Not sure if you guys know what as of Jan 2024, under the Corp transparency act, every entity owner needs to file with FINCEN ownership documents. No more privacy with Wyoming or New Mexico. I pay my taxes and obey the law but this lack of privacy is becoming absurd. First it’s FATCA and then this. I have US citizenship and a second citizenship (non European). I also have a home in that second citizenship country. I want to open an offshore company in a STABLE jurisdiction and also seeking banking options. I can use the second citizenship without issues. I’ve already opened a Swissquote account using my second citizenship without issues. Any recommendations? It’s mostly privacy from our U.S. predatorial gov I’m looking for. Cost effective. I don’t want a bank account with huge fees
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Offshore company and Banking for US citizen
- Thread starter Yrybak08
- Start date
Yes, Swissquote serves that purpose. I would recommend you to open a Yuh account once you have your Swissquote login. There have been some reports here that Yuh (owned by Postfinance and Swissquote) is more relaxed with numerous payments to third parties. Many Swiss are using this bank these days. If you register, you can use referral code i1mtx2 to get more Yuh coins for free as well.
Other than that, there are many banks all over the world with low fees. But most of them are mainly useful for local transactions. What are you specifically looking for?
Please be aware of the consequences of not doing FBAR reports on your foreign accounts. There normally is not much happening as long as your are in a high tax country such as Germany as IRS won't be getting anything but AMT. Also if you make less than 100k and you are under FEIE, there probably is not much happening. But you act with your own risk.
Other than that, there are many banks all over the world with low fees. But most of them are mainly useful for local transactions. What are you specifically looking for?
Please be aware of the consequences of not doing FBAR reports on your foreign accounts. There normally is not much happening as long as your are in a high tax country such as Germany as IRS won't be getting anything but AMT. Also if you make less than 100k and you are under FEIE, there probably is not much happening. But you act with your own risk.
Very helpful. Thanks. I trade equities and futures contracts. I WILL be reporting income and paying taxes. I just want privacy and be as far as possible from US creditors. I’ve had a Swiss quote account for 3 months now. Where do I find this “Yuh” account? I can’t fine anything about that on my homepage. Ideally I’d want to trade out or interactive brokers UK and use an account to pull funds when needed from IB to that account. What would be even better would be to open an entity and operate under this entity
You can check www.yuh.ch you can sign up with your Swissquote login.
Yes, maybe open a trust somewhere for trading?
Yes, maybe open a trust somewhere for trading?
did you hide your US citizenship?
Why don’t you renounce it?
I don’t have a problem with taxation. I pay taxes on every penny I make and my money entirely legit. I don’t have a problem w the country. My issue is with lack of privacy and the predatory governments we’ve been having since Obama
I am still amazed how many people like Obama. He has been the worst president ever. He went after friends like Switzerland to weaken their banking on the pretense of tax justice. The NSA grew more than ever under his presidency. And afterwards, he did not even have the balls to pardon Snowden and Assange, on the pretence that there is no prosecution. What a fake a*****e.
@Yrybak08 so, you are FBARing all bank accounts, but want the banks not to send the FACTA report to IRS?
I don’t want banks to send FATCA reports to IRS because I can be target of a lawsuit. Our civil justice system is a joke in liberal cities. I’ll give u an example, 2 years ago; I got in a car accident where I followed the law, marked a stop sign; proceeded to turn; only to have a 17 year old idiot on a electric scooter; lights off (it was nighttime), no helmet, crash into my car. He didn’t mark the stop sign. He sued me for $1.5M. Insurance cap was $500k. I was lucky and got out of it even though we settled when we shouldn’t have. In a liberal city when you’re doing ok; drive a nice car, look Caucasian you become a target. I just don’t want my foreign accounts in any U.S. system. That’s all. If they can’t see it then I don’t have it. I’ll pay taxes on the revenue but where I park profits and savings is none of their business
People keep talking about Swissquote having extremely high fees but I don’t see that. Am I missing something?
Problem will be that most banks, CSP's and similar won't touch US citizens any longer because it always end up with troubles. It's very annoying I agree.
How do you use a trust for trading, isn't it a vehicle only used to hold assets such as properties, securities, and the like?
You can open a trading trust. Depends on the jurisdiction, but there are quite a few.
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