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Special EU & EURO Warning – December 14, 2011Offshore Jurisdiction Comparison 
Guatemala CorporationGuatemala Bank AccountAnonymous Master Card and VisaHigh Limit Anonymous Offshore Visa & MasterCardAndorra Private Banking Swiss Forex and CFD Trading AccountFOREX and FUTURES Bank Account for BrokersForex Professional Broker Trading Accounts Offshore High Risk Merchant Accounts
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Introduction – Today we have a large amount of online payment services using Gold, Silver and virtual currencies. Some of these services are better than other but all the ones out there now are basically no good and we will tell you why without naming them individually. We will show you what to look for. We will however mention www.e-gold.com since they have been in the news being criminally indicted and all.
E-Gold – This was the biggest one ever to hit the Internet. You were able to buy gold, silver, platinum and other metals. You needed to send your payment through an e-gold exchange merchant who would sell your e-gold to you. The merchant would send actual bullion to the e-gold vaults and get credit for that weight of gold. They would then sell you e-gold or buy your e-gold always at a profit. You would wire funds to them or send them a bank check etc for the gold. There were large time delays with it taking at least a week to get the e-gold credited into your account. The purchases with egold could be accomplished in real time. Funding the account was always a problem.
egold then gets indicted criminally for various and sundry charges and allegations. The government tries to seize the gold in their vaults outside the USA but fails. Some egold merchants have their funds frozen. Basically became an ugly situation and people tried to sell their egold or trade it for another ecurrency and there were waits of months to get rid of the egold. Egold volume dropped along with the number of users.
Jurisdiction – E-gold made a big mistake. They operated from a country where it would seem to most people impossible to operate such a business. They tried and they seem to have lost, although they will have their day in court. One of the goals of the government was to confiscate the egold gold bullion itself stored in vaults under trust agreements. This would pay for the investigation and hurt the egold users setting an example and a warning that trusting these virtual currencies or gold services is a bad idea. This time they failed. Don’t plan on them failing next time.
Egold Clones – They for the most part make the same jurisdictional mistake. Some buy offshore corporations and yet operate in the USA, Canada and other privacy invasive countries that have services like these since they are far from as transparent as the conventional banking system. These governments also enjoy unchecked confiscation rights when dealing with the conventional banking system but not with the virtual gold companies since they cannot identify the account holders readily. We have looked at these various services and they seem to be fooling people into thinking they are not in the USA or in some other privacy invasive country without any tax treaties or other information sharing vehicles. There is one in the Russian Federation that may have some merit but services like this have been wrought with fraud in the Eastern Europe countries.
Exchange Merchants – These services seem to think that if they themselves do not take the money directly they are immune from many laws. The reality is that when the egg hits the fan, the authorities tend to overlook this resorting to conspiracy theories. They are considered to be conspiring to do money laundering, tax fraud and other assorted and sundry crimes.
Well when they introduce the exchange merchant into the equation you have to ask yourself how reliable this merchant is. Will he pay you and when. Will he share your information and if so under what conditions. He sees the incoming wires and knows which egold account the money is going to be credited to so he can complete the puzzle. E-gold used to have a network of exchange merchants that were solid but no more. Many of them in various countries had their bank accounts closed down for various reasons like suspicious transactions. You have to ask yourself what you are going to do if one of the exchange merchants for these newer services has their account closed by the bank with your money in it. How are you going to get it back.
What to Look For – You want a virtual currency service or virtual gold service that is entirely located in a privacy jurisdiction (we do not know of any services at this time). This should be an offshore tax haven without Mutual Legal Assistance Treaties and without Tax Treaties. Do not be fooled by them having an offshore corporation and providing the registered agent address of the law firm that formed the corporation. You want to make sure they have a street address, and a phone that is answered live, which is not a virtual office. Hire a law firm or private detective to investigate this if the funds are going to be substantial. Make sure they are not hiding. If they are real there is no need to hide, they will have been smart enough to pick the right jurisdiction. They should also be smart enough to get the right licenses enabling them to have their own bank account and receive and send money directly to the clients thus making higher profits. People doing this for $0.50 a transaction are not serious – not enough money in it to make them want to protect and defend it properly. The merchant would be getting the lion’s share of the profit and that is not want you want to see.
Make sure the service does not accept credit cards. If they do the chances are very high the carders (credit card fraud experts) will ruin them in a few short weeks. The existing credit card payment system is so bad it is impossible to guard against fraud losses. If we learn of a reliable service that meets our requirements you will see us accepting it. Right now we do not use any virtual payment system.
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*Offshore Legal Associates Law Firm.We have no legal ties or associations with any other law firm or corporation with similar or like sounding names anywhere and should not be so confused with any other entity having a similar or like sounding name.
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