I am looking for a country where to set up a discrete (anonymous settlor and beneficiary) foundation, that does not require yearly accounting (at least not audited), if possible with a double tax treaty with the US, and is cheap to set up. I would prefer to avoid banana republics. Liechtenstein costs over USD 7,000 to set up, and costs over USD 6,000 yearly to maintain, and doesn't have a double tax treaty. Switzerland has a double tax treaty, but needs yearly audited accounting, which probably is a few thousand $. Any suggestion?
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Suggestion for cheap and discreet foundation
- Thread starter John89
- Start date
Yes, this is very interesting, I also know Liechtenstein costs over USD 7,000 but if you make operations from Liechtenstein into other countries you will get a lot of attention
Would Jersey foundations be good? The name of the settlor and beneficiaries doesn't seem to be disseminated, as well as the name of the "guardian" who makes sure that the funds are used according to the settlor's wishes. And the "guardian" can be the settlor, so the settlor retains total control. Also, since there is no taxation, I guess no need to provide accounting? Unfortunately no double tax treaty with the US.
I am trying to figure out the costs of setting it up and running it.
I am trying to figure out the costs of setting it up and running it.
The island of Jersey is not in the UK. Jersey didn't sign a DDT with the US (it did with the UK). I am not a US citizen and don't live in the US.
Yes, one has to declare the amount of money that one has in a Jersey foundation to the tax man, but if one doesn't do it, I don't think the taxman can find out, since the settlor's name doesn't appear in any official document?
Yes, one has to declare the amount of money that one has in a Jersey foundation to the tax man, but if one doesn't do it, I don't think the taxman can find out, since the settlor's name doesn't appear in any official document?
Cheap and discreet doesn't fit together - keep that in mind.
Cheapest foundations are Panama and Seychelles.
Finding a reliable bank for the above mentioned is close to impossible if you don't show up with 10m$+.
The price for Lichtenstein Foundation is easy the double price from what is mentioned here when everything is setup right.
I had a conversation with Bendura Bank in Liechtenstein about setting up something for a classic offshore jurisdiction back in 2019 as I met a client in Dubai that told me he bank there with a BVI company. Already back in the days the bank was open for classic offshore jurisdiction with 10m$+ assets under management and one yearl later in early 2020 they decreased risk appetite again and even the befriended client with 10m$+ lost his Bendura bank account for the BVI comp.
Cheapest foundations are Panama and Seychelles.
Finding a reliable bank for the above mentioned is close to impossible if you don't show up with 10m$+.
The price for Lichtenstein Foundation is easy the double price from what is mentioned here when everything is setup right.
I had a conversation with Bendura Bank in Liechtenstein about setting up something for a classic offshore jurisdiction back in 2019 as I met a client in Dubai that told me he bank there with a BVI company. Already back in the days the bank was open for classic offshore jurisdiction with 10m$+ assets under management and one yearl later in early 2020 they decreased risk appetite again and even the befriended client with 10m$+ lost his Bendura bank account for the BVI comp.
Same question, also, isn't it better to set up a holding company (owned by the foundation) in a jurisdiction which has a tax treaty with the US instead? As far as I know it's impossible to get a tax residence certificate for a foundation in most jurisdictions...
Because most of my stocks, bonds and etfs are US domiciled. I pay 30% taxes. If there is a DDT I may pay only 15%.
UAE look indeed to be very good for most EU citizen if setup correct, @Fred 's service sounds valid but still I have doubts that the tax officer won't come after you.
Why would someone use the title "cheap" foundation setup, I don't understand it, if you are on a low budget why the hell do you need a foundation?
Why would someone use the title "cheap" foundation setup, I don't understand it, if you are on a low budget why the hell do you need a foundation?
I just cleaned this thread, no warning points given this time. If you post in threads make sure they have relevance to the topic and what is asked here. Should you go off topic in this thread or in other threads again your posts will be deleted and all posts may go into moderation before they are posted on the forum!
Enjoy your stay everybody
Enjoy your stay everybody
Whom are you referring to???I just cleaned this thread, no warning points given this time. If you post in threads make sure they have relevance to the topic and what is asked here. Should you go off topic in this thread or in other threads again your posts will be deleted and all posts may go into moderation before they are posted on the forum!
Enjoy your stay everybody
I'm sure the guys in question know it
after that I speak to all that post in threads and simply ignore the title of a thread, if you have additional questions, open a NEW THREAD here Forum News and Announcements and refer to this thread, don't continue the discussion about the forum rules and my reply here.I save about Euro 12,000 a year in taxes on dividends if I put them somewhere without a DTT with USA. More if I put them somewhere with a DTT with USA.
So there isn't really much point in hiding my money if it costs more than Euro 6,000 a year or so.
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