Trustworthy Asset Protectionis needed so International lifestyle prevails.
Asset protecion can also mean to go digital, have you ever thought that people could have millions or even hundreds of millions in $ in electronical wallets, to see more digital just click here. Wealth coming from Electronic currencies or "traditional" currencies need a safe haven.
There are a few jurisdictions that have laws that were written to support this level of international protection.
The Cook Islands, the Isle of Man, Nevis and Belize. All four countries have international trust laws that provide maximum asset protection and are politically and economically stable.
Legal experts agree that the Cook Islands has the most tested case law history, and thus is my country of choice. A very close second is Belize, where privacy is maximized and costs are lower than the Cook Islands. Both of these countries are leading in the creation and management of the asset protection trust. The basis of the asset protection trust is simple enough: assets are conveyed out of your name and into the international trust. You designate the trustee, settlers and beneficiaries and you control the assets in the international trust for the benefit of those beneficiaries. Nevis, Cook Islands, and Belize put up significant barriers to initiating or proving such a case and are “defendant friendly,” a state of mind that has not existed in the United States for MANY years. It means that a creditor would be forced to sue you in the country where you maintain your Trust in order to reach the assets.
Asset protection does not:
- 1. help you escape your current or reasonably foreseeable creditors. You should not transfer assets out of the United States into an international trust to avoid a current creditor as this may be a fraudulent conveyance.
- 2. reduce or eliminate your U.S. tax obligations. You (the U.S. citizen and settlor of the trust) must report your international trust, your international bank accounts, and pay taxes on the gains in your asset protection trust, to the U.S. IRS. U.S. citizens are taxed on their worldwide income, including income earned inside an international trusts and Panama Foundations.
- 3. allow you to hide assets. Asset protection is not based on secrecy; it is focused on putting up barriers to collection. Even if your creditor had a detailed road map of your structure, they should not be able to reach the underlying assets.
- 4. work well with U.S. real estate. The an international trust is best suited for offshore bank and brokerage accounts and other assets outside of the United States. U.S. courts have jurisdiction over U.S. real estate, can simply ignore the asset protection trust and demand seizure the property. While it is possible to hold titles to domestic real estate in an offshore trust or offshore LLC, it’s not recommended because it provides limited asset protection and has significant tax consequences.
- 5. a total solution to estate planning. An international trust will facilitate transfer of international assets upon death, but should be used with a complete estate plan that is compliant with your home countries estate and tax codes.
Not only does international investing provide choice and flexibility, it provides an excellent level of privacy, thus reducing an investor’s potential exposure to frivolous litigation. Investment accounts in the U.S. can be seized by creditors. That is much more difficult offshore… and near impossible if they are behind the protective barrier of an international trust or Foundation. Offshore investments are efficient also because of the asset protection and privacy they offer.
With this in mind, an international trust may be the only vehicle that a non-U.S. investment manager or brokerage will accept when dealing with a U.S. citizen. As a non US Citizen you have different choices, click here to see what country could suit you. At any given time, various regions of the world are experiencing unique economic, political, and environmental events. Accordingly, markets in those countries will reflect local conditions and will not be highly correlated with the markets in your home country. Just on the other side of the border banks are paying much more than the minimal interest US Bank like to give out. There are no deals to be found in other countries. This important concept is essential to international estate planning and wealth management.
Why not avoid the battle?
The benefits described above are meant to protect you against a very motivated creditor who is willing to go to the expense of pursuing your assets into multiple international jurisdictions. These barriers to attack also mean that a more reasonable creditor plaintiff is likely to assess the costs and probability of success against your international trust and either drop the matter or settle for pennies on the dollar.
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