I often get requests from people who live outside the USA on how is the best way to "smuggle" money out of their particular country. Like I would know!!!! I am not a smuggler or a pirate, I am an attorney and show people how to solve the same problems through legal methods!!!
I try not to get insulted because I believe a large measure of the attitude stems from a lack of knowledge and a true and profound fear that many people suffer under in their home countries. They fear that if they do not find a way to put aside money in a foreign currency (usually the US Dollar) if and when something bad happens they will be completely incapable of taking care of themselves and their families. They also fear that if their government discovers that they have been hoarding "black market" currency they will get into even more trouble. What to do?
There is a solution and it is a fairly simple one. Through the systems described in this website it is possible to create a strong freestanding entity that is not the alter-ego of the client that allows him to quietly accumulate money in secure and strong US banks in a totally private and confidential manner.
There are many ways to utilize this system, but the most common is "transfer pricing", a concept as old as commerce itself, and which I am sure annoyed the tax collectors of Sumer, Babylonia and Egypt. But no matter how much it annoys, as long as the formalities are followed, it is legal.
This is how it goes: Let's say your company imports Truck Parts from the US, and each month you buy on average $10,000 in parts. You have to pay for those parts in US dollars so no matter how strict your country is in regards to currency controls, you get permission to convert your currency over to US dollars and then pay the bill. After all, business must go on, and the trucks must roll! Now what if you found another supplier (the company that you created in the USA) and this company sold you the same goods but at a slightly higher price. Say 20% higher. Each month you would average $12,000.00 a month. The extra $2,000.00 would be the profit that the US company made by selling to you the same things you would be buying anyway. This $2,000.00 is now safe and secure in your bank in the USA. There is no tax on that amount. And if your goal is to get money out of your country, over a period time you will accomplish this goal in a legal, ethical and totally private manner. In effect you "transferred" $2,000 in profit from your home country, where you have to pay taxes and perhaps convert it into local currency, to the US company and bank which you privately control tax free. This is just an example and the amounts may vary from one client to the next.
There are many other solutions and options, and much depends upon the needs of the client. If you have an emergency and you absolutely must get the money out of your country immediately and you do not have time to arrange a proper system and carry out the process over months, there are still things we can do to help, but it can get a little complicated. Please give us a call if you are unfortunate enough to be suffering under these circumstances.