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startingoff

New member
Hi

I am just starting off with all this. I recently received about $65,000 in an inheritance. I am very smart and am a hard-worker but work a somewhat low paying job. I also do not trust the government at all. I have had them pull all the money out of my bank account before, without warning, and they later acknowledged they were wrong about things. Although I want to follow the law, I do not trust the government to be reliable or decent.

I want to protect this inheritance to the maximum extent possible. I also only have my current job and I want to start a company on the side so I have something in case my employment ends. I work hard and make money for my employer, but they have shown they see people of my position as disposable or do not really value me and so it makes sense to put effort into other things.

I'd like to incorporate in another jurisdiction with as strong privacy possible and strong banking rules so I won't be affected by a bank closing. I also want to open a business account with an cryptoexchange and have the business convert a large amount of it's fiat currency to digital cryptocurrency and move it into cold storage or off the exchange so no corrupt or lazy government official can simply take it without any sort of notification or process. I do not want to personally own crypto and have the government accuse me being inappropriate. I want almost nothing in my name. I would prefer a crypto friendly jurisdiction.

I also want to start a business. I already have one or two ideas of things I'd like to do that are slightly more complex. At first, however, I'd really just like something very simple that is low risk, maybe something boring and unsexy, with low barriers to entry and low difficulty, to increase my business abilities and make sure there aren't any kinks with simple stuff. I want to put my hard work into something I have control over.

Although I know an offshore corporation would be its own legal entity, I am not sure if the government would or could say I "own" such an entity. I'd like clarity on this.

I am not yet a paid member of the forum, but there is a possibility I will do that if it can lead to mentorship. I am not sure if this is the right part of the forum to post in, this post can be moved if it's better elsewhere.
 
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startingoff

New member
These two statements are totally incompatible. Starting a business is extremely risky. If you want to protect this inheritance you can buy gold for example.
I understand what you are saying. I know most businesses fail and so I would prefer to start a business that does not involve a lot of fixed costs (unless they would be recoverable). I am less concerned about marginal costs if I am breaking even or coming close to that on a quarterly basis.

Of the amount put into this business, I would only want a certain amount used to fund an initial part of the business (unit 1/sub-group 1) so that if it failed it wouldn't use up all the assets. I would be comfortable with mild risk for maybe $15K of this if there was a decent chance of making a profit.

Gold isn't a great option for me. Remote gold can always be seized or stolen by the corrupt. I also do not have the type of land or lifestyle that would allow me to easily keep gold with me.

In the even of absolute systemic disaster, yes it would be better to have physical items, but getting such would involve things in my name close to me that could be stolen by a corrupt official during functionally somewhat normal times or by the unprepared during more extraordinary times. It also offers me no financial control. I want control and the ability to profit from my efforts. I do not expect the current geopolitical climate to result in destruction to most of the world's infrastructure, only very extremely limited portions of it.

I am still hoping for mentorship, if possible. I can acquire knowledge faster and avoid mistakes so much more easily with the wisdom of someone who has been here already.
 

JackAlabama

Entrepreneur
Hi

I am just starting off with all this. I recently received about $65,000 in an inheritance. I am very smart and am a hard-worker but work a somewhat low paying job. I also do not trust the government at all. I have had them pull all the money out of my bank account before, without warning, and they later acknowledged they were wrong about things. Although I want to follow the law, I do not trust the government to be reliable or decent.

I want to protect this inheritance to the maximum extent possible. I also only have my current job and I want to start a company on the side so I have something in case my employment ends. I work hard and make money for my employer, but they have shown they see people of my position as disposable or do not really value me and so it makes sense to put effort into other things.

I'd like to incorporate in another jurisdiction with as strong privacy possible and strong banking rules so I won't be affected by a bank closing. I also want to open a business account with an cryptoexchange and have the business convert a large amount of it's fiat currency to digital cryptocurrency and move it into cold storage or off the exchange so no corrupt or lazy government official can simply take it without any sort of notification or process. I do not want to personally own crypto and have the government accuse me being inappropriate. I want almost nothing in my name. I would prefer a crypto friendly jurisdiction.

I also want to start a business. I already have one or two ideas of things I'd like to do that are slightly more complex. At first, however, I'd really just like something very simple that is low risk, maybe something boring and unsexy, with low barriers to entry and low difficulty, to increase my business abilities and make sure there aren't any kinks with simple stuff. I want to put my hard work into something I have control over.

Although I know an offshore corporation would be its own legal entity, I am not sure if the government would or could say I "own" such an entity. I'd like clarity on this.

I am not yet a paid member of the forum, but there is a possibility I will do that if it can lead to mentorship. I am not sure if this is the right part of the forum to post in, this post can be moved if it's better elsewhere.
If you live in a western country, sorry to say the amount is not that much to allow for some instant life changes. So you gotta take speculation risks and try to 10x that amount and make it to 650k within some short years OR you play it safe and try to do what you think is safe.
Since you are very smart, Id choose a).

If you live in a third world country, you could try to start a first business with about 10k which would allow for a head start.
First thing to start any business, pick up the phone and try to fail as fast as possible, such that you can learn and adopt and get a step further.
 

kkein

Entrepreneur
If you live in a western country, sorry to say the amount is not that much to allow for some instant life changes. So you gotta take speculation risks and try to 10x that amount and make it to 650k within some short years OR you play it safe and try to do what you think is safe.
Since you are very smart, Id choose a).

If you live in a third world country, you could try to start a first business with about 10k which would allow for a head start.
First thing to start any business, pick up the phone and try to fail as fast as possible, such that you can learn and adopt and get a step further.
Any instruction for how to 10x that amount in some short years? :)
 

startingoff

New member
Leverage it. And don’t listen to gurus!

I am not sure what that means.

If I leverage it, wouldn't I personally be liable for an tax consequences, even if it goes down a lot? Tax liabilities tend to never go away. I can't declare bankruptcy and get out of tax liabilities. It seems like any time anything happens with crypto the government wants more and more taxes from people who hold it to hide the fact that fiat currency is increasingly meaningless due to horrible pro-inflationary choices being made by officials. I think any time there would be any trade they would tax it so they could fund important government projects, like designing new more annoying versions of forms they already created.

also, anything i personally hold in my name on an exchange can be seized by order, even if it makes no sense. i don't know if i like the idea of having zero barrier between me and something on an exchange giving officials and easy mechanism for randomly deciding to smash the cookie jar and eat all the cookies and then make up some bullshit reason why they had the right to do that

If I make some sort of company and invest that money in the company, and the company gets an account, if there are a bunch of tax consequences and the company owes a lot of money, but has lost all of its money, it just dissolves or gets liquidated, I think. I don't think the tax consequences would personally be carried over to me except for initially getting the inheritance.

if i gamble with leverage and it goes to zero, that's one thing, but if I gamble and then owe 20,000 in taxes and am broke and the government wants to keep adding fees when i can't pay anything, it would be hell

If I created a company and lent everything to the company as an investment and then had the company buy crypto, if the crypo did do well I could pay myself a salary possibly for running the company. If the company fails and can't pay its taxes to pay for the government to create a new longer version of existing government forms, then oh fucking well i guess

would creating a company and then having that company buy crypto work to insulate me on some level from transactions that occurred within the company if there ended up being a huge tax liability, such as if the company made 100K buying and selling COIN 1 but then lost it all on ICO COIN 2 which ended up being worthless?

It sounds like I should not join the mentor program as this is not enough money to do anything serious with. That's about right? I haven't worked much yet and don't come from money, so maybe there isn't a place for me here.
 
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JackAlabama

Entrepreneur
I am not sure what that means.

If I leverage it, wouldn't I personally be liable for an tax consequences, even if it goes down a lot? Tax liabilities tend to never go away. I can't declare bankruptcy and get out of tax liabilities. It seems like any time anything happens with crypto the government wants more and more taxes from people who hold it to hide the fact that fiat currency is increasingly meaningless due to horrible pro-inflationary choices being made by officials. I think any time there would be any trade they would tax it so they could fund important government projects, like designing new more annoying versions of forms they already created.

also, anything i personally hold in my name on an exchange can be seized by order, even if it makes no sense. i don't know if i like the idea of having zero barrier between me and something on an exchange giving officials and easy mechanism for randomly deciding to smash the cookie jar and eat all the cookies and then make up some bullshit reason why they had the right to do that

If I make some sort of company and invest that money in the company, and the company gets an account, if there are a bunch of tax consequences and the company owes a lot of money, but has lost all of its money, it just dissolves or gets liquidated, I think. I don't think the tax consequences would personally be carried over to me except for initially getting the inheritance.

if i gamble with leverage and it goes to zero, that's one thing, but if I gamble and then owe 20,000 in taxes and am broke and the government wants to keep adding fees when i can't pay anything, it would be hell

If I created a company and lent everything to the company as an investment and then had the company buy crypto, if the crypo did do well I could pay myself a salary possibly for running the company. If the company fails and can't pay its taxes to pay for the government to create a new longer version of existing government forms, then oh fucking well i guess

would creating a company and then having that company buy crypto work to insulate me on some level from transactions that occurred within the company if there ended up being a huge tax liability, such as if the company made 100K buying and selling COIN 1 but then lost it all on ICO COIN 2 which ended up being worthless?

It sounds like I should not join the mentor program as this is not enough money to do anything serious with. That's about right? I haven't worked much yet and don't come from money, so maybe there isn't a place for me here.
Where do you live and what is your yearly cost of living?
 

johndunham

New member
If you just want to make sure the government won't get easy access to that money (e.g. in case they make a mistake again), just put it on an offshore bank account.
Lol. Great advice! And how would he go about setting up such an offshore account? And what do you think will happen to OP when his government finds out? It doesn't seem to me that he's from a stable, safe, low-corruption country.
 

startingoff

New member
If you just want to make sure the government won't get easy access to that money (e.g. in case they make a mistake again), just put it on an offshore bank account.
A lot of countries have treaties regarding things, so if there is an order in my country, it will be honored.

A lot of countries have treaties regarding things, so if there is an account in my name abroad, and if there is an order in my country, it could easily be taken if it's in my name. Also, I am then in a position where I would either legally declare I own things outside the country which probably results in huge fees assessed by officials so officials can more easily give themselves a pay raise to keep up with all the inflation they caused, or I'm in a position in which I not following rules, and I don't intend to do that. I want to follow the rules and protect myself from their arbitrary decisions by making it difficult for them to seize anything without a process. If they want to demand something, they can send me a letter and have a conversation with me, not seize things and make me deal with corrupt officials to hope to get it back while I incur huge expenses they will never pay back trying to react to their arbitrary "mistakes."

It could even be taken with an order if it's not in my name. Unless it's in crypto off an exchange, it's not really protected.

I would like to incorporate in a country with the following criteria:

1) The country must accept crypto as legal currency

2) The country must have some bank account insurance by the country for at least 75,000 so if there is a problem with the bank then I have some chance of recovering the money.

3) They need to have strong privacy rules

4) It needs to be fast and somewhat affordable to incorporate there. If there are rules regarding residency or significant barriers that will lead to extra costs to incorporate, it's not worth it.

Does anyone have a suggestion as to the best place to incorporate quickly for a reasonable fee that meet the criteria?

Where do you live and what is your yearly cost of living

I see your question but to protect my privacy won't answer. My cost of living is moderate or low and so is my income.
 
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Marie Manila

Active Member
Lol. Great advice!
What's wrong with this advise?
He mainly wanted to protect the money from unjustified access by the government like he wrote in post #1:
I have had them pull all the money out of my bank account before, without warning, and they later acknowledged they were wrong about things.


And how would he go about setting up such an offshore account? And what do you think will happen to OP when his government finds out? It doesn't seem to me that he's from a stable, safe, low-corruption country.
Easily by open an account offshore (remotely or in person) and make a SWIFT transfer to that account. In most countries offshore accounts are legal.

Of course, my advice will not work if he is found guilty by a court of law.
But maybe I misunderstood the question.
 

JackAlabama

Entrepreneur
A lot of countries have treaties regarding things, so if there is an order in my country, it will be honored.

A lot of countries have treaties regarding things, so if there is an account in my name abroad, and if there is an order in my country, it could easily be taken if it's in my name. Also, I am then in a position where I would either legally declare I own things outside the country which probably results in huge fees assessed by officials so officials can more easily give themselves a pay raise to keep up with all the inflation they caused, or I'm in a position in which I not following rules, and I don't intend to do that. I want to follow the rules and protect myself from their arbitrary decisions by making it difficult for them to seize anything without a process. If they want to demand something, they can send me a letter and have a conversation with me, not seize things and make me deal with corrupt officials to hope to get it back while I incur huge expenses they will never pay back trying to react to their arbitrary "mistakes."

It could even be taken with an order if it's not in my name. Unless it's in crypto off an exchange, it's not really protected.

I would like to incorporate in a country with the following criteria:

1) The country must accept crypto as legal currency

2) The country must have some bank account insurance by the country for at least 75,000 so if there is a problem with the bank then I have some chance of recovering the money.

3) They need to have strong privacy rules

4) It needs to be fast and somewhat affordable to incorporate there. If there are rules regarding residency or significant barriers that will lead to extra costs to incorporate, it's not worth it.

Does anyone have a suggestion as to the best place to incorporate quickly for a reasonable fee that meet the criteria?



I see your question but to protect my privacy won't answer. My cost of living is moderate or low and so is my income.
If you live in a thrid world country, that amount is not bad and you can start a local business by using only a part of that capital and still be way ahead.
 

startingoff

New member
What's wrong with this advise?
He mainly wanted to protect the money from unjustified access by the government like he wrote in post #1:




Easily by open an account offshore (remotely or in person) and make a SWIFT transfer to that account. In most countries offshore accounts are legal.

Of course, my advice will not work if he is found guilty by a court of law.
But maybe I misunderstood the question.
You completely misunderstood.

Let's say someone in a corrupt country has someone who doesn't like him ("notnice") who is friends with a corrupt judge. Notnice could file a civil complaint for a made up break of contract, the judge could say that notice had been given even if there was no notice or process, say the person never showed up so they are deciding the made up owed amount is correct, and then the judge just sends an order to any oversees bank. If SWIFT is used to transfer funds, there would be a clear record of where the funds went and any bank that accepts funds from SWIFT will accept a judicial order, even if it's based on corruption. The way many banks react to corruption is to adhere to the order and let the person whose money has been wrongfully taken complain later. You do not have to be guilty of anything to have something taken without process. Maybe in a fairyland world you can do swift transfers to other jurisdictions and never be concerned about corruption. You must have millions upon millions to fight a corrupt seizure of assets and so it doesn't occur to you that corrupt governments or lazy governments or governments that just are sloppy are a huge problem unless you can easily fight them and won't be impacting by waiting for a slow resolution. If I am trying to protect assets from being seized from me without process, and I do a swift transfer to an account in my name, that does nothing.

If you live in a thrid world country, that amount is not bad and you can start a local business by using only a part of that capital and still be way ahead.
What is the best place to incorporate for a low cost that has good privacy and will do it quickly?

It's not a big amount of money don't make it complicated. Just invest in index-tracking funds and forget it for at least several years.
i do not understand this

Invest in Crypto or Gold - for now it seems the fastest and most secure way to get your money growing quickly.
this makes more sense
 
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NicolasMaduro

Entrepreneur
Your expectations of 10x your money also means extreme high risk.

There isn't anything called secure & also wanting to 10x your money in a short time span lol.
 

johndunham

New member
this makes more sense
Don't invest in anything because "somebody said it was a good investment". You are on an anonymous online forum. You should be really careful with the advice you are given here. More so, because of your origins unfortunately.

i do not understand this
An Index-fund is a basket of financial instruments if you will. For instance, a pack of multiple stocks in a certain industry.

Do not, I repeat: DO NOT, invest in gold or crypto right now, unless you want to lose money. Of course, I don't know anything about the price of those assets going up or down, but it seems to me that you want to be private in your dealings. Buying anything like this will make sure that you are no longer invisible. It's incredibly easy for your government to check your online dealings when it comes to finance. And no (before you ask), bitcoin is not anonymous and Monero is not widely used.
 

JackAlabama

Entrepreneur
Don't invest in anything because "somebody said it was a good investment". You are on an anonymous online forum. You should be really careful with the advice you are given here. More so, because of your origins unfortunately.


An Index-fund is a basket of financial instruments if you will. For instance, a pack of multiple stocks in a certain industry.

Do not, I repeat: DO NOT, invest in gold or crypto right now, unless you want to lose money. Of course, I don't know anything about the price of those assets going up or down, but it seems to me that you want to be private in your dealings. Buying anything like this will make sure that you are no longer invisible. It's incredibly easy for your government to check your online dealings when it comes to finance. And no (before you ask), bitcoin is not anonymous and Monero is not widely used.

"Do not, I repeat: DO NOT, invest in gold or crypto right now" aka the best time to invest and go all in since everyone has strong bearish bias and even uses caption to emphasise it ;)
 

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