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For U.S. Taxpayers who want to expand their tax planning to the offshore world, there are several strategies that are completely legal to reduce your taxes and protect your assets. Below a summary of often useful tax planning tools.
U.S. Tax Haven
Nevada is considering a tax haven. A company registered in Nevada is the perfect vehicle for confidentiality. Nevada State register Of companies don’t show any details Of ownership nor names Of partners. This is particularly useful to protect your assets against potential creditors and frivolous claims.
U.S. Land Trust or Grantor Trust
Trust is designed for asset protection and estate planning. A Land Trust is established to protect real estate assets. A Land Trust is recognized in some states, for example, Florida, with legislation enacted specifically for that. In other states that don’t recognize it, the Land Trust is called a grantor trust. A Grantor Trust is a disregarded entity before the IRS and the grantor is responsible for tax reporting. Wealthy families use trusts to preserve wealth and avoid probate.
U.S. Living Trust and non-Grantor Trust
A living trust is designed to protect personal assets, participation in corporations and partnerships or LLCs. You should form the trust where the assets are located. If you are tax planning in the U.S., the Nevada trust offers a life of 365 years for the duration of the trust. A non-grantor trust is separate from the grantor and the trust is responsible for tax filings.
Jurisdictions to incorporate an offshore company
There are plenty of places, where you could incorporate your offshore company, which suit and serve different business needs. We recommend jurisdictions that provide the minimum requirements of zero liability, confidentiality, and asset protection. Depending on your business structure and objectives, Belize is one of the best options to choose from. Other compelling jurisdictions to consider, depending on your business plan are Cayman, BVI, Antigua and New Zealand. Here are some of the best features of certain locations.
- For simplicity: Seychelles, Nevis or Belize.
- For asset protection: Cook Islands.
- For operating a business internationally: Panama.
- For doing business in Asia: Hong Kong or Singapore.
- For financial services or ForEx licensed entity: Belize, Panama or New Zealand.
- For hedges funds or compatibility with U.S. regulation: Cayman Islands.
Operating through an offshore company allows you to conduct your business efficiently and on a level of privacy and anonymity. Holding bank accounts and assets in an offshore company, rather than in your name, maximizes security. In many jurisdictions, the company officers, shareholders, and beneficial owners are not on the public record and their privacy is guaranteed by statute.
- Offshore Corporation
- Offshore sole-member Limited Liability Company (LLC)
- Offshore multi-member LLC
A sole member offshore LLC is treated as a disregarded entity for the IRS. This investment and asset protection structure has simplified U.S. reporting requirements and will reduce your annual maintenance costs with the IRS if selected.
A sole-member offshore LLC is best suited for the following:
- To manage your Self Directed IRA.
- To hold an offshore bank account for a U.S. resident seeking asset protection.
- To hold an international business that is expected to generate net profits that are less than the Foreign Earned Income Exclusion.
A multi-member offshore LLC is also a flow-through entity for U.S. tax purposes. However, it is reported as a partnership and requires a complex tax return. Offshore LLC partnerships are primarily used in joint venture arrangements.
To discuss the benefits of IBCs and LLCs, click the button below and schedule a consultation. We will gladly give you more details about the offshore structures and their requirements, clarify any information and answer all of your questions.
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