What to do with your money if you want to hide it from the government and the IRS? The two best options for this is hide it in foreign banks accounts or by offshore companies. For most people, these are not very good options as they need to open up a foreign bank account and link that bank account into their U.S.-based bank account. This allows the government to track who is gaining money from overseas (as well as taxation).
For those who think this may be illegal, it’s not. According to the IRS, they encourage us all to do just this:
‘To help U.S. taxpayers comply with their worldwide income tax reporting obligations.’
They want you to be a good citizen and get your taxes in on time at the end of the year, therefore they want you to hide your money in foreign bank accounts as well.
However for those who are extremely smart and savvy with their finances, it might be worth going through the process of opening up an offshore company or bank account that will never link back to you. The reason you want to do this is so that they will never be able to trace it back and find out what’s going on behind the scenes.
If you are pondering over the point how to legally hide your money, there is no place better to hide your funds than right in the country you live in. The USA is one of the safest, most stable and prosperous places on earth today where banking laws are very friendly to wealthy citizens who want to ‘hide’ their money from the government.
If you don’t want to open up a bank account or hide your money in an offshore company then the next best thing is to just stash it away somewhere where nobody can find it. This could be done by burying it underground (burying is more secure than storing at home), or purchasing a safe that is bolted down and buried underground, or even buying something off of eBay that can be used as an awesome hiding place.
If you bury your money then make sure to not only protect it with security, but also by buying the land around it on top of where you will hide your money. Because if they ever find your land, you need to be able to say that this is all yours and it was never ‘missing’ from your cash stash in the first place.
After taking all the necessary precautions to hide your wealth, you now get to feel good about spending some of the money. You can purchase a great timeshare in America knowing that no one will ever find out how much it is really worth.
You have two options besides keeping it hidden in banks or offshore accounts. These include setting up an irrevocable trust or donating it to charity.
Offshore Trusts and Charities
These are different than your bank account, there is no name associated with the entity from an individual standpoint. There are some great offshore legal structures that allow you not only to hide your money but also make sure that a portion of the funds will go to a charity that you choose, or even your children. It’s important though, that by setting up these trusts you do not link yourself in any way to the trust itself (as this would be illegal).
There are many options if you want to secure money: Swiss bank accounts, keeping it invested in real estate or other types of investments.
Use a Swiss Bank Account
A Swiss bank account has a lot going for it. It’s extremely safe, if it is set up correctly and the one you choose never gets into any trouble with the government, they will never be able to find out what you have in your account. Similar to offshore trusts and charities, the only way that they would be able to find out is in the event of a legal battle. As Swiss banks cannot comply with U.S. regulations (and therefore will not hand over information on their customers) this has never happened.
Similar to Swiss bank accounts, real estate investments can go greatly unnoticed by the government. After purchasing real estate with your money you can transfer the title into an offshore trust or charity and they will never be able to find out what it is really worth or who owns it.
After all these measures are taken, now comes the fun part. You have a lot of money which may need to be managed. This management can be in the form of a Swiss bank account, or even hiring an anonymous financial advisor to manage your money for you (again through an offshore company), thereby never linking back with you personally.
Setting Up a Fake Person
A very good way of hiding your money is through setting up a ‘strawman,’ or a fake person. This can be done by purchasing some land in their name and then transferring ownership of the property to yourself every so often, making sure your privacy is always protected.
It’s important to make sure that if you are going to hide your money that it does not show up on any government database or anywhere else where it could be tracked. This is where having a second citizenship comes in handy, as this will help you to get out of the public eye when you no longer have any use for your old name and identifying documents.
Cash Deposits and Withdrawals
You should be careful when making cash deposits into your offshore account, as these will leave a paper trail for anyone to follow. As such, it is best to only deposit small amounts of money until enough has been saved up in order to make larger deposits. If you want to make large deposits, it is best that you do this by sending cash through a courier or using some other method where there is no paper trail.
If you are going to use a Swiss bank account, it’s important to structure your money in such a way as not to draw suspicion from the bank; this can be done by making sure that there are always equal amounts of money leaving the account and less being deposited (so long as it doesn’t look suspicious).
To make things even more untraceable, you may want to consider paying for everything with cash. You can do this by getting a credit card/debit card which is only used for online purchases and not for any in-store ones. As such, this makes it impossible to link the debit card back with you as there is no signature or contact details on the receipt from the store, making it impossible to trace back to you personally.
In order to hide your money from governments or any other organizations, it is important that you never use any identifying information which could lead them back to you. One way of doing this is by stealing someone’s personal details and then using those to open your bank account or buy property; if their identity gets stolen (or they just die), you will be able to take over their life under a new name.
Another way to manage your money is through setting up a company offshore. This can be done by finding someone who is already established in the business industry and asking them if they would agree to set up a new subsidiary for you (which may or may not have any employees). When it comes time to use this new company, you can then transfer money through them to wherever you like (again, be sure not to use any identifying information).
If you don’t want anyone to know about your offshore company, it is best that it only has a single employee. As such, the single employee will act as the business owner and make all of the financial decisions for you.
Hiding Your Name on Documents
Since all of your valuables will be in someone else’s company, it is important that there are no identifying markers which can link back to you personally. Thus, if you want to withdraw money from the company’s bank account or buy property from them directly, make sure that your name is not listed on any of the documents (and even if it is, make sure to use an alias).
If you’re looking for a way to legally hide your money and valuable, this blog post will definitely have helped you out. We’ve outlined the best ways of doing so above with some helpful tips on how to get started in order to keep yourself safe. Have any other questions or feedback? Let us know! Comment below with your thoughts about the different methods we have discussed.