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What is an Offshore Asset Protection Trust?

An Offshore Asset Protection Trust is any trust that is located in any country outside of the country of residence. Many countries offer overseas trust funds but only a few jurisdictions offer the sound asset protection statutes that are essential. Some offshore financial centres have very favourable legal statutes which have been especially created to protect the assets of the beneficiaries of the Offshore Asset Protection Trust. Some of the strongest overseas asset protection trust jurisdictions are the Cook Islands, Nevis and Belize. Selecting the best offshore financial centre is vital as not all offshore jurisdictions offer the same level of asset protection benefits.

Extensive trust experience is of paramount importance with any trust company, whether onshore or offshore. There are a number of established and reputable offshore trust jurisdictions which offer administration as well as strong legal statutes to shield and safeguard your overseas assets. The Offshore Company UK has been working with numerous offshore financial centres and tax havens for 30 years and has developed highly effective working relationships with the legal, government and professional agents in all of the recommended jurisdictions which offer the most beneficial trust legislation for overseas asset protection and financial confidentiality.

One of the benefits of an offshore trust is that almost any type of asset can be transferred into it. This includes cash, property, securities, businesses and even art and gold. As with any asset protection vehicle, it is important to note that offshore asset protection trusts must be established properly in order to correctly secure wealth and assets. The type of asset determines in which manner assets are transferred into the trust and this must be addressed carefully. Titled assets such as property or vehicles merely require the change of title. Untitled assets such as furniture and equipment simply require the assets to be listed and attached to and referenced within the trust documentation.

The most typical method of forming an overseas asset protection trust is to setup an Offshore Trust in the Caribbean island of Nevis which will be owned by the trust. This inserts a legal method inside the trust that can be used in order to manage the day-to-day activities of the trust. If you were subject to legal action, your adversary could not use the “fraudulent conveyance of assets” argument because all assets were already placed within the trust and not transferred there when embroiled in the legal action. If this situation arises, the management of the company is transferred. The management of the LLC is held by the (licensed and bonded) trustee on a temporary basis until the period of legal duress expires. Therefore, when a judge commands the release of trust assets the trustee, who is outside of the judge’s jurisdiction, can legally refuse to comply. Thus, the assets remain safeguarded and protected within the trust.

The Offshore Company UK makes the process of establishing an Offshore Asset Protection Trust easy for you and is available to assist with the tedious documentation necessary to form your asset protection trust and works with all of its clients to ensure that their best interests are safeguarded.