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OFFSHORE WAGERING
Ecash Cards are fast becoming the defacto standard for safety and security. You establish a private offshore mailing address from which you apply for an offshore credit card with which to make wagers.
ASSET PROTECTION
An offshore entity is set up to allow a U S. citizen to both protect his assets from creditors and to shield income made by the offshore entity from United States income taxes until the money is returned to the United States.
The core of the system is the offshore (foreign) Corporation that is established by a non-grantor irrevocable trust (Trust Number 1).
The foreign corporation is the beneficiary of Trust Number 1 and has as its sole asset the entire authorized stock of the foreign corporation.
The non-grantor foreign trust has the following characteristics:
- The foreign corporation is the settler of the trust.
- The trust owns 100% of the stock of the foreign corporation.
- The foreign corporation is the sole beneficiary of the trust.
- The trust has no U.S. beneficiaries.
- The trust is irrevocable.
- The trustee of the trust is a non-U.S. citizen residing in the domicile of the foreign corporation and serves at the pleasure of the trust protector.
- The U S principal acts as the trust protector and can remove the trustee at any time
- The trust will not have any cash or any bank account, and has no authority to name officers and/or directors of the foreign corporation.
The foreign corporation has the following characteristics:
- The U S. citizen can, but doesn't not have to be, the officer/director of the foreign corporation. Non-U.S. citizens residing in the country of domicile of the foreign corporation can serve these functions for a fee. There is no public record of the name of the of the officers/directors of the foreign corporation in the foreign domicile.
- A bank account is set up in the country of domicile of the foreign corporation With signatory powers given by and controlled by the U.S. citizen. The bank cannot change the users of the Corporate bank accounts Without the written permission of the trust protector.
- Assets are moved into the title of the foreign corporation, such as cash, real property, mortgages on U.S. property, and stock in either foreign or U.S. based companies.
- Sale of assets of the foreign corporation have no tax incident in the country of domicile. Income from mortgages on U.S based property are free of both U.S. and country of domicile income taxation.
- Creditors of the U.S. citizen can not attach anything in the foreign domicile, even if they find out that it exists, as the U.S. citizen has no direct ownership.
Transfers of money from the foreign corporation to the U.S. citizen can be done in a variety of ways:
- Issuance of a private annuity by the foreign corporation to the U.S. citizen.
- Payment of advisory fees and directors fees, as and when decided by the board of directors of the foreign corporation.
- Loans from the foreign corporation to the U.S citizen or his related entities.
- Reimbursement of expenses to the U.S. citizen.
The profits allocated to each investor's individual trust and LLC will be determined by the shares owned or part thereof by each investor. The monies from the investors' off-shore accounts can be brought back to the USA, at which time taxes will be due. The investor may also borrow funds at a fair rate of interest from his annuity. No taxes are due under this scenario, since the funds used are at interest and not considered income to be repaid. The investor's trust may be issued a credit card, and, of course, when this Visa or Master Card is used, the funds again are not considered income. And finally, a combination of the three above methods could be utilized.
There are several in use today which are safe and secured by many stable and reputable banks.
In no way should the above statements be construed as advice or recommendation by casinonewswire.
Please check with an attorney for feasibility in your locale.
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