Buying Your Tax Haven Corporation By William Cate Published March 1998 [http://home.earthlink.net/~beowulfinvestments/] [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
Your purpose in buying your tax haven corporation determines your incorporation and maintenance costs. You can buy a new car, without an engine. It'll cost less than a new car that works to your satisfaction.
The most common reason that Americans buy a tax haven corporation is to impress people. They want to park their new engineless car in their driveway and have it admired by their friends and business associates at cocktail parties or business luncheons. At best, their purchase is a protest against government. Since their tax haven corporation isn't going to be used, they should buy the cheapest tax haven corporation.
The financially unsophisticated buy a cheap tax haven incorporation to save money. They don't realize how easy it is to lose their offshore nest egg. In some cases, local attorneys don't file the incorporation documents with their Government. Local tax haven banks fail at an alarming rate. Nominee directors have the power to defraud the unwary. Western taxing authorities often collect taxes from the unwary tax haven corporation. The road to tax haven success is dotted with hundreds of these potholes. The unsophisticated are certain to wreck their car driving this road.
For over 100 years, financial advisers have helped the unsophisticated survive on the road to tax haven success. In Europe, these advisers tend to be from old-money families. In the States, they tend to be attorneys and accountants. Do you want to drive a tax haven car and don't know how to do it? You should hire a tax haven adviser, as your chauffeur. It's good insurance. They'll add $5,000 to $10,000/year to your costs. However, you'll avoid the loss of your offshore nest egg from hitting a pothole.
You can pay over
a hundred thousand dollars a year for your tax haven incorporation. It's done by the super rich and multi-national corporations. They get a team of drivers who ensure that they prosper without having tax problems from their local taxing authority. Their chauffeur costs are justified because their tax savings more than offset their costs.
For the past twenty years, I've helped Stock Market professionals create International Business Corporations (IBCs). My design is sound. We're taking some of these IBCs public. They aren't the dream machines of the super rich. They aren't the engineless new cars of cheap tax haven incorporation. They meet a need. If you share that need, they are your best value. The cost is US$3,500 for the formation of your tax haven corporation. Thereafter, the annual maintenance fee is US$600/year for a private IBC. It's $1,000/year for a publicly trading IBC.
Putting aside ego and ignorance, tax haven corporations aren't for everyone. If they are for you, you must decide upon your purpose, before you shop for the best value. If you need stock trading and currency help, I offer the best value. If you want to use a tax haven corporation to hold a global real estate empire, you need help from someone who creates real estate tax havens. Your purpose will determine your costs. It will determine the location of your tax haven. It will determine whom you'll use as your adviser.
To contact the author: Visit the Beowulf Investments website: [http://home.earthlink.net/~beowulfinvestments/] Or, visit the Global Village Investment Club Website: [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
About the Author
He has been the Managing Director of Beowulf Investments [http://home.earthlink.net/~beowulfinvestments/] since 1981 and is the Executive Director of the Global Village Investment Club [http://home.earthlink.net/~beowulfinvestments/globalvillageinvestmentclubwelcome/]
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