Selecting an off- shore country

Quote from praetorian2:

I went looking in their website. This is what they say:

5) Accounting services for offshore funds are often handled in name only by the on-island representative. The work is often farmed back to the US to ensure it is done correctly.

http://www.greencompany.com/HedgeFunds/OffDocFeeExpSummary.shtml

This is what I had discussed with them before. GTT is actually not my auditor. My auditing is done by an outside company that GTT put me into contact with. GTT does all my back office and accounting stuff for me however.
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Right, what they are referring to here is something called the "Ten Commandment" of offshore funds. These are what must be satisfied in order for Funds to be viewed as "offshore" in the eyes of the Securities Acts. It's also what allows you as a U.S. person to remain in the U.S. and yet trading and managing a fund that is ultimately viewed as an offshore fund.

Notice in the link that you provide to GTT site under "Offshore Funds" where it says basically this function is under the purview of your "non-GTT affiliated administrator." Well that is one gigantic area of influence and jurisdiction that GTT has no control over. And it is here that you will pay dearly.


However, it sound as though you are many years from needing this information as it seems as though you are just starting out.

Education is the key. When you do find yourself in need of this info educate yourself. Do not rely on any one service provider be they Accounts, Lawyers or Administrators. You find that many times you will get several different answers to the same question from various providers. Trust me on this.



Good Luck,
Dr. Zhivodka
 
Quote from Dr. Zhivodka:





Right, what they are referring to here is something called the "Ten Commandment" of offshore funds. These are what must be satisfied in order for Funds to be viewed as "offshore" in the eyes of the Securities Acts. It's also what allows you as a U.S. person to remain in the U.S. and yet trading and managing a fund that is ultimately viewed as an offshore fund.

Notice in the link that you provide to GTT site under "Offshore Funds" where it says basically this function is under the purview of your "non-GTT affiliated administrator." Well that is one gigantic area of influence and jurisdiction that GTT has no control over. And it is here that you will pay dearly.

However, it sound as though you are many years from needing this information as it seems as though you are just starting out.

Education is the key. When you do find yourself in need of this info educate yourself. Do not rely on any one service provider be they Accounts, Lawyers or Administrators. You find that many times you will get several different answers to the same question from various providers. Trust me on this.



Good Luck,
Dr. Zhivodka
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Completely agree ...

 
What do you mean by the Caymans rolled over.


I agree with you too. This is something that I will ask about more.

One reason I am asking on this forum is that there are a lot of Very intelligent people on ET like you guys. I want to get many good opinions.

Just so you know, I am actually planning on going ahead with the off shore fund. I was hoping to get something set up within the next few months. I have saved a lot of money, and I want to get it set up.
 
Notice in the link that you provide to GTT site under "Offshore Funds" where it says basically this function is under the purview of your "non-GTT affiliated administrator." Well that is one gigantic area of influence and jurisdiction that GTT has no control over. And it is here that you will pay dearly.


GTT has told me that these guys are just a front and I will have to pay them an annual fee of at most a few thousand dollars. They will then send all the info to GTT.

Is this an acceptable way to do this?
 
Quote from praetorian2:

What do you mean by the Caymans rolled over.


I agree with you too. This is something that I will ask about more.

One reason I am asking on this forum is that there are a lot of Very intelligent people on ET like you guys. I want to get many good opinions.

Just so you know, I am actually planning on going ahead with the off shore fund. I was hoping to get something set up within the next few months. I have saved a lot of money, and I want to get it set up.
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The Caymans provided a lot of information to the US a few years ago that has muddied their reputation.

I have that answer on compounding offshore profits; call me when you have time ...
 
Quote from praetorian2:

Notice in the link that you provide to GTT site under "Offshore Funds" where it says basically this function is under the purview of your "non-GTT affiliated administrator." Well that is one gigantic area of influence and jurisdiction that GTT has no control over. And it is here that you will pay dearly.


GTT has told me that these guys are just a front and I will have to pay them an annual fee of at most a few thousand dollars. They will then send all the info to GTT.

Is this an acceptable way to do this?
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Probably; but it seems way too inexpensive ...
 
Quote from praetorian2:

GTT has told me that these guys are just a front and I will have to pay them an annual fee of at most a few thousand dollars. They will then send all the info to GTT.

Is this an acceptable way to do this?
More...


You should think long and hard about what you write on public board especially when the your real name and the name of your management company is splashed all over the post.


Here's my final piece of advice for you. This area that you are exploring is the "big leagues." This arena is fraught with pit falls and it's swimming with sharks.

Get yourself some COMPETENT legal advise from at least four non-related firms (two onshore - two offshore). Ultimately you will need both onshore AND offshore counsel anyway. DO NOT under any circumstances rely on these one-stop-shopping cookie-cutter hedge fund outfits. If you fail to heed this advice chances are that you and more importantly your clients will be sorry.

DO NOT cut corners and go at this half-assed in an attempt to try to save $50,000, it will bite you right in the ass in short order.
 
Quote from Dr. Zhivodka:




You should think long and hard about what you write on public board especially when the your real name and the name of your management company is splashed all over the post.



DO NOT cut corners and go at this half-assed in an attempt to try to save $50,000, it will bite you right in the ass in short order.
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PAY ATTENTION.
 
If it was anyone but GTT I would agree with the previous post; it is way too cheap.

We have hired law firm #2 to watch law firm #1 here; considering law firm #3 to watch law firm #2.

We have had some dealings with GTT and they are competent ...
 
Quote from metooxx:

If it was anyone but GTT I would agree with the previous post; it is way too cheap.

We have hired law firm #2 to watch law firm #1 here; considering law firm #3 to watch law firm #2.

We have had some dealings with GTT and they are competent ...
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This is crazy.

Who is watching lawfirm #3?

nitro
 
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