Offshore Trust Opening
Offshore trust registration takes place in the offshore jurisdictions which have enacted trust legislation. Offshore trust registration is regarded as a safe step in asset protection and offshore planning. Offshore trust registration can be carried out in many tax havens whose reputations are excellent and offshore trust laws are unsurpassed. Offshore jurisdictions which are perfect for setting up offshore trusts are Nevis, Cook Islands, Belize, Panama, British Virgin Islands (BVI), Cayman Islands and Jersey and other tax havens. Offshore trust registration requires a trustee, settlor and beneficiaries.
Offshore trust registration is necessary as it is becoming easier for individuals to lose personal assets in law suits/court judgements. It does not take much for one to find themselves facing a law suit for personal or business assets. A trust is one of the safest offshore entities to use for asset protection. Offshore trusts can be used alone for offshore asset protection or can be combined with other offshore entities (offshore trust with offshore bank account or an offshore trust can be used to own an offshore business company). Any asset registered in the name of an offshore trust belongs to the trust and is protected by clauses in legislation in the various jurisdictions. Offshore trust can own any type of asset outside of the offshore have where the trust has been formed and registered. Assets typically placed in offshore trusts include real estate property, jewellery, family heirlooms, vehicles, shares, stocks and many others.
Offshore trusts can be charitable or non charitable trusts, like the names suggests charitable trusts are set up for providing assistance which can include funding education, alleviating poverty, and other purpose which will be beneficial to individuals. Non charitable trusts are set up for private reasons and for protecting assets for beneficiaries who are family members, minors who are unable to manage assets and any other persons the settlor chooses.
Offshore trust registration in the tax havens is carried out by offshore agents who do all the leg work leading up to trust registration. Offshore trust services provided by offshore agents are professional and affordable services. Offshore trust legislation in the tax havens stipulates that an offshore agent must be contracted for offshore trust registration. There are many excellent offshore trust services providers in the offshore havens who are well versed in offshore trust law and offshore trust registration.
Offshore trust formation requires that a Trust Deed be prepared. This document contains the by- laws which will govern the affairs of the offshore trust; the clauses of the Trust Deed are dictated by the trust Settlor. The Trust Deed will state how trust assets are distributed amongst the beneficiaries named in the documents. Other clauses of a Trust Deed can include under what circumstances an offshore trust can be dissolved and in case investments are being made in the name of the trust the types of investments which can be made among other affairs deemed to be important.
Offshore trust registration is accomplished in a process which does not consume much time or finances.