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Question Offshore Banking, what countries and companies to use?

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Shyfting

New member
I have been doing lots of research but figured I'd ask here for some references.
I am looking for a country to open up a business + bank account overseas to help save on taxes for my USA business.

I am looking for a country that:
1) Does not tax property or capital gains taxes for the business.
2) Will wire money back to the USA
3) The most important feature is the country does not share information with the USA. It does not reveal the owner of the business, what the business does, or any information regarding the business and its account balances.

I know there are companies that will set this up for you. Does anyone have a reputable company that they can point me toward?
I'd prefer to have a sponsor for the account, but if not, I'd prefer that the country and bank do not release anything to the USA. Basically, I am looking to find out how to obtain an anonymous bank and business offshore.
Thank you for any assistance!
 

Sols

Staff member
Mentor Group Gold
Sorry, but you're a decade or two to late to the party. Read up on FATCA to understand why this isn't realistic.
 

Golden Fleece

Active Member
I know there are companies that will set this up for you. Does anyone have a reputable company that they can point me toward?
Sols is correct. No reputable offshore company will do that. It would quickly be targeted and prosecuted. Even a decade ago, you would have had great difficulty accomplishing such a task.

If you live in a high tax state in the U.S. and can move yourself and your business offshore (or create a new business offshore), you can legally reduce your income taxes from about 40% down to about 15%. I wrote about it here:

 

Admin

Forum Moderator
Staff member
If you live in a high tax state in the U.S. and can move yourself and your business offshore (or create a new business offshore), you can legally reduce your income taxes from about 40% down to about 15%. I wrote about it here:
Which it would be possible to do within Europe too as it was possible a decade ago.
 

Shyfting

New member
Sorry, but you're a decade or two to late to the party. Read up on FATCA to understand why this isn't realistic.

I understand FATCA, but you're telling me every government and bank in the world is complying with something that wasn't even made in their jurisdiction?
Why would they do that? What could America do to them if they don't? I assume its like anything else the government and IRS does and just uses scare tactics.
What am I missing?
 

Shyfting

New member
Sols is correct. No reputable offshore company will do that. It would quickly be targeted and prosecuted. Even a decade ago, you would have had great difficulty accomplishing such a task.

If you live in a high tax state in the U.S. and can move yourself and your business offshore (or create a new business offshore), you can legally reduce your income taxes from about 40% down to about 15%. I wrote about it here:


Thanks for this.
I also found the NCCT list. I don't know if this is the most up to date, but this is what I could find:
Cook Islands, Dominica, Egypt, Grenada, Guatemala, Hungary, Indonesia, Israel, Lebanon, Marshall Islands, Myanmar, Nauru, Nigeria, Niue, Philippines, Russia, St. Kitts and Nevis, St. Vincent and the Grenadines, and Ukraine

What if I setup an account and business in one of these places such as Egypt?
They don't comply with USA so it seems like a safe bet.

EDIT: Another list I found said only these countries were now NCCT, but I don't know for sure:
Cook Islands, Indonesia, Myanmar, Nauru, Nigeria and the Philippines.
 

Sols

Staff member
Mentor Group Gold
I understand FATCA, but you're telling me every government and bank in the world is complying with something that wasn't even made in their jurisdiction?
Yes, unless you plan to bank in maybe North Korea.

You can find decent-looking countries that haven't signed up for FATCA but then all the banks will have done it, to avoid the massive penalties.

Why would they do that? What could America do to them if they don't?
Impose a 30% tax for every single USD transaction to/from that country or bank, and/or cut access to USD.
 

Golden Fleece

Active Member
I understand FATCA, but you're telling me every government and bank in the world is complying with something that wasn't even made in their jurisdiction?
Why would they do that? What could America do to them if they don't? I assume its like anything else the government and IRS does and just uses scare tactics.
What am I missing?
Yes, it is called exercising extraterritorial jurisdiction and it was quite rare until FATCA. Once the Western European nations discovered that they could use compliance as an excuse to do the same thing to their own citizens, it was off to the races. What drives this madness is the absolute desperation to scrape up any additional revenue for corrupt socialist collectivist egalitarian welfare states and to prevent, for as long as possible, the day when the whole dirty debt-ridden garbage-dump of an economic system eventually collapses into a hot, smoking ruin.
 

Shyfting

New member
Well this is super fucked. I can't believe I live in this reality.
So basically there is no way out unless we all move to a currency that isn't gov owned like bitcoin.
But that doesn't really help until we make that migration and even before that migration we are going to see some next level economic collapse I am sure.
This is really frustrating.

My initial game plan was to setup an offshore account that wouldn't reveal me as the owner, and then have my USA company bill this "other" company for services and thats how I would get the money in the offshore account back in america. In america I would pay income tax, but outside of that, that would be my only tax. I would be totally fine with that.
Man this is infuriating.
 

Golden Fleece

Active Member
Well this is super fucked. I can't believe I live in this reality.
So basically there is no way out unless we all move to a currency that isn't gov owned like bitcoin.
But that doesn't really help until we make that migration and even before that migration we are going to see some next level economic collapse I am sure.
This is really frustrating.

My initial game plan was to setup an offshore account that wouldn't reveal me as the owner, and then have my USA company bill this "other" company for services and thats how I would get the money in the offshore account back in america. In america I would pay income tax, but outside of that, that would be my only tax. I would be totally fine with that.
Man this is infuriating.
The main offshore assets non-reportable to the IRS: (1) real estate held in your own name and (2) segregated precious metals. You still owe taxes for income produced by the real estate or capital gains on the PMs.
 

Shyfting

New member
The main offshore assets non-reportable to the IRS: (1) real estate held in your own name and (2) segregated precious metals. You still owe taxes for income produced by the real estate or capital gains on the PMs.

Is there a way to setup a business and bank account offshore not connected to me and then only wire money into it and have the company spend it on actual product?
There would never be any profit or income to the account. Only personal wires from my account to the other company. Can I keep my name off of this?
 

Golden Fleece

Active Member
Is there a way to setup a business and bank account offshore not connected to me and then only wire money into it and have the company spend it on actual product?
There would never be any profit or income to the account. Only personal wires from my account to the other company. Can I keep my name off of this?
There is a way to accomplish almost everything that you desire, but none of it is legal -- and the types of people who would set it up for you (or who act on your behalf as an owner/nominee) might steal your money or turn your name over to the IRS for a bounty (yes, that is a real thing). As far as I know, any offshore entity owned by an American must be self-reported to the IRS. The key today is compliance and tax minimization.

Whether you are a US citizen or US green card holder living in the United States, or you are living overseas (and even qualify for the Foreign Earned Income Exclusion), if you own at least 10% of a foreign corporation you must file Form 5471.
 

Shyfting

New member
There is a way to accomplish almost everything that you desire, but none of it is legal -- and the types of people who would set it up for you (or who act on your behalf as an owner/nominee) might steal your money or turn your name over to the IRS for a bounty (yes, that is a real thing). As far as I know, any offshore entity owned by an American must be self-reported to the IRS. The key today is compliance and tax minimization.

I have awoken to a world of absolute fuckery.
 

Golden Fleece

Active Member

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Golden Fleece

Active Member
Is there any resources about the Dominican Republic? I have some associates there, but I don't know the privacy laws or tax for it.
The forum at DR1. The DR is a great playground and perhaps for some property investments, but not banking. It is not known as a tax haven.

 

Kakarot

BANNED MEMBER
I understand FATCA, but you're telling me every government and bank in the world is complying with something that wasn't even made in their jurisdiction?
Why would they do that? What could America do to them if they don't? I assume its like anything else the government and IRS does and just uses scare tactics.
What am I missing?
what you're missing is the world has been under a one-world government in reality since the roman empire most likely. If you're not part of the ruling class, then you're taught otherwise in public schools and misinformed. the people who rule america also rule the rest of the world, and always have. they don't have any borders. that stuff isn't applicable to them. borders and countries and passports are for the slave class only. different nations speaking different languages and operating under different laws... it's a divide and conquer strategy, that's all. it's completely irrelevant for the ruling class. doesnt apply to them.
 
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