Has anyone tried this offshore corporation/PIF setup model to protect assets?

[romu]

Hi. I am interested in setting up an offshore corporation to avoid paying so much tax and to protect assets. I live in Canada.


I came across this video on Youtube which shows in detail the setup of corporation and PIF in Panama, and also using other countries.


Create a corporation, PIF owns that corporation. Corporation's and PIF's bank accounts are in the same bank. Using bearer shares. There are 2 trusts used in different countries and they own each other??? (or did I misunderstand something?)


Has anyone done a similar setup, or do you have any other advice on setting it up, as this information is back from 2009, I guess many things have changed since then?


Thanks!


Link: I am not allowed to post links yet, so if you go to youtube and put 'Offshore Legal Part 1 2' you will see the first 2 videos with some kinda schematic drawings.


There are 2 parts of that video.

 

[JohnLocke]

Before you setup such a structure I would recommend you to get in touch with a tax consultancy.

 

[andreas]

It seems to be a good setup but as Admin already said, you want to get in touch with a tax consultant in your country. This need professional advise from some who knows your tax and legal system in Canada.

 

[romu]

thank you guys, I started a new thread asking if there are any other Canadians here who have successfully implemented a structure offshore.

 

[alain]

To setup a PIF may be a good idea for core business protection. I'm speaking with several attorneys at the moment about it.

 

[JohnLocke]

The easiest way to setup something legally is a Cyprus resident company where you pay 10% from net profits. The profits can easily be minimized by using other entities to reduce the profits. Cyprus has a DTA with Canada, so if nominees are appointed nothing can stop you from doing business in Cyprus and pay tax in Cyprus.. A setup like this would make it legit and it's easy to accomplish.

 

[alain]

The easiest way to setup something legally is a Cyprus resident company where you pay 10% from net profits. The profits can easily be minimized by using other entities to reduce the profits. Cyprus has a DTA with Canada' date=' so if nominees are appointed nothing can stop you from doing business in Cyprus and pay tax in Cyprus.. A setup like this would make it legit and it's easy to accomplish.[/quote']
We are option in for this solution now. Seems to be a reliable and secure setup in regards to business acitivyt and to get the lowest possible tax to pay in Europe.

 

[JohnLocke]

Actually we have many satisfied clients who structured their offshore setup with a Trust, a Fund or Foundation in the top level. It is a great way to protect privacy but most of all your assets.

 

[tonas]

Can you let us know the estimated costs for such a setup please? Where should hte PIF and foundation be?

 

[JohnLocke]

You may consider costs ranging from 5000 to 10000 euro

 

[electric]

I'm just curious of the original poster decided on an offshore structure, and is willing to share what he decided?