Sacrificing privacy for functionality?

[mnschwarz]

Like many here I've spent the years in the cheap, zero tax, anonymous structures/jurisdictions. And while it's still currently working it is getting increasingly harder (mostly for banking options). I find myself spending a lot of time constantly looking for, applying for (and often getting rejected for) banking options etc 'just in case' because I know it's going that way and I always need more backups.

I personally live in a zero tax jurisdiction, do nothing illegal etc and therefore I'm wondering if for ease, I might be better off forgetting the privacy aspect of having nominees, multilayered structures and so forth and just keep the banks happy with something as simple as an IBC (probably in a more reputable jurisdiction) and me as shareholder, director, the works etc. I do like my privacy but with nothing to hide, do you think the extra hassle is worth it? Or should I think about crossing that line in to 'the dark realm'? Thoughts?

 

[Uillians]

You live in a very good zero tax jurisdiction.
If your business is online, you can get profit from many countries and not be taxed.
You do not need privacy, but functionality. Stay where you are, you are in a situation that many wants, congratulations

 

[mmueller]

Well who do you want to be private for? You already live in a zero-tax jurisdiction...

 

[Martin Everson]

I do like my privacy but with nothing to hide, do you think the extra hassle is worth it?

Privacy will soon become a thing of the past. The current generation of people do not see why anybody would not want a twitter, facebook and instagram account. None of which I would ever want. Unfortunately outside of private banking banks look at you like a criminal if you mention privacy or want a private structure. I would say don't try and fight progress. The direction the world is going in is the below, look what technology already exsists .

 

[mnschwarz]

Well who do you want to be private for? You already live in a zero-tax jurisdiction...

I generally just like my privacy but think it's more of a 'just in case' thing at the moment. Perhaps legal action is brought against me in future, or I decide to move to another country. Or perhaps my original country disagrees with my residency and chases me for back taxes and so forth. It's all doubtful but who knows what the future holds...

 

[Spinat]

We need to protect our privacy now and ofr the future I don't believe in this world any longer.

 

[Martin Everson]

Yeah whats coming scares the hell out of me. Always keep your privacy. Never trust governments they just enact terror laws and steal all your assets legally time and time again.

Remember what UK did to Iceland during financial crisis:

Nordic Terror: UK Puts Iceland on Terrorist List - Shadowproof

One of the casualties of the financial crisis which has gotten little notice in the US is Icleand, and it went down in a particularly ugly fashion. Gordon Brown, the UK's fantastically unpopular Prime Minister, said that Icelandic banks had threatened to not honor obligations to British account...

shadowproof.com

Never ever trust governments.

 

[OffCap]

Like many here I've spent the years in the cheap, zero tax, anonymous structures/jurisdictions. And while it's still currently working it is getting increasingly harder (mostly for banking options). I find myself spending a lot of time constantly looking for, applying for (and often getting rejected for) banking options etc 'just in case' because I know it's going that way and I always need more backups.

I personally live in a zero tax jurisdiction, do nothing illegal etc and therefore I'm wondering if for ease, I might be better off forgetting the privacy aspect of having nominees, multilayered structures and so forth and just keep the banks happy with something as simple as an IBC (probably in a more reputable jurisdiction) and me as shareholder, director, the works etc. I do like my privacy but with nothing to hide, do you think the extra hassle is worth it? Or should I think about crossing that line in to 'the dark realm'? Thoughts?

The solution to this if you really want privacy is a properly structured trust (accompanied by good IT best practices). As far as I can tell it's the only really sustainable option that gives you operational ease, long term stability in banking, etc., flexibility of lifestyle, and good liability protection.