Question I need to "save" my assets from a rotten government and a s**t country.

[nemena9452]

I am not a millionaire, my net worth is +- 275k USD.
For me it's a lot of money, I know for some it's very little...
The shithole I was born and reside in (South America) - only passport, by the way - is slowly fucking up everyone and everything.

My equity:
+- 100k is diluted in investments, in custody of Interactive Brokers, under my name.
+- 25k in crypto at Binance, under my name.
The rest (~150k) is in the country (property, vehicles, savings, etc.) and I intend to settle EVERYTHING by the end of the year and convert it into strong currency.
I am about to apply for residency in a country that exempts international income...

Anyway, I look for a lean structure to preserve my tiny wealth, ensure that my heirs enjoy it without paying post-mortem taxes or being stolen by some government.

Searching here on the forum and consulting some experts gave me many options.
But I would like some opinions from some of you, if possible...

My intention is to create an entity, under my control, that manages the entire investment in Interactive Brokers, preserves my identity, does not pay taxes and my heirs can inherit without bureaucracy.

a) Seychelles/Belize foundation or trust -> the problem is the bad reputation.
b) Canadian LLP. -> Canada is going down a strange path...
c) UK LLP. -> the data is all open...
d) Dubai -> too expensive for me...
e) BVI/Cayman -> my equity is too small...

My entire income is legal.
I worked in the mentioned s**t country and my paycheck was looted every month.
I'm going to start providing service to a company abroad and receive in USD. I intend to save at least 50% of my salary.

Thank you very much, regards!

 

[Mike Forman]

Just apply for a residence in a country, open a local bank account and transfer your money from Ibkr to that bank account.

Philippines residence is easy to obtain and different currency accounts easy to open

 

[void]

isn't Paraguay the easiest, cheapest and most straightforward solution in your situation?
at least as a quick hit and temporary solution in case you don't prefer it for some reason

 

[backpacker]

Philippines residence is easy to obtain

Permanent residence is not that simple to get anymore. If someone still wants to apply -> Either be >50 years old, or invest at least $75k into the real economy of the country, or be willing to marry a resident citizen of the Philippines.

 

[Spinat]

As people mentioned already, relocation to another country would work well for you. For instant Romania, Bulgaria and Bahamas, you got connect with @Martin Everson and @JohnnyDoe there.

 

[RealDude]

you got connect with @Martin Everson and @JohnnyDoe there.

In Romania…

 

[TheCryptoAnt]

Check Mexico, permanent residency is easy to get and tax enforcement on foreigners in nonexistent.

If you only do capital gains you can use a SG company and manage from MX at 0%.
Banking is easy for this set up.

 

[Spinat]

Check Mexico, permanent residency is easy to get and tax enforcement on foreigners in nonexistent.

If you only do capital gains you can use a SG company and manage from MX at 0%.
Banking is easy for this set up.

That's good if you can find your self live in Mexico.

 

[void]

Check Mexico, permanent residency is easy to get and tax enforcement on foreigners in nonexistent.

If you only do capital gains you can use a SG company and manage from MX at 0%.
Banking is easy for this set up.

if I remember correctly he would need to have (for him significant) savings that stayed on an account for at least a year
also recent development shows that the relaxed approach to taxation of foreign residents is slowly coming to it's end

but in general I agree it's a sensible option for many reasons (Paraguay, Panama, Costa Rica, Uruguay are worth checking in my opinion)

 

[TheCryptoAnt]

if I remember correctly he would need to have (for him significant) savings that stayed on an account for at least a year
also recent development shows that the relaxed approach to taxation of foreign residents is slowly coming to it's end

Things on paper have changed yeah but on the ground things are very different.

Corruption is high in MX, I got my residency by paying some government dude for example.
This place is turbo mismanaged and you can use that to your advantage.

MX banks kinda suck tho, better to not keep a lot of money here.

but in general I agree it's a sensible option for many reasons (Paraguay, Panama, Costa Rica, Uruguay are worth checking in my opinion)

I hear a lot CR lately, ill pay a visit next Q1 to check it out.

 

[Mr Magoo]

Things on paper have changed yeah but on the ground things are very different.

Corruption is high in MX, I got my residency by paying some government dude for example.
This place is turbo mismanaged and you can use that to your advantage.

MX banks kinda suck tho, better to not keep a lot of money here.

MX is a shithole as ex president Donald T. once rightfully said. You have to be able to keep up with all that if you live there. On the other side the weather is nice, food is great and there are flights to US and Europa frequently. All lot of BS there you can fix with money though.

 

[nemena9452]

isn't Paraguay the easiest, cheapest and most straightforward solution in your situation?
at least as a quick hit and temporary solution in case you don't prefer it for some reason

Yes. I'm migrating to Paraguay... 3 years to get citizenship...
But Paraguay is a little too unstable and too corrupt.
Thanks!

if I remember correctly he would need to have (for him significant) savings that stayed on an account for at least a year
also recent development shows that the relaxed approach to taxation of foreign residents is slowly coming to it's end

but in general I agree it's a sensible option for many reasons (Paraguay, Panama, Costa Rica, Uruguay are worth checking in my opinion)

Yes. It's easy for me to live there, because I'm South American. The only problem would be the corruption, violence, etc.

 

[Jerry1911]

+- 25k in crypto at Binance, under my name.

Why the hell are you still keeping this on an exchange? Withdraw it to a cold wallet!

 

[Paul77]

Things on paper have changed yeah but on the ground things are very different.

Corruption is high in MX, I got my residency by paying some government dude for example.
This place is turbo mismanaged and you can use that to your advantage.

MX banks kinda suck tho, better to not keep a lot of money here.



I hear a lot CR lately, ill pay a visit next Q1 to check it out.

Costa Rica is overrated and expensive as hell compared to other latin american countries. Yes its nice because of the nature but I chose Mexico which has so much potential, its cheap and if considered as shithole then well all the central american countries including Costa Rica and Panama fit in that definition. I started in Panama and moved myself all the way up through all central american countries and nothing compares to Mexico. Mexico is open for so many people and it proved itself during the pandemic which was a definitive reason to not look elsewhere anymore.

 

[Suzy Emerald]

Mx did do nothing for its people during the pandemic. It wasnt even possible to buy self tests and few people could be the tests at the farmacies. But yes, its a shithole like many latin american countries.

 

[freedomseeker]

Mx did do nothing for its people during the pandemic. It wasnt even possible to buy self tests and few people could be the tests at the farmacies. But yes, its a shithole like many latin american countries.

I think he meant it was great because they didn't crack down on freedoms like the other countries... ie could care less about testing, masking, or anything pandemic related.

isn't Paraguay the easiest, cheapest and most straightforward solution in your situation?
at least as a quick hit and temporary solution in case you don't prefer it for some reason

banking isn't the greatest though...But where to diversify for someone on modest means?

 

[Suzy Emerald]

For a foreigner you will have your freedom in any country down there. Just keep low profile.

 

[TheCryptoAnt]

Mexico is open for so many people and it proved itself during the pandemic which was a definitive reason to not look elsewhere anymore.

word
it was wild watching what was going on in Europe while I was having drinks and dinner at bars with no curfews.

I really dont understand the skewed image people have of Mexico, for what I read online people think this is Haiti.

I think he meant it was great because they didn't crack down on freedoms like the other countries... ie could care less about testing, masking, or anything pandemic related.

yeah the message pretty much was 'you do you boo' here. At some point masks were 'mandatory' but still personal freedom to decide prevailed.

Why the hell are you still keeping this on an exchange? Withdraw it to a cold wallet!

Man what if I tell you I have a few millis on FTX

But yes, its a shithole like many latin american countries.

Would you explain why MX is a shithole? Like what makes it one?

 

[Paul77]

Yeah I am interested as well, because 99% of people comment this way but have never been to Mexico and rely mostly on fake propagana news and pub talk which make Mexico look like Haiti, Rwanda or Burundi. But for those kind of people its good they stay in their own shitholes.

 

[Suzy Emerald]

Lived in mx for quite some years. There are probably worse countries in africa or so but that doesnt mx less a shithole. Retarded government on all levels, corruption, violence, etc. Have seen it all. But with some money you can have a decent life.