Offshore Company Incorporation
What is an offshore Company?
In real terms an offshore company is a corporation that is owned by a person who is a resident or citizen of a country other than that of the country in which the offshore corporation is incorporated. The Company is “offshore” from his own country—hence the term “offshore company”.
Should I form an Anguilla or Nevis trust to hold shares of my offshore company, as well as consider using the trust for other property that I own?
A trust is an excellent tool for both estate planning and asset protection. Anguilla and Nevis have excellent trust legislation which provide for special asset protection and confidentiality.
What about inheritance laws? When I pass away what happens to the property? Will it pass to my wife and children?
There are various tools available to ensure that the property passes on to family members separately from your “on-shore” property. The husband and wife can own the shares of the company jointly.
Why should I own my property in an offshore Company?
Offshore companies are formed for doing all manner of property transactions. Real estate is particularly suitable for offshore companies. It simplifies ownership and is an excellent form of asset protection because it insulates the owner of the offshore company from any personal liability for example to persons who suffered any harm while occupying the property as tenants.
Offshore Myths and Facts
Myth: Proceeds from local crime are laundered through offshore banks
Fact: In many instances Caribbean nations are flagged as high risk nations by banks with which they hold correspondent relationships. These nations are seen as trans-shipment points for drugs from South America going to Europe and the US and that the drug monies are laundered through their offshore banks.
Myth: Money Laundering is exclusive to offshore jurisdictions
Fact: Money laundering or the practice of trying to make legitimate illegally derived proceeds, occurs most of the time in the world’s major financial centres as opposed to small offshore jurisdictions. This is understandable, as most of the world’s financial transactions occur in these centres.
Myth: Offshore jurisdictions have harmful tax practices
Fact: This opinion is based on offshore legislation that allows for asset protection through fair tax competition. Embedded in the tax code of high tax jurisdictions are numerous tax deferral and tax reduction provisions for income earned offshore or expenses paid offshore. For example: the US gives tax deductions for insurance premiums paid to offshore captive insurance companies.
Offshore Private Banking
Is it possible to have a bank account for the offshore company?
Yes, we will assist you in opening a bank account for the offshore company. The bank account can be opened in Anguilla, St. Maarten, Nevis or another country if preferred.
Offshore Trust Formation
What Are the Advantages of a Trust?
Because of its flexibility, a trust can be used to perform many different functions: to minimise or avoid tax liability, to facilitate lifetime financial management, to protect assets, to preserve family wealth, to ensure continuity of a family business, to donate to charities, to negate forced heirship laws, to create a pension scheme for employees or dependents.
What is a trust?
Since medieval times, the trust has been used as a structure to avoid inconvenient and rigid common law rules, especially with respect to property law and taxation.