Offshore Trust Setup
When establishing an Offshore Trust, it is paramount to ensure that all legal obligations and requirements are fulfilled in the chosen offshore location. In order to set up an Offshore Trust in the most favourable offshore jurisdictions, the following legalities must be adhered to. One signatory is needed for the settler, the client who is having the trust created. The Trust needs a trustee to be another signatory. From this, it is possible to establish a Nevis LLC. (Nevis is an island in the Caribbean and an LLC is a Limited Liability Company.) This offshore entity is then formed and placed into the Offshore Trust so that the client has a legal vehicle within the trust with which they can control the management of the trust when not under legal duress.
Individuals often need to establish what an Offshore Trust is and which type of trust is best for them, offering the greatest trust benefits in order to safeguard their property (land, houses) effectively. The strongest protection afforded by overseas trusts, however, is afforded for cash which is held by the trust and located in an offshore account. Since UK / EU courts have jurisdiction over any UK /EU owned property, locating property assets offshore affords a higher level of protection, out of reach of judges. The Offshore Company UK recommends only the offshore trust jurisdictions with strong protection laws so that our clients’ assets are statutorily protected.
It is essential that the Offshore Trust be setup in an offshore location which favours foreign beneficiaries and in a country that is politically sound. Setting up an Overseas Trust is a carefully performed transaction and should only be conducted with a qualified offshore service provider / agent. There are many legal provisions that need to be included within the trust in order for the asset protection provisions to stand up under intense legal scrutiny.