All people face two issues in their lives: first, they need to find a way to earn enough money, and later they need to take care of its proper protection. A bank account (especially the one you have back home) is no longer enough to feel protected. The most reliable method nowadays is forming a trust in an offshore jurisdiction: your assets will be safe, and your identity will be kept secret.
We will be happy to see you on our portal where you can find much more information on offshore trust registration benefits. Choosing an appropriate jurisdiction is not that easy as not all of them will provide the confidentiality you need – you will have to read a lot to find what you need. If you cannot keep your identity secret as the jurisdiction does not give this right, it means that the authorities will easily find out who owns the funds in the trust and your money can be seized in case of trouble. However, if you set up a trust in a proper jurisdiction, no one will be able to prove that you are the actual owner of the funds, and that is the main reason why trusts are so attractive to wealthy people.
Our portal is a place where you can contact a qualified offshore specialist who will recommend an appropriate jurisdiction and help you set up a trust according to reasonable rules. As a result, your money will be kept in a real stronghold, managed according to your instructions, and formally owned by another person called a trustee. We will help you form a really reliable structure! If you have any questions, feel free to click on the above link and ask them.
Trust: How It Works
When people hear about the concept of trusts for the first time, they usually find transferring their funds to a third party an insecure practice. However, let’s see how the trust is organized to make sure this is a perfectly safe structure.
A trust can be set up by at least two persons: the Settlor and the Trustee.
The Settlor is the person who actually founds the trust and makes all the key decisions.
The Trustee is a legal entity (or, in rare cases, an individual) that is entrusted to manage the trust on behalf of the Settlor.
The document that regulates all the Trustee’s actions is made up by the Settlor and is called the Trust Deed. If the trust is used to keep and invest funds, the Trust Deed also sets the principles of profit distribution between beneficiaries.
And who are the beneficiaries? As we said before, a trust can consist of two members, and in this case, the Settlor appoints himself or herself as the beneficiary. However, there can be more beneficiaries, and they are all listed in the Trust Deed.
The trusts have become popular in the past few decades. However, wealthy people sometimes felt uneasy entrusting their money to a Trustee and felt the need for more protection. This brought to life another potential trust member called Trust Protector. This is a legal entity that controls the Trustee’s actions to make sure there are no violations of the Trust Deed. The Settlor assigns certain responsibilities to the Trust Protector that may vary from mere supervision to the right to dismiss the Trustee. The scope of responsibilities is also set out in the Trust Deed.
The structure has proved to be secure over the years. However, if you still have any questions or doubts, please click on the above link and talk to our specialists.
Revocable and Irrevocable Trusts
Do you want to have really strong asset protection? You will need to set up an irrevocable trust.
A revocable trust is a structure where you can change the amount of assets held. It may sound convenient, but such a trust does not make much sense if asset protection is your top priority: the property kept in the trust will still be legally associated with you.
If you establish an irrevocable trust, you transfer your assets to it once and for all and cannot take them away anymore. Sounds scary? Let’s see how marvelously it works to protect your assets.
Let’s imagine that a creditor wins a lawsuit, and you have to pay a large amount of money according to the court’s decision. You will need to use all the resources available to you to retrieve this amount (sell your house and car, withdraw all the money from your bank accounts, and so on – including all the assets you may hold abroad). Otherwise, you will have to go to prison.
If you have an irrevocable trust, all the funds you have there will remain intact as you simply have no power either to retrieve them or to order your trustee to do so (or move the trust to your home country if the court orders so).
This kind of protection is unbelievably strong – and it is legal at the same time! Now you can make an informed decision whether you want to have this instrument – well, just in case. And if you have any questions at this stage, we are just a click away.
Offshores used to be associated with tax evasion and money laundering, and the accounts, trusts, and companies set up there were thought to be the instruments used for illegal practices. However, this is not the case nowadays: offshore jurisdictions have made major reforms (and those that failed to do so are blacklisted), and an offshore trust simply means a foreign trust.
However, offshore countries do their best to keep customers happy, so they propose the most advantageous conditions possible for trust establishment. Nevis and Belize are the strongholds that all asset protection lawyers highly recommend to their customers, and the Cook Islands is yet another excellent jurisdiction that will be especially useful for US citizens as it is well-adapted to American laws.
Greedy relatives and marital laws make trusts even more popular: for example, an Italian wife gets 100% of her husband’s property in case of divorce. This makes Italian men look for ways to keep some property to themselves if they ever decide to get divorced.
Follow the above link to read more about trusts. This is not a structure that absolutely every person must have, but it is irreplaceable in some cases. Contact our specialists, and we will help you bring the protection of your assets to a radically new level!