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Author: galeno Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 749071  
Subject: Re: Asset protection,etc. Date: 2/20/2000 6:12 PM
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Anes, I retract everything!! I also apologize profusely to TheBadger. It's my brain that has gone soft. I just put myself on ERT (estrogen replacement therapy). Your post and links are excellent!! That leaves my recommedation of responsible and ethical offshore organizations at ZERO as I sit here and chew on humble pie.

What the readers of this board need to understand (as you and TheBadger obviously do) is that the offshore world is VERY treacherous and full of thieves and charlatans. The one organization that I thought was not crooked turns out to be as crooked and as bogus as the rest.

That said, I still feel that an IBC used as an investment vehicle is still a good choice for some people like myself for example. As I mentioned before, for a foreigner, the USA is a great tax haven. Depending on his country of residence, a foreigner only pays 10 to 30% withholding taxes on dividend and interest income. Foreigners pay NO capital gains taxes.

The only problem with opening an account in one's name at a US brokerage is the VERY PUNISHING inheritance taxes the US will apply to a foreigner's account if the foreigner happens to die. An American citizen or resident gets a $600K or so exemption from inheritance taxes. A foreigner gets $60K.

Some foreigners feel comfortable by opening a joint account with their wives. But what happens if both the husband and wife die together in an accident?? The hiers will get slammed.

I will never again make the mistake of assuming that you and TheBadger are parochial America-Firsters that have no clue about what happens outside of the US borders. It is I who is the obvious "Clueless" person here.





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