Offshore trusts are one of the best ways to protect your assets while remaining within the law. If you’re keen to keep your assets safe for yourself and your family, setting one up should be a serious consideration.
Here’s more information about what an offshore trust is, and how it can benefit you.
What is an offshore trust?
An offshore trust works in much the same way as a standard trust, but it’s formed in an offshore jurisdiction. That means it’s governed by the laws of that jurisdiction, and that can be a real advantage. Typically, offshore trusts have lower rates of tax, which can save you a lot of money.
With offshore trusts, the settlor and the beneficiary can be the same person, so there’s no need to involve any other third parties.
Why offshore trusts are an excellent option
- There are major tax advantages
Traditional trusts usually incur high rates of tax. This can really eat into your finances, which makes them a less appealing way to protect your assets. An offshore trust is formed under different laws, so there’s typically far less tax to pay. This is welcome news for high net-worth individuals looking to preserve their wealth for their children.
In some circumstances, it may be preferable to keep your trust confidential, and to operate with a high level of privacy. Offshore trusts enable you to do this. Most afford confidentiality and no information is publicly available.
- There are different trusts to choose from
When it comes to offshore trusts, you’ll usually have a good range of choice – though this depends on what country you set up your trust in. The most common forms of offshore trust are fixed, discretionary, revocable, irrevocable and hybrid. To find out which one is best for you, talk to the Charterhouse Lombard team today.
- You can accumulate more physical investments
An offshore trust gives you the opportunity to gather investments such as real estate or capital. It’s also a simple way to manage your assets overseas.
The most important thing of all is that your assets are all well protected in an offshore trust. For example, if your business goes bankrupt or you’re sued by someone, your assets can’t be taken from you. The same applies if you get divorced or if someone tries to force a transfer by inheritance. If you’re looking for real peace of mind for your wealth, then this really is the one of the best options available.
Setting up an offshore trust
If you work with a trust specialist, then setting up an offshore trust is a simple process. A good trust expert can offer strategic advice for your assets, ensuring they’re secured in the right places, and not exposed to any level of risk.
Charterhouse Lombard specialise in establishing offshore trusts in several different jurisdictions. To find out more, get in touch with us today.