Setting up an offshore trust will protect your assets from judgements and creditors in your country. With offshore asset trust protection, a judge in your country cannot compel the foreign trustee to release the assets or funds to a judgement creditor. An offshore trust can be a strong line of defence for your assets, especially when you set it up in a country with a jurisdiction that does not recognise judgements in your home country or only in strict circumstances where it is proven the assets were transferred to the trust to defraud a creditor Even if a judgement creditor ultimately pursues your assets in an offshore trust, he or she would often need to initiate expensive litigations to gain access to the jurisdiction of the offshore trust thus mitigating against frivolous claims.
Seychelles is one of the countries where you can set up an offshore trust to protect your assets. Trusts in Seychelles are perfect for high net worth individuals who want to protect their private wealth for their children and future descendants. In a Seychelles offshore trust asset protection formation, you abide by the International Trust Act 1994, which provides high amounts of flexibility and anonymity when it comes to your trust’s structure.
A typical Seychelles private trust has a settlor, one or more beneficiaries, a trustee, and an enforcer. The settlor transfers personal wealth and assets into the trust, the trustee is responsible for managing and administering the trust (which should be carried out to the wishes of the settler). To qualify as a trustee, he or she must be an adult with due diligence and a sound mind to sign a bind trust declaration. A beneficiary can be one or more people who will benefit from the trust formation. The enforcer is the supervisory person that monitors the administration of the trust while ensuring strict legal compliance.
An offshore company formation specialist can help you get started on an offshore trust asset protection. Find a specialist that is licenced and regulated by the Financial Services Authority, with knowledgeable and qualified professionals who are known for providing cost effective, efficient, and trustworthy services.
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