Bank account for Seychelles Foundation and Scotland LP?

[tradingworldwide321]

Dear readers

I hope you are doing well.

I work as a forex trader with a regulated seychelles broker called IC Markets. One of the best retail broker in the world.

After hard work, I see the light at the end of the tunnel. So I don't want just to keep a 1 million USD + in my personal account with IC Markets.

Why would I want to incorporate ?

1. Privacy. I live in very corrupt contry (Latin America). Imagine what's gonna happen when they figure out a kid is a millionare...

2. Tax planning. My country asks for a 39% for financial gains on a yearly basis. Imagin what's gonna happen when I reach out the first million before 31 Dec 2020? I would need to pay 39% of that million. This means I will never grow, never.

3. Living abroad. I would like to live in interesting tax jurisdictions... so it would be good to have a track record where goverment knows I am a proffesional guy, not just a kid with one million under his name.

Why Scotland LP and Seychelles Foundation?

1. Scotland LP is a well recognized jurisdiction structure and it doesn't have a look of tax haven. Plus, I don't need a license to conduct my business IF I use my own funds, which is exactly I am gonna do.

2. Seychelles Foundation has a unique difference, it doesn't have beneficial owners, either the assets belongs to the foundation itself so I am no loger owner of nothing, this means I am not going to declare either pay taxes and can use some of it assets to charity purposes.

So this is what I would like to do:

First, Incorporate a seychelles foundation.
Second, incorporate an scottish lp, where the limited patner is the foundation and the general patner is myself.

How much am I willing to deposit to the bank account for the Scottish LP and Seychelles Foundation?
Answer: 5k or 10k each one.

What am I looking for?

I am looking for a serious banking patners that can allow the business sector and company's jurisdiction.
However, I have one simple problem. I don't have a professional reference. Why? because I am an entrepreneur who started to see the light at the end of the tunnel and it's been impossible mission to find serious lawyers accountants in my country. I don't know what's happening with them but they say they don't know what is currency exchange is.

I can meet requirements as passport, bank reference, bank statement, proof of address and source of funds.

I want to let you know I am not going to the darkness side, just doing my job smarter because of the things I mention at the beggining.

If you can give some ideas or advice according to banking, I would be highly appreciate it.

Thank you

 

[CaptK]

Dear readers

I hope you are doing well.

I work as a forex trader with a regulated seychelles broker called IC Markets. One of the best retail broker in the world.

After hard work, I see the light at the end of the tunnel. So I don't want just to keep a 1 million USD + in my personal account with IC Markets.

Why would I want to incorporate ?

1. Privacy. I live in very corrupt contry (Latin America). Imagine what's gonna happen when they figure out a kid is a millionare...

2. Tax planning. My country asks for a 39% for financial gains on a yearly basis. Imagin what's gonna happen when I reach out the first million before 31 Dec 2020? I would need to pay 39% of that million. This means I will never grow, never.

3. Living abroad. I would like to live in interesting tax jurisdictions... so it would be good to have a track record where goverment knows I am a proffesional guy, not just a kid with one million under his name.

Why Scotland LP and Seychelles Foundation?

1. Scotland LP is a well recognized jurisdiction structure and it doesn't have a look of tax haven. Plus, I don't need a license to conduct my business IF I use my own funds, which is exactly I am gonna do.

2. Seychelles Foundation has a unique difference, it doesn't have beneficial owners, either the assets belongs to the foundation itself so I am no loger owner of nothing, this means I am not going to declare either pay taxes and can use some of it assets to charity purposes.

So this is what I would like to do:

First, Incorporate a seychelles foundation.
Second, incorporate an scottish lp, where the limited patner is the foundation and the general patner is myself.

How much am I willing to deposit to the bank account for the Scottish LP and Seychelles Foundation?
Answer: 5k or 10k each one.

What am I looking for?

I am looking for a serious banking patners that can allow the business sector and company's jurisdiction.
However, I have one simple problem. I don't have a professional reference. Why? because I am an entrepreneur who started to see the light at the end of the tunnel and it's been impossible mission to find serious lawyers accountants in my country. I don't know what's happening with them but they say they don't know what is currency exchange is.

I can meet requirements as passport, bank reference, bank statement, proof of address and source of funds.

I want to let you know I am not going to the darkness side, just doing my job smarter because of the things I mention at the beggining.

If you can give some ideas or advice according to banking, I would be highly appreciate it.

Thank you

If your under 30 then the UAE is the place for you.

A Company, Visa and great banking with 0% tax and you only have to be there one day every 6 month.

Great place for a young guy with money and once you are established an investment licence to be able to take cliebt deposits is only 50K. If you want to discuss please pm me.

 

[Marzio]

Seychelles Foundation has a unique difference, it doesn't have beneficial owners,

How do you plan to take out the money from the foundation?

 

[tradingworldwide321]

How do you plan to take out the money from the foundation?

When you say take out, I interpret that how am I going to transfer the assets from the foundation to my name. If it is so, I would need to finish the foundation, because they would not allow distribute assets to owner because there are no owners.
If you talk about how do I withdraw cash from the foundation, that's a very good question, only international debit card i think. I think EU USA and some Middle East countries may allow that but not those jurisdictions, i think

 

[Marzio]

Maybe you could create a branch os the Scoltand LP in a country that's interesting to you where you would like to live, invoice the Scotland LP periodically an amount for "consulting services" and you'll have some money to live on while you build the foundation.

 

[newtech2]

If it is so, I would need to finish the foundation, because they would not allow distribute assets to owner because there are no owners.

Why not name yourself as a beneficiary?

 

[tradingworldwide321]

Maybe you could create a branch os the Scoltand LP in a country that's interesting to you where you would like to live, invoice the Scotland LP periodically an amount for "consulting services" and you'll have some money to live on while you build the foundation.

Well I didn't think about it. However I am not going to use the seychelles jurisdiction anymore.
Thank you so much

 

[tradingworldwide321]

Why not name yourself as a beneficiary?

This is why: Assets transferred to a Seychelles foundation become the property of the foundation with full legal and “beneficial” title and are no longer considered to be the assets of the Founder. Similarly, beneficiaries of Seychelles foundations are not considered the “owners” of the foundation and have no legal or beneficial rights to its assets nor control over the decisions of the foundation.
The only way to recover it is finish the foundation.

 

[CaptK]

Seychelles foundation is a solid asset protection proposition. Nobody owns the foundation but the founder can stipulate what's to be done with the foundation on death.
Its protected from any tax law but if assets have been proven to be acquired illegally then the founder is put on the spot.
Beneficiaries can be named but they dont own any shares everything is owned by the foundation.

A client of mine used it to seperate his business from him and use it as a pension pot before he got married for the 3rd time lol. It's a hell of a lot cheaper than Switzerland or Lichtenstein and does exactly the same thing.

Foundation can be liquidated by the founder at anytime.

For asset protection much better than a trust and completely tax efficient. Not sure how it works for our American friends but I would assume they use a Nominee.

 

[Davis123]

Seychelles foundation is a solid asset protection proposition. Nobody owns the foundation but the founder can stipulate what's to be done with the foundation on death.
Its protected from any tax law but if assets have been proven to be acquired illegally then the founder is put on the spot.
Beneficiaries can be named but they dont own any shares everything is owned by the foundation.

A client of mine used it to seperate his business from him and use it as a pension pot before he got married for the 3rd time lol. It's a hell of a lot cheaper than Switzerland or Lichtenstein and does exactly the same thing.

Foundation can be liquidated by the founder at anytime.

For asset protection much better than a trust and completely tax efficient. Not sure how it works for our American friends but I would assume they use a Nominee.

Wish I knew you years ago. You are too good. But how is that a Seychelles Foundation can get a decent bank account or any bank account for that nowadays ? I know IBC or LLC were the usual vehicles used for holding bank accounts or investment with a Foundation or Trust on top of it as an extra layer.

 

[Davis123]

Seychelles foundation is a solid asset protection proposition. Nobody owns the foundation but the founder can stipulate what's to be done with the foundation on death.
Its protected from any tax law but if assets have been proven to be acquired illegally then the founder is put on the spot.
Beneficiaries can be named but they dont own any shares everything is owned by the foundation.

A client of mine used it to seperate his business from him and use it as a pension pot before he got married for the 3rd time lol. It's a hell of a lot cheaper than Switzerland or Lichtenstein and does exactly the same thing.

Foundation can be liquidated by the founder at anytime.

For asset protection much better than a trust and completely tax efficient. Not sure how it works for our American friends but I would assume they use a Nominee.

For Americans Foundation works like a Trust but nominees are disregarded unless you find some trustable person to just give you POA and they control everything. Quite risky.

 

[John Andrews]

Seychelles foundation is a solid asset protection proposition. Nobody owns the foundation but the founder can stipulate what's to be done with the foundation on death.
Its protected from any tax law but if assets have been proven to be acquired illegally then the founder is put on the spot.
Beneficiaries can be named but they dont own any shares everything is owned by the foundation.

A client of mine used it to seperate his business from him and use it as a pension pot before he got married for the 3rd time lol. It's a hell of a lot cheaper than Switzerland or Lichtenstein and does exactly the same thing.

Foundation can be liquidated by the founder at anytime.

For asset protection much better than a trust and completely tax efficient. Not sure how it works for our American friends but I would assume they use a Nominee.

What happens if the founder dies or if the corporate founder is dissolved?

 

[CaLViN]

LP companies are over.No more reputable bank accounts for them.

 

[cchinta]

If your under 30 then the UAE is the place for you.

A Company, Visa and great banking with 0% tax and you only have to be there one day every 6 month.

Great place for a young guy with money and once you are established an investment licence to be able to take cliebt deposits is only 50K. If you want to discuss please pm me.

can you guide me about UAE with 0% TAX ?

 

[bimbambem]

Wish I knew you years ago. You are too good. But how is that a Seychelles Foundation can get a decent bank account or any bank account for that nowadays ? I know IBC or LLC were the usual vehicles used for holding bank accounts or investment with a Foundation or Trust on top of it as an extra layer.

Interested in this too. How hard is it to get a good bank account for Seychelles foundation without depositing a huge sum?

 

[CaptK]

Wish I knew you years ago. You are too good. But how is that a Seychelles Foundation can get a decent bank account or any bank account for that nowadays ? I know IBC or LLC were the usual vehicles used for holding bank accounts or investment with a Foundation or Trust on top of it as an extra layer.

That is your biggest problem without giving away too many trade secrets because ofcourse thats how I earn my money lol. You have to think outside the box. If your bank account has to be structured outside the country. No disrespect to the banks in Seychelles as they are all very liquid and reputable they insist on you having cash in rupees. They do the major currency accounts also.

It is difficult but you can open accounts in desired jurisdictions like Singapore DBS and OCBC, but you need 2M initial deposit and the fees to open the accounts are horrendous . International banks like Stanbic, Standard Chartered, CITI and Absa in Kenya and South Africa will have a conversation with you. The minute you say Africa to anyone they run a mile but Kenya for example are not CRS and these banks are international. Big banks in Kenya are very liquid because they pay 11% interest on local currency. Banks like CBA and KCB are too big to fail plus they are so liquid in USD that they lend and buy government bonds because they have so much doing nothing.

If you have a large deposit amount and are willing to invest in a term deposits account then banks in IOM, Guernsey and Jersey will have a conversation.

The most important thing is providing the proof that you have obtained this all legally and before you put it in the Foundation.

The sensible option is a IBC layer which is less headache and another tip is to change the layer every 2 years or so.

For Americans Foundation works like a Trust but nominees are disregarded unless you find some trustable person to just give you POA and they control everything. Quite risky.

There is no calculated risk without reward remember nominees can be companies or even solicitors. There are many nominees you can find who cant even read or write. All they have to do is sign.

Thank me later..................

 

[CaptK]

can you guide me about UAE with 0% TAX ?

How can I help.

 

[John Andrews]

@CaptK is it any easier to obtain a bank account for an IBC/LLC or onshore company owned by the foundation? So instead of distributing the dividends through the foundation, we just pay ourselves a salary?

 

[CaptK]

@CaptK is it any easier to obtain a bank account for an IBC/LLC or onshore company owned by the foundation? So instead of distributing the dividends through the foundation, we just pay ourselves a salary?

Much easier using the administrator structure.