BVI company as a trust?

JackieTsan · Tuesday at 09:34

Hello to everyone. I'd like to explore the opportunity (a friend of mine just did it and suggested to me) to move savings / investments etc under a company instead of my personal name. He suggested (he actually just did it) to open a BVI company (i think IBC?) and his bank moved all his assets to the company name account (important : as long as he is 100% director & shareholder of the new company).

Do you find it a good idea? are there any negative / risks (besides the cost of the company). From discussions, I understood that if he wants to get the money back to his name it will be a big process as he has to close the company and move back with some processes. Also, all this has 0% tax in BVI, correct?

He doesn't do it (neither I might do) in order to save any tax etc. as he is living in a 0% county in Middle East and I also live in specific regions where you are happy totally legally (as Nomad Capitalist says).... so, it's not any reason of "saving" taxes or something not legal.

But will it offer something possitive to do it ? Can also be used as will easier?

Thank you all

drysponge · Tuesday at 10:18

JackieTsan said:
Do you find it a good idea?

to what end?
is coffee good for you? if you are sleepy yes, unless its bedtime then no. "good" is subjective

JackieTsan said:
all this has 0% tax in BVI, correct

subject to cfc rules, sure. but whats that got to do with anything if you're not trying to save tax.
BVI also started requiring annual filings from companies & requiring copies of FATCA & CRS reports this year

it sounds like you dont really have a reason to do this, and therefore shouldn't, what does BVI company as a trust even mean? why not a bvi trust as a trust?

Sols · Tuesday at 10:19

Why? What's the point?

JackieTsan · Tuesday at 10:22

Hi @Sols thank's for answering. That's what I am asking. Is there any point to do so? Safety? Will (if I die can just let the company to the people I want?), safety from other things?
Thank you!

Sols · Tuesday at 10:37

JackieTsan said:
Is there any point to do so?

There can be dozens/hundreds/thousands of reasons to do something like this. Every person's circumstances are unique.

If you don't have a reason, don't do it.

JackieTsan said:
Safety?

Safety from what?

JackieTsan · Tuesday at 11:23

Thank you again for answering! Safety from upcoming citizen based taxations, wealth taxes in the future, death, I can't imagine until it comes...
As a proactive proper movement. For example in Middle East, in case of death it's very hard for the family to get the money. If it's under a company you can only have a will in BVI and problems solved. But that's not my primary thought at the moment. That's why I say if it's a proper / good tactic or useless.
Thanks again!

Davis123 · Tuesday at 11:41

JackieTsan said:
Thank you again for answering! Safety from upcoming citizen based taxations, wealth taxes in the future, death, I can't imagine until it comes...
As a proactive proper movement. For example in Middle East, in case of death it's very hard for the family to get the money. If it's under a company you can only have a will in BVI and problems solved. But that's not my primary thought at the moment. That's why I say if it's a proper / good tactic or useless.
Thanks again!

How does that work in Seychelles ? Is it possible to get an IBC plus bank account to be willed to your wife and children in case of death ? Don’t want her as a partner now.