An offshore trust is fundamentally the same as an onshore trust, the only difference being that with an offshore trust, the trustee is situated in another country which would be the domicile of the offshore trust. There are many benefits to offshore trust formation. Many asset protection advisors recommend that their high-net-worth clients establish trusts in jurisdictions with better privacy and friendlier tax laws. Countries like the Seychelles, for example, are known for strong asset protection laws that many other jurisdictions can’t provide. Asset protection jurisdictions like the Seychelles are becoming very popular among clients who seek superb confidentiality. It may provide the perfect haven to shield your hard-earned assets from unnecessary taxation or undersirable inheritance laws . It can also deter unscrupulous parties—including financial enemies—from trying to take away what you worked so hard for.
Choosing the right consultants is the key to setting up a successful offshore trust. Hire a consultant that can work with complete confidentiality. You want a full-service firm to make the otherwise tedious process of offshore trust formation much easier. The best consultants have accountants and lawyers in their team to take care of most things on your behalf. They have the experience to faithfully and successfully fulfill and also honor the terms of the financial trust.
Whether you’re interested in offshore trust formation for asset protection reasons, for purposes of succession and inheritance, or to hedge against risk, it’s important to work with a seasoned consultant. A good advisor that help you select the type of trust that best serves your goals, its duration, and other important decisions or prerequisites on defining details of the trust—its revocability, whether or not the trust will be discretionary, the rights, duties, expectations and even obligations of the trustee, etc. Offshore trusts can be set up depending on your requirements and objectives.
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