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Suggestion for cheap and discreet foundation

John89

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Jan 28, 2021
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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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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 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?
The UK has a DTT with the UK but under US law it wouldn't work with regards to safe guarding income and assets.
 
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?
 
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.
 
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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?
What's the reason you require a DTT with the US then.
 
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?
 
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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 thu&¤#
 
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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 thu&¤#
Whom are you referring to???
 
The advantage with a family foundation is that you give up your money, it goes to the foundation. So the taxman is happy to not tax you, because now the money is no longer yours. I read different articles confirming this.
 
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Whom are you referring to???
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.
 
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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 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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