Are you a Cryptocurrency Trader or Cryptocurrency Investor based in America?
If so, you’d be aware that your residential situation limits your access to Cryptocurrency Exchanges.
No doubt you’d like to be able to open a Cryptocurrency Exchange Account with your preferred supplier. The dilemma there is that many (if not most) of the most sought after Cryptocurrency Exchanges won’t accept Americans as clients.
If you want access to the widest range of Cryptocurrency Exchanges what you will need to do is set up an Offshore Company.
Even if you were to do that, some Exchanges won’t accept a (non American)n Offshore Company as a client if the Director or Shareholder of the Company is an American. So for those Exchanges you’d need to include a Nominee Shareholder and a Nominee Director as part of your Company/legal structure. (Obviously these Nominees would be based outside of the US and ideally in a zero tax locale – most Offshore Service Providers can provide such a service).
In the above scenario however (ie an Offshore Company with a Nominee Director/Nominee Shareholder) you would still be classified as the “beneficial owner” of the Company.
Some Exchanges won’t accept a (non American)n Offshore Company as a client if the Director or Shareholder or beneficial owner of the Company is an American. To get access to those Exchanges (ie to get access to the widest range of Exchanges) what you would need to do is set up a Private Foundation to act as shareholder of the Company…. Because a Foundation is considered at law to be both the legal owner and the beneficial owner of any asset it holds.
A Foundation is a legal entity very similar to a Trust in that it’s set up by a Founder (like a Settlor in the case of a Trust) and managed day to day by a Councillor (like a Trustee in the case of a Trust) who manages the Foundation property for the benefit of the beneficiaries of the Foundation (ie persons who are designed ultimately to benefit financially from the set up of the Foundation). A key advantage of a Foundation is that it’s a separate legal entity in its own right (ie the Foundation is presumed at law to be the legal AND beneficial owner of any asset it holds – unlike a Trustee who holds property for someone else ie the beneficiaries) and generally speaking the beneficiaries of the Trust are considered at law to have a beneficial interest in Trust property/income streams).
It’s not hard to set up an Private Foundation and or an Offshore Company; You just need to complete a basic order form + provide proof of your ID and residential address. The process can take as little as 48 hours and can cost as little as $US1,000!
OCI can also provide guidance in terms of where to domicile (& how to structure) your Offshore Company as/if needed.
Would you like to know more? Then please Contact Us:
info@offshorecompaniesinternational.com
DISCLAIMER: OCI is a Company/Trust/LLC/LP/Foundation Formation Agency. We are not tax advisers or legal advisers. You are advised to seek local legal/tax/financial advice in regards to your local reporting/tax requirements before committing to set up or use an Offshore Company or other entity.
