lesson 1:

Better go directly to an agent who is upfront about everything, the webmasteroffshore guys are the only ones I know who specifically offer that service.

Lesson 2:

Don't go for the cheap solution, you will get crap. A crap jurisdiction, a crap bank account jurisdiction, a crap bank account, crap online banking if any at all, and crap credit card if any at all.
If you want to have everything working correctly, you have to spend between 400 and 600 USD a month, and half of it will go to the bank as account management fees, the other half to the guys taking care of you and putting their name on these business contracts on your behalf so that you can stay hidden.
Keep these guys and the bank happy to have your business and make it worthwhile for them.
 
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