The Bahamas offer more than just a sunny vacation destination. This island nation is among the best locations in the world to set up an offshore trust, for several reasons.
First and foremost, this
jurisdiction offers complete privacy when it comes to setting up trusts. Often,
people create trusts because they want to protect wealth and assets from
outsiders who might make claims against an estate. If nobody knows you have
assets, they cannot come after them.
Buy and Store Gold and Silver Offshore
In the Bahamas, trusts do not need
to be registered with any government agency, unlike some other jurisdictions.
This increases the privacy of the settlor and any beneficiaries named in the
trust.
In addition, there are specific
laws in place to protect trusts, settlors, and beneficiaries from outside
interference. The Choice of Governing Law Act, for example, not only allows the
passing of assets through trust, even in circumstances that might not otherwise
be allowed in the home country of the settlor or beneficiaries, but it also
states that trusts are only beholden to the law specified in trust documents,
rather than laws of other jurisdictions.
Then there is the Fraudulent
Dispositions Act, which holds that trust assets are protected from outside
claims so long as the settlor is not involved in litigation related to said
assets at the time the trust is created and avoids judgments within two years
of creating the trust. In addition, the burden of proof for claims is on
creditors, not the settlor or beneficiaries of the trust.
Creating a trust in the Bahamas can be accomplished for as little as $1,000 up front and annual fees of $250. Your trust can be completed in just 1-2 business days.
Submitted by Sam Hall of Harbor Financial Services
