Asset Protection

Owning property by an offshore company may help to avoid income tax, capital gains tax and inheritance tax. Furthermore, selling the property is achieved simply by the transfer of shares in the company rather than transferring the property itself, thereby reducing the usual property purchase costs for the buyer and seller.

Assets transferred to a trust are not part of Settlor's property, thus they are protected from any litigation. Of course there are cases when assets in a trust can be attacked as well, that is why it is important to choose the jurisdiction with strong asset protection legislation, then the assets transferred into a trust at a time when no notice of claim against the assets has been received by the Settlor, will be protected.

High net worth individual may wish to establish a trust to hold the shares of his company, so that upon his death the benefits of his assets may seamlessly devolve to his heirs with no inheritance tax.

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30/09/2006
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