“An excellent asset protection strategy that will put a comprehensive layer of protection between your wealth and any third party”
An offshore international trust works just like onshore trusts and an additional significant benefit is that in many jurisdictions there is no requirement to register trusts and as such millions of wealthy people use trusts to protect their assets.
How can you mitigate risk and protect your assets?
If you’re concerned about protecting your assets, it is advisable to consider offshore trusts which are commonly used to diversify sovereign risk. ie. So you can minimise risk by spreading your assets out geographically as opposed to holding them in your home country. If something does go wrong in your home jurisdiction, the assets in an offshore trust will remain safe and secure.
Also an offshore trust is an excellent asset protection strategy that will put a comprehensive layer of protection between your wealth and any third party who may be trying to make a claim to your assets. ie. If a citizen with an offshore trust were to go bankrupt, his or her creditors would be able to repossess domestic assets, but they would not be able to reach the offshore trust. This is because the assets are not held in your name, but in the name of your trustees or protectors, and judges do not have jurisdiction over foreign citizens, and or the trust itself.
Many offshore jurisdictions add an additional layer of protection to this. ie. In jurisdictions like the Cook Islands, Belize & Nevis, judgments that originate in a foreign country are not recognised, meaning local judges cannot compel your trustees to release funds or assets to someone that claims to be your creditor. In these jurisdictions, a creditor would be forced to sue you in the country where you maintain your trust and doing so would be a lengthy and costly process.
It is important to understand that Trusts are a Common Law concept and in the case of transferring property assets into Trust, the jurisdiction of that property must recognise Trust Law. If the Trust is not recognised, the jurisdiction may make a trustee accountable to a beneficiary if forced airship applies & a claim is made by an individual who feels they have been aggrieved.
Setting up an Offshore Trust
Establishing an up an offshore trust can be a lengthy, complicated process and if there are any reporting requirements in its jurisdiction these must be adhered to.
Our specialist offshore cross border trust team will set out the process for you.
For further information on how we can help you, contact us now so we can organise a free no obligation initial consultation.
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