Since our last email, there have been a lot of commotion regarding Swiss (and potential for other country's) banks (specifically UBS) giving up information to the US tax authorities. As such, I would like your opinion on this situation and more specifically, what can I do to set up my bank accounts in a way that will be least likely to ever be notified to the US. Most of my bank accounts would be for non-US based companies, so I am hoping that they should not be a concern (but let me know if there is risk as well for these non-US based companies bank accounts). Additionally, I would like offshore bank accounts set up for my wife and I (where my companies can send the salary earned from these companies to); so completely personal bank accounts, not corporate ones. What I want to know then is what is the best idea for not only the corporate bank accounts for all the different companies as per attached organization chart, but also for my personal bank accounts? I am fine to have these accounts anywhere in the world, spread throughout different countries for the various different accounts, etc. I just want the best setup, with the most reasonable initial and ongoing costs, possible. Can you please advise me on this?
One possible method is to have the bank accounts set up in my wife's name only (my wife, although also having US citizenship, is Russian and therefore has a Russian passport that she can use for setting up bank accounts). However, I need to know how having the bank in only my wife's name will limit my ability to use the bank accounts, debit/credit cards, etc. myself (as I am the person actually doing the banking activities, not my wife). Can you let me know all your thoughts and ideas regarding this?
Secondly, please see attached for the full organization structure I would like to put in place. It is not just one company as I had requested earlier, but several, so I would like to receive your suggestion on where and how best to set up this organization structure, taking in consideration the types of activities I plan on pursuing in each of the various companies.
Here are my overall thoughts (which may or may not be the best idea) regarding the various companies to be set up; so please let me know your suggestions on the best way of setting up this organization.
In summary, I would like to have the best location for incorporation and best banking for 4 companies right now
One possible method is to have the bank accounts set up in my wife's name only (my wife, although also having US citizenship, is Russian and therefore has a Russian passport that she can use for setting up bank accounts). However, I need to know how having the bank in only my wife's name will limit my ability to use the bank accounts, debit/credit cards, etc. myself (as I am the person actually doing the banking activities, not my wife). Can you let me know all your thoughts and ideas regarding this?
Secondly, please see attached for the full organization structure I would like to put in place. It is not just one company as I had requested earlier, but several, so I would like to receive your suggestion on where and how best to set up this organization structure, taking in consideration the types of activities I plan on pursuing in each of the various companies.
Here are my overall thoughts (which may or may not be the best idea) regarding the various companies to be set up; so please let me know your suggestions on the best way of setting up this organization.
- 1. There is the overall parent holding company (Coronet Estates Limited); which probably would be best incorporated in an offshore location with no taxes and would be where the other subsidiaries would funnel profits/dividends to.
- 2. Next are the 3 major subsidiaries of Forestry, Property and Other. I currently only need CE Forestry Holdings and CE Property Holdings set up. CE Other Holdings will be set up in the future, once we are ready to proceed with Tyva Meats (most likely some time next year).
- 3. For CE Property Holdings, I think the best incorporation is in Cyprus Onshore, as then profits/dividends can be transferred from the individual European based resorts without the need of paying withholding tax.
- 4. For CE Forestry Holdings and CE Other Holdings, I am thinking that Offshore would be preferred, as the sales will be from worldwide and not specific to a location (as is the case with the European resorts) and therefore it seems that a zero corporate tax offshore incorporation would make the best sense (But again, please let me know your thoughts?).
- 5. Finally is the major subsidiaries' subsidiaries (primarily for Italian properties now). These incorporations will need to be in the country where the property is located. For Italy, since we plan to have quite a few, I would like to have a holding company in Italy as well. I do not know if you have any ability or contacts for Italy incorporations; but if you do, please let me know. Otherwise, I will do that myself.
In summary, I would like to have the best location for incorporation and best banking for 4 companies right now
