investing gambling money - offshore corp solution?

[void]

so, Milky, any opinion?

 

[JohnK]

interesting topic wonder what the best solution is, so I will be following the thread which I bookmarked!

 

[Milky Moon]

so, Milky, any opinion?

I'll respond during the weekend.

 

[void]

I'll respond during the weekend.

which one?

 

[buenosdias]

I'd like to throw my 2 cents.

You can create an offshore company with darks in a jurisdiction like Seychelles and just perform any kind of business outside of Seychelles. That way, your income or profits from that company will be tax-free.

Now, the tricky part is to insert the winning money into banking system. For this, 'Frank' has to get help from a third-world country. He can own some properties in those countries and just disclose any income as rental. Of course the properties are held under that Seychelles offshore company. The beauty is that Frank can buy properties in that country without or little barriers. Even if he pays with 100% cash, no questions will be asked.

For yacht registration, might I suggest a Maltese company that's held by Seychelles corp? His yacht will bear EU flag and will have the protection of British Royal Navy. That sounds kinda cool doesn't it?

All Frank need is some front businesses. Maybe a solo consulting firm will suffice. If the bank asks why does it come from a casino, just simply say you'r working for the casino.

 

[THR2017]

So you are suggesting to "Frank" to put his hard earned money in a structure held by a Seychelles company created with a UBO using "darks".

WOW! Run Frank Run!!!!

I hope "Frank" has a great winning system at the Casinos. He will need to re-generate his fortune. LOL

 

[void]

Now everything is perfectly legal and tax-free. Frank also prefers to stay a resident of EU country (although this is something that he's able to change if absolutely necessary).
Using fake documents is out of question.
Building cover business will either be inefficient or make the money dirty.
E.g. having an income from some offshore country from rental of a property is subject to income tax in his home country. He either pays two figure tax from his income (big price for hiding the source, no solution of privacy) or it's standard tax evasion because his business his held/run from non-offshore location.

If the bank asks why does it come from a casino, just simply say you'r working for the casino.

yeah, sure, they are that stupid...

 

[JohnLocke]

So you are suggesting to "Frank" to put his hard earned money in a structure held by a Seychelles company created with a UBO using "darks".

I just want to challenge you, what would be wrong with that if it was possible to setup?

 

[buenosdias]

I just want to challenge you, what would be wrong with that if it was possible to setup?

Exactly. I don't see any problem with that. The funds are clean. No terrorism funding. No tax evasion technically.

 

[void]

I don't see any problem with that.

probably depends on the definition of "darks" - if you understand it the same way I do then investing money to (say) real estate held by a Seychelles company owned (on paper) by someone else (possibly non-existent person) is hardly acceptable
if you meant it another way, please explain

 

[buenosdias]

probably depends on the definition of "darks" - if you understand it the same way I do then investing money to (say) real estate held by a Seychelles company owned (on paper) by someone else (possibly non-existent person) is hardly acceptable
if you meant it another way, please explain

I'd rather use darks of a nonexistent person than an existing one. He/she can control the company. There's a big risk with that.
By darks, I don't mean the stuff you buy from a vendor or something. I stopped trusting them. Too risky. Instead, you can pretty much make them yourself. I get it. Some docs gonna need some help creating. But it's way secure than buying them.

 

[THR2017]

Really? Unless I am totally crazy or do not understand your definition of "darks". You would hold REAL WORLD assets like Real Estate or decent size amount of bank deposits in a fictional person? What if the bank asks you to show up in person? A notary or lawyer requires your presence ? How are you going to pull that off?


I don't think "Frank" is looking to move $5-10-25k through a paypal account, maybe darks are good for that.

 

[void]

You would hold REAL WORLD assets like Real Estate or decent size amount of bank deposits in a fictional person? What if the bank asks you to show up in person?

This is my point exactly. The real Frank behind this case would think I'm nuts suggesting something like this.
Forget that the source of money is gambling (which is btw for no reason considered high-risk "business" nowadays, the more if you are the gambler and not casino). The case is technically the same as if he would be a successful entrepreneur exiting his company for big money. Now he wants to keep his privacy and as anonymously as possible invest the money (meaning not to hold everything in cash in one currency). You can't seriously tell him to get fake documents and use some another identity (do you know "Breaking bad"? ).
I can accept there is no other way in our times, but I need to be sure there isn't and it would be also mean that "the end of the world" is coming...

 

[buenosdias]

This is my point exactly. The real Frank behind this case would think I'm nuts suggesting something like this.
Forget that the source of money is gambling (which is btw for no reason considered high-risk "business" nowadays, the more if you are the gambler and not casino). The case is technically the same as if he would be a successful entrepreneur exiting his company for big money. Now he wants to keep his privacy and as anonymously as possible invest the money (meaning not to hold everything in cash in one currency). You can't seriously tell him to get fake documents and use some another identity (do you know "Breaking bad"? ).
I can accept there is no other way in our times, but I need to be sure there isn't and it would be also mean that "the end of the world" is coming...

Then register the company to frank's name as UBO. He can use nominees as director and shareholder. UBO name will be a secret. With an IBC frank can keep money in the reserve without spending it in the end of the year. Can't say anything about taxes without knowing frank's tax residence.

The problem is that he wants anonymity. It doesn’t exist in this legal system. You want anonymity, you have to go the extra mile. Privacy is achievable.

 

[void]

I'll respond during the weekend.

what do you think Milky? would you find some time to give us some opinion?