Buzzy... I'm actually going to appologize to you again... I re-read what you were trying to say to me... Your impression of what I was talking about may have been that I knew nothing about the subject already... You were merely caught in between me going back and forth with a real dickhead for nearly two days now... So I do thank you for you offering me your advice... It's just that I was seeking something more in depth... So mind you even though you think I'm a dickhead now just understand I wasn't trying to be... Thanks Again
I've taken the time to speak to a lawyer for the advice I was hoping to seek and although it's going to be expensive it's going to be worth it... I see that asking advice of this nature on this forum is hardly worth my time... Although I thank you for the first few posters that genuinely wanted to help me... I also want everyone that was reading this thread here to know that I wasn't seeking too know how to do what I was talking about as much as I wanted to hear about others experiences with the subject matter. Although I see few people have experience in the matter that are interested in posting publicly considering how many PM's I got instead... Thanks Anyhow for the help...
Absolutely, this is not for someone without a huge stash of money to begin with, or someone knowing they'll have significant assets to protect in the future, and therefore it is worth spending the 10's of thousands of $$$ now to get everything in place. The web sites like what was posted earlier are typically come-ons for the unwary. They could be used successfully by an experienced person, but not if the advice is coming off a discussion board In a nut shell, if we're talking a USA domiciled, resident, citizen who is remaining in the USA and is setting up offshore structures for alleged asset protection and maybe some tax benefits (the $80K exclusion was mentioned)... that is for the big boys with assets in the 7 figures and a team of quality lawyers to do it correctly. The assets are "protected" and generally not "absolutely excluded' from attachment. What "protected" means is it is a roadblock for some poor guy who was under-insured and ended up with a huge judgment against him. Being offshore can delay getting that judgment satisfied, so this "protection" gives you the chance to negotiate a reduced settlement payoff in exchange for immediate payment. As to the taxes, there are no savings as being discussed here. The entity pays a deemed dividend annually on all earnings, so they are taxed by IRS, even if the funds stay overseas. Your USA tax return becomes a small nightmare far beyond the H&R Block level of tax prep, meaning you now have a CPA on your payroll along with those international asset protection lawyers These web sites thrive by sucking in the naive and since they all have some level of tax advantages promoted, eventually the IRS will nab you. NV secrecy laws mean diddle unless you have a team of lawyers to assert your rights to privacy. Tip: If one wants simple asset protection... putting the assets in sue-proof spouse's name and then becoming a "kept man" works well as long as the marriage is strong and trustworthy. Here's a link discussing an offshore promoter... http://www.quatloos.com/terry_neal_arrested.htm
Ok this is the idea... The kind of advice that you are extending is more so what I was looking for... I actually tried to change the name of this thread after I had already written it... I see that you can't... It would have been one of my other two choices... Offshore Hedge fund... or International Business Corporations... My real point of posting this stuff was in hopes that I might have been fortunate enough to bump into someon like these two guys ____________________________________________________ Dr. Zhivodka Registered: Sep 2002 Posts: 457 10-06-05 04:21 PM no worries mate....wasn't speaking to anyone in particular. Itâs just that I've played in this sandbox before. It can be done and there are substantial benefits to the Fund's Management/Advisory company...but it ain't easy nor cheap. Cheers BTW: congrats on the internet marketing thingâ¦.wish I had been smart enough to get in on it. ____________________________________________________ Joetrader Registered: Jun 2002 Posts: 94 10-06-05 05:00 PM zhivodka is correct about the offshore hedge fund being the only loophole. Malaka, the reason that works and opening a company doesnt is two fold. First the company has to be greater than 50% foreign owned, which with a hedge fund means over 50% of the money has to be foreign owned, but for some guy opening a company it would mean he would have to sign over control off all the money to someone else (something more than a few slimy caribbean firms are more than happy to do). Second, even with foreign ownership of your hedge fund your management fee remains taxable. It is your inscentive fee that that can be paid out as shares of a foreign owned corporation directly into a deferred compensation plan allowing you to defer taxes for up to 10 years. This effectively allows you to compound your fee's exponentially as there is no tax up front and when tax finally is due it is a long term capital gain! Of course Congress is working dilligently to undue this loophole, but so far, to no avail. Offshore fund administration alone by any reputable firm is 50K/yr minimum and the audit is another 50K min. Now add in the tax work and ongoing legal fees and you can see why people are saying you need a good chunk of change to make it worthwile, oh, and you need to have pleanty of foreign investors in your rolodex! ____________________________________________________ This is how I responded to the comment the good Doctor gave me mrvizion Registered: Oct 2005 Posts: 29 10-06-05 04:36 PM -------------------------------------------------------------------------------- Quote from Dr. Zhivodka: no worries mate....wasn't speaking to anyone in particular. Itâs just that I've played in this sandbox before. It can be done and there are substantial benefits to the Fund's Management/Advisory company...but it ain't easy nor cheap. Cheers BTW: congrats on the internet marketing thingâ¦.wish I had been smart enough to get in on it. -------------------------------------------------------------------------------- My, God, thank you, someone that not only thinks before they speak, but really knows what they're talking about. The whole reason why I even posted a question like the one I did in the thread I had started was to hopefully meet someone like yourself... Although I've managed to accumulate a little money for myself... Guys like you will save you thousands of dollars in advisory fees (not to mention the load of crap someone might have to offer). Just because you liked what someone had to say one day... Thanks for the congrats on my marketing biz... I probably still have one of your old email addy's. Now it's strictly opt-ins my friend... That is unless you live in the Dominican ____________________________________________________ People like them will save you thousands of dollars and time if they extend their advice... For free Still typing-----
Now to finish what I was trying to say... I'll tell you a little more about me... I've been an internet marketer since I was 18 years old... 6 years now closer to seven... Like I explained in that other thread I commented to... I was fortunate enough to get in on the net's heyday... So Like I said I may have had your email addy at one time... Now I'm strictly opt-in... Needless to say I was able to accumulate a little money... Especially when I finally sold my traffic... After that I needed something else to do... Buying your parents a new house tends to make you feel like you're larger than life... Not to metion a few sports cars... I had been going to college in high school through post secondary... Well not even to tell you how fun things were at college... I'll just tell you how one day I was seeking something else to advertise and I stumbled on a FX trading Platform.. Wow I said, I wonder how you can advertise for that... So I leave my email and telephone to be able to find out how... To my surprize someone calls back the next day... Turns out it was the West Coast V.P. of the company I introduce for today... Funny he should bother calling me up directly... Maybe he liked my email address... He began to tell me how he was with Denzel Washington Yesterday.... I thought he was just a salesman... Come to find out he was telling me the truth (great guy)... He also told me you don't need to be licensed to introduce for them... Introduce??? I learned that's the way you can make money off the platform... Ok where do I signup... Needless to say he made it easy for me to get things going...Then he introduced me to systems trading... He actually had a friend of his in the industry let me use a system that brought back arround 40-50% R.O.I. on average a year for my own accounts... Made it real easy to get clients when they understood what I was doing... It was also pretty funny that arround the same time my alma-mada introduced a new master's program... I took it as an omen... Long story short the rest has been history ever since... My last job I ever worked was when I was 17 at the hilton as a banquet server... I'm not going to ever work for anyone else again..... Longer term plans.... I want to be a billionaire before 30 and I want to own a biodiesel refinery. Oh and by the way I had to loose money when I finally started trading my own to be able to come back and win big... Now that was a brief synopsis. Believe it or not.... but that's all I care to give to this anylonger... And I'm begining to understand why I have been told for me to just flat out get a team of lawyers to work with... I also might be absolving my citizenship soon to move to much more tropical weather... I was just trying to see if I could get some good advice... Thanks to all... And mind you even more so I don't care what you think of what you're reading... Just know my life has been a blasts as long as I can remember. Except when I nearly blew my trading account, got mad about it, and came back to do what most men will never... Got to go my girlfriends done with dinner...