As you begin to accumulate wealth and have some assets to protect, it is a good idea to implement asset protection strategies. Otherwise, you run a pretty high risk of being left with nothing at any moment. Whether it is your personal assets, or business property, potential creditors are able to take it all from you – the legal system today often appears to be structured in favor of plaintiffs, rather than defendants. Below, we outline a brief overview of existing schemes and methods, as well as the most important issues relating to asset protection.
Name your reasons for having bearer shares in your offshore corporation. Anonymity of owners, freedom of share transfer with no reporting or taxes, maybe something else. While this instrument can play its role in certain circumstances, it can hardly bring you the expected benefits nowadays. There are a lot of downsides, which you probably have never heard or thought about.
The concept of Trust originates from English Common Law and is recognized in most English speaking countries. The essence of trust relationship is that the founder of the trust (Settlor, Trustor, Grantor) passes his assets to another person (Trustee) so that the latter hold and manage them for the benefit of a third party (Beneficiary).
We believe it’s not news for you that every company must have a board of directors. The board is to consist of at least one director and it’s very logical for the beneficial owner of a non-resident offshore company to appoint himself or herself as a director of the corporation or employ a professional manager for that position. However lots of companies are formed with a nominee director. Why is that so?