Is it legal to have a Company and Bank Account offshore?

Yes, it’s perfectly legal to have an offshore company. Some countries have Controlled Foreign Corporation (CFC) rules though. If you want secrecy it will have to be structured in a particular way to achieve that.

Can the beneficial owner be different from the shareholder?

This is a common situation where the shareholder of record is different from the actual owner, or beneficial owner. It depends on the level of confidentiality that you need.

Which country is best to incorporate offshore?

This depends on your own situation and what you want to achieve. In some cases you might need the strong asset protection benefits provided by The Cook Islands or Nevis. In other cases you might be better to blend in with the crowd with a US or UK LLP. Many structures will have more than one Company. It’s best to speak to us first and we can structure the best plan for your specific situation.

Will my offshore company remain secret?

Different jurisdictions have different rules. Every incorporation agent and bank will want to identify the beneficial owners to comply with Know Your Client (KYC) rules. Of course, there are methods to set up a completely confidential structure.

Will my overseas bank account be reported to my home tax authority?

Nowadays with the introduction of CFC and FATCA this is likely, depending on where you bank. Fortunately there are still some countries that are not signed up to CFC. If you don’t want your account to be reported to your home tax authority you can avoid CFC as we outline here.

What is a tax haven?

A tax haven is a country that does not have direct taxes, such as income tax. There are pure tax havens such as Monaco or The Cayman Islands and other countries that only tax you on income you earn in that jurisdiction such as Costa Rica or Georgia.

How can I get a second passport?

The easiest and cheapest way is if you have a family connection to a country that allows citizenship by ancestry. Countries like Italy and Ireland allow this. Other countries like Dominica and Vanuatu effectively sell citizenships for around $150,000. The third option is to get a residency in a country you’d like to have citizenship and wait for anything between 2 and 5 years, depending on the country.

Do not be tempted by too good to be true offers of second passports that can be found online. You can’t get an instant passport from any country for $15,000. These offers are complete scams.

Do I need to move abroad to become completely tax free?

It definitely offers the best protection if you have a legal residency in a tax friendly country. If you don’t want to move your tax liability can still be reduced substantially but probably not completely eliminated

Can I pay for your services in Bitcoin?

Yes, of course. Drop us a message and we’ll send you our payment details.

Do I need to keep books and records for my offshore company?

In most jurisdictions you will not have to keep books and records or file accounts. It may be worth incorporating in a country with stricter rules though, depending on your own situation. In first class Asian jurisdictions like Hong Kong and Singapore you’ll have to file accounts. In return you’ll have a tax free Company from a very credible jurisdiction. It’ll be easier to do business and open bank and brokerage accounts.

Where is the best place to open an offshore bank account?

There is no one size fits all. It depends where you’re from and what your objectives are. Tell us more about your situation and we’ll make some recommendations and help you get set up.

What is a nominee shareholder?

A nominee shareholder is somebody who holds the shares in a Company on your behalf. This person will appear on any public register of shareholders. Using a nominee means that you can stay anonymous. You can use a friend or relative as your nominee. We can also provide a professional nominee service.

How quickly can I get set up?

In theory you can buy a readymade Company and be set up in a few hours. In practice it’s better to put in some planning to make sure your objectives are fully realised. Setting up the structures is fast. Bank accounts can take longer in some jurisdictions.

Can setting up offshore protect me from litigation?

If it’s done properly and you subscribe to the theory of ‘Own nothing, control everything’ you will be immune from lawsuits as you will legally have no assets.

Can I use your services anonymously?

If you’d like to have a consultation with us it’s up to you what you tell us. Feel free to use any name you want. The more you tell us about your objective, whether it is reducing your tax liability or protecting your assets the better placed we will be to help you. We believe in keeping our affairs strictly private. You should too.

What are aged companies?

There might be situations where transactions are put in place ‘with effect’ from an earlier date. In this case you will need a Company that’s been around for some time. We have Companies that have been around for anything from a few months to 20 years or more.

What are trusts and foundations?

Trusts and Foundations are used for asset protection and tax planning. When you donate assets to a Trust of Foundation you no longer legally own them, although you will still control them during your lifetime. It can be a complex area but they are almost always part of asset protection strategies for high net worth people.

If someone investigates me what information can they find?

They can only find what information is on a public register. What you choose to disclose is up to you. If you use nominees as directors and shareholders and the assets are owned by a trust they will find very little. Jurisdictions like Nevis or The Cook Islands do not have searchable public registers of information.

Does my offshore company have to bank in the same jurisdiction that it’s incorporated?

No, it’s common to open bank accounts in different jurisdictions. You can have a Hong Kong company banking in Monaco or a Cook Islands Company banking in Georgia, for example.

Do You have more questions? get in touch and we’ll answer them…