You sir are what I like to think of as the perfect candidate for IBC. ![]() Get your policies going, and wait for opportunity to hunt you down. The fact that you don’t have to take immediate policy loans like a lot of people who are setting up policies now makes you an ideal candidate. I have no idea what opportunity will present itself to me, but I firmly believe sometime in the next 10 years there will be a great opportunity that will require a lot of capital, and will likely be life changing. The first couple years aren’t that exciting, but now that my premiums are no longer a “cost”, and are actually contributing to my net-worth rising every year when I pay premium, it’s exciting. I’m putting $100k or so in of premium per year at the moment, and thinking of starting another policy. I’m 39 now and started my policies when I was 37. I have a similar financial picture as you. For the most part, people don’t have good extra cash flow until then. Thank youĤ0 is actually probably around the average age most people start IBC. I fund about $5k each in 529 for my 2 kids.Ĭurrently have term life insurance for 5 million.ġ.) at 40 years old does it make financial sense to learn about IBC or will premiums be too high because I am older?Ģ.) last year I was in 37% federal tax bracket…will paying premiums for IBC result in lesser tax burden?ģ.) is it possible to use IBC as an emergency cash reserve? At the moment I have $160k in checking account and it barely earns any interest.Īppreciate any and all tips/advice. Also have a rental home with 30 year mortgage at 3.5% interest (remaining balance about $200k) Opted for 30 year mortgage on home at 3% interest (remaining balance $300k). I have about $360k in IRA and about $600k in taxable brokerage account. I max out 401k and 457B plan at work (employer matches 25% for 401k but no match for 457 B). My info: I am physician with W-2 income of $600k/year. Was hoping to have some questions answered before I put in time and effort learning about the concept. I’ll be honest I have not done a lot of research on IBC yet. We can assist with preparation of the application to make it look as good and appropriate as possible, but we cannot influence the banks on their decisions therefore we cannot provide any guarantees as to whether the account will be opened or not.I am married, healthy 40 y/o with 2 boys ( 5 and 4 years old). Once the application is filed, the bank will review and assess all the details and will make the final decision. A detailed Curriculum Vitae showing experience in the field of the proposed business is a valuable part of application.Īll this information is something that we cannot prepare for the client, only the client himself can come up with this information. ![]() ![]() The next important item of the bank account application is personal background of the beneficial owners of the IBC. The bank will also estimate the potential profit of the client to the bank – how much income the business in question will bring to the bank (frequent or high-value transactions, use of credit cards, interest in other services offered by the bank) as compared to the expenses of the bank for the client’s KYC check and regular KYC update. Some offshore banks even agree to assess the business description before the formal application is filed. The main pre-requisite for a successful offshore bank account opening is to provide a clear and logical information as regards the intended business of the company – this is the first block of information that the bank will review during the application. The personal and business details of the beneficial owner are most important. ![]() The corporate status and structure of the IBC is not too important when opening the bank account. The success of the offshore bank account opening does not depend on us, it depends on You. On the contrary, opening of a bank account, even for the same newly registered IBC, is not automatic and not guaranteed. The registration of an offshore company itself is a fairly straightforward process.
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