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Offshore Asset Protection by BallinphortWhy Go Offshore?The primary reasons individuals and companies employ offshore investment and offshore company structures are as follows:
There are a number of possible offshore entities,
such as an offshore company, an offshore trust or another offshore
investment, that both individuals and businesses can use. These
offshore entities preserve and protect privacy, protect assets and
make investments through a variety of high-yield vehicles. International
Business Company (IBC) creation, Asset Protection Trusts (APT’s
or offshore trust) and Foundations are the principal means utilized
by various asset protection and privacy strategies. |
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Who Goes Offshore?The vast majority of professionals and small businesses can now employ the advantages of offshore financial services in their asset protection and tax-reduction strategies. Moreover, those individuals who are concerned about the erosion of personal and business privacy can significantly enhance their ability to maintain confidentiality. Advances in communication technology (such as the internet) make the offshore industry accessible, convenient and affordable for:
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Alderney, Anguilla, Antigua, Bahamas, Barbados, Belize, British Virgin Islands, Cayman Islands, Cook Islands, Costa Rica, Dominica, Gilbraltar, Grenada, Guernset, Hong Kong, Ireland, Isle of Man, Jersey Labuan, Liberia, Malta, Marshall Islands, Mauritius, Nevis, Niue, Panama, Samoa, Seychelles, Singapore, St. Kitts/Nevis |
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International Business Companies are corporations formed under a "Company Act" of a tax haven, but they are not authorized to do business within the country of incorporation, and they are owned by member(s)/ shareholder(s). |
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Asset Protection Trusts are a special form of irrevocable trusts, usually created offshore for the principal purpose of preserving and protecting part of one’s wealth offshore. Offshore assets are much more difficult for creditors to seize as APT’s transfer the title of assets to a person named as the trustee. It is generally advisable for a trust to be the owner of an IBC and it is preferable that such trust be formed in a different jurisdiction.
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Foundations are a crossbreed between a trust and a corporation. It is an entity that does not have owners (shareholders, participants, or partners), and it traditionally has a specific purpose for the benefit of a general group of individuals. One common use of foundations is to control and maintain ownership of foreign trusts and corporations. Ballinphort Corporation establishes confidential multi-jurisdictional corporations, trusts and foundations that are designed to function and interact together to facilitate privacy, asset protection and tax reduction. Jurisdictions (tax havens) have both advantages and disadvantages. Careful consideration prior to selecting a venue is extremely important and decisions need to be made based upon whether the country has a common-law or statute-based legal system. Do they have reciprocal taxation agreements with other governments? What type of privacy legislation is in place to protect your anonymity? Depending on your needs assessment, which we will perform prior to recommending a specific approach, we may suggest a multi-structure, multi-jurisdictional design to insure that your offshore objectives are achieved. |
