Wich countries would be most secure for trusts/foundation ? And how is the concrete deposit/funding of money done if the beneficar doesent want to leave traces?
i mean , sending recurring wires from your local
bank account doesent seem a good option if you wish to keep it to yourself that you have a trust or foundation?
Typical tax havens. But it depends what kind of security you are looking for. This is the
tax planning/treaty thread. The days of hiding any kind of bank account from the tax man is basically over. Banking secrecy/
privacy from the government is dead. It still exist for
creditors, to some degree but not for government. If you put $1 in a bank account anywhere in the world, the reasonable presumption should be that your home government will sooner or later find out and they will catch you. You will likely go to jail, so shake that idea from your head this is not the movies, this is not 1979, you are not going to open some bank account in a tiny island, and hide money that they won't know about in a #erd account.
And guess what, even when they had
numbered accounts, half the time it didn't work. You know why? The government saw idiots reporting $50k salaries, spending millions, audited them and the numberes didn't add up, searched/raided their houses and typically either found the numbered accounts, packages to overseas banks, or info that lead them to the numbered account from the sloppy mugs who kept the #s in their high tax home nation. Now the gov't knew you had the account. Guess what they did? Give us the password for your # account or repatriate the funds of your # account or else 10 years in prison for contempt. Having your money overseas is worthless if you are not overseas, the government doesn't need to chase down your money, when they can just throw you a*s in prison because if your money is offshore, but you are onshore, they can throw you a*s in prison until you get them their money.
The irony in all this, is that if people simply left their high tax nations for a few years, they'd legally pay no taxes. It is really unclear to me why so many seeming
millionaires want to stay in high tax nations.
If you want financial secrecy, you need to basically not deal in bank accounts. So you could set up an offshore foundation where you are a manager but not on the board, with nominee directors. You would then buy a house in the foundations name. Fill that house with
cash, gold, metals, diamonds, art, persian rugs, buy parts of other successful businesses, and assets that tend to keep their value like movie props, artifacts, etc. You could even store your money in some of those overseas vaults like in Switzerland. The vaults won't report you, your money will be safe, and you will avoid
crs, facta, etc. You could also make registry purchases. Super rich people buy assets on registries. They don't even keep or store the assets, they actually don't leave the vault, but you buy and sell them on these registries and they basically don't enter the financial system that the government can see. You buy a diamond for $100 million on the registry, you sell it 10 years later for $200 million, in the name of the foundation which is based in Bermuda or something and the government is never even aware of this so long as you never allow your money to touch a bank. You could ask the fund from registry be sent to your vault in switzerland in the form of gold bars or large denomination bills. Since this all occurs under the foundations name, you are not responsible for it tax wise.
I suspect you are mixing terms.
Settlor= person who makes the trust (ie the giver of the money)
Trustee = person who manages the trust
beneficiary = person getting the money from the trust
The beneficiary doesn't have to worry about leaving traces of putting money into the trust. The beneficiary has to try to ensure that they don't receive money that is taxable in a high tax state.
The settlor has to be careful that the government doesn't get the idea you have a self settled trust. You can legitimately donate millions to any foundation of your choosing, no law stops you from this. You just send one big fat wire. The government can't stop you from giving your money away, it is not a taxable event. The government may be suspicious of you though and will monitor you to see if you ever bring that money back in.
Which is why you need tax planning and offshore. You need to plan your affairs so that when you are ready to recover your millions overseas, you are a total non-tax resident of the high tax nation (for US citizens you will have to give up
citizenship and then try to get it back later, for the rest of us just acquire new residency). Then when you are in your
tax haven as a resident, you can transfer your foundation money to you personally. Obviously you need to pick a nation that permits this, which is not hard to find but requires some looking on your part. You now have recovered your money tax free. Now the final step in this might be returning home to high tax nation after 1-3+ years as a non-resident, or you may choose to never go back. Either way, you have made your money, and pay no taxes.
Trust are good for protecting from creditors. Won't save you from government. Your best bet to get around taxes is to actually follow the laws. There are legal strategies like the one I described that permit you to complete pay zero taxes legally. Where most offshore people get in trouble is thinking they can stay in Canada, australia, USA,
Germany whatever, and never leave AND pay zero taxes. That is impossible. You will get caught.
When you look at the people paying zero taxes who aren't in prison and rich, you realize they are all leaving at least temporarily for tax havens. And when you see someone getting caught and going to jail, they are inevitably trying to STAY in the high tax states. You had soccer stars, music/movie stars getting caught up in tax problems and getting huge fines/prison because they didn't attempt to leave their high tax countries. So the ball is in your court.
