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The solutions have been available for hundreds of years, but most people have the incorrect perception that this stuff is "only for the rich". It is not! It is certainly also available for the small business owner and the novice investor - and they need these tools even more than those who can afford to pay for everything they want.
This stuff is not taught in any school or at any university that is controlled by government. But it is vital to know for anyone who has a desire to get rich and not ripped off by their own government.
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Q: Why can't I make things simpler and just open a simple bank account in an offshore country instead of going through all the hoops with a Trust?
A: With a bank account in your name (or your business's name) you would still be the legal owner of the funds - and obliged by law in your country to include any income arriving to this bank account as "foreign income" on your tax return. You might get away with not disclosing it - for some time. But you would be in breach of the law in your own country by doing so. However, if you include the profits from this account on your tax returns, you can do it fully legally - there are just no legal tax benefits associated with it.
Q: Do I need to have a Trust set up for establishing an IBC?
A: In principle "No": you can incorporate an IBC much like you would incorporate your local business. HOWEVER, if you make yourself the owner of the IBC, you would incur tax liability in your home country for the profits made by your IBC. You are much better off letting an Offshore Trust own the IBC you want to use, unless you have some very special reasons for being the owner yourself.
Q: Do I have to be a Director myself of my IBC?
A: No. You can appoint almost any Directors you want! And you should put some serious thoughts into assigning someone else (for instance through your Trust) to be the Director(s) for your IBC. It gives you an extra layer of privacy protection you might benefit from.
Q: What happens if the laws in my country are changed?
A: Well, first of: As long as you have a right to communicate with people in other countries and do business with them, then there is really nothing your government can do to hit you!
Next: Your government will make many attempts to harrass you into divulging information you have no constitutional obligations to reveal. The purpose, of course, is bluffing you into believing that you have to pay more taxes that you do! Most of these attempts are made at the administrative level, though - and because they are often in direct conflict with existing legislation or constitutional rights, they are fairly easy to deal with! Making new laws, however, does take some time. And it for sure takes more time for a legislative assembly to make those laws than it takes for smart financial people to find ways around it... and you are in good hands with PILL/PIL!
Finally: No free country that is serious about human rights will make laws that take effect in the past. So, as long as you comply with current laws, you are OK. If they change, we will also find a different solution. You are not alone.
If, however, you live in a country where respect for fundamental human rights is less than trustworthy, you need to exercise great care around your privacy. We seriously don't believe you have any moral obligations at all to respect the laws of such a regime - but we also seriously recommend that you protect yourself against its powers. That should give you a very good reason for conducting your financial affairs from a foreign platform - and also for doing it in complete privacy.
Q: My attorney does not know anything about Offshore Trusts - what do I do about that?
A: There is no need for you to ask your attorney anything about how an Offshore Trust works. It will depend on the country it is established in, and it would be completely unreasonable to expect such knowledge. Your attorney knows the law of your own country, and you only need your attorney's advice in regards to your personal situation in your home country - particularly your relationship with your government. For a specific overview of what you should discuss with your attorney, please refer to our "Final Check List" page.
Q: How can I trust the Trustee? I mean, when I transfer assets to the Trust, and cannot get them back, then I need to know that those assets are not just going to disappear somewhere in the Caribbean!
A: You are very right! The problem is, in principle, the same you have when you deposit money into you bank account or an escrow account with your attorney. What guarantees do you have that these people are not going to just "run away with your money"? A century ago, you had no such guarantee, other than some faith - which often came short of being effective....
However, since then, all responsible governments have regulated what banks and lawyers can and cannot do with your money. When you establish a Trust, you should get a "Trust Deed" - a comprehensive legal document that lines out what your Trustee can and cannot do with the assets you grant to the Trust. You do not start the process of transferring any significant assets to your Trust until you have had a careful look at that document!
You should also take into account that most of the assets remain physically in your possion, in your custody...
On top of this, you have your Protector, who is your responsible "appeal instance". The Protector has the power to strip the Trustee of all rights if you have good reasons for wanting this.
Finally, because you know everything you need to know about the company you select to administer your Trust (because you did do your due diligence...) , you will have an easy time pursuing your case in court - in the company's own home country... Please consider that most of the serious Trustee companies have their entire business at stake - it makes no sense to play games like that. But don't take our word for it - there certainly are crooks out there too! So, please check for yourself!
You can also check our "Basic Trust" page for additional hints in regards to what to look for when you choose a Trustee.
The ultimate and diligent answer is given in Mogens Eliasen's e-book "Trusting the Trustee...?", which you can learn more about by clicking on it. In that book, you will also find out how thiss not only depends on whom you choose to work with, but certainly also on how you manage your finances and assets!
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