I'm not sure how much of either you can get to be honest.
That's actually some very good key information most won't have thought about already! Thanks for pointing that out for all of us.
From what I've read the international trust seem to work. The lawyers know they can't crack them in many jurisdictions, especially if they are structured in certain ways. So sometimes will try to settle for tiny amounts or withdraw the case. If they are super aggressive, though, it could be time to leave the country. As they know they can't crack the trust, but they can use the judge to try to crack you with orders to repatriate/disclose funds/information and orders to the trustee and phone calls telling them to send the money, etc.
Depends on the kind of case it is. If your ex-wife is suing you and claims your income is higher than it is for purposes of alimony/child support, and the other side decides to make it a bone of contention or basically raises the idea you are lying about your income the judge will typically allow them to subpoena pretty much any document related to you.
eu blacklist = eu banks told to give you a hard time in sending your money that gone through a blacklist (low tax) nation.
globalnews.ca
You're not one for brevity, are you?I cannot predict what would/could work in a decade or two, it is literally impossible in this environment to predict anything. With a series of AML, OECD BASE erosion and profit shifting and OECD bending over backwards to basically break the ability to legally minimize taxation. In 1979, a swiss numbered bank account was basically impenetrable. Now it is subject to facta, crs sharing, AML, KYC, and there is zero bank secrecy and the next target is going to be nominee directors/shareholders and eventually elimination of tax havens. In the 1970s you could literally walk with $4 million USD in two large suitcases stuffed to the brim in cash, and book a flight on a commercial carrier to Panama or Cayman islands and the government couldn't do s**t about it. That obviously won't work today.
10 years ago the Irish loophole worked, in 2023, that loophole will be closed but new ones will open up.
The non-profit loophole will be hard to close, because it means declaring war on organized religions who are headquarted overseas but have massive holdings in other nations like the Catholics, the Anglicans, etc. Like what are they going to do, tell the Catholics they can't send money to the Pope and the Vatican anymore? Do you understand the Holy Hell that would unleash? It might just be enough to get the backlash we been waiting for.
The main problem I found was to co-ordinate a time with the bank and my 3 directors when we could all come in (they won't open your account without all 4 of you there).
It goes faster if you put the non-profit that doesn't issue tax deductible receipts for donations in your jurisdiction ie. non-profit vs charity. The charities who issue the tax receipts get far more scrutiny and take way longer.
Of course charities/foundations exist to exploit people and for wealth protection, why do you think Donald Trump had one. It was not to help people, he doesn't give a s**t about people, it was to protect himself and enrich himself. And who can blame him, everyone is only out there for themself, you, me, the government, Trump, etc. There are no altruistic people except mother Teresa, the Pope and few other religious people and half of them diddle little boys so don't count.
99% of the time you listen to these charity people talk and their motivations are all about themselves and not about the person they are helping. Most of those large charities like unicef spend more on the executive salaries and marketing than helping the poor dying people they put on tv every five minutes.
"“I am the only person I know, perhaps the only person in history, who can give major money to charity ($19M), charge no expense, and still be attacked by all the political hacks in New York state,” he said. “No wonder why we are all leaving!” "Trump hit with $2M fine for misusing charitable foundation - National | Globalnews.ca
Among other things, the judge ruled that Trump improperly allowed his presidential campaign staff to work with the foundation in holding a fundraiser for veterans' charities in the run-up to the 2016 Iowa caucuses.
"The president admitted, among other things, to improperly arranging for the charity to pay $10,000 for a 6-foot portrait of him. He also agreed to pay back $11,525 in foundation funds that he spent on sports memorabilia and champagne at a charity gala. "
"Trump Foundation lawyer Alan Futerfas said the non-profit has distributed approximately $19 million over the past decade, including $8.25 million of the president’s own money, to hundreds of charitable organizations "
"Trump also admitted in the agreements to directing that $100,000 in foundation money be used to settle legal claims over an 80-foot flagpole he had built at his Mar-a-Lago resort in Palm Beach, Florida, instead of paying the expense out of his own pocket. "
"In addition, the foundation paid $158,000 to resolve a lawsuit over a prize for a hole-in-one contest at a Trump-owned golf course, and $5,000 for ads promoting Trump’s hotels in the programs for charitable events. Trump admitted these transactions were also improper. "
Its not like you go to jail if you are caught, worse case scenario you get a slap on the wrist fine like Trump did.
I cannot predict what would/could work in a decade or two, it is literally impossible in this environment to predict anything. With a series of AML, OECD BASE erosion and profit shifting and OECD bending over backwards to basically break the ability to legally minimize taxation. In 1979, a swiss numbered bank account was basically impenetrable. Now it is subject to facta, crs sharing, AML, KYC, and there is zero bank secrecy and the next target is going to be nominee directors/shareholders and eventually elimination of tax havens. In the 1970s you could literally walk with $4 million USD in two large suitcases stuffed to the brim in cash, and book a flight on a commercial carrier to Panama or Cayman islands and the government couldn't do s**t about it. That obviously won't work today.
10 years ago the Irish loophole worked, in 2023, that loophole will be closed but new ones will open up.
The non-profit loophole will be hard to close, because it means declaring war on organized religions who are headquarted overseas but have massive holdings in other nations like the Catholics, the Anglicans, etc. Like what are they going to do, tell the Catholics they can't send money to the Pope and the Vatican anymore? Do you understand the Holy Hell that would unleash? It might just be enough to get the backlash we been waiting for.
The main problem I found was to co-ordinate a time with the bank and my 3 directors when we could all come in (they won't open your account without all 4 of you there).
It goes faster if you put the non-profit that doesn't issue tax deductible receipts for donations in your jurisdiction ie. non-profit vs charity. The charities who issue the tax receipts get far more scrutiny and take way longer.
Of course charities/foundations exist to exploit people and for wealth protection, why do you think Donald Trump had one. It was not to help people, he doesn't give a s**t about people, it was to protect himself and enrich himself. And who can blame him, everyone is only out there for themself, you, me, the government, Trump, etc. There are no altruistic people except mother Teresa, the Pope and few other religious people and half of them diddle little boys so don't count.
99% of the time you listen to these charity people talk and their motivations are all about themselves and not about the person they are helping. Most of those large charities like unicef spend more on the executive salaries and marketing than helping the poor dying people they put on tv every five minutes.
"“I am the only person I know, perhaps the only person in history, who can give major money to charity ($19M), charge no expense, and still be attacked by all the political hacks in New York state,” he said. “No wonder why we are all leaving!” "Trump hit with $2M fine for misusing charitable foundation - National | Globalnews.ca
Among other things, the judge ruled that Trump improperly allowed his presidential campaign staff to work with the foundation in holding a fundraiser for veterans' charities in the run-up to the 2016 Iowa caucuses.
"The president admitted, among other things, to improperly arranging for the charity to pay $10,000 for a 6-foot portrait of him. He also agreed to pay back $11,525 in foundation funds that he spent on sports memorabilia and champagne at a charity gala. "
"Trump Foundation lawyer Alan Futerfas said the non-profit has distributed approximately $19 million over the past decade, including $8.25 million of the president’s own money, to hundreds of charitable organizations "
"Trump also admitted in the agreements to directing that $100,000 in foundation money be used to settle legal claims over an 80-foot flagpole he had built at his Mar-a-Lago resort in Palm Beach, Florida, instead of paying the expense out of his own pocket. "
"In addition, the foundation paid $158,000 to resolve a lawsuit over a prize for a hole-in-one contest at a Trump-owned golf course, and $5,000 for ads promoting Trump’s hotels in the programs for charitable events. Trump admitted these transactions were also improper. "
Its not like you go to jail if you are caught, worse case scenario you get a slap on the wrist fine like Trump did.
Pretend it is for charity like Trump while paying off personal expenses.
("tv guest"/influencer: gucci/prada/ysl clothes, restaurants, lives in 5* hotels, 1st/biz/private flights, events etc. ). The tax agency tried to take her to court and wanted to fine her millions. In the end she won the tax law case, but it took years of anger.If you were that concerned about asset protection, there are guides on that. Ie. have the Barbadian company rent/lease everything controlled by or in name of another separate entity ideally a trust of some sorts.
Does it have to be on Barbados - it may work in almost any country if you can find a idiot willing to take the risk or not?
