Search by keyword

FAQ's

  • All

  • What are the Trust Beneficiaries?

    A Beneficiary is any person or persons or any other legal entity, including another Trust or a Charitable Organisation, who will benefit under the terms of the Trust Deed. They may be nominated either specifically by the Settlor and their benefits clearly defined, or by class, that is, sons, daughters, grandchildren, etc. The Trustee is normally guided by the written or verbal wishes of the Settlor.

  • What is a Family Protection trust?

    The Settlor can, through the Trust Deed or within the Letter of Wishes advise on the administration up to his death. He can also advise upon who is to benefit thereafter and in what proportions. These aspects are particularly attractive to residents of countries which have strict laws on inheritance and can enable payments to be made to people who might have to be excluded from a Will made in the Settlor place of citizenship, or residence.

  • Who is The Trusts Settlor?

    The Settlor gives away his assets and thereby transfers the legal ownership to the Trustee. The Settlor arranges the Trust Deed so that the distribution of income or assets by the Trustee is done completely at the discretion (subject to the Settlor recommendations through "letters of wishes'), of the Trustee (Discretionary Trust), or by clear definition (Non-discretionary Trust).

  • What Are Offshore Trusts?

    A Trust is a contract, a private legal agreement. Trusts are based upon the "Trust Deed", which expresses the agreement between a person (the Settlor), who places assets in a Trust, and the (Trustee), an individual, Trusts or Corporations entrusted with the protection, management and ultimate distribution of the assets for the persons, (the Beneficiaries), entitled to benefit from the assets and/or income held under the terms of the agreement.

  • What is an Asset Protection Trust?

    It takes the form of a legal contract between the Trustee and the Settlor. All the Settlor’sproperty is transferred to the name of the Trustee, where it will be safe from any form of attack, if carried out in accordance with International law.

  • What is a Discretionary Trust?

    In a Discretionary Trust, Trustees are given very wide discretionary powers to act as they see fit. It is not generally the case for assets of the Trust to be held for specific beneficiaries in specific proportions. Assets are clearly held for the benefit of beneficiaries who may either be defined as a group or left to be added in at a later date. The proportion of ultimate distribution to any one or more of these beneficiaries is entirely at the discretion of the Trustee. By its very nature, it is flexible and therefore is by far the most commonly used in an offshore environment and over the years has proved more effective then any other method for the protection of family wealth. In case any prospective Settlor becomes concerned about a Trustee having absolute discretion over his assets, it must be quickly pointed out that a responsible Trustee will follow the Settlor "Letter of Wishes". This document contains wishes, which if contained in the Deed itself, would have converted the Discretionary Trust into a Specific Trust. It can be amended at any time by the Settlor to reflect changing circumstances.

  • What type of Trusts are there?

    Trusts fall within two broad categories: Tax planning Trusts, and Asset protection Trusts. That is not to say that the two are mutually exclusive, only that they originate from different concepts and appeal to separate groups.

  • Is a Trust the Same as a Will?

    Trusts are, in a sense, a living "will" which works before and after the death of the Settlor. Trusts can be terminated or "revoked" on the wishes of the Settlor. However, making a Trust "irrevocable" (meaning outside the Settlor control) can provides significant tax advantages. Some jurisdictions law allows for a liberal response to Letters of Wishes, therefore even an "irrevocable" Trust can effectively be terminated and assets liquidated and distributed without losing its "irrevocable" status under law, while maintaining it's "irrevocability" before external tax scrutiny.

  • What is a Trusts Protector?

    A Protector can be an individual or an entity who can be given the power within the terms of the Trust Deed to remove a Trustee, protect the interests of the beneficiaries, or appoint a new Trustee.

  • What is The Trusts Trustee?

    The Trustee is the person, corporate body, or other entity into whose ownership of the assets have been transferred. It is the duty of the Trustee to ensure that the wishes of the Settlor are carried out and the beneficiaries' interests protected. The Trustee can be removed and replaced by a new Trustee if for any reason it is deemed appropriate.

  • What is offshore banking?

    Offshore banks are banks that are in a different country from that of the depositors, and therefore different jurisdiction and banking laws. Countries that allow the practice are known as offshore financial centers. Banks which offer this service exclusively to non-residents are not allowed to offer banking services to residence until they are approved by the Central Bank in order to set a clear distinction between offshore and domestic sectors. The practice of offering offshore accounts to depositors who do not live in the country is what is referred to as offshore banking.

  • What is an offshore bank account?

    An offshore bank account is an account opened in a bank by a non resident of the country. The typical reason for an individual or company to have an offshore account is to benefit from low tax jurisdictions among other favorable conditions for banking.

  • What is an offshore jurisdiction?

    Offshore jurisdiction is a term used to define a geographical area away from home shores. Offshore financial centers are referred to as offshore jurisdictions.

  • Why Open an Offshore Bank Account? Do I Need One?

    Motivations for opening an offshore bank account are diverse, as different people have different needs and circumstances. Most common reasons include risk management, asset protection, estate planning, confidentiality, tax optimization or international business activities. It is often a combination of these. Importantly, particular benefits of offshore banking do not apply to the same extent in all jurisdictions and in all situations. Other tools and measures may be needed to achieve the desired results. For example, you may need to combine an offshore bank account with an offshore company, trust or pension plan.

  • Is offshore banking illegal?

    Offshore banking is not illegal in itself. Offshore banking services are being openly advertised by major banks in most developed countries – they wouldn’t be able to do that if offshore banking was illegal.

  • Can I Have a Completely Anonymous Offshore Bank Account?

    Offshore banks have traditionally offered outstanding levels of confidentiality. Unfortunately, the efforts to tackle terrorism and organized crime have gradually put true banking secrecy to an end. Some countries (like Switzerland) have been more reluctant to give up the privacy of their banking clients, but even these are unable to resist the overwhelming trend, as they can’t risk becoming completely isolated from the international financial system. Even when you are promised complete anonymity by an offshore banking provider, you can never be 100% sure that your ownership of the account won’t be revealed at some point. A higher degree of confidentiality can still be achieved when combining offshore bank accounts with other asset protection tools, such as offshore companies or trusts.

  • Can I Avoid Taxes by Having an Offshore Bank Account?

    In general, you can’t legally avoid taxes merely by redirecting your salary or other income to an offshore bank account. Trying to keep the account (and your income) hidden from tax authorities is also a bad idea, as numerous examples have shown in the recent years. Governments are increasingly willing and able to go after tax evaders. In other words, simple solutions don’t work (anymore). Nevertheless, when combined with other measures, an offshore bank account can be a powerful tool in a more comprehensive tax optimization, retirement planning or estate planning strategy. Being an expat and having legal residence in a specific conìutries opens up wider opportunities for this. It is obviously a very complex and constantly changing area and professional advice is essential.

  • Is offshore banking safe?

    The most attractive thing about offshore banking is that the authorities in the country are a bit relaxed about the banking process. However, this could also present a problem in a jurisdiction that does not have sufficient regulations. Some offshore financial centers do not have enough regulations to ensure that depositors' funds are secured enough.

  • What Is the Best Country for an Offshore Bank Account?

    If you were asked to name the best bank in your country, you might be able to pick one or two banks which are the best for your particular needs, but no bank would objectively be the best for everybody. One offers the best interest rates, another has the lowest fees, yet another has the best branch network and so on. It is the same with offshore banks and entire offshore banking jurisdictions, although the criteria might be slightly different – including privacy, taxes, regulation or reputation. Furthermore, everything changes very fast and a country which seems perfect now might not be that attractive next year

  • Can individuals get an offshore bank account?

    Offshore banking is available for both corporations and individuals. Any person can open such an account and the requirements to opening one are usually the same applied in one's home country. The process of opening an offshore account is a straightforward affair that can be done in a matter of days. Apart from the requirements needed to verify your identity such accounts also come with anti-money laundering requirements. These are put in place to make sure that the account is not being used to stash away money made from illegal business. Anti-money laundering requirements oblige the party opening the account to state the origin of the funds they will be depositing in the account. It is also prudent to have a financial advisor who can help you decide on the right jurisdiction considering your nationality and place of residence. This is a delicate matter that should not be rushed.

  • Do you have to be a high net worth individual to get an offshore bank account?

    Contrary to popular belief, you don't need to have a high-level of financial sophistication to have an offshore account. Such accounts are not always opened with the sole intention of benefiting from favorable banking terms, there are scenarios where an individual needs such an account to run their day-to-day affairs oversees. Such individuals may need an offshore account to avoid things such as currency fluctuations or simply to receive their salary in a foreign country.

  • Does an offshore account pay interest?

    As a matter of fact higher interest rates may be one of the reasons a person opts for an offshore account. This would, however, make financial sense if one was dealing with large sums of money whose gained interest is not a negligible factor. Domestic banks have manipulated interest rates to an-all-time low and when compared to the rate of inflation, depositors may find themselves losing money banking at home than benefiting from the prevailing interest rates.

  • Can I get a credit card from an offshore bank?

    The average person may find it very difficult to obtain an offshore credit card, but VISA or Mastercard debit are always issued.

  • Do you need to provide national ID to open an offshore account?

    Opening an offshore account is much like opening one at home. One of the mandatory requirements is a national ID or passport to verify the holder's details. The exact requirements for different banks are, however, variable.

  • Do offshore accounts have Know Your Customer (KYC) policies?

    The process of opening a new account with banks is no longer about verifying identity alone. The need for banks to carry out due diligence before accepting new clients has become more and more important in order to prevent illegal use of the service. As is the case with banking institutions at home, offshore banks also have Know Your Customer (KYC) policies even though the exact form of the policies varies with different jurisdictions.

  • Do offshore banks have checking accounts?

    It is not a common occurrence to have an offshore account that allows the client to draw checks from the account. The main reason for this is that it opens the account to risk of fraud where the bank has few or no options for legal redress. The most common type of offshore accounts for individuals are current accounts which can be accessed at any time and place in cases where the bank keeps up with current mobile banking options and such like conveniences.

  • How do I get an offshore bank account?

    Contact us and will provide for all your needs.

  • Do individuals with offshore bank accounts have to pay taxes?

    The issue of taxation is a multi-faceted one when it comes to offshore banking. Holders of offshore accounts are legally required to declare their income to the relevant authorities. This is a matter that is often downplayed, but could get a person on the wrong side of the law with large fines to pay and possible jail time.

  • What are the advantages of offshore bank accounts?

    Opening an offshore bank account is advantageous for many reasons; here are a few that you may find apply to you too. Offshore banking presents the option of keeping one's money in an economically and politically stable jurisdiction. This is mostly important if the client feels like their home country may fall into turmoil and cause their assets to be seized, frozen or disappear. It also enables the account holder to act quickly when the situation requires quick action. An offshore account gives you the ability to take protective action against some government policies. Having one even if it does not have much in it keeps you prepared for whatever arises in the future. Banks abroad can have much higher interest rates on savings than the institutions at home have. For this reason, it could actually be much more beneficial to have a saving account in an offshore jurisdiction than open one at home. Having an option between different currencies is a great way to protect your purchasing power. Since local banks offer few options for currency diversification, offshore accounts are a better option since you can use diversified currencies.

  • What are the disadvantages of offshore banking?

    There are a number of drawbacks involved with offshore banking; here are some you should know about before you decide to have your offshore account; Offshore banking is not the kind of thing that you can access physically at any time. The jurisdictions involved are usually far from the clients' geographical area. This has been alleviated by the use of new technologies such as mobile and online banking; however, it could always pose as a challenge. Developing countries can also face a challenge from slow transactions which may inconvenience account holders. The existence of offshore financial centers also makes the illegal act of tax evasion much more alluring. The problem is, though, that the legal system is stringent about tax evasion laws and does not consider ignorance of the law as defense. The cost of setting up an offshore account is also a bit on the higher side after considering charges such as legal fees which may be exorbitant. Other offshore bank centers also have requirements such as property ownership in the country which may shut some people out.

  • How does someone with an offshore bank account access their funds?

    Access to the money deposited in an offshore account is straightforward. The account holder can use debit cards as well as online wire transfers to access and move money around. The development of banking using technological has made it possible to access the money from anywhere in the globe. Apart from cash withdrawals and debit cards, clients can also use travelers' checks and bank transfers to access their funds.

  • Is there a minimum balance required for an offshore bank account?

    The minimum balance required for an account varies greatly according to the type of account. The amount varies between a few thousand dollars to a million. Usually the minimum balance lies around a figure equivalent to 1,000 to 5000 USD, GBP, Euro or the equivalent in other currencies.

  • Can I receive and send wire transfers with an offshore bank account?

    Using wire transfers is among the preferred methods of moving money around in offshore accounts. The idea is also more convenient and safer and also opens the account up to local banking facilities.

  • How does one deposit funds into their bank account?

    There are a lot of safe ways to deposit money into an offshore account. The safest way of doing it is using a wire transfer which will send the money directly to your account from wherever in the world you are located. Another common method is to use FedEx or such a courier to transport the money using international money orders.

  • What are the documents required to open an offshore bank account?

    The basic documentation for opening such an account includes a passport or national ID. In some banks some more documentation to curb money laundering and other types of fraud associated with offshore banking are required. The bank may ask for a reference document from your current bank that shows the average balance and satisfactory relationship. Aside from this the bank may also need a utility bill to verify residence. There are banking institutions that may also require an “apostille” stamp, which is accepted internationally.

  • Does an offshore bank account holder have to report income earned from interest and other investments?

    An offshore bank account holder is still affected by applicable laws of his or her country. Some countries like the United States require its citizens to report all earning even if they live in another country and income is earned in that country.

  • Can I Get a Debit or Credit Card with My Offshore Account?

    Generally yes, an offshore bank account works just like any other bank account, in that you can have a card linked to it and use the card to make payments or withdraw cash. If you choose a reputable and well-connected bank, you will be able to use the card virtually anywhere in the world. With smaller or less reputable offshore banks there may be more limitations. Consider this when deciding about a particular location and bank.

  • What is asset protection?

    Asset protection is a field of law dealing with shielding assets from claims of creditors. Asset protection does not deal with estate planning or tax planning, but simply protecting assets from financial predators.

  • How does asset protection work?

    Asset protection is based on the basic principle that virtually any and every asset that you own can be seized by a creditor. Any asset that you do not own cannot be seized from you. Consequently, asset protection aims to remove you from the legal title to your assets, but allows you to continue controlling your assets and enjoying the economic benefits of them.

  • Does asset protection discourage lawsuits?

    Yes. Plaintiffs will come after you if they think there are assets they can seize. If they cannot seize your assets, or if you make it sufficiently expensive to seize your assets, they will, often, not bother to sue you in the first place.

  • Does it really work?

    Yes. In practice, a well-structured asset protection plan will discourage the plaintiff from suing you in the first place. Even if you are sued, an asset protection plan will make it very difficult, and sometimes impossible, for a plaintiff to reach your assets.

  • How Long Does Setting Up Asset Protection Take From Start to Finish?

    Domestic Asset Protection is the process of using entities and protection strategies within your residence country for your Asset Protection Plan. International Asset Protection is the process of using entities and protection strategies outside for your Asset Protection Plan. International Asset Protection varies in completion time. The length of time to set up these plans largely depends on your personal circumstances and the international jurisdiction you choose to execute your plan in. Once we know more about your specific Asset Protection goals, we can give you an idea of how long your customized plan will take to execute, however usually never more than 15/20 days!

  • Is it ever too late to plan?

    No, but there are exceptions. While one needs to be mindful of the fraudulent transfer laws, one also needs to consider the practical implications of planning. Often, even if a lawsuit has been filed against you, it is not too late to plan. We will make that determination on a case by case basis. Generally, even if you are planning after the fact, you can achieve very favorable results and protect your assets.

  • Is asset protection complicated?

    No. While some unscrupulous promoters aim to sell their unsuspecting clients over-complex structures just to be able to charge more money, complexity does not necessarily equal more protection. Sometimes something as simple and inexpensive as a limited liability company may be your best bet.

  • Is asset protection expensive?

    It varies, but generally no. And it is certainly not as expensive as losing all your assets to a creditor. It is always cheaper to plan ahead of time, and it is always cheaper to use domestic structures. Costs and fees will also vary depending on who you retain, how aggressively the plaintiff will pursue your assets, to what extent you want to go to protect your assets. For example, you can hire a Nevada promoter to set up an LLC and pay $300. You will be very happy with that price until you realize that you needed a trust and not an LLC and you may now lose your assets. Do not shop for asset protection based on price, shop based on competence.

  • Is asset protection legal and ethical?

    Asset protection is ethical and legal as long as the plan is put in place before a lawsuit is filed. It may be too late if there is already a claim or a lawsuit pending. Asset transfers during this time could be considered fraud. More specifically, fraudulent conveyance is where someone divests themselves of assets without fair consideration because they see a problem arising and would like to avoid paying a claim. However, a few highly sophisticated firms have ways of legally transferring assets in distressed times with a financial instrument to avoid problems with fraudulent conveyance.Please contact Estate Street Partners if you are seeking counseling to legally transfer your assets in distressed times and still avoid fraudulent conveyance. Each will be taken on a case by case basis. Estate Street Partners will never condone illegal practices and advocates transparent accounting and legal practices.

  • Can I simply gift assets to family members?

    Yes, but it will not be an effective asset protection tool. Any intelligent creditor would challenge a gift to family members as a fraudulent transfer and set it aside, allowing the creditor to reach the transferred assets.

  • Are there tax consequences to asset protection?

    Not if the plan is properly structured. Asset protection should be tax neutral. This means that your bottom line tax liability should not change. All structures used in asset protection are either disregarded for income tax purposes, or are flow-through entities like partnerships or S corporations.

  • What can be protected with a Trust?

    Almost everything; a partial list of the assets that can be protected would include: – Investments like cash stocks, bonds and etc. – Residences – Investment Real Estate – Interests in Businesses – Valuable personal property like Art, Jewelry, Collections – Business Equipment – Future Income – Cash Value of Life Insurance Policies

  • What Is included In A Trust Document?

    This private agreement between the Settlor and the Trustee may be drawn up in many different ways in order to define the desires or concerns of the Settlor. While the specific instructions in the Trust document, known as the Trust Deed, may vary greatly from case to case, the necessary features are:

    • - Naming of the Trustee.
    • - Defining the terms and conditions under which the Trustee can be removed or resign.
    • - Defining the Trustee's powers and restrictions.
    • - Describing the assets or, initial Trust Property
    • - Naming the Beneficiaries and describing how each of them is to benefit.
    • - Naming of the Settlor, the person who contributes the initial assets to the Trust.
    • - This Settlor then literally "gives away" the assets transferring legal ownership of them to the Trustee.
    • - The Settlor names the Beneficiaries of the Trust.
    • - The Deed identifies the Property Settled upon the Trustee: the property then passes on to the Trustee.
    • - The Trust Property can be increased at any time providing the Trust Deed has been written to allow this.

  • How Privacy, Anonymity and Flexibility work in a Trust?

    Under most offshore laws, the Trust Deed is a secret document. No information on its contents is available to any external authority. This secrecy is supported in Belize by provisions in its Trust Act of 1992. Flexibility within the Trust Deed, particularly of a Discretionary Trust, is provided by the following: - Through provisions that provide that the Trust can be revoked or terminated; - That the Trustee can be removed; - That the Law and Forum, that is, the location of the Trust, can be transferred to another jurisdiction should it be felt that worldwide political developments make this a prudent precaution; - Policies on administration and disposition of the assets can be modified.

  • What are the advantages of a foreign trust?

    When properly structured, it makes your liquid assets unreachable. Often times, even if you set it up after the lawsuit has been filed.

  • Are there disadvantages to foreign trusts?

    It is usually more expensive to set up than other asset protection structures. However, if you are facing the possibility of losing all your assets to a creditor, it always makes sense to pay for a foreign trust.

  • What are the tax consequences of foreign trusts?

    None. A foreign trust will neither increase nor decrease your taxes. It is treated in exactly the same manner as your living trust. You will continue to report the income of the trust on your income tax return.

  • Can I keep my money in the country where i live?

    Yes. Just because the trust is governed by the laws of a foreign country, it does not mean that the trust holds its money in that country. The trust can have a bank account in the U.S., own a mutual fund in Switzerland, and real estate in Tuscany. However, if you are being pursued by a very aggressive creditor, we recommend that the assets of the foreign trust be outside the U.S.

  • Is it safe to invest money offshore?

    Yes, and often it is much safer than investing in the U.S. Many European financial institutions have been around for hundreds of years. They have survived world wars and financial catastrophes. These are usually very large institutions that simply do not advertise their services in the U.S. and are not well known to U.S. investors. It surprises many Americans to find out that many of the world's largest banks have names that they have never heard before. For example, BNP Paribas is larger than either Bank of America or JP Morgan Chase.

  • How can I make sure that no one steals my money and my assets?

    Some clients worry that the foreign trustee supervising their trust may run off with their money. We work with large and very reputable trust companies and we have maintained relationships with these trust companies for years. But, if that is not enough, we can set up an advanced foreign trust structure that would allow you to remain in complete control of your assets. No one but you will have signature.

  • TRUST

  • What are the Trust Beneficiaries?

    A Beneficiary is any person or persons or any other legal entity, including another Trust or a Charitable Organisation, who will benefit under the terms of the Trust Deed. They may be nominated either specifically by the Settlor and their benefits clearly defined, or by class, that is, sons, daughters, grandchildren, etc. The Trustee is normally guided by the written or verbal wishes of the Settlor.

  • What is a Family Protection trust?

    The Settlor can, through the Trust Deed or within the Letter of Wishes advise on the administration up to his death. He can also advise upon who is to benefit thereafter and in what proportions. These aspects are particularly attractive to residents of countries which have strict laws on inheritance and can enable payments to be made to people who might have to be excluded from a Will made in the Settlor place of citizenship, or residence.

  • Who is The Trusts Settlor?

    The Settlor gives away his assets and thereby transfers the legal ownership to the Trustee. The Settlor arranges the Trust Deed so that the distribution of income or assets by the Trustee is done completely at the discretion (subject to the Settlor recommendations through "letters of wishes'), of the Trustee (Discretionary Trust), or by clear definition (Non-discretionary Trust).

  • What Are Offshore Trusts?

    A Trust is a contract, a private legal agreement. Trusts are based upon the "Trust Deed", which expresses the agreement between a person (the Settlor), who places assets in a Trust, and the (Trustee), an individual, Trusts or Corporations entrusted with the protection, management and ultimate distribution of the assets for the persons, (the Beneficiaries), entitled to benefit from the assets and/or income held under the terms of the agreement.

  • What is an Asset Protection Trust?

    It takes the form of a legal contract between the Trustee and the Settlor. All the Settlor’sproperty is transferred to the name of the Trustee, where it will be safe from any form of attack, if carried out in accordance with International law.

  • What is a Discretionary Trust?

    In a Discretionary Trust, Trustees are given very wide discretionary powers to act as they see fit. It is not generally the case for assets of the Trust to be held for specific beneficiaries in specific proportions. Assets are clearly held for the benefit of beneficiaries who may either be defined as a group or left to be added in at a later date. The proportion of ultimate distribution to any one or more of these beneficiaries is entirely at the discretion of the Trustee. By its very nature, it is flexible and therefore is by far the most commonly used in an offshore environment and over the years has proved more effective then any other method for the protection of family wealth. In case any prospective Settlor becomes concerned about a Trustee having absolute discretion over his assets, it must be quickly pointed out that a responsible Trustee will follow the Settlor "Letter of Wishes". This document contains wishes, which if contained in the Deed itself, would have converted the Discretionary Trust into a Specific Trust. It can be amended at any time by the Settlor to reflect changing circumstances.

  • What type of Trusts are there?

    Trusts fall within two broad categories: Tax planning Trusts, and Asset protection Trusts. That is not to say that the two are mutually exclusive, only that they originate from different concepts and appeal to separate groups.

  • Is a Trust the Same as a Will?

    Trusts are, in a sense, a living "will" which works before and after the death of the Settlor. Trusts can be terminated or "revoked" on the wishes of the Settlor. However, making a Trust "irrevocable" (meaning outside the Settlor control) can provides significant tax advantages. Some jurisdictions law allows for a liberal response to Letters of Wishes, therefore even an "irrevocable" Trust can effectively be terminated and assets liquidated and distributed without losing its "irrevocable" status under law, while maintaining it's "irrevocability" before external tax scrutiny.

  • What is a Trusts Protector?

    A Protector can be an individual or an entity who can be given the power within the terms of the Trust Deed to remove a Trustee, protect the interests of the beneficiaries, or appoint a new Trustee.

  • What is The Trusts Trustee?

    The Trustee is the person, corporate body, or other entity into whose ownership of the assets have been transferred. It is the duty of the Trustee to ensure that the wishes of the Settlor are carried out and the beneficiaries' interests protected. The Trustee can be removed and replaced by a new Trustee if for any reason it is deemed appropriate.

  • What can be protected with a Trust?

    Almost everything; a partial list of the assets that can be protected would include: – Investments like cash stocks, bonds and etc. – Residences – Investment Real Estate – Interests in Businesses – Valuable personal property like Art, Jewelry, Collections – Business Equipment – Future Income – Cash Value of Life Insurance Policies

  • What Is included In A Trust Document?

    This private agreement between the Settlor and the Trustee may be drawn up in many different ways in order to define the desires or concerns of the Settlor. While the specific instructions in the Trust document, known as the Trust Deed, may vary greatly from case to case, the necessary features are:

    • - Naming of the Trustee.
    • - Defining the terms and conditions under which the Trustee can be removed or resign.
    • - Defining the Trustee's powers and restrictions.
    • - Describing the assets or, initial Trust Property
    • - Naming the Beneficiaries and describing how each of them is to benefit.
    • - Naming of the Settlor, the person who contributes the initial assets to the Trust.
    • - This Settlor then literally "gives away" the assets transferring legal ownership of them to the Trustee.
    • - The Settlor names the Beneficiaries of the Trust.
    • - The Deed identifies the Property Settled upon the Trustee: the property then passes on to the Trustee.
    • - The Trust Property can be increased at any time providing the Trust Deed has been written to allow this.

  • How Privacy, Anonymity and Flexibility work in a Trust?

    Under most offshore laws, the Trust Deed is a secret document. No information on its contents is available to any external authority. This secrecy is supported in Belize by provisions in its Trust Act of 1992. Flexibility within the Trust Deed, particularly of a Discretionary Trust, is provided by the following: - Through provisions that provide that the Trust can be revoked or terminated; - That the Trustee can be removed; - That the Law and Forum, that is, the location of the Trust, can be transferred to another jurisdiction should it be felt that worldwide political developments make this a prudent precaution; - Policies on administration and disposition of the assets can be modified.

  • What are the advantages of a foreign trust?

    When properly structured, it makes your liquid assets unreachable. Often times, even if you set it up after the lawsuit has been filed.

  • Are there disadvantages to foreign trusts?

    It is usually more expensive to set up than other asset protection structures. However, if you are facing the possibility of losing all your assets to a creditor, it always makes sense to pay for a foreign trust.

  • What are the tax consequences of foreign trusts?

    None. A foreign trust will neither increase nor decrease your taxes. It is treated in exactly the same manner as your living trust. You will continue to report the income of the trust on your income tax return.

  • Can I keep my money in the country where i live?

    Yes. Just because the trust is governed by the laws of a foreign country, it does not mean that the trust holds its money in that country. The trust can have a bank account in the U.S., own a mutual fund in Switzerland, and real estate in Tuscany. However, if you are being pursued by a very aggressive creditor, we recommend that the assets of the foreign trust be outside the U.S.

  • Is it safe to invest money offshore?

    Yes, and often it is much safer than investing in the U.S. Many European financial institutions have been around for hundreds of years. They have survived world wars and financial catastrophes. These are usually very large institutions that simply do not advertise their services in the U.S. and are not well known to U.S. investors. It surprises many Americans to find out that many of the world's largest banks have names that they have never heard before. For example, BNP Paribas is larger than either Bank of America or JP Morgan Chase.

  • How can I make sure that no one steals my money and my assets?

    Some clients worry that the foreign trustee supervising their trust may run off with their money. We work with large and very reputable trust companies and we have maintained relationships with these trust companies for years. But, if that is not enough, we can set up an advanced foreign trust structure that would allow you to remain in complete control of your assets. No one but you will have signature.

  • Escrow

  • Coming Soon

    Coming Soon Data

  • Asset Protection

  • What is asset protection?

    Asset protection is a field of law dealing with shielding assets from claims of creditors. Asset protection does not deal with estate planning or tax planning, but simply protecting assets from financial predators.

  • How does asset protection work?

    Asset protection is based on the basic principle that virtually any and every asset that you own can be seized by a creditor. Any asset that you do not own cannot be seized from you. Consequently, asset protection aims to remove you from the legal title to your assets, but allows you to continue controlling your assets and enjoying the economic benefits of them.

  • Does asset protection discourage lawsuits?

    Yes. Plaintiffs will come after you if they think there are assets they can seize. If they cannot seize your assets, or if you make it sufficiently expensive to seize your assets, they will, often, not bother to sue you in the first place.

  • Does it really work?

    Yes. In practice, a well-structured asset protection plan will discourage the plaintiff from suing you in the first place. Even if you are sued, an asset protection plan will make it very difficult, and sometimes impossible, for a plaintiff to reach your assets.

  • How Long Does Setting Up Asset Protection Take From Start to Finish?

    Domestic Asset Protection is the process of using entities and protection strategies within your residence country for your Asset Protection Plan. International Asset Protection is the process of using entities and protection strategies outside for your Asset Protection Plan. International Asset Protection varies in completion time. The length of time to set up these plans largely depends on your personal circumstances and the international jurisdiction you choose to execute your plan in. Once we know more about your specific Asset Protection goals, we can give you an idea of how long your customized plan will take to execute, however usually never more than 15/20 days!

  • Is it ever too late to plan?

    No, but there are exceptions. While one needs to be mindful of the fraudulent transfer laws, one also needs to consider the practical implications of planning. Often, even if a lawsuit has been filed against you, it is not too late to plan. We will make that determination on a case by case basis. Generally, even if you are planning after the fact, you can achieve very favorable results and protect your assets.

  • Is asset protection complicated?

    No. While some unscrupulous promoters aim to sell their unsuspecting clients over-complex structures just to be able to charge more money, complexity does not necessarily equal more protection. Sometimes something as simple and inexpensive as a limited liability company may be your best bet.

  • Is asset protection expensive?

    It varies, but generally no. And it is certainly not as expensive as losing all your assets to a creditor. It is always cheaper to plan ahead of time, and it is always cheaper to use domestic structures. Costs and fees will also vary depending on who you retain, how aggressively the plaintiff will pursue your assets, to what extent you want to go to protect your assets. For example, you can hire a Nevada promoter to set up an LLC and pay $300. You will be very happy with that price until you realize that you needed a trust and not an LLC and you may now lose your assets. Do not shop for asset protection based on price, shop based on competence.

  • Is asset protection legal and ethical?

    Asset protection is ethical and legal as long as the plan is put in place before a lawsuit is filed. It may be too late if there is already a claim or a lawsuit pending. Asset transfers during this time could be considered fraud. More specifically, fraudulent conveyance is where someone divests themselves of assets without fair consideration because they see a problem arising and would like to avoid paying a claim. However, a few highly sophisticated firms have ways of legally transferring assets in distressed times with a financial instrument to avoid problems with fraudulent conveyance.Please contact Estate Street Partners if you are seeking counseling to legally transfer your assets in distressed times and still avoid fraudulent conveyance. Each will be taken on a case by case basis. Estate Street Partners will never condone illegal practices and advocates transparent accounting and legal practices.

  • Can I simply gift assets to family members?

    Yes, but it will not be an effective asset protection tool. Any intelligent creditor would challenge a gift to family members as a fraudulent transfer and set it aside, allowing the creditor to reach the transferred assets.

  • Are there tax consequences to asset protection?

    Not if the plan is properly structured. Asset protection should be tax neutral. This means that your bottom line tax liability should not change. All structures used in asset protection are either disregarded for income tax purposes, or are flow-through entities like partnerships or S corporations.

  • Cars, Business Jet And Yacht

  • Coming Soon

    Coming Soon Data

  • Offshore Company

  • Coming Soon

    Coming Soon Data

  • Offshore Bank Account

  • What is offshore banking?

    Offshore banks are banks that are in a different country from that of the depositors, and therefore different jurisdiction and banking laws. Countries that allow the practice are known as offshore financial centers. Banks which offer this service exclusively to non-residents are not allowed to offer banking services to residence until they are approved by the Central Bank in order to set a clear distinction between offshore and domestic sectors. The practice of offering offshore accounts to depositors who do not live in the country is what is referred to as offshore banking.

  • What is an offshore bank account?

    An offshore bank account is an account opened in a bank by a non resident of the country. The typical reason for an individual or company to have an offshore account is to benefit from low tax jurisdictions among other favorable conditions for banking.

  • What is an offshore jurisdiction?

    Offshore jurisdiction is a term used to define a geographical area away from home shores. Offshore financial centers are referred to as offshore jurisdictions.

  • Why Open an Offshore Bank Account? Do I Need One?

    Motivations for opening an offshore bank account are diverse, as different people have different needs and circumstances. Most common reasons include risk management, asset protection, estate planning, confidentiality, tax optimization or international business activities. It is often a combination of these. Importantly, particular benefits of offshore banking do not apply to the same extent in all jurisdictions and in all situations. Other tools and measures may be needed to achieve the desired results. For example, you may need to combine an offshore bank account with an offshore company, trust or pension plan.

  • Is offshore banking illegal?

    Offshore banking is not illegal in itself. Offshore banking services are being openly advertised by major banks in most developed countries – they wouldn’t be able to do that if offshore banking was illegal.

  • Can I Have a Completely Anonymous Offshore Bank Account?

    Offshore banks have traditionally offered outstanding levels of confidentiality. Unfortunately, the efforts to tackle terrorism and organized crime have gradually put true banking secrecy to an end. Some countries (like Switzerland) have been more reluctant to give up the privacy of their banking clients, but even these are unable to resist the overwhelming trend, as they can’t risk becoming completely isolated from the international financial system. Even when you are promised complete anonymity by an offshore banking provider, you can never be 100% sure that your ownership of the account won’t be revealed at some point. A higher degree of confidentiality can still be achieved when combining offshore bank accounts with other asset protection tools, such as offshore companies or trusts.

  • Can I Avoid Taxes by Having an Offshore Bank Account?

    In general, you can’t legally avoid taxes merely by redirecting your salary or other income to an offshore bank account. Trying to keep the account (and your income) hidden from tax authorities is also a bad idea, as numerous examples have shown in the recent years. Governments are increasingly willing and able to go after tax evaders. In other words, simple solutions don’t work (anymore). Nevertheless, when combined with other measures, an offshore bank account can be a powerful tool in a more comprehensive tax optimization, retirement planning or estate planning strategy. Being an expat and having legal residence in a specific conìutries opens up wider opportunities for this. It is obviously a very complex and constantly changing area and professional advice is essential.

  • Is offshore banking safe?

    The most attractive thing about offshore banking is that the authorities in the country are a bit relaxed about the banking process. However, this could also present a problem in a jurisdiction that does not have sufficient regulations. Some offshore financial centers do not have enough regulations to ensure that depositors' funds are secured enough.

  • What Is the Best Country for an Offshore Bank Account?

    If you were asked to name the best bank in your country, you might be able to pick one or two banks which are the best for your particular needs, but no bank would objectively be the best for everybody. One offers the best interest rates, another has the lowest fees, yet another has the best branch network and so on. It is the same with offshore banks and entire offshore banking jurisdictions, although the criteria might be slightly different – including privacy, taxes, regulation or reputation. Furthermore, everything changes very fast and a country which seems perfect now might not be that attractive next year

  • Can individuals get an offshore bank account?

    Offshore banking is available for both corporations and individuals. Any person can open such an account and the requirements to opening one are usually the same applied in one's home country. The process of opening an offshore account is a straightforward affair that can be done in a matter of days. Apart from the requirements needed to verify your identity such accounts also come with anti-money laundering requirements. These are put in place to make sure that the account is not being used to stash away money made from illegal business. Anti-money laundering requirements oblige the party opening the account to state the origin of the funds they will be depositing in the account. It is also prudent to have a financial advisor who can help you decide on the right jurisdiction considering your nationality and place of residence. This is a delicate matter that should not be rushed.

  • Do you have to be a high net worth individual to get an offshore bank account?

    Contrary to popular belief, you don't need to have a high-level of financial sophistication to have an offshore account. Such accounts are not always opened with the sole intention of benefiting from favorable banking terms, there are scenarios where an individual needs such an account to run their day-to-day affairs oversees. Such individuals may need an offshore account to avoid things such as currency fluctuations or simply to receive their salary in a foreign country.

  • Does an offshore account pay interest?

    As a matter of fact higher interest rates may be one of the reasons a person opts for an offshore account. This would, however, make financial sense if one was dealing with large sums of money whose gained interest is not a negligible factor. Domestic banks have manipulated interest rates to an-all-time low and when compared to the rate of inflation, depositors may find themselves losing money banking at home than benefiting from the prevailing interest rates.

  • Can I get a credit card from an offshore bank?

    The average person may find it very difficult to obtain an offshore credit card, but VISA or Mastercard debit are always issued.

  • Do you need to provide national ID to open an offshore account?

    Opening an offshore account is much like opening one at home. One of the mandatory requirements is a national ID or passport to verify the holder's details. The exact requirements for different banks are, however, variable.

  • Do offshore accounts have Know Your Customer (KYC) policies?

    The process of opening a new account with banks is no longer about verifying identity alone. The need for banks to carry out due diligence before accepting new clients has become more and more important in order to prevent illegal use of the service. As is the case with banking institutions at home, offshore banks also have Know Your Customer (KYC) policies even though the exact form of the policies varies with different jurisdictions.

  • Do offshore banks have checking accounts?

    It is not a common occurrence to have an offshore account that allows the client to draw checks from the account. The main reason for this is that it opens the account to risk of fraud where the bank has few or no options for legal redress. The most common type of offshore accounts for individuals are current accounts which can be accessed at any time and place in cases where the bank keeps up with current mobile banking options and such like conveniences.

  • How do I get an offshore bank account?

    Contact us and will provide for all your needs.

  • Do individuals with offshore bank accounts have to pay taxes?

    The issue of taxation is a multi-faceted one when it comes to offshore banking. Holders of offshore accounts are legally required to declare their income to the relevant authorities. This is a matter that is often downplayed, but could get a person on the wrong side of the law with large fines to pay and possible jail time.

  • What are the advantages of offshore bank accounts?

    Opening an offshore bank account is advantageous for many reasons; here are a few that you may find apply to you too. Offshore banking presents the option of keeping one's money in an economically and politically stable jurisdiction. This is mostly important if the client feels like their home country may fall into turmoil and cause their assets to be seized, frozen or disappear. It also enables the account holder to act quickly when the situation requires quick action. An offshore account gives you the ability to take protective action against some government policies. Having one even if it does not have much in it keeps you prepared for whatever arises in the future. Banks abroad can have much higher interest rates on savings than the institutions at home have. For this reason, it could actually be much more beneficial to have a saving account in an offshore jurisdiction than open one at home. Having an option between different currencies is a great way to protect your purchasing power. Since local banks offer few options for currency diversification, offshore accounts are a better option since you can use diversified currencies.

  • What are the disadvantages of offshore banking?

    There are a number of drawbacks involved with offshore banking; here are some you should know about before you decide to have your offshore account; Offshore banking is not the kind of thing that you can access physically at any time. The jurisdictions involved are usually far from the clients' geographical area. This has been alleviated by the use of new technologies such as mobile and online banking; however, it could always pose as a challenge. Developing countries can also face a challenge from slow transactions which may inconvenience account holders. The existence of offshore financial centers also makes the illegal act of tax evasion much more alluring. The problem is, though, that the legal system is stringent about tax evasion laws and does not consider ignorance of the law as defense. The cost of setting up an offshore account is also a bit on the higher side after considering charges such as legal fees which may be exorbitant. Other offshore bank centers also have requirements such as property ownership in the country which may shut some people out.

  • How does someone with an offshore bank account access their funds?

    Access to the money deposited in an offshore account is straightforward. The account holder can use debit cards as well as online wire transfers to access and move money around. The development of banking using technological has made it possible to access the money from anywhere in the globe. Apart from cash withdrawals and debit cards, clients can also use travelers' checks and bank transfers to access their funds.

  • Is there a minimum balance required for an offshore bank account?

    The minimum balance required for an account varies greatly according to the type of account. The amount varies between a few thousand dollars to a million. Usually the minimum balance lies around a figure equivalent to 1,000 to 5000 USD, GBP, Euro or the equivalent in other currencies.

  • Can I receive and send wire transfers with an offshore bank account?

    Using wire transfers is among the preferred methods of moving money around in offshore accounts. The idea is also more convenient and safer and also opens the account up to local banking facilities.

  • How does one deposit funds into their bank account?

    There are a lot of safe ways to deposit money into an offshore account. The safest way of doing it is using a wire transfer which will send the money directly to your account from wherever in the world you are located. Another common method is to use FedEx or such a courier to transport the money using international money orders.

  • What are the documents required to open an offshore bank account?

    The basic documentation for opening such an account includes a passport or national ID. In some banks some more documentation to curb money laundering and other types of fraud associated with offshore banking are required. The bank may ask for a reference document from your current bank that shows the average balance and satisfactory relationship. Aside from this the bank may also need a utility bill to verify residence. There are banking institutions that may also require an “apostille” stamp, which is accepted internationally.

  • Does an offshore bank account holder have to report income earned from interest and other investments?

    An offshore bank account holder is still affected by applicable laws of his or her country. Some countries like the United States require its citizens to report all earning even if they live in another country and income is earned in that country.

  • Can I Get a Debit or Credit Card with My Offshore Account?

    Generally yes, an offshore bank account works just like any other bank account, in that you can have a card linked to it and use the card to make payments or withdraw cash. If you choose a reputable and well-connected bank, you will be able to use the card virtually anywhere in the world. With smaller or less reputable offshore banks there may be more limitations. Consider this when deciding about a particular location and bank.

  • I declare that I have read the PRIVACY POLICY and agree to the processing of personal data

    I wish to be Contacted by phone

    Quotation request

    Here we have experience in the incorporation of trusts and companies

    USA Miami, USA Delaware, USA Wioming, USA California, Panama Panama City, BVI Tortola,Dominican Rrepublic Santo Domingo, UK London, Ireland Dublin, Portugal Lisbon, Portugal Madeira, Spain Madrid, Spain Barcellona,Spain Canary Island, Malta La Valletta, Italy Rome ,France Paris, Hungary Budapest, Serbia Belgrade, Turkey Istambul, Bulgaria Sofia, Ukraine Kiev, Uraine Odessa, Poland Warsaw, Lithuania Vilnius, Latvia Riga, Estonia Tallin, Russia Moscow,Azerbaijan Baku, UAE Dubai, kazakistan Astana, Uzbekistan Samarcanda
    Do You Want To Know More? Please Visit
    FAQ’s
    BLOG

    Ready to Talk

    Request A Free Consultation

    I declare that I have read the PRIVACY POLICY and agree to the processing of personal data

    I wish to be Contacted by phone

    Quotation Request

    Ours email are encrypted because privacy matters.