offshore-trust-tax-haven

A Foundation is a type of entity that is a hybrid between a trust and a corporation with the characteristics of both. It is not the legal embodiment of a person or group of persons (as with a corporation); rather it is a legal entity that does not have shareholders, participants, or partners. It has a specific purpose for the benefit of a general group or groups of individuals and/or charitable causes.

A Foundation is a trust-like structure that offers significant advantages with respect to tax planning, asset protection, and privacy protection. Foundations are independent legal entities with which assets may be irrevocably vested. These assets belong to the foundation and may be managed by the foundation council in any way in accordance with the foundation’s charter. IRS reporting requirements may not apply to this structure, as it is neither a trust nor a foreign corporation.

The Foundation has a Founder, a Council, a Protector, and Beneficiaries.

• FOUNDER: The founder is the person or entity that establishes the Foundation. The foundation may be revocable (where the founder holds full powers), or irrevocable (where the founder holds no powers). Unless a client requests otherwise, we create irrevocable foundations. The Founder has no influence over the control of the foundation, and is only recognized as the individual who presented the foundation articles in the public registry when the entity was originally registered.

• COUNCIL: The foundation's council serves the same purpose as the board of directors on a corporation. The council members are each registered in the public registry with their names, addresses, and identifications as council members to the foundation. Our firm generally appoints Nominees.

 

Foundations are neither trusts nor corporations which facilitates numerous creative planning opportunities:

  • In some jurisdictions nothing prevents a single entity from acting as all three parties to the Foundation. Thus, with some foundations, an individual can found and administer a foundation to his or her own benefit. When the three parties are separate entities, albeit controlled by the founder, the protection and anonymity will be even greater.
  • A Foundation can be established for virtually any purpose, even if a court determines that the purpose could never be fulfilled.
  • Foundations can be set up to continue in perpetuity since the Rule Against Perpetuities does not apply to foundations as it does to most trusts.
  • IRS reporting requirements may not apply to this structure, as it is not a trust or a foreign corporation.

 

 

 

 
 
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

mail .
BALLINPHORT CORPORATION
8550 W. Charleston Blvd.
Suite 102-105
Las Vegas, NV 89117

phone .
Toll Free: 866-842-1212
Direct: 702-233-1703
Fax: 702-233-3924

email .
General Inquiries About Nevada Corporations
Nevada Corporation Sales Questions
Technical Support

Foundations are very flexible legal entities with multiple benefits. They exist for non-profit purposes although foundations may conduct commercial activities as long as the profits are used to further their stated purposes, which can be very comprehensive and diversified.

All income and assets of a Foundation are exempt from taxes in tax havens if the following three conditions are met: (a) the assets are located abroad; (b) the money deposited is not created within the jurisdiction; (c ) stocks or other securities of the Foundation are not of jurisdictional origin. With these tax advantages, an individual can place assets into the Foundation for the benefit of the beneficiaries where they will grow in a tax-free environment.

The Founder, or any other party may transfer assets to the Foundation. The Foundation can be used to hold any type of asset and may derive its income from any type of legal business. The assets of the Foundation will constitute a separate estate from those of the Founder and Beneficiaries. The assets may not be seized or attached, or subjected to any lawsuits in connection with activity of the Founder or Beneficiaries.

Only the persons involved in the creation of the Foundation know the identities of the beneficiaries, as established in the by-laws or "regulations". The Beneficiaries of the Foundation need not appear in the Memorandum of Constitution of the Foundation, which is registered with the government. In order for a third party to identify the beneficiaries of a Foundation, he or she must have a court order to "pierce the corporate veil", which in some jurisdictions is rare and most difficult to accomplish.

Moreover, all persons involved in any activities, transactions or operations related to the Foundation are required to maintain full secrecy and confidentiality at all times. The punishment for breach of this duty is six (6) months of imprisonment and a fine of $50,000, with the potential for further civil liability. This applies to persons involved in any transaction of the Foundation.

Offshore Entities | Nevada Corporations | Fiduciary Services | Online Application | Pricing Calculator