Owning a business can be a highly rewarding and profitable venture if handled correctly, but it also comes with risks. In the increasingly litigious society that we live in, businesses are faced with more claims and lawsuits than ever before. As a business owner, it is your responsibility to understand the many risks which face your business and personal assets, and take the necessary steps to protect them.
In this article we will outline the importance of asset protection and some of the best asset protection strategies that can be used.
When you think of the richest countries in the world, the first ones which probably come to mind are economic powerhouses such as the United States, China, and Japan. While these are indeed among the wealthiest nations on earth with the largest economies, merely taking the gross size of the economy as a measure of wealth is not sufficient.
In fact, some of the smallest nations on earth are really also some of the wealthiest when we adjust for population size and quality of life.
The Central American nation of Panama has become a popular location for foreigners looking to start an offshore business. Its favourable regulations and tax regime, along with its diverse entrepreneurial opportunities and bustling economy make it an ideal place to set up shop outside one’s home country.
In fact, the Panamanian government has actively promoted and incentivised foreign investment with great success through their ‘Visión 2030 Panama’ scheme.
There are many benefits to starting an LLC in a foreign jurisdiction. It can provide you with enhanced privacy, asset protection, diversification and help you avoid the hassles of international regulation.
If you are looking to create an LLC overseas, there are a few steps and questions to think about before you get started.
There is a lot of misunderstanding that surrounds offshore banking. Despite what the media says, an offshore bank account is a legitimate financial tool businesses and individuals use for protection and security.
Offshore bank accounts are not illegal and can be used just like a domestic account, such as holding company profits or managing investments. Opening an offshore bank account provides you with many benefits, including asset protection, security, privacy, higher interest rates, as well as a secure plan B for tomorrow's uncertainties. Pretty much anyone can benefit from having an offshore account, regardless of background, income, or credit score.
Malta is an attractive European nation situated in the middle of the Mediterranean Sea. Many are drawn to its shores thanks to its excellent climate, high quality of life, and welcoming people. It has also become one of the most popular nations in Europe and the world to obtain residency and/or citizenship by investment.
In exchange for mixed investment in property and a government fee/contribution, it is possible to acquire Maltese permanent residency within 4 – 6 months, with a total minimum cost of approximately EUR 150,000.
Offshore companies are simply companies which are incorporated outside of the country in which the owner resides. Offshore companies have become popular financial vehicles, as they provide access to different financial and economic landscapes in potentially favourable offshore jurisdictions.
In an attempt to attract wealthy foreign investors, some countries have created friendly offshore financial environments which offer company owners greater levels of privacy, asset protection, and tax optimisation than can typically be enjoyed in their home countries.
In this article we will explore the use of offshore LLCs for anonymity and asset protection, discuss some of their other benefits, as well as the best jurisdictions in which to incorporate an offshore LLC.
If you’re familiar with cryptocurrency, you’ve probably heard the term “altcoin” thrown around before. It’s generally used to describe any cryptocurrency that isn’t Bitcoin, given the massive market share Bitcoin enjoys in the crypto space.
But altcoins represent an evolution of the cryptocurrency industry, bringing improved speed, lower transaction fees and programmability in the form of smart contracts.
With all of these upgrades comes some innovative and bleeding-edge mechanisms to earn passive income on your crypto holdings. Robust and risk-free schemes are already set up to maximize your investment and the opportunities are only increasing.
Cryptocurrency. It’s the notoriously volatile “investment” that dominates the financial headlines for both good and bad reasons.
But despite the fear, uncertainty and doubt about this emerging technology, the truth is that “internet money” has evolved into an almost $3 trillion dollar industry and made a lot of people very rich.
There are pitfalls, however, and if you’re not savvy, you can stand to lose a good chunk of your investment. But with a little knowledge and the right guidance, you could be holding with the best of them.
Starting a business can be a bit complicated especially if you are not familiar with the process. One of the difficulties during this first step is understanding how to operate through all the red tape that needs to be cut in order to get set up as a business.
If you have decided on incorporating your start-up business, one of the first things you should do once you have picked a company name and legal structure (sole proprietorship, Limited Company, or LLC) is to apply for a business registration number. This article will discuss what it is and why you need to get one for your business.
With its highly liquid market and wild price actions, it should be no surprise as to why cryptocurrencies have become popular with investors. However, as with any other form of income, any income derived from or transacted using cryptocurrencies and other digital assets are taxable by the IRS - even if you’re an American ex-pat living overseas.
Since cryptocurrencies are a relatively new-fangled concept, settling taxes can get complicated especially if you’re not privy to the nuances of American tax law. Compound that with living overseas, then you get a situation where Americans working abroad are opting to skip filing taxes for expats rather than going through the quagmire of tax compliance. However, this is ill-advised as the IRS has aggressive measures in place to track these types of financial activities and can land you in legal hot water when caught.
With the incredible rise in crypto trading, many people have gone on to the market to avoid paying taxes. Since cryptocurrencies were a new financial market, it took the IRS some time to reach them. The confusion surrounding the market, how it works, and if cryptocurrencies counted as an actual currency still persisted.
Therefore, they were not able to bring about any concrete changes to the tax laws. But times have changed, and the rising popularity of the market has led to concern by the IRS as well as the President. In other words, it is safe to say that the IRS will soon be cracking down on cryptocurrencies as a whole.
When it comes to asset protection, few financial tools can rival a Cook Islands Asset Protection Trust. These trusts provide unparalleled asset protection, privacy, and a range of other benefits. However, a Cook Islands Trust on its own still may not be sufficient. The best way to secure your assets and protect your financial wellbeing is to have a comprehensive strategy with multiple vehicles complementing each other.
This is where you can greatly enhance your asset protection plan by using a Nevis LLC in conjunction with a Cook Islands Trust. Finally, a Swiss Bank Account completes the trio.
In this article, we will explore some of the key features of all three of these powerful offshore financial tools, and how they can work perfectly together to bring you greater financial security, control, and privacy.
Traditional banks are rooted in a system that is slow to change and resistant to anything new. This conservatism has rendered the banking system slow to respond and integrate new forms of transaction. Banks have dragged their feet when it comes to updating their corporate and retail banking products with products that appeal to today's immediacy-obsessed consumers.
Many traditional banks insist on sticking to a traditional banking model approach and as a result, may be left behind as much of the world embraces a new way of transacting and investing.
Two of the most powerful financial vehicles available for asset protection and estate planning are Trusts and Foundations. Both of these vehicles provide a means to protect your assets while you are alive, and to secure them for easy transfer to your heirs upon death.
While these two instruments have many similarities and common uses, there are also important distinguishing characteristics that set them apart. Deciding which is the ideal choice for you depends on various factors related to your personal circumstances and needs.
Europe has become the leading center for crypto adoption as the rest of the world is left trailing in its wake. Minimal regulation, lower taxes, and booming startup scenes have created several crypto hotspots across the continent.
If you are looking to find a country to nurture your crypto assets, there are five countries in Europe that may very well be the best places in the world to live as a crypto investor.
Who needs an estate plan? If you own a car, a house, or an entire room full of comic books, then the answer to that question would be you.
You don’t even have to be married or a parent, although being either or both justifies the need for estate planning even more.
Unfortunately, many Americans don’t seem to be too keen on estate planning. According to a 2017 survey by Caring.com, only 42% of U.S. adults currently have a will, living trust, or any estate planning document.
Crypto prices go up, crypto prices go down. Although one thing is becoming more certain, cryptocurrency is here to stay. If you are going to be using crypto today or any time in the future one thing that you will need is a wallet.
Much like a wallet for fiat currency, a crypto wallet is a place where you store your cryptocurrency. There are two main types of wallets, custodial wallets like those found in Paypal and other fintech apps which act as a “custodian” for your crypto assets, meaning you are trusting the company to hold on to your funds. And the second is a non-custodial wallet which can come in the form of software or hardware on your browser or in the form of a USB key.
Digital currencies are gaining a foothold in the world of finance and are slowly being integrated into the financial system. Though Bitcoin can be converted to cash through traditional financial institutions, people are still faced with many complications when dealing with conventional banks.
The distrust is largely due to the unregulated and unpredictable nature of the crypto market as well as the ever-changing laws coming from governments and institutions as they learn how best to monitor and regulate the crypto space.
Trusts are highly effective financial tools used in estate planning, asset protection, tax optimisation, and more. There are numerous types of trusts, each with their own unique structure and terms. This makes them highly versatile instruments which can be used in a range of circumstances.
A primary distinction is made between irrevocable and revocable trusts. In this article, we will briefly outline what an irrevocable trust is and its main benefits. We will then look at some of the most commonly used types of irrevocable trusts.
Nobody likes to consider the possibility of divorce, but unfortunately, they are a far more common occurrence than we like to acknowledge. In fact, it is estimated that almost 50 percent of all marriages in the United States will end in divorce or separation.
It is easy to fall into the trap of believing that it will never happen to you, but the reality is that it very easily could. For this reason, it is better to be well prepared for the possibility, than have to try deal with the consequences after they arise.
The cryptocurrency and digital asset market has exploded over the past decade. Early investors have been catapulted from middle-class working citizens to mega wealthy in the space of a few years, and new entrants continue to amass large wealth through this up-and-coming asset class.
Cryptocurrency is still in its infancy, is largely unregulated, and often misunderstood. As a result, there are various grey areas surrounding its classification, taxation, and how best to own and protect it. In this article, we will clear up some misconceptions about cryptocurrency, explain why it should be protected in the same way as other valuable assets, and discuss the best means for doing so.
The rise in demand for second passports, fueled in large part by the epidemic has created a surge of individuals looking to secure their freedom of movement.
Obtaining second citizenship can be difficult, expensive and a time-consuming process, however, thanks to ease of regulations, a fast-track application process and the ability to pay with crypto has made it a quick process that can be finished from start to finish in just over a month.
The only certainties in life it is said are death and taxes. With that said, taxes do not need to be as tragic as death and hopefully, with the right help, you will not have too ponder death come tax day.
In this article, we will look into several different pieces of crypto software that help simplify the complexity of cryptocurrency reporting and show you some smart ways to help reduce your tax burden.
When incorporating a business in the United States, one of the primary decisions is whether to choose an S Corporation or C Corporation. While these two types of corporations have some commonalities in their basic structure, there are also some important differences to be aware of.
These differences primarily pertain to taxation and ownership requirements. The right type of corporation to choose will depend on the specific situation and needs of the business.
Cryptocurrency and digital asset markets have exploded in popularity and growth in recent years. Many are seeing the exciting potential of this new asset class, and want in on the action. In the early days of Bitcoin and the wider crypto market, the options for buying and selling crypto in a seamless and affordable manner was limited.
Fortunately, that has changed. Today there are now a multitude of excellent cryptocurrency exchange platforms where anyone from the complete beginner to the experienced crypto trader can easily buy and sell crypto at highly competitive rates. However, due to the fact that cryptocurrency is still a largely unregulated industry, it is important to carefully do your own research before diving in. There are still many scams out there, and not all crypto exchanges should be blindly trusted.
Estate planning is a difficult but necessary step if you want to generate wealth for your family. The challenge is the more wealth you have, the more difficult it is to get it right.
Estate planning can be quite complex. To make matters worse, the rules surrounding estate planning are constantly changing. This is especially true of tax laws and liabilities.
The best way to solve this is by implementing estate planning strategically and early on. By acting early, high net worth individuals can leave more for family members and future generations. Let’s look at some of the most crucial steps of good estate planning.
Hong Kong is regarded as one of the world's top financial centers due to its favorable tax environment, free-market economy and liberal regulatory system, making it one of the world's most dynamic places to start a business.
Hong Kong has a stable and bustling economy with a business culture that has made it on the 3rd easiest country in the world to start a business, according to the World Bank.
Trusts are useful financial vehicles that can be used for estate planning, asset protection, privacy, and tax optimisation. There are numerous types of trusts, each with their own unique characteristics which serve different purposes.
A land trust is a special type of living trust (i.e. a trust which comes into effect during the grantor’s lifetime) that is specifically used to hold real estate and/or related assets.
Offshore holding companies provide an ideal vehicle for holding real estate investments. As such, an increasing number of offshore companies are being registered for this express purpose. While in some instances it might make more sense to hold a property investment in your personal name; in most cases, registering an offshore company to hold the property on your behalf can provide significant benefits.
In this article, we will explain what an offshore holding company is, how it can be used to hold real estate, why it is worth it, as well as some additional factors to consider.