Why an Offshore Trust? As people lose faith in the solvency of many nations and in their currencies there is steady increase in the flow of capital "offshore." Many retirees are likewise leaving the nations of their birth to live their golden years in offshore locations. Many bank offshore, have business entities offshore, create foundations offshore, and form trusts offshore. The use of a trust to pass inheritance on to ones heirs is an old tactic to legally avoid probate and inheritance taxes. Many have discovered that setting of a trust offshore coupled with other asset protection vehicles is one step better than a trust "back home." Who Sets up and Manages an Offshore Trust? A trust is a legal document which, at some point, requires legal structuring. A trust will designate a trustee. This can be a natural person or it can be a company or institution specifically licensed to act as a trustee. In setting up an offshore trust it is virtually always best to have someone with expertise in the law of the jurisdiction involved to watch over the trust. This service can be handled by a resident of the jurisdiction and it can also be handled by an offshore company with a government issued license to set up trusts and provide trust services. The use of institutions rather than individuals is common, for example, in the United States where banks have trust departments that outlive the individuals setting up the trust and anyone they may have chosen to act as trustee. For trusts set up to take care of grandchildren and great grandchildren having an institution rather than an individual as trustee makes excellent sense. With recent changes in law a number of offshore jurisdictions now allow offshore individuals and corporations to obtain government issued licenses to provide trust services. Almost exclusively these individuals may only offer trust services to non residents. However, the group that comes to an offshore jurisdiction to set up a trust is, by definition, non resident. Opportunity in Trust Services It is not just the person who wishes to set up the trust that can benefit from an offshore trust. An international corporation or individual working offshore can benefit from getting a license, setting business, and providing trust services. As people and capital flee the financial mismanagement and mounting debt of many industrialized nations there is an increasing need for such financial services. Many offshore jurisdictions are significantly tax advantaged as compared to the individual's nation of origin. Many offshore jurisdictions also offer significant asset protection and privacy through their legal systems. It is common for individuals to form international corporations and foundations to protect and preserve assets offshore. Linking these assets to a trust mechanism can help the individual pass his or her hard earned wealth and its protective mechanisms to generations of heirs. The willingness to set up business offshore, learn the pertinent laws, and help others achieve financial security is not only personally rewarding but financially rewarding as well. Those who set up a trust and any associated legal entities will not necessarily live in the county where the trust is set up and, because the trust is meant to survive its creator, will not be around to oversee it. That means that the trust will routinely pay the company overseeing it for the duration of its existence. Licensing of Trust Services Government issued trust services licenses are available in a number of offshore locations. It is wise when looking into setting up such a business to seek competent advice and counsel. There are locations and there are locations and they are not all the same. Especially since the individual or corporation setting up such a business will want to be in the jurisdiction with the laws and regulations most advantageous to their clients it will be wise to "shop around" before looking for a license and going through the expense and time of being licensed. It will typically cost around $27,000 to apply, pay the first year of the license and pay other setup costs. This is not something that should have to be done twice. The old rule in carpentry comes to mind, "Measure twice and cut once." Seek competent counsel, look around, pick the best location and then apply for a license and set up a business. What is Necessary for Providing Trust Services Although the strict requirements to get a license are a list of personal and financial disclosures a sense of the law of the land and sense of people are most important. In providing trust services the individual will be dealing with those wishing to care for their loved ones and will be responsible for carrying out those wishes. Knowing and caring for people is an integral part of successfully carrying out trust services. Offshore Trust Services Costs and Benefits It will cost around $27,000 to get started providing trust services and around $12,500 a year for maintenance costs, license renew included. An attractive part of setting up trust services offshore is that in most offshore jurisdictions it will be cheaper to operate a business than in the home country of the individual or corporation. Although there will typically be some sort of requirement for hiring local personnel, they will typically work for less than employees "back home." Many functions of the business will be amenable to outsourcing, including website construction and management. In applying for and setting up an offshore trust business it will be wise to use competent counsel both at the start and as time passes. The legal definition of trust services, the validity of certain types of trusts, laws regarding trust creation, what types of property can be legally held in a trust may change with time. Having a ready knowledge of the law and competent legal advice will benefit the company in two ways. First, it will allow continued excellent service to clients. Second, it will keep the company ahead of competitors and bring in continued profitable business. [http://www.userbancorp.com] An offshore formations and banking specialist working for several companies regarding offshore structures, formation of companies, foundations, banks and financial institutions in several jurisdictions, including provision of government issued financial licenses. Working for User Bancorp Ltd, which is providing private and corporate accounts, merchant accounts, offshore companies such as Belize IBC's (International Business Company), Panama corporations and foundations, wire transfer services, managed funds/forex, credit- debit- and prepaid card issuing. We also offer co-ownership and shares in different investment programs such as real estate investment in profitable jurizdictions like Panama, Belize and Spain. Certificate of Deposit/Term Deposit accounts available up to 9 % p.a.
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