Foreign or offshore entity with bank account to own and earn from real estate?

[Earthling]

Dear fellow sovereign people,

Over the past years I made a nice fortune in real estate and cryptocurrency. Am looking for ways to to better secure my wealth. I don't intend to break any laws but looking for legal loopholes to work in my benefit.

In other words: tax fraud no, but tax evasion (by means of a legal construction) yes.

I live in Europe (within the Euro zone) and am currently exploring the possibilities of setting up a foreign or offshore company with bank account.

Basically what I want is:

1. a legal entity such as a holding or trust, to hold the ownership of a real estate portfolio
2. a Euro bank account (probably in name of this entity) where I can receive and store income from renting out said real estate
3. as little tax and publication obligations as possible
4. ensuring it's all passed on to my children if I come to die

I can imagine it makes a difference what kind of capital I'm talking about: it's currently about 15 million euros. I am of course willing to pay for professional advice and guidance in this matter. Problem is I have no idea where to start. I know there's lots of possibilities e.g. in Guernsey, Liechtenstein, Switzerland, Cyprus, or even outside Europe.
However most accountants, legal services or tax advisors I speak with seem to have little or no expertise on foreign or offshore constructions. I've noticed how my approach is often considered somewhat 'shady' and people prefer to stay away from this or stick to more basic traditional setups.
Like I said I don't intend to break any laws, but I'm looking for 'less conventional' ways to work around them.

If my approach is wrong and there are better ways, I'm very interested in hearing so.

Any suggestions or advice is greatly appreciated

 

[dirtyharry]

Everything is perfectly fine with what you are asking for, you are on Offshorecorptalk that's what we talking about here

Cyprus LTD and New Mexico LLC may suit your needs, they have a perfect creditor and lender protection when it comes to people try to access your assets. It's hard and very expensive for people to just get to the court if that is what they want to do.

With that money you don't need to bank in New Mexico for that sake, you can go to Cyprus setup a company there and get help from some of the agents / tax advisors there, actually mentor group gold has a list of trusted providers and also providers that are high skilled to what you are looking for, it is worth to spend the pocket money to get straight to the proper people.

 

[Earthling]

Thanks, much appreciated. Yes I would surely like to connect to the proper people to set this up.

I'll look into mentor group gold, not sure what that is yet, am just new here

By the way, suppose I'd want to go for a Cyprus LTD. Do I physically have to go and visit Cyprus in order to set this up, or can I have this arranged remote or online, through a proper agent or handler?

 

[Sols]

Over the past years I made a nice fortune in real estate and cryptocurrency. Am looking for ways to to better secure my wealth. I don't intend to break any laws but looking for legal loopholes to work in my benefit.

In other words: tax fraud no, but tax evasion (by means of a legal construction) yes.

Tax evasion leads to tax fraud. If you're talking about the legal practice of tax avoidance and tax planning — in some ways, it's too late.

For one, in the sense that the income is already earned, so you don't have the luxury of planning how you earn your income. Rather than having your wealth clearly structured as dividends from a foreign company not directly under your control, you may now be in a position where you have to defend yourself from the highest possible tax bracket using existing records. Worst case, this could inflate your tax bill significantly.

And also in the sense that tax laws are already prepared for this. Your crypto wealth or real estate assets have likely not triggered any CRS/AEOI or EUSD reporting requirements yet. As soon as that happens (when you convert crypto to fiat) or once reporting for crypto assets becomes the norm over the next couple of years, you will get a tax bill or, with luck, an invitation to calculate yourself what you owe in capital gains, personal income, or whichever tax applies.

You have fewer options than if you had planned from day 1 and made the proper arrangements right away. You still have options, just fewer of them.

Act quickly.

ensuring it's all passed on to my children if I come to die

"If"?

An old quote comes to mind: "in this world nothing can be said to be certain, except death and taxes."

I can imagine it makes a difference what kind of capital I'm talking about: it's currently about 15 million euros. I am of course willing to pay for professional advice and guidance in this matter. Problem is I have no idea where to start. I know there's lots of possibilities e.g. in Guernsey, Liechtenstein, Switzerland, Cyprus, or even outside Europe.

Start with speaking to the likes of Sovereign Trust, Appleby, Ogier, Appleby, Conyers, Carey Olsen, and Vistra. Those are the kinds of service providers you'll need for this. As long as your source of funds is clean and provable, they can help you find ways to mitigate future tax burdens.

You may need to consider relocating, at least temporarily (2-4 years), to Malta, Cyprus, Gibraltar, Monaco, or UAE to not be a taxable person in a high-tax jurisdiction when you liquidate or restructure your assets.

 

[Martin Everson]

Basically what I want is:

1. a legal entity such as a holding or trust, to hold the ownership of a real estate portfolio
2. a Euro bank account (probably in name of this entity) where I can receive and store income from renting out said real estate
3. as little tax and publication obligations as possible
4. ensuring it's all passed on to my children if I come to die

A trust will not help and depending on your resident Eurozone country and type of trust. The earning of the trust can be attributed to the beneficiaries or even settlor by the taxman . Also depending where the real estate is located you may even be put at a tax disadvantage by wrapping property in trust structures. You need to relocate period to a tax free of territorial tax system before doing anything in terms of structuring. I can tell you firsthand that credible companies are not setting up trusts or acting as trustees as easily as they did back in the day without proper due diligence on source of funds, evidence of any required tax paid etc and even legal opinion being required in some cases.