A Story about Why I Prefer Belize Asset Trusts
We live in financially testing times, many people are losing their jobs, and companies and assets are at risk. The answer is to protect your assets, possibly using an Asset Protection Trust. The best jurisdiction to do this is in Belize. Don’t be alarmed; this has nothing to do with tax avoidance or mitigation it is just to protect your assets.
Those who know me will tell you I tell it like it is, warts and all, so I never sell or introduce products I don’t believe in. Now let me tell you a story.
Some ten years ago, my PA was tasked with looking into asset protection trusts. The reason behind this was I had previously recommended either Seychelles Trust or Marshall Island Trust. Still, my confidence in these structures had begun to slip, so I stopped recommending them to my clients, but I needed a replacement. Several weeks after setting my PA the task, she came into my office one Friday morning and said, “Boss, I have the answer to the trust problem, Belize Asset Protection Trusts.“
It appeared she had put a lot of time and trouble into doing this task, which was evident by her enthusiasm. Now I have one main rule in life and it’s “if it’s too good to be true, it usually is too good to be true”. The dear girl has written pages of information on the product, and frankly, the more I read, the more I worried. This seemed too good to be true. History has proven she was right; this was possibly the answer. I spent the next week looking into this product, which included speaking to as many professionals in my business sector as possible, including firms and regulators in Belize. I was now convinced that this product was all its was presented as. Bingo! I decided to add this product to my offerings to my clients. History has proven her right; this was exactly what I was seeking for my international clients.
Fast forward to today, some ten years later, to my knowledge, not one of the asset protection trusts has been successfully attacked by any legal action, so let’s look at why.
Offshore asset protection trusts are an excellent solution for protecting wealth from future lawsuits and potential creditors. When a trust is established under the laws of a foreign country and the trust assets are located outside the settlors home country, it is almost impossible for a domestic court to reach any trust assets.
One of the key benefits of the Belize trust is that the plaintiff would have to try his or her case in the court of a foreign and unfamiliar jurisdiction, this would be a daunting and extremely expensive action, and in the ten years I have set up trusts, this has never happened.
A Belize Trust is established under the laws of Belize and administered by a trustee within the country. An asset protection trust aims to separate the ownership of a specific assets with the rights to control, use, and enjoy such assets.
A trust is a contract between the person who establishes the trust, Settlor, the manager or trustee, and the beneficiaries expected to receive the trust assets. The trust laws in Belize provide a high degree of protection, privacy, and flexibility. In addition to favourable trust legislation, Belize has a streamlined trust formation process and low fees and taxes imposed on foreign trusts.
Immediate protection is provided with a Belize trust. In many jurisdictions, it can take anywhere between 2-7 years before assets are protected.
Typically, asset protection trusts are formed for protection for some of the following reasons, click here to find out more.
Our trusts are formed and administered by a Belize licensed and registered agent in Belize.
For more information Contact Us
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We have been in the business for over 30 years and we know what we are talking about. We look forward to speaking with you.