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For best privacy and no CRS - Wyoming LLC or Georgia Ltd?

lavel

lavel

Offshore Agent
Mentor Group Gold Premium
Sep 6, 2012
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#1
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I need to know what you guys would choose for long term using, a Wyoming LLC or a Georgia LTD / Republic of Georgia ?

I wan't to hide my identity totally and I want to avoid any conflicts with the tax office, from what I read already here on the forum Georgia will in 2019 and 2020 as it looks right now not share any information which would work at least as I write this long term.

On the other hand a Wyoming LLC will not share anything too but you will have to do accounting stuff and file taxes at the end of the year or you face penalties up to 10K US$ - I'm not sure if they will come personally after you if you live in Europe and just don't renew the company and don't pay the penalty, but if they can't go after my person then this would work for 1 year at least.

I consider to go the underground way, and found a perfect way of doing it which includes some banking facility that works perfect for me. But regardless on who will be the UBO then no reporting or avoiding reporting as per the method above would make everything much easier.

What would you suggest, not sure if you can read it all correct, sorry for my English.
 
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#2
I think the US is the best idea. They have a stable banking system, they don't care about big transactions, the banks have good security guidelines to protect nominee structures so no nominee can f**k you over and transfer all your money to his account (They don't do it because they want to protect nominee structures, they do it to prevent identity theft, which is a big problem in the US). Accounting is not so hard for US offshore companies, IRS normally doesn't care about 0% tax entities. If you don't want to use an offshore provider who does this for you (look at the advertisers) you can get a cheap CPA. IRS doesn't want to see invoices, so the CPA normally just needs your bank statement to check if there are no US businesses and that's mostly it what he needs to do the necessary filings. However, you can even do this by yourself and save the money for the CPA...

Georgia is very nice and discrete, however I fear that it won't be a long term solution. I don't trust the banks there. And as they do 27% of their exports to the EU, which makes the EU their best trading partner I guess the EU will have tools to put pressure on them in the future if Georgia will host more and more offshore bank accounts. The EU is slow, but you know how hard they try to dry out offshore jurisdictions. They first will try to dry out the small ones before trying to dry out the USA. (By the way, don't think that the EU will ever try to dry out the US offshore business as the US is too powerful for the EU)
 
#3
So much false information in your statement. Do you know at all something about how US treat foreign tax evaders. You are one of the persons that can course great harm to anyone reading your post.

WoW - and you don't even read what I wrote, again you start a banking discussion exact like in the other thread. Please do me a favor @neweraoffshore - f**k off my threads it would make this a better plave to stay.
 
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#6
What in particular in his post do you find to be incorrect and "ultra dangerous"? Would be interesting for others to understand your point of view.
 
#7
It's quite simple: You don't have to file taxes. You need to file form 5472 (related party transactions) and a pro forma 1120.

neweraoffshore said:
, so the CPA normally just needs your bank statement to check if there are no US businesses and that's mostly it what he needs to do the necessary filings. However, you can even do this by yourself and save the money for the CPA...
Click to expand...
How could a cpa see from a bank statement if there is any US business??
 
#8
All this hate all the time, haha.
I didn't say anything which could bring anybody "in danger"...
But let me start to give you a little overview of the US tax system. They have FATCA and therefore actually don't need to check/audit foreign hold US businesses as strict as regular US businesses. Most audits of non-us passport holders companies would result in a loss and waste of time for the IRS as they have 0% tax and there is not much to get from them.... So first of all it is very unlikely to get a deep audit, because they also have to work "economic".
@fshore if you do business within the US you have to file form 1040NR, if you don't know what you are doing, you should get a CPA for 1040NR (or your provider handles this for you). As 99% of all business can be seen in your bank export, this is normally sufficient in most cases. Of course, if there are still US businesses which cannot be seen in your bank account you should tell your CPA. However in case of an audit of an US offshore company the IRS also just wants to see 1040NR and bank export, so they see as much as your CPA would. (as bank export Paypal etc. would also count as export-needed docs, however experience showed that they only care about your US bank account...). In the bank export you can normally locate if the payment came from an US entity/person or not (ACH, Zelle whatever), if your CPA has any doubts he will ask.

(Sorry edit time was over)
By the way, I already had a company "audited" which did US turnover. No problems. And CPA never wanted more then the bank export from me. Even during the "audit" IRS never asked for invoices or anything else. My CPA just notified me one day that the audit is done.
As I let my "accounting" (which is really just sending in my bank export at the end of the fiscal year) be done by a good well-known Miami located CPA firm I don't think they are doing anything wrong... .
Does anyone of you have an US company or is it just google knowledge? I guess the fulltime CPAs does know more tricks and loopholes than shown in google...
 
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#9
US business normally means that you are working in the US, or have someone working for you in the US. This can not easily be seen from a bank statement. Money received from a US person is not (necessarily) US business.

You don't need to file 1040 by having a LLC. You only need to file 1040 if you have US business.
 
#10
There is some good information about US LLC available in this thread Wyoming LLC in the USA or Delaware LLC what agent and how secure?

I would recommend anyone to serahc the forum for both Georgia and US LLC's there is lot's of information available on the forum already and specially in regardsto US LLC's and the tax burden.

It is required to register a US LLC for tax, no way around it, in that case your risk is to get reported by the IRS and maybe more important, they have huge fines there which no one so far has been able to say if they will pursue to you personally.

I have had a Delaware LLC in the past but got rid of it because it is unclear what really get reported over there.
 
#11
lavel said:
So much false information in your statement. Do you know at all something about how US treat foreign tax evaders. You are one of the persons that can course great harm to anyone reading your post.

WoW - and you don't even read what I wrote, again you start a banking discussion exact like in the other thread. Please do me a favor @neweraoffshore - f**k off my threads it would make this a better plave to stay.
Click to expand...
What he said is very valid. Moreover, you asked for advice and you got it. If you wanna do it the proper way, go hire a lawyer, pay them a few thousand and then be cocky.
 
#13
Be careful with US companies, although some will keep owner private, in your yearly filings (I forget the correct term) your identify will come out unless you have other names to put on the documents (directors / shareholders something like this). Very few of the companies who will set this up for you will mention it and push the 100% privacy narrative
 
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#14
@user9823671 that depends on your provider of course and if you used a nominee. I guess you are talking about a formation without a nominee, which is never a good idea, haha.

By the way talking about privacy, nominee and UBOs, maybe a side information some may find useful:
There is no UBO register in the US. The only institution wanting to know the UBO is your US bank in case you want an US bank account. However there are tricks like dual-nominee setups and handing out a purchase agreement to the real UBO. So the banks are pleased and open the account without knowing the real UBO. (Still even if they would know the real UBO they wouldn't report)
Some Senators like Marco Rubia and Ron Wyden tried very hard to pass the 1717 Senate Bill (or similar Senate Bills), however none of them succeeded yet, and I guess they never will as this would destroy the well built tax haven United Snakes, Land of the Thieves, Home of the Slaves. However, never say never.
 
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#15
@user9823671 that depends on your provider of course and if you used a nominee. I guess you are talking about a formation without a nominee, which is never a good idea, haha.
Click to expand...
If you can send me to a URL that states the yearly filing potential issue. Whether nominees solve the issue (probably they do) I don't know, but most if not all websites tout some US jurisdictions as private and low / 0% tax, with a lack of publicly viewable records. Well if nothing is public why need a nominee? Obviously many places online are just telling people what they want to here, but whilst looking, I didn't see any mention the need to be careful with protecting privacy due to filings.

(Still even if they would know the real UBO they wouldn't report)
Click to expand...
Are you sure? I imagine that is a crime with all the banking laws now in force, and I cannot imagine a US bank doing that for some small business. Things may change if you are talking multi million dollar companies, but otherwise that sounds like a gamble, who is going to fall on their sword for some small nothing company in the grand scheme of things
 
#16
@user9823671 The banks will keep the told UBO information just in case something highly illegal happens and authorities need to see the real UBO. So there is nothing to report without being told to do so. The one falling into their sword will be the nominee for which the bank thinks he is the UBO. But there are some loopholes which make it possible for the guy who is registering your company to do a plausible KYC with the real UBO. So in the end the real UBO can still be identified if something highly illegal happens. Then everything is ok. Law even got the "registering guy" covered in case you sent in a fake passport, but he has to prove that the verification wasn't done carelessly. And it gets even more ridiculous, because in some constellations it is even allowed to delete passport documents after 5 years...
For your filling problem, just get a good provider, I know they are hard to find, but I guess the advertisers in this forum in the top banner are doing a great job and can help you. I am sure they can do the filling on behalf of the nominee and never publish your name anywhere!

Maybe you also want to read this thread from me where I tell exactly this, that a lot of offshore providers exactly "tell you what you want to hear":
https://www.offshorecorptalk.com/threads/for-eu-citizens-problems-when-going-offshore-list.26800/
 
#19
@user9823671 that's where the blanco purchase agreement loophole comes into the game. The real UBO is not the real UBO until signed and therefore comply with 31 CFR 1010.230. So the bank is not in trouble at all, the nominee is not in trouble and the BO nominee neither.
For making the agreement comply with US laws, all parties need to be identified, and therefore the KYC has to be done with the real UBO. This structure chain makes it legal, as the freedom of contracts is very nice in the US. Of course it is some kind of grey zone.

@lavel I respect your opinion. Every trade, every deal, every decision we do bares a risk. But that's life. If you don't want risks and "horrible" endings you should never go the offshore way, pay your taxes and never be self employed. But we are all employers, we are risk takers, because of this we have the chance for a better, non average life. I do my best to avoid "horrible endings" for everybody. I would be happy if we can have a discussion with facts. I will try to prove and explain everything as good as possible to remove doubts. But please in a classy way with facts.
 
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#20
Way out of my depth here :)
But interesting none the less. Seems like I have some light leisurely reading todo lol
 
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