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Trust – the most popular asset management
Do the riches hold and manage their assets by themselves? No, they don’t (and they should not do that way, either). Most of their assets are held indirectly in the form of trusts, corporations, partnerships, etc.
Among other things, trust is the most popular way of asset management as approximately a half of the assets of the rich are held and managed by trustees under the form of trust.
Trust can protect your assets against almost all the creditors, including tax authorities. It is not an exaggeration if you say that trusts can protect your assets and keep you wealthy even when you are bankrupt. Trust can also keep assets at the settler’s death because it is maintained under the trustee separately from the assets directly owned by the dead settler. Presently trusts established in the offshore financial centers are functioning as a most important part of asset management and tax planning for the wealthy.
Trust is a product of the common law. In other words, it has been developed principally in the Anglo-Saxon tradition of asset/property management. However, a similar system can be found in the continental Europe. It is called the Liechtenstein Foundation or Liechtenstein Family Foundation.
Generally speaking, in most of the countries, a “foundation” is a corporation for a charitable purpose. In Liechtenstein, however, you can establish a foundation for the purpose of protecting your assets for your family. That is why it is called Liechtenstein Family Foundation. Liechtenstein Family Foundations are exempt from Liechtenstein income tax. To establish and maintain such foundation is possible at very low cost.
Needless to say, you must have a trustee (for trust) or a director (for foundation) to establish an offshore trust or a Liechtenstein Family Foundation. Most of the cases, you must ask for fiduciary businesses such as lawyers, consulting firms or trust companies in the applicable jurisdiction to become a trustee or director for your trust or foundation. But who? There are a countless number of advertisements of such fiduciaries in the Internet, but someone says many of them are unreliable or lack of expertise, and most probably unreliable fiduciaries will make you troubles. Then, how can you tell reliable fiduciaries from the unreliable ones? Probably you have no idea.
In such case, it is strongly recommended to consult with a Swiss Private Bank, as a traditional expert of the wealth management. Through Swiss Private Banks, you can establish a trust or foundation not only in Switzerland or Liechtenstein but also in any other offshore financial center. In this case, the bank account of such trust or foundation will be opened with such Swiss Bank and the office of trustee (for trust) or director (for foundation) will be taken by the lawyer or consultant who is considered excellent and reliable by the bank.
Trust or foundation is, in itself, a very reliable system for asset management, but most of the troubles related to it are caused by the breach, incapability or unreliability of the trustees or directors, if any. To avoid such troubles, it is most effective to utilize a Swiss Private Bank.
|
Offshore Trusts |
Duration |
Registration |
|
Bahamian Trusts (Bahamas) |
80 years or less |
Not required |
|
BVI Trusts (British Virgin Islands) |
100 years or less |
Not required |
|
Cayman Trusts |
150 years or less |
Required (if it is exempted from tax) |
|
Guernsey Trusts |
100 years or less |
Not required |
|
Manx Trusts (Isle of Man) |
80 years or less |
Not required |
|
Jersey Trusts |
100 years or less |
Not required |
*This table is just an overview, which is not exhaustive and does not cover any exceptions. For details or exceptions, please consult with your tax consultant or other experts.
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