Offshore LLCs and Banking

I'll be completely honest, I have no idea where this thread should go. But I want to setup multiple LLCs and a bank account overseas to avoid taxes in the United States as well as protect my identity and assets in case of lawsuits.

Everything I do for my business is 100% legal, but it is an industry where I'm more likely to be sued than the average person and I want to protect myself. I'm also in the top tax bracket, so being able to stash cash in an offshore account would be amazing to save a lot of money there.

If anyone has experience with this or a service they used to help, I would love to talk. I would be willing to pay for any help/consulting

Thank you guys!

Cloaked5 said:

I'll be completely honest, I have no idea where this thread should go. But I want to setup multiple LLCs and a bank account overseas to avoid taxes in the United States as well as protect my identity and assets in case of lawsuits.

Everything I do for my business is 100% legal, but it is an industry where I'm more likely to be sued than the average person and I want to protect myself. I'm also in the top tax bracket, so being able to stash cash in an offshore account would be amazing to save a lot of money there.

If anyone has experience with this or a service they used to help, I would love to talk. I would be willing to pay for any help/consulting

Thank you guys!

Click to expand...

Get a CPA or tax lawyer not some advice from a fOrum
As a US citizen you pay taxes on worldwide income..
llcs are pass through entities in general so just go on your personal income, unless llc treated as scrop or true scorp.
Then you could save on part of social security...
Anyway it gets very complex and unless you have deep pockets to pay for a professional tax lawyer just forget about it.
A forum is definitely not where I would start..

Just my opinion no tax advice

Cloaked5 said:

I'll be completely honest, I have no idea where this thread should go. But I want to setup multiple LLCs and a bank account overseas to avoid taxes in the United States as well as protect my identity and assets in case of lawsuits.

Everything I do for my business is 100% legal, but it is an industry where I'm more likely to be sued than the average person and I want to protect myself. I'm also in the top tax bracket, so being able to stash cash in an offshore account would be amazing to save a lot of money there.

If anyone has experience with this or a service they used to help, I would love to talk. I would be willing to pay for any help/consulting

Thank you guys!

Click to expand...

There are jurisdictions where you can set up what is call tax abatement. All your fortune 500 companies participate in this ( Apple is In Ireland?). You would need to first locate a jurisdiction. Malta, Luxembourg, Romania, Slovenia etc.. There are firms In Spain and Luxembourg that provide these services along with seasoned shelf corps. Most US accountants will not be familiar with it. You will need to find counsel in the respective jurisdiction you would like to take your payout and pay taxes in. Its your right to choose the jurisdiction you pay taxes. Its an abatement not avoidance. Luxembourg and Malta are great places to start your research. Cheers!

Cloaked5 said:

I'll be completely honest, I have no idea where this thread should go. But I want to setup multiple LLCs and a bank account overseas to avoid taxes in the United States as well as protect my identity and assets in case of lawsuits.

Everything I do for my business is 100% legal, but it is an industry where I'm more likely to be sued than the average person and I want to protect myself. I'm also in the top tax bracket, so being able to stash cash in an offshore account would be amazing to save a lot of money there.

If anyone has experience with this or a service they used to help, I would love to talk. I would be willing to pay for any help/consulting

Thank you guys!

Click to expand...

I've been pondering the same as you for a while.. I would recommend getting a spendthrift trust for asset protection. As far as taxes go if you could set up an offshore entity where you send funds to and write off as an "expense" it may be possible to accomplish what you need. However you'd have to find the right country/locality where to set it up since you need to figure out how money works there as well. Ie do you need to pay taxes on the offshore country or not. Switzerland? Let me know if u got any ideas. I'd be happy to learn more. Regards

Presumably your LLCs are separate businesses but all owned by you. I think you should research holdong companies and like other members said, incorporate in a different jurisdiction.

Cloaked5 said:

I'll be completely honest, I have no idea where this thread should go. But I want to setup multiple LLCs and a bank account overseas to avoid taxes in the United States as well as protect my identity and assets in case of lawsuits.

Everything I do for my business is 100% legal, but it is an industry where I'm more likely to be sued than the average person and I want to protect myself. I'm also in the top tax bracket, so being able to stash cash in an offshore account would be amazing to save a lot of money there.

If anyone has experience with this or a service they used to help, I would love to talk. I would be willing to pay for any help/consulting

Thank you guys!

Click to expand...

Is this still a need? If so I can refer you to someone who set up offshore banking for me along with payment gateway. He is a legit dude, i know him through LinkedIn and not BHW. PM me if interested. This is a straight referral and I will no involvement nor will I receive any compensation. Consider it good will as I have a similar need right now which brought me to your post to begin with. Good luck either way.

PS - have you thought about opening up an account on Native American Tribal land? The have banks, right next to their casinos, and a lot of my CBD/THC entrepreneurs started with them because gate way wasn't possible so the would drive to tribal land and deposit 30-40k in small bills and there were no questions asked. The trbe's land is sovereign so it is the same as overseas but you get the face to face relationship. The lack of face to face by outsourcing is a major issues that needs to be addressed. hope this helps.

Cloaked5 said:

I have no idea where this thread should go

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Usually here: https://www.blackhatworld.com/forums/business-tax-advice.96/