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Best banks for the usd 100,000 trust or foundation
- Thread starter Borg
- Start date
That is suitable for a family trust fund of a small size. Do you know how got it is protected against lenders and creditors ?
Sadly all trusts can be challenged especially when setup for illegitimate reasons. A trust needs to be setup well in advance of any pending headwinds, litigation etc. You can't set one up when creditors are already on your case and expect it to work. If I remember they will even ask you during setup if there is any pending litigation etc etc. And also if you lie during the setup then your on your own come challenge time from thirdparty as they may deem the trust void.
But I must ask, isn't it still really expensive for a lawyer sitting in country X who needs to find out who is behind some trust in country Y?
And wouldn't it require having an idea that the debtor owns such a structure, or are all those details now readily available on Google?
And wouldn't it require having an idea that the debtor owns such a structure, or are all those details now readily available on Google?
Yes it is......very expensive as they need to find a partner law firm in the country of the trust in order to bring the case. Cross border legal fees are horrendously expensive and only a last ditch resort. Legal fees can run into hundreds of thousands if not more. For example a European entity bringing a case against a Caribbean trust would need to find s trust law specialist in the Caribbean country. A trust law specialist by there very nature would often be the same person selling trusts for a living...lol. So they will run into conflicts of interest and litigating party would be milked to death financially during the process. Typically only government entities like tax office with deep pockets bring such cases not private companies. And even then they weigh the cost of pursing the case against the potential tax recovered to determine if it makes financial sense to pursue.
Yes they would need to discover the trust firstly which is not easy in some places. If the trust does not have a bank account it may be even more difficult.
Well, the only thing I managed to get for now is a Belizean Bank and a Hong Kong PSP. I am not going to send my money in either of that for the time being.
I managed to open an account with the reputable brokers, so the bank is needed for now only to transit the funds to them and for withdrawal in the case of emergency.
Still reluctant to use that two options as the first transfer to BZ Bank was rejected and returned, and the PSP has an account with the Bank of Africa which doesn't sound any good to me.
Why don't you ask a local tax lawyer to help you with a setup where you also can get a reliable bank account?
Most often if people come here to seek a solution they have some sort of background experience or at least they have tried to setup some offshore companies before. It looks to me that you are total new to this part of the game and don't really know how to get started. In that case I would relay on professionals rather than try and fail method.
Most often if people come here to seek a solution they have some sort of background experience or at least they have tried to setup some offshore companies before. It looks to me that you are total new to this part of the game and don't really know how to get started. In that case I would relay on professionals rather than try and fail method.
No that is not what I suggest. What I suggest is to get a professional to help you with the entire setup. Someone that knows what he is doing and can help you with the entire process.
I talked to many professionals and apart of setting up 10k+ per year structure there is no much help. Bank account opening is not guaranteed, of course, as you might know as a professional.
My foundation is already set with the nominee councillor. All I need is a proper offshore bank account. I cannot see any decent answer in this forum yet, as well as any solution. "Go to another place and ask some mysterious professionals" is not advice.
I don't think you quite understand the concept of what you have set up or the so-called people you have asked to help you set it all up.
If they have charged you 10K+ and are not able to help you set up an account for your foundation, then they are huge amateurs and unprofessional, or you are involved in something that no banks want to touch.
You are not really getting answers here because what you are looking for requires you to go to a bank where you present yourself and your fund, and where you have done your homework and written down what the purpose of your fund is and what you need the bank account for.
You are playing in the major leagues but are yourself an amateur, and now you think you can find your answer on a forum and do not accept the answers you get.
If they have charged you 10K+ and are not able to help you set up an account for your foundation, then they are huge amateurs and unprofessional, or you are involved in something that no banks want to touch.
You are not really getting answers here because what you are looking for requires you to go to a bank where you present yourself and your fund, and where you have done your homework and written down what the purpose of your fund is and what you need the bank account for.
You are playing in the major leagues but are yourself an amateur, and now you think you can find your answer on a forum and do not accept the answers you get.
speak with the guys here - I suggest to pick up the phone and call them
https://elliotthamilton.com/
#Bingo! 100% this!
For this, the client must ALSO be well-versed in the industry. Needs to know the terms of art, industry jargon, etc.
The provider of services has to feel closer to professional courtesy rather than a mere client who got (very) lucky and ran into money ("they don't deserve")
Right. And if you are a "professional" and things don't go as expected just use 'it is your fault' strategy. The bright example can be observed in a few posts above - there are no solutions 'because you are a newby to offshore'.
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