Question Storing personal savings in US LLC

[Clank]

Hello, I’ve been looking into different options to store my savings.

US New Mexico LLC don’t require annual report, you don’t pay taxes and they are anonymous.

Wouldn’t be a good option to move my money there instead of moving it to a non CRS bank?

 

[TacitusKilgore]

Where would you open the bank account for your New Mexico LLC if it's anonymous?

 

[JohnLocke]

As you may already have read, it is not where the company is registered but where you open an account for this company which determines whether you are reported or not.

 

[Clank]

As you may already have read, it is not where the company is registered but where you open an account for this company which determines whether you are reported or not.

Don’t they report to the company country not to the owner country?

 

[JohnLocke]

They will report to the UBO (ultimate beneficial owner) country, that would be you unless you appoint nominees and try to hide somehow else.

 

[Sols]

LLC might not be a good entity type for retaining cash wealth since you are expected to distribute the profits, like you would a partnership. If you retain your profits in the LLC, you may find yourself in a situation where you have to pay corporate income tax as if you had been an S or C Corp.

I'm not sure what the situation is for cash put into the LLC, but you cannot transfer funds into an LLC for the express purpose of avoiding creditors, tax payments, insolvency proceedings, and so on.

If you want to park money in a bank in an account belonging to a company, an LLC might not be the bests choice. You might want to discuss trust/foundation setups rather than a simple company to find solutions whereby you cease to be the UBO.

 

[AMD]

You might want to discuss trust/foundation setups rather than a simple company to find solutions whereby you cease to be the UBO.

do you think it's possible to park money in such entities? if so what would be a brief description of a setup be?

 

[Sols]

do you think it's possible to park money in such entities? if so what would be a brief description of a setup be?

Parking wealth is the historical origins of trusts (which technically aren't entities) and foundations. IIRC, modern trusts were first created by/for English knights going away on crusades and entrusting their estate to someone while they were away.

Trust: you work with a trustee to make a trust arrangement and then deposit the funds into an account controlled by the trustee. You have different roles to be appointed (protector, beneficiary) and the trust is normally customized for your intentions.

Foundation: similar except the foundation is a legal entity itself (like a company) but no traditional ownership since funds placed into the funds are controlled but not quite owned by the board. Depending on jurisdiction and type of foundation, there are many roles in which you can structure the foundation to fit your needs.

 

[Clank]

They will report to the UBO (ultimate beneficial owner) country, that would be you unless you appoint nominees and try to hide somehow else.

If I tell them I live in a different country I guess they won’t report me right?

 

[sonato]

If I tell them I live in a different country I guess they won’t report me right?

that's how it works, but you will need to have a address somewhere either with no CRS or where you don't have to care. Maybe something like Somalia, Mexico, Costa Rica or similar.