Any person with a large wealth should reflect on the offshore protection of their assets, a strategy will be of special interest in those sectors where there is a high risk of litigation, such as in the area of health, legal, business, and investment. From Anderson, tax and financial advice, they are specialized in the protection of wealth and wealth management.
Asset protection strategies make a person’s assets not readily available or recoverable in the case of legal proceedings against them. This can take several forms, and while there are many alternatives, offshore resources tend to be more effective and beneficial for this purpose.
Trust is the main axis of offshore asset protection, so offshore companies and offshore trusts are an integral part of a correct asset protection strategy. Offshore companies and trusts can be used separately or collectively for the protection of assets and usually accompanied by the offshore bank account.
Offshore trust strategy for asset protection
In a trust, the trustor (who transfers assets to the trust) legally gives control of their assets to a trustee, who manages and controls these in favor of a beneficiary (which may be the same trustor).
Recent legislative developments in certain offshore jurisdictions have significantly enhanced trust in the original common law, offering effective defenses against forced inheritance provisions and imposing time limits on claims by creditors.
In order to ensure more effective protection of offshore assets, it is necessary to read this article http://www.takelaj.org/2019/03/08/types-of-trusts-that-can-cover-your-assets/ and establish the company in a jurisdiction with the strong privacy legislation of international companies, with strong bank secrecy laws, and modern regulations on trusts. The Caribbean island of Nevis is one of the options to implement an asset protection strategy.
You should bear in mind, that an active protection strategy cannot be implemented when there are imminent legal actions or are in progress since any attempt to transfer assets under this circumstance can be considered a crime.
From Anderson, fiscal and financial consulting, with extensive experience and experience in asset protection and asset management, recommend that always go to experts in the field that design a well-established asset protection strategy, which may be useful to protect wealth as well as privacy.