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There are any number of reasons why you might want to open an offshore trust. Shielding your assets works by creating an extra layer of protection around your wealth. Whether a trust is being used for family planning or lawsuit protection, whatever the reason, it will give you better asset security, tax savings, and will increase your capacity to invest in foreign markets.
In today's word asset protection is a necessity.
Wherever you live in the world, having a safe jurisdiction outside the country where you reside is an important yet often overlooked factor when looking into trust formation. The problem with a domestic trust is that local court rulings can easily break into the trust, whereas foreign trusts have asset protection clauses that make it extra difficult for creditors to make a claim against the trust from outside the country.
Consequently, the potential creditor can not pursue the trust within your home country but must do so within the jurisdiction where the trust is located. Such barriers to entry help ensure that only the most persistent individuals will likely see through any claim.
An asset protection foreign trust offers some of the following benefits that include:
While there are a number of offshore trust destinations that are available, there are three countries in particular where we set up the majority of the international trusts. The Cook Islands, Nevis and Belize are perhaps the most popular foreign trust formation structures in the world.
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The Cook Islands trust in the world's best foreign asset protection structure to safeguard your assets. The Cook Islands International Trust Act 1989 was the first country in the world that incorporated strong asset protection features within the legislation, making it a standard for other countries in the world to follow.
Nearly 10% of the country's GDP comes from forming trusts, making the government increasingly dedicated to ensuring the stability of the industry. The Cook Islands has several barriers to entry that prevent the wrongful claim or seizure of assets by unlawful creditors.
The Cook Islands also provides a number of benefits including:
The legal precedent established by the Cook Islands trust guarantees its impenetrability. Any such real protection arrangement is only so good as it stands the test of time. The Cook Islands have such difficult measures in places that it is world renowned, making it nearly impossible for the trust to be broken into.
Establishing a trust in a country that has a precedent for upholding the statues of a trust is incredibly important, especially in comparison to a domestic jurisdiction where the laws might be either newly established or not time tested and therefore may not carry the same guarantee.
After the Cook Islands, a Nevis Trust is often considered as the next best place to form a foreign trust. Like The Cook Islands, it has many of the same benefits in its asset protection legislation.
Nevis Trust has several notable benefits including:
The most potent form of asset protection is combining a Nevis Trust with an LLC which can hold investments or accounts and gives an added layer of protection.
A Belize Trust has been an industry-standard formation structure for many years. It is often touted by many offshore providers as one of the best trusts in the world. The Trust Act of Belize was formed in 1992 which was amended again in the Belize Trust Act 2007 which further strengthen fraudulent conveyance clauses.
Some of the notable Belize Trust advantages include:
Whatever jurisdiction you chose, you can be assured that you can not go wrong with any of these three countries which together provide the world's best asset protection offshore possibilities.
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Threats to Your Assets
Global Diversification Planning
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