What Is Offshore Planning?

by | Jan 22, 2021

What Is Offshore Planning?

By: Barry E. Haimo, Esq.

January 22, 2021

Transcript

BARRY E. HAIMO, ESQ.: Offshore planning generally describes an asset protection technique where you create and fund a trust and the trust is administered by another country — a resident of another country — such as the Bahamas or the British Virgin Islands. The trust is generally asset protected, but of course there are exceptions.

End Transcript

Examples of Offshore Planning and How It Can Benefit You

There are all kinds of offshore planning opportunities available — some better than others. Before attempting to transfer a large portion of your assets overseas, consult a knowledgeable asset protection attorney.

Below, you’ll find several examples of offshore planning opportunities and why they might be worth considering.

Bahamian Trust

Why a Bahamian Trust? Lots of reasons.

It’s close to the U.S. It’s in the Eastern Time Zone. The country has strict secrecy laws, including the fact that the names of beneficiaries and settlors won’t show up in public records. Trust income and beneficiaries are not taxed by the Bahamas. Your assets will be protected from seizure by foreign courts. On top of all this, a Bahamian Trust can be created in as little as 24 hours.

And those are just a few of the benefits. Depending on your situation, this may be one of the best offshore planning opportunities out there.

Nevis Trust and Foundation

This Caribbean country, a former British colony, is actively striving to stay one of the top locations for asset protection in the world. Some benefits to putting your money in Nevis include:

  • No international tax treaties
  • No minimum amount is needed to set up a trust
  • No taxes on estate, gift, income, or inheritance
  • Trusts can be created in around 48 hours
  • Foreign judgments are not recognized
  • Creditors trying to seize assets in Nevis must follow a series of local laws that make it virtually impossible

Bottom line? Nevis does an amazing job of keeping your assets both private and safe, and the country is continually instituting new laws to make this an even better financial haven.

Offshore Planning Is One Way to Plan with Purpose

At Haimo Law, we engage in Planning with Purpose. This is a strategy designed to help you plan for and protect your family and your business’s interests for the immediate and long-term future. When you decide to work with us, we can help you take advantage of incredible tools and techniques that are available to you right now.

Contact us today for assistance with wills, trusts, probate, asset protection, business planning, and more.

Originally published on 5/18/15. Updated on 1/22/21.

Author:
Barry E. Haimo, Esq.
Haimo Law
Strategic Planning With Purpose®
Email: barry@haimolaw.com

YouTube: http://www.youtube.com/user/haimolawtv

 

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