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).
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.
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.