Hi everyone, Aaron Day here from Sao Paulo, Brazil with another episode of Offshore Maven. If you've watched any of my previous videos or checked out Invest Offshore com, you'll have noticed that we promote the regulator asset protection structure or wraps. You might be wondering, what's the difference between wraps and the old-school regular offshore asset protection structure? Well, in this video, I'm going to try and clear that up. Here's the example that I'm going to give to you, and this is quite common in the real world. In Panama, for example, a Panama brokerage is attempting to avoid the IRS transparency. So, they help their client to set up a novice trust with the US person beneficiary, and then they open a brokerage account in Panama. The broker has a master account with Credit Suisse and is running sub-accounts. However, Credit Suisse has overlooked that some of these are US person beneficiary accounts, which has a huge potential for FATCA problems, PFIC problems, FBAR, and IRS Form 8938 problems. But another major point is that if the US person that's hiding, using the offshore trust, for example, has a major separate section flaw, that we don't wish for wraps. And here's what it is: if one of the investments or the brokerage turns out to be a Madoff, where does the Nevada trust file a complaint to the police, meaning which law enforcement agency has jurisdiction and will be able to take action on the complaint of fraud? The answer? None. There's nothing that you can do. Now, in the example of a regulated asset protection structure, as a member of a regulated, registered, recognized foreign retirement plan, what we call wraps, you are clearly IRS transparent, filing the FBAR and the IRS Form 8938. And on all fronts, you're...