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Why US assets of Monegasques are often registered in Nevada May 24, 2011

Posted by jonathanwarren in Consul of Monaco, Monegasques in the USA.
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Citizens and residents of Monaco include some of the most high-profile, high-earning individuals in the world.  Many of these have some earnings and/or assets in the USA.  In such circumstances, it may be beneficial to domicile the US income in the State of Nevada, as well as register the ownership of assets there.  The reason is that Nevada has what many consider the most favorable US regime for taxes and asset protection.

The law governing trusts in Nevada (NRS 166) creates what many believe to be the best asset protection environment, while also imposing no state taxes or fees.  One need not be a resident of the State of Nevada, or even of the US, in order to take advantage of a the Nevada Asset Protection Trust.  The formation is inexpensive, and the Consulate of the Principality of Monaco in Las Vegas provides Trustee service to citizens and residents of Monaco free of charge.

Placing assets in a Nevada Asset Protection Trusts holds those assets apart from civil liabilities incurred by the grantor or beneficiary of the trust.  It also serves to lower the profile of ownership.  Income earned in Nevada incurs no state income tax, leaving only the US federal income tax liability.  Earning via a corporation may provide better tax deductions than earning as an individual, leading to a lower net tax liability on US earnings as a whole.  Nevada’s corporation law is also a favorite for privacy.

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