What did you do to shield your wealth?

This article will discuss many important things at once. For example, on asset protection, mixing offshore companies with onshore companies and on closing bank accounts in Hong Kong.

Right now, the BFI Inner Circle Briefing seminar is being held in the Bahamas, to which I invited my blog readers in this article:

Narrow Circle Briefing. Wealth management strategies using several offshore jurisdictions in the context of rapidly changing financial markets and regulations.

You are already late for this seminar, but if you are potentially interested in seminars in English of similar quality, I will be glad to invite you. By the way, representatives of the government of one of the tax havens of the Caribbean will attend this meeting and expressed a clear intention to seek advice on the modernization and strengthening of the offshore financial legislation of their country. The order has already been given to the government, along with strict deadlines for the delivery of the bill.

Have you done everything to shield your wealth?

One of the topics that will be discussed at the briefing sounds like the title of this article. “Have you done everything to protect your assets?” And what did you do to protect yourself? ”Have you at least thought that you need to protect yourself or how you will do this? In other words, after developing and implementing a good asset protection strategy, there is another important step. This step is personal protection. Protect your freedom, health, wealth, happiness and everything that goes with them.

Too many so-called asset protection experts focus only on the mechanics of registering excellent malta trusts to provide protection from creditors and the government. These consultants and lawyers forget that the main purpose of having capital and savings in your life is freedom. And having registered the best offshore trust in the world and the best offshore company in the world you do not want to become a slave and a hostage of your assets, do you?

Do not let your assets become a heavy burden!

It is possible that you think that money and capital (you honestly earned it) will not be a burden for you. Unfortunately, this happened to some of my clients. Instead of becoming a means to achieve freedom, their money became a burden for them. The source of stress. These clients cannot enjoy their family holiday without checking the value of their portfolio hourly. These customers are concerned about the election results. They wonder and worry about “what will happen next?”. They carefully read the news and with them absorb stress. As a result, the client has a panic and a mediocre picture with “vanity vanities” before his eyes.

I have already explained that it is important to see the big picture and the big picture and see your little picture (imagine it as a family photo), but absorbing the news and worrying about what happens around the world every day is bad for the psyche and health. And in the end – bad for your capital. You can learn more about the idea of ​​a big and small picture in the following article:

The accurate and correct answer to the question of the collapse or prosperity of the euro!

Instead of news, concentrate better on things that are important in life. Yes, you need a good asset protection strategy. Yes, you need to diversify your capital geographically and at least open a personal account in an offshore or foreign bank.

Yes, you need to double-check your chosen capital protection strategy about once a year with a specialist. It is very important that your chosen capital protection strategy is pro-active, not reactive. This will give you control. Independently conduct research and listen to the advice of professionals (from different sources, if you think that this is necessary). Dot all “i” and forget about your asset protection strategy for at least a year.

Mixing offshore and onshore

Mixing offshore and onshore

This week in my practice I have come across some things that I think will interest you. 
Yesterday I met with one private banker, who is now about thirty, with a big tail. When I met him a few years ago – he worked in the offshore sector – as a private banker in an offshore bank. Now he has gone to work at an onshore bank and works at a bank in one of the largest countries of the European Union. It is noteworthy that it is aimed at absolutely the same client base, which was aimed at working in an offshore bank. According to this former offshore private banker, and now an onshore private banker, to go from offshore banking to onshore was the only logical decision for him. Tax havens and banks, which are constantly being attacked from the press. As a result, many customers from developed countries are simply afraid to deal with offshore banks. Citizens of the United States and Europe are intimidated to such an extent that they do not want transactions to a bank in an offshore zone and transactions from a bank in an offshore zone to appear on their accounts at banks in their home country. Americans and Europeans do not want to declare offshore accounts, fearing to provoke an audit. Clients of offshore banks from Europe and the United States do not want to pay bills to accounts in offshore banks. By and large, the mass media in the western world have been brainwashed so much that they do not want to have anything to do with tax havens.

And where do all these people put their money? Where do people keep their money who don’t want to hear anything about offshore and tax havens? Of course, in onshore banks. Moreover, they choose and find such onshore banks, which in terms of the quality of investments and bank secrecy are not inferior to offshore, but have a much lower profile.

I’ll listen to your exclamations. In an onshore bank, the same level of banking secrecy as in an offshore bank? Is it possible?

Yes, it is possible. For the future and next year, the following strategy may be the ideal strategy:

Offshore company + bank account in Onshore + address to receive correspondent onshore.

For a typical average client, this structure will look like a fully onshore company. An onshore bank will register the owner of such an account as a non-resident and deposits in such an account as foreign deposits. The account holder will be a resident of a tax haven and, therefore, exempt from the exchange of tax information.

Having the structure “Offshore company + bank account in Onshore + address for receiving correspondence in Onshore” you can open a Paypal account and issue invoices with an onshore address. In my future articles, I will talk about many things that can still be done with offshore-onshore schemes and for which such schemes are ideal. Therefore, be sure to follow new articles – subscribe to the newsletter and put “I like” on our Facebook page.

For my readers, I have already prepared a surprise – Nevis LLC + Account in Switzerland + the address in Switzerland for opening a Paypal account and for representative activities.

I just want to warn you that there is only one important thing that you cannot do with an offshore company (even if a bank account for such a company is opened in an onshore bank). You cannot take advantage of double tax treaties. But there is also a solution – an onshore holding company, which is owned by an offshore company.

I already wrote about this method (an onshore holding with an owner – an offshore company) earlier, in connection with Cyprus and Malta. But in the European Union, there is a much lower profile country with an excellent network of signed double tax treaties. And very soon I will write about this opportunity.

Mass Closures of Non-Resident Bank Accounts in Hong Kong

Another important event for the offshore business that I want to talk about is the news about HSBC in Hong Kong, which closes huge amounts of accounts that have been opened for offshore companies. This is big news for those of you who viewed Hong Kong as a banking haven.

I already wrote earlier that I do not consider Hong Kong to be a really good place to register a company. The exception is a business with China or a business directly in Hong Kong. My previous advice was to register Nevis LLC and open a foreign bank account in Hong Kong (which essentially corresponds to the scheme “Offshore company + bank account in Onshore + address for receiving correspondence in Onshore” described above, if Hong Kong is considered an onshore part).

This strategy, recommended by me just three months ago, no longer works with HSBC. They are no longer willing or able to conduct documentary work with accounts of offshore companies, with the exception of working with large clients. Naturally, such news was to be expected after 
HSBC in Singapore began charging a fee of $ 2,000 for verifying documents for opening bank accounts for foreign companies. However, Singapore’s advantage is that there are a lot of banks other than HSBC that are willing to work with non-residents and offshore companies, while Hong Kong, apart from HSBC (and Hang Sheng Bank, which HSBC owns), has no more banks that are active in dealing with non-residents. Therefore, I can no longer recommend Hong Kong as an offshore banking jurisdiction for opening corporate foreign bank accounts to offshore companies. Nevertheless, I will closely monitor the banks in Hong Kong, and when banks appear in Hong Kong that are ready to work professionally with non-residents, I will definitely inform you. Do not miss the news and follow the subscription.

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