A trust may be chosen for various reasons, but it is often used as a means to manage the family assets or the family business, with the assurance of a structure that suits your requirements. Offshore trust formation is another way to secure your assets while ensuring an additional layer of protection for your money. However, there are certain things you must consider when setting up an offshore trust. By knowing these things, you can be sure to experience the best that offshore trusts asset protection has to offer. Here they are in no particular order:
• The location – You can open your trust account in countries that welcome foreigners, but you should consider choosing a well-known and reputable jurisdiction that has a good track record of providing top-notch offshore trusts asset protection. Seychelles is a good example, and you can have a licensed International Trust Services Provider help you open a trust account there.
• Work with an International Trust Services Provider – This entity is licensed and regulated by the Seychelles Financial Services Authority. Some Seychelles trustees are seasoned trustees who are part of STEP (Society of Trust and Estate Practitioners). You can consult with them about offshore trust formation solutions and allow them to help you pick the best way to protect your assets in Seychelles.
• Consult with the experts – Offshore trust formation service providers offer advisory and consultation services for private clients who want to set up an offshore trust. Before they finalize the proposal and the fees, they take time to learn about your unique requirements to assess them. This way, they can structure a good trust that will benefit you in the long run.
• Drafting – Upon establishing an agreement with the service provider, make sure that there is an experienced team who will take care of the Trust Deed and other important documents.
• Transfer of assets – to finalize the offshore trust formation will require the title of the settlor’s assets intended to be held and managed on trust pursuant to the terms of the Trust Deed to be transferred to the trustee. When you work with an offshore trust formation service provider, they will help prepare and execute the legal documents, with assistance from legal counsel in the countries where assets are located if necessary, that are required for the transfers and proper offshore trusts asset protection.