To quote Wikipedia:
"In common law legal systems, a trust is a relationship whereby property (real or personal, tangible or intangible) is held by one party for the benefit of another."
Trusts date back to medieval English trust law, created to protect the rights of returning land owners. They left to fight in the Crusades and conveyed the ownership
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so the estate could pay and receive feudal dues. On their return some of the encountered refusal to hand over the property. The Court of Chancery would usually recognize the claim of the returning Crusader.
This practice developed into the legal vessel we know today as Trust.
There is no better way to protect your affairs and privacy from potential adversaries and yet maintain the ownership rights It is by far the most flexible financial instrument to ever come about. International trusts protect assets in any form such as cash, securities, real estate, copyrights, patents and intellectual property, jewelry, art etc.
Reasons for an Offshore Trust
- Estate planning
- Having built an estate that will continue to exist comes with responsibility. Setting up a trust is one of the most effective ways you can manage your estate planning.
- Political unrest
- Offshore trust is a smart way of protecting your assets in financially uncertain times and politically unstable countries.
- Offshore Trusts provide complete and absolute confidentiality. All assets held in trust are absolutely private. The existence of the trust is registered but the identity of key parties is not recorded or documented anywhere with public access.
- Wealth Management
- A trust is the most common form of wealth management. It means giving assets to a trustee to hold for the benefit of specific individuals - which can include yourself. The trustee is legally required to manage and distribute assets in accordance with the terms of the trust agreement.
- Asset protection
- A trust will give protection from litigation such as malpractice claims, forced heirship, product liability, divorce proceeding, foreign judgments and creditors. Assets can be placed in international trusts to prevent those assets from being exposed as collateral.
- Assets placed in international trusts, located in a tax-free jurisdiction, are not taxable upon maturity or at time of disbursement. International trusts can own and operate bank accounts, companies and invest in foreign markets while their wealth accumulates in a tax friendly environment.
Build an Offshore Trust
Dominica is considered one of the leading jurisdictions to provide a comprehensive legal framework that, in addition to the domestic trusts governed by the Trustee Act of 1887, the country has ammended the law in 1997 with the International Exempt Trust Act which applies to Trusts in which the settlor and beneficiaries are non-resident and the trust property does not include any land situated in Dominica.