My plan, anything I'm missing?

[Jason Account]

Hi guys, I just found this forum and think it's great. Here is what I'm planning and want to see if I'm missing anything. First I'm an America but plan on getting a citizenship by investment in the Caribbean. I'm getting ready to sell my company and want to take the money (after I pay taxes on it) and invest it in crypto but I don't want the excessive US taxes down the road or to be holding assets.

My plan is to
1) Create a trust from the Cook Islands that has a beneficiary to Caribbean Jason.
2) Create a holding company in Nevis that's managed by Caribbean Jason and owned by the trust.
3) Create a company in the Cayman's to invest crypto with managed Caribbean Jason owned by the holding company.
4) Create a company in the Cayman's owned by American Jason

Then I will transfer money to the Cayman company owned by American Jason as a loan. Transfer the money to the Cayman company owned by Caribbean Jason to then move to a crypto exchange.

The idea of the intermediary company is if I end up renouncing my citizenship down the road, that company can go bankrupt so I won't need to worry about paying any exit tax. Any money that comes out through the trust will go to Caribbean Jason and I will only need to worry about those taxes instead of trading/crypto taxes. Also the plan is to use the holding company to buy a house down the road so I again don't own any assets to be taxed on.

The reason for jumping around jurisdictions is to keep anyone from tracking anything down. I got divorced years ago and don't plan on losing half my assets again and trying to be smart setting things up this time.

I know that's a lot but if anyone sees any problems please let me know. Thanks so much.

Jason

 

[Spinat]

You may go the same route as @Martin Everson and @JohnnyDoe they both live in the Bahamas with their million of dollars, paying no taxes, have a big house and nice cars, doing it well I believe.

Maybe they can join the thread and give there thought on your setup! Relocation will be must if you want to avoid US taxes.

 

[Sols]

The root problem is you're relying on old-fashioned secrecy in a world which is moving away from secrecy. Nothing in this plan legally absolves you of US taxation and reporting.

This all only works so long as no one asks Caribbean Jason if he has any other citizenships, and that's a standard question when opening bank accounts and many service providers will ask about it when setting up a trust or forming a company.

Or if they do ask, Caribbean Jason lies to the bank, trustee, and whoever else asks. If Caribbean Jason lies and is later detected to also be American Jason, the repercussions range from the account just being reported to loss of funds/assets.

Banks especially are relentless when it comes to FATCA (unless you're worth hundreds of millions and they you're worth the risk). If anything about you is an indicator you're a US person, they will report you under FATCA.

The reason for jumping around jurisdictions is to keep anyone from tracking anything down. I got divorced years ago and don't plan on losing half my assets again and trying to be smart setting things up this time.

Good asset protection does not rely on secrecy because secrecy is unreliable.

The easiest asset protection in case of divorce is to sign a prenup.

Maybe they can join the thread and give there thought on your setup! Relocation will be must if you want to avoid US taxes.

US taxes based on citizenship, not residence.

 

[troubled soul]

If Your only worries is divorce.....If you find your future wife doubtful better to stay single and do not get married
Court and other asset protection drama do not worth headache....In 2022, Some strategy works....nobody can give you guaranteed that it works tomorrow.

if you don't want to share 50% your assets. Don't get married.....Simple but Hard truth for 2022

How to protect/spread assets from ex-wife?

I am married and since I have a very close friend that has lost 70% of his business and personal funds off a very average divorce asset division order, I am planning on protecting my business assets. Prenups don't work, and it's too late anyway. Let's say I have $700,000 in my business bank...

www.offshorecorptalk.com

Hide assets before marriage?

What jurisdictions would you use to hide assets before marriage\divorce? Just register assets on names of offshore\nominee? What about bank accounts, can you really avoid disclosure if it's an offshore that your personally own (the bank knows that you are the UBO)?

www.offshorecorptalk.com

Question - Hide money from wife

I have been estranged from my wife for several years: she lives in one country, and I live in another. I have a sum of money in a bank in a third country (EU), and she is aware of this bank account. In case she would like to divorce and get the money, I would like to protect it. A lawyer told me...

www.offshorecorptalk.com

Hope this help

 

[JohnnyDoe]

Then I will transfer money to the Cayman company owned by American Jason as a loan.

And you will be fried, because nobody (especially the IRS, possibly the DoJ) will believe this was a genuine loan.

Easier plan: American Jason buys XMR.

 

[fortunespeculator]

Hi guys, I just found this forum and think it's great. Here is what I'm planning and want to see if I'm missing anything. First I'm an America but plan on getting a citizenship by investment in the Caribbean. I'm getting ready to sell my company and want to take the money (after I pay taxes on it) and invest it in crypto but I don't want the excessive US taxes down the road or to be holding assets.

My plan is to
1) Create a trust from the Cook Islands that has a beneficiary to Caribbean Jason.
2) Create a holding company in Nevis that's managed by Caribbean Jason and owned by the trust.
3) Create a company in the Cayman's to invest crypto with managed Caribbean Jason owned by the holding company.
4) Create a company in the Cayman's owned by American Jason

Then I will transfer money to the Cayman company owned by American Jason as a loan. Transfer the money to the Cayman company owned by Caribbean Jason to then move to a crypto exchange.

The idea of the intermediary company is if I end up renouncing my citizenship down the road, that company can go bankrupt so I won't need to worry about paying any exit tax. Any money that comes out through the trust will go to Caribbean Jason and I will only need to worry about those taxes instead of trading/crypto taxes. Also the plan is to use the holding company to buy a house down the road so I again don't own any assets to be taxed on.

The reason for jumping around jurisdictions is to keep anyone from tracking anything down. I got divorced years ago and don't plan on losing half my assets again and trying to be smart setting things up this time.

I know that's a lot but if anyone sees any problems please let me know. Thanks so much.

Jason

Just convert to crypto dude and don't tell anyone about your wealth its simple- try to look normal middle class even if you have wealth.DM me if you like.

 

[RealDude]

don't tell anyone about your wealth its simple- try to look normal middle class even if you have wealth.

This is not easy, because almost all people are weak in character and want to distinguish themselves through money & co. Especially if they come from southern or eastern countries

 

[Marc Rich]

what passport are you looking at in the Caribbean? More solid than others would be St Lucia or Antigua

 

[fortunespeculator]

This is not easy, because almost all people are weak in character and want to distinguish themselves through money & co. Especially if they come from southern or eastern countries

Actually what i see with most people is that they cannot keep their mouth shut about their wealth and thats why they fall in trouble.Just keeping your mouth shut in front of people and not telling anyone how much you have in your bank as balance is enough -rather if you can lie that you are middle class and behave the same way nobody is going to notice.And no need to tell a woman about your financial future.If they dont know they cant get you ever.Your monetary affairs are your monetary affairs only period.Information is power - lack of information is powerlessness.Use it.From time immemorial wars have been won by misinformation and disinformation use it.If you want to brag you will get fucked eventually.So keep your mouth shut on financial affairs and always look like the pauper than the prince.People with no money dont have any enemies.

 

[JohnnyDoe]

Who gives a f**k about how much money you have. There will always be a richer guy. If you need to show off you deserve to be scammed.

 

[fortunespeculator]

Who gives a **** about how much money you have. There will always be a richer guy. If you need to show off you deserve to be scammed.

Absolutely agree with Johnny on this.

 

[RealDude]

Then how do we know that everyone here on the forum is rich?

 

[fortunespeculator]

Then how do we know that everyone here on the forum is rich?

Ha ha ha .Well hiding wealth has its pros and cons.

 

[JohnnyDoe]

Then how do we know that everyone here on the forum is rich?

The difference between 'rich' and 'wealthy,' according to New York Times 'Wealth Matters' columnist

Paul Sullivan wrote the weekly "Wealth Matters" column in The New York Times for 13 years. Here's what he learned about what it means to be "rich."

www.cnbc.com