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ShakeItUp

New Contributor
Read Millionaire Fastlane
Apr 30, 2011
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Sydney, Australia
We have clients from all over the world. Admittedly about 50% are American so we do "speak" to that audience, but nearly all of our strategies are able to be implemented by other nationalities.

Of course the information about IRA/401k's and offshore tax planning for Americans is American-centric, but we work with many "commonwealth" clients as well.
Thanks for the reply, that does clear it up.

As I mentioned, I do understand that tax planning is an individual thing anyway and strategies need to be tailored to each individual situation, so I am not too concerned with that. I will definitely get the Insider membership as I can see the wealth of information you have contributed on this forum alone!

However a bit of feedback, much of your pre-sale material is highly US centric (e.g. your email newsletters) and would be turning off potential global customers. e.g. the autoresponder email which I got today was 100% geared towards someone living under a US tax system, and had I not already spoken with you on here that would have turned me off the entire GWP Insider offering.
 

GlobalWealth

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Thanks for the reply, that does clear it up.

As I mentioned, I do understand that tax planning is an individual thing anyway and strategies need to be tailored to each individual situation, so I am not too concerned with that. I will definitely get the Insider membership as I can see the wealth of information you have contributed on this forum alone!

However a bit of feedback, much of your pre-sale material is highly US centric (e.g. your email newsletters) and would be turning off potential global customers. e.g. the autoresponder email which I got today was 100% geared towards someone living under a US tax system, and had I not already spoken with you on here that would have turned me off the entire GWP Insider offering.
Thanks for the feedback. I will definitely take a look at the autoresponders.

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ShakeItUp

New Contributor
Read Millionaire Fastlane
Apr 30, 2011
16
9
28
Sydney, Australia
Thanks for the feedback. I will definitely take a look at the autoresponders.
I just signed up. For anyone here considering the membership, I can state that the articles and info in the members only section are awesome. I have been looking for similar information for months now and short of questionable sources and anecdotal information, its VERY hard to find a reliable source of information like this.

Another question for @GlobalWealth - are the webinars recorded for later viewing? I might have missed this week's webinar by just a few hours, and can't find a link. (I know I can ask the GWP support team, but I figured this might help others here as well).
 

GlobalWealth

Legendary Contributor
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Read Millionaire Fastlane
Sep 6, 2009
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www.globalwealthprotection.com
Another question for @GlobalWealth - are the webinars recorded for later viewing? I might have missed this week's webinar by just a few hours, and can't find a link.
yes, all webinars are recorded and available to view in the members area. The one yesterday, "Take Your Online Business Offshore" will be up in a couple of days. We need to edit and upload it.
 
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MTF

Never give up
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https://www.streber.st/2015/08/offshore-usa/

Not sure how legit this guy is, but what's the point of opening a US LLC as a non-resident if it's close to impossible to open a bank account in both the US and in other countries? Seems that there are relatively few legit options for non-US residents (including offshore LLCs that, according to the law in most countries, must be taxed in the country of the residence of the owner/majority of shareholders).

Is it possible to a US bank account for a non-resident-owned LLC or corporation?
No, probably not. At least not without having former ties to the US (citizen or resident alien with a SSN) or being a well-established business setting up an entity in the US.

It is almost unheard of for a US bank to take on a newly formed non-resident company, irrespective of whether it’s incorporated in the US or elsewhere.

There are very few ways for a non-resident foreigner to bank in the US. Placing a large deposit (500,000 USD and up) or showing proof of high turnover (at least 1 million USD) can get your foot through the door.

I have seen a couple of cases where international banks such as HSBC and Citibank have agreed to open accounts for non-US residents who are resident in territories where these banks have a significant presence.
Will a non-US bank accept a US company?
Maybe, if you can show significant enough capital. As I mentioned above when talking about FATCA, because of the extra compliance work involved in handling a US client, the minimum deposit tends to be much higher.

It can be very difficult to find a bank willing to take on a US entity. If you for example are resident in Europe and try to approach European banks, the bank will be suspicious as to why you aren’t just operating under a European company.

Small Caribbean banks are terrified of getting something FATCA-related wrong and may say they don’t accept any form of US entities, fearing that a simple slip-up would cost them 30% of their USD transaction, on which they are almost wholly dependent.
 

Eskil

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Just came here to say - to anyone who doesn't know Bobby / @GlobalWealth - he is an extremely knowledgeable guy in this field. Having personally seen a few of his presentations on this subject at the Fastlane meetups, there is no questioning the value and expertise that he and his services provide. Oh and, he's also a pretty cool dude :)
 

GlobalWealth

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Ironically I am currently in Panama City, Panama at a GWP Insiders event with clients.

We are walking them through getting Panamanian residency and visiting a private vault today.

One client is a British couple. Based on the strategies we are implementing for them they will save 6 figures in taxes thus funding their new nomad life.

Another client is a real estate investor. We are moving his liquid portolio offshore and re-establishing his real estate holdings to save a bit over $100k in taxes.

Clients like these are the reason I love this work.

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MTF

Never give up
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Sorry but what is your question?

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My question is why you recommend LLCs in the US for non-residents if they most likely won't be able to open a bank account in the US or any other country in the world, which renders this structure pretty much useless for people outside the US.

The same applies to offshore companies - many internationalization experts say you can use them to reduce your taxes, but the only way to do that would be to have a tax residency in a tax haven/country with territorial taxation in the first place (otherwise if you want to do everything by the book, your offshore company is taxed in the country of your residence, so there are no tax benefits whatsoever).

I'm just trying to understand what I'm missing here...
 

GlobalWealth

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My question is why you recommend LLCs in the US for non-residents if they most likely won't be able to open a bank account in the US or any other country in the world, which renders this structure pretty much useless for people outside the US.
The US is the largest tax haven in the world....just not for Americans. Using a US LLC for investments allows foreign investors to take advantage of asset protection benefits as well as tax exemption on capital gains (minus real estate) and huge tax incentives. It is actually quite easy for a foreigner to open a bank account for their LLC. They would just need to apply for an ITIN and use that when applying for the LLC's EIN.

The same applies to offshore companies - many internationalization experts say you can use them to reduce your taxes, but the only way to do that would be to have a tax residency in a tax haven/country with territorial taxation in the first place (otherwise if you want to do everything by the book, your offshore company is taxed in the country of your residence, so there are no tax benefits whatsoever).
Again, not necessarily true. But to be honest this is too complicated of a question to answer in this forum. This requires in depth research for each individual situation as factors such as nationality, residency, source of income, product type, nature of income, and other factors matter to get a real answer.
 

Mckenzie

Bronze Contributor
Speedway Pass
I've Read UNSCRIPTED
Aug 25, 2013
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132
I just signed up. For anyone here considering the membership, I can state that the articles and info in the members only section are awesome. I have been looking for similar information for months now and short of questionable sources and anecdotal information, its VERY hard to find a reliable source of information like this.

Another question for @GlobalWealth - are the webinars recorded for later viewing? I might have missed this week's webinar by just a few hours, and can't find a link. (I know I can ask the GWP support team, but I figured this might help others here as well).
Hi @ShakeItUp, thanks for the posts. I'm Australian too, been here more 30 years...
How did you find the Insider membership so far? Is it still good and valuable as an Australian, non-US citizen? Like you, I've been looking for these kind of info a long time, and not found much legit ones that I can trust.
Thanks
 

Mckenzie

Bronze Contributor
Speedway Pass
I've Read UNSCRIPTED
Aug 25, 2013
74
105
132
Thanks MJ. Any questions - ask away.
Thanks @GlobalWealth. I've been reading your other thread on live rent free, and now found this. I'd like to check your Insider out and learn more about this thing. I'm Australian, so are your teachings in there applicable for the non-Us citizen? And do you mind if I ask what's the cost joining the Insider?
Thanks
 

GlobalWealth

Legendary Contributor
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Read Millionaire Fastlane
Sep 6, 2009
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1,164
Latvia
www.globalwealthprotection.com
Thanks @GlobalWealth. I've been reading your other thread on live rent free, and now found this. I'd like to check your Insider out and learn more about this thing. I'm Australian, so are your teachings in there applicable for the non-Us citizen? And do you mind if I ask what's the cost joining the Insider?
Thanks
More than 50% of my clients are non US.

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