There are numerous strategies that can be implemented to safeguard your asset.However the best option will be subjected to one's individual situation and ultimate goal.A well-constructed offshore structure is a relatively simple and safe way to protect assets. All asset protection techniques have one thing in common: they each make it more difficult for a creditor to either find or take assets. By implementing a properly crafted asset protection plan an individual can legitimately put a significant portion of his assets out of the reach of creditors and still retain substantial control over these protected assets.
Structures to protect assets
A variety of offshore components may be utilized in an offshore asset protection structure, including private foundations, offshore trusts, offshore companies, offshore bank accounts and/or an offshore brokerage account. It may even be possible to maintain assets in their current location, while merely transferring ownership of the assets into an offshore asset protection structure as well.
Offshore asset protection structures generally involveS at least one offshore trust or offshore private foundation sometimes coupled with an underlying offshore company. Utilizing multiple jurisdictions is often desirable making it more difficult to locate and win judgments against any assets.
Clients are advised that in order to set up a proper asset protection structure, the client must be willing to give up "ownership" of the actual assets being placed into it. Not to worry though, as many legal and contractual safeguards are put into place. Additionally, it is possible to appoint protectors or guardians as well as several other roles within the structure to provide a further comfort level for the client. There are several structuring options available whereby the client can retain control in various roles within the structure if desired.
Offshore Bank Account
The last, but probably most important component of an offshore asset protection structure, is the offshore bank account. Unfortunately, this is probably also the weakest point of any structure and the likely target of any queries into your affairs. Especially considering the increasing disregard of legal structures and focus on the "beneficial owner" in some countries.Thefore it is critical to create both the right structure and partner with a solid offshore bank for your offshore asset protection structure.
We are able to provide introductions for the purpose of establishing an offshore bank account. The applications and requirements vary depending on the institution.