Offshore Trusts have been formed for many years giving protection to individuals from tax on their assets.
They are formed in order to hold assets for "Beneficiaries" and gives greater asset protection.
Offshore Trusts may be created for a variety of reasons. Funding for school fees is a common use but protection from a previous partner or indeed a bankruptcy are alternate uses.
Different types of trusts are available, these include:
- Bare trusts where each beneficiary has an immediate right to both capital and income.
- Interest in possession trusts where beneficiaries have a right to all trust income.
- Discretionary or accumulation trusts are most popular although not always tax efficient.
- Mixed trusts combine different types of trusts.
- Settlor-interested trusts where a ‘settlor’ can continue to benefit from these assets.
- Parental trusts for children.
- Non-resident trusts managed by people living abroad.
- Trusts for vulnerable people for the disabled.
Offshore Trust Benefits
They provide complete and absolute confidentiality and privacy and offshore asset protection.
Assets grow free from tax, they also provide protection from inheritance scrutiny and taxation.
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