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Trust Formations

If you want your assets stored away efficiently and confidentially, you might want to consider a “trust formation”. The term is a common one in the industry but unfortunately it is comes with so many considerations that it can easily confuse and intimidate someone interested. Like many other befuddling concepts, it is very important to go to the basics.

What is a trust formation?
A trust formation is the establishment of a binding legal relationship between “Trustee(s),” “Settlor(s),” and “Beneficiary (ies)” for the management of almost all kinds of assets and properties. The aim of this relationship is fairly simple: to provide benefits to the owner of the assets.

The legal concept of “trusts” is one of common law. In 12th century England, many lords fighting for the Crusades would often sign over their lands to a friend so that the estates may run in their absence but would eventually revert back to the lords upon their return. In similar fashion, today’s modern trusts involve the Settlor(s) entrusting assets to a friendly “Trustee” who will hold, manage and distribute the benefits to the chosen “Beneficiary(ies)”, the owner himself included.

Why invest in a trust formation?
It is only natural to ask why hard-earned assets should be entrusted to another person to be managed in other jurisdiction. Offshore trust formations are extremely beneficial for a myriad of reasons.

Offshore trust formations are almost always established in tax-havens. Trusts created in countries with low-tax systems benefit the trust and the settlors in return. Particularly useful in cases of trusts established to protect inheritance, trust formations may shield your assets from tax scrutiny. If not a tax haven, you may also opt for a country which has minimal regulations and a known reputation for confidentiality. There are also jurisdictions which offer impregnable protection against civil litigation and liability. This is particularly useful in cases of business cessation.

These offshore benefits may be used to relieve the Settlor from obligations, even in his home country. And because the trusts are located elsewhere, usually in a stable and sound jurisdiction, the political or economic turmoil of the home jurisdiction will not be able to affect the Settlor’s assets. With the help of an experienced and knowledgeable company, the offshore trust account will be virtually untouchable by anyone but the beneficiary and only at the time indicated in the trust deed.

Where to set it up?
The success of trust formations is largely dependent on the jurisdiction (in simpler terms, country) where it is established. As can be gleaned from the benefits of setting up a trust, the choice of legal system where the trust is to be formed will determine the type of protection and benefit an account will receive.

There are many legal systems around the world which offer benefits and are governed by different rules. While most offshore trust accounts are formed in tax-free havens, it is not unequivocally necessary to establish a trust account in such. There are many other successful offshore trust formations in taxing jurisdictions and yet have unparalleled confidentiality and asset protection laws embedded within the legal systems. A common denominator though is that all these jurisdictions are of common law or English law in origin. In fact, there are many countries in Europe, such as Luxembourg, Malta and Switzerland, which have adapted their legal systems to be trust formation-friendly.

In any case, the choice of jurisdiction will ultimately depend on your needs. Other factors, such as the reasonableness of the procedure of trust formation in your chosen jurisdiction or the certainty of protection and confidentiality, will also come into play. These intricate details are extremely important and should be consulted with experts.

Who may set it up?
As trust formations are extremely tricky and highly technical in nature, it is best to only entrust your assets to an experienced and knowledgeable company to help you with the procedure. At Offshore Bank Accounts Online, trust formations are created as holistic solutions that are geared to deal with all the complexities and tedious procedure of setting up trusts in preferred jurisdictions. Services are all custom fit to provide exactly the service that a client needs.

How can it be set up?
Call us today so we can start discussing how we can safeguard your hard-earned assets efficiently and confidentially. We will help you every step of the way – from establishment & management up to the distribution stage, all replete with reports to help you understand the complexities along the way.