Starting A Foundation In Seychelles, Panama - Massive Issues

[HeartyHandshakes]

Call me paranoid but I went through an application for opening a foundation and it seems a bit scary without sounding paranoid.

The Councilor receives a charter he does not need to follow if I understand it correctly. Most foundations openly state your "wishes" and when preparing these wishes you state you will allow the Councilor to use their own judgement to decide future issues.

Why can't they clean you out one day? It might be their judgement. What's to stop them? Have Councilors ever gone rogue? It appears you are merely suggesting things to them. Why can't they boot you out of the foundation?

People are crazy and money makes people insane. Any input?

 

[Rabbit0]

how do you process banking cards? do you have access to any virtual terminal? or how do you charge them?

 

[HeartyHandshakes]

You process your payments through the corp, then the beneficial owner is a foundation or a trust. This makes the business managed offshore.

My issue is the Council or Councilor and why they just can't clean you out on a rainy day.

 

[Rabbit0]

can you charge the cards I have too? Would be willing to give you some % fee for this. You could send me my % via international wire (multiple ones - some with memo reference) or bitcoins. If yes, let me know where can i contact you please.

 

[mnschwarz]

You do want to choose a good company you trust first and foremost. With mine, directly after setting up the founders rights are assigned to me (I used nominees). The founder, now me as I have been assigned the rights, is able to change the council should they act against your wishes.

 

[Denny]

For this purpose you may need to appoint a protector which would stop the council from doing stuff which is against your wishes. Also as far as I know in Panama the coulncil could consist only of one legal entity (director actually) and that director could be your company incorporated in Belize or another offshore without public registers and without a bank account

 

[hiju]

For this purpose you may need to appoint a protector which would stop the council from doing stuff which is against your wishes. Also as far as I know in Panama the coulncil could consist only of one legal entity (director actually) and that director could be your company incorporated in Belize or another offshore without public registers and without a bank account

Yes that could work also with the Belize company! However, it's going to be costly.

 

[mnschwarz]

For this purpose you may need to appoint a protector which would stop the council from doing stuff which is against your wishes. Also as far as I know in Panama the coulncil could consist only of one legal entity (director actually) and that director could be your company incorporated in Belize or another offshore without public registers and without a bank account

A protector is indeed also another way to go. Just be careful how you much power you give the protector though. If they can effectively control the foundation they could be liable for tax under CFC laws.

 

[negon]

Good point there with the CFC Laws! Would you say it could be a benefit to use a protector from a 3rd world country where tax may not apply?

 

[mnschwarz]

Good point there with the CFC Laws! Would you say it could be a benefit to use a protector from a 3rd world country where tax may not apply?

If you're going to use a protector then yes, I would seriously consider that person's residency for tax purposes.