Offshore Trust Formation ? Protect Your Wealth in Easy Steps

Posted by Sterlingoffshore on July 18th, 2016

Are your assets in your name or in the name of a corporation you own? Then you could be putting your finances in jeopardy. Some unscrupulous individuals and entities in the western world target affluent individuals. Even your government may have the authority to freeze or confiscate your wealth and assets. Do you want to protect your wealth? Offshore trust formation can be a useful tool.

Setting up an offshore trust is an effective strategy for sheltering your assets from anyone who may try to get their hands on your wealth. With an offshore trust, you get additional protection that may not be available in your own country. Here are a few simple steps to consider when you want to set up an offshore trust:

•    Look up offshore countries – There are seven offshore major financial centers in the world, but you do not have to pick any one of them immediately. Look up other offshore countries that can suit your requirements and allow you to easily set up your trust.

•    Use the service of an offshore trust formation company – Choose a specialist that is based in the country where you set up your offshore trust. Alternatively, choose a company that specializes in offshore trust formation in the country that you want. Make sure that they are licensed and regulated by the authorities in that country.

•    Learn the requirements – An offshore trust formation specialist will collect all the necessary documents and information from you. Some of the details you must include are your beneficiaries and the country where you live.

•    Review the structure of the offshore trust – It is important that you completely agree with all arrangements in the offshore trust formation. Be sure to examine who the trust service provider will be. This could be the protector or the nominee founder. Likewise, consider requesting other services such as accounting, bookkeeping, and assistance in setting up an offshore bank account from the offshore trust formation firm.

•    Finalize all requirements, then sign – The trust and other important documents will be drafted. You will need to sign to authorize the transfer of assets.

Offshore trusts are like traditional asset protection trusts in the sense that they both aim to protect your assets. They come with similarities in terms of the individuals that are involved, too, namely the trustee, beneficiaries, and the settlor. However, in an offshore trust, the trustee is the offshore financial institution. An offshore trust may provide the highest form of protection for your assets and wealth. At the same time, you get to enjoy lower taxes, too.

About the Company:
Sterling is a leading licensed and regulated corporate, trust, fiduciary and fund services provider delivering specialised solutions for a global clientele of international corporations, institutional investors, high net worth individuals and families as well as their intermediaries. Whether an end user of our services or an intermediary, Sterling provides an efficient, personalized approach to ensure smooth, efficient delivery of services that meets the requirements of each client.