QUOTE(il0ve51 @ Apr 4 2022, 11:54 AM)
Q2. Not sure if you know there are offshore company (receiving non RM) within Malaysia. hehe. Basically there a lot happening within Malaysia, just elite can take advantage. If the company within Malaysia then everything in the trust are regulated in Malaysia and under Malaysia Acts. So basically BNM are well noted when you are transferring the fund.
Dont make it more complicated by thinking offshore means oversea. hehe. Once you fully understand what is a trust then you most likely will not even questioning global transparency, OECD and any of above concern.
Offshore word is broad...Dont make it more complicated by thinking offshore means oversea. hehe. Once you fully understand what is a trust then you most likely will not even questioning global transparency, OECD and any of above concern.
There are few kind of Offshore...
Example: Those Banks operated in Labuan also can claimed they are offshore bank.
But they are subjected to the governed by Malaysia laws.
What i mentioned offshore Trust company are those really operated overseas.
They just hire some agent (especially existing Insurance broker) to help them.
But this raise Jurisdiction, risk and potential compliance issue as i studied from the internet experience, pls judge by your self.
A) Jurisdiction:
If you die, how to ensure the trustee to execute the trust? what kind of laws would be applied?
If their license not approved by Malaysia, in case of problem and dispute, how or where you can talk to?
B) Risk:
These offshore trust company may ask you to bank in certain account and said you are full control of it.
But the account holder name is not you, how to ensure you own these asset?
If let said to registered a foreign bank account, why don't choose HSBC, SCB, OCBC, Citibank and etc.
They can signed a contract with you. but the issue is if the company bankrupt and seized by local regulator, who will responsible your loss.?
C) Compliance:
If you sent big lump some of money to overseas, as said BNM will check.
Even in future you receive the lump sum of money from overseas, LHDN also will check
LHDN has applied stricter rules to check foreign source of income.
If they apply AMLA (AML/CFT) l to audit you and your next kin, then thing getting more excited and complicated.
How you earn the money, did you pay tax, why transfer money overseas then transfer back ???
So summary, better to get a license trust company locally.
This post has been edited by Shining star: Apr 4 2022, 12:52 PM