Information About Offshore Asset Protection Trusts- InternetDialer.Com Fri, 05 Apr 2019 14:24:21 +0000 en-US hourly 1 Offshore Trust: on whom to write the property and how to protect assets? Fri, 05 Apr 2019 14:24:21 +0000 Very often we hear from our clients who are in the process of buying property, the same questions: who to write down the property to, whether they should buy it in the name of the trust.

Offshore trust effectively protects assets

The questions are the same, but all the cases with which the clients come to us do not fall under the pattern. In most cases, our experience suggests the optimal solution and we recommend the best way: enter the name of the trust in the title. I would like to remind readers that trust in legal language means a tax planning tool for preserving and managing the property. And this tool effectively protects the interests of our customers.

Currently, all information on purchases and sales of real estate is public and it is easily accessible to anyone who has the ability to use a computer and the Internet. This means that each of your real estate purchases is recorded and, if desired, everyone who wishes to gather detailed information about you will know about it. Hide the details, alas, will not succeed, and everyone will know what you bought, from whom, for how much, as well as many other details. In fact, if a potential or real lender is looking for information about you and your assets, he does not need to make a lot of effort, it’s all available!

Trust in the case of buying a property in the name of a trust, and not in your name, has certain and obvious advantages:

– firstly, when buying a property in the name of a trustee, your name will not appear in public records. For example, your property will be called the name of the trust and will be shown as belonging to, for example, “The Dolphin Trust” or “ABC Family Trust.” In this way, you will be able to maintain complete confidentiality about the ownership of real estate. Lenders (real and potential), most likely, will not see this property as belonging to you. The agreement on the establishment of a trust is in itself confidential, and no one knows who is the legal successor and heir (heirs) of the trust, and in some cases, the owner. When you buy a property in the name of a trust, and then transfer it by power of attorney after the purchase, you have the opportunity to hide the identity of the testator;

– secondly, most of the lawsuits and liens that exist in relation to the heirs, will not affect the trust itself and, consequently, the purchase and sale of real estate. Another advantage of buying a property in the name of a trust, rather than one’s own, is that your heirs will be able to avoid the expensive and complicated process of bequeathing (the right to inherit) after you leave.

It should be noted that if you plan to take a mortgage (credit) for the purchase, then most lenders will allow you to purchase property in the name of the trust only if you have personal guarantees for the payment of the loan.

If the trust is made correctly, you will not lose any tax benefits from owning property. All tax returns, deductions and other benefits will continue to flow as your individual refund. Assuming proper preparation of the trust and in accordance with your intentions and wishes, you will not feel any differences in the management and use of the property.

It is worth noting that some co-operatives do not allow a trust to be an owner when buying a co-operative apartment, while others are completely against the property of this kind.

It is important to remember that in the case of buying real estate for investment purposes, such as rent, it makes sense to issue ownership documents through LLC (Limited Liability Company), which, in fact, belongs to the trust and provides an additional level of protection and immunity from your tenants in case of litigation lawsuits.

The time before the end of the sale and purchase transaction is the most ideal for resolving the issue of recording real estate in the name of a trustee, and not your own. Transfer to trust is also possible and, moreover, highly desirable in cases where you already have a property, even bought on credit.

Offshore specialize in matters of protecting assets. You will always be helped here to discuss your individual factors and circumstances to determine the best strategy for planning future assets and meeting your needs, goals, and intentions.

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How to find the assets of the debtor around the world Thu, 04 Apr 2019 15:35:48 +0000 The practice of illegal withdrawal by the management and beneficiaries of the business of companies’ assets in foreign jurisdictions has become widespread.

Inventive debtors actively use companies in offshore jurisdictions, trusts, fictitious payables, transfers of assets to formally not affiliated persons, etc.

In this regard, creditors inevitably face the problem of obtaining access to the foreign assets of such debtors.

First, as the first stage, start collecting information and evidence, as well as tracking the debtor’s assets. At this stage, it is important to identify key jurisdictions to search for assets, “narrowing down” the scope of follow-up work (as a rule, Russian businessmen prefer Great Britain, Monaco, France, Switzerland, and the United States).

The circle of such jurisdictions can be established by working with business partners, colleagues, debtor’s opponents, studying the debtor’s foreign trips, his social networks, his family’s residence, hobbies, and hobbies, etc.

Within the established jurisdictions, they are already starting to search for assets directly: bank accounts, shares in companies, securities, intellectual rights, art objects, houses and land, sea, river and aircraft, other real estate, cars, etc.

Such objects are searched in the registers of legal entities, registers of movable and immovable property, court decisions, financial statements, in the framework of interaction with government bodies, in cadastral maps, press reports, etc.

For the implementation of all these tasks, a team of professional lawyers and specialized expert detectives is involved, who, firstly, have the appropriate competence to disentangle complicated asset withdrawal schemes, secondly, have a complete list, access and skills to work with information sources in various jurisdictions thirdly, they know the peculiarities and can work in the multi-jurisdictional field; fourthly, they can assess the legal perspectives of the foreclosure of the found assets.

Secondly, if it becomes clear that there are prospects for foreclosure, then you can proceed to the next stage — the arrest of assets, legal proceedings in a foreign court on foreclosure, execution of judicial acts and return of assets, etc.

In this whole process, a variety of effective and “advanced” procedural tools of foreign legal orders will be of great help. Thus, using the example of the UK at the asset protection stage, a court may request interim measures (injunctions) in the form of arresting assets, imposing obligations on the debtor and third parties to disclose information, prohibiting execution of judicial acts and initiating legal proceedings regarding the subject of the dispute, if the parties agreed on exclusivity of English jurisdiction.

On the example of the tools offered by the USA in bankruptcy of a debtor – a company or an individual – the arbitration manager has the right to apply to the federal bankruptcy court with a statement recognizing the Russian bankruptcy case as a “main foreign proceeding” in the order of Chapter 15 of the US Code Chapter 15).

Such recognition would prohibit creditors from applying for recovery of debtor’s assets in the United States, bypassing the Russian bankruptcy estate, giving the arbitration manager the right to participate in legal proceedings regarding the debtor’s assets in the United States, as well as access to information about the debtor’s assets and interviewing witnesses.

Finding the debtor’s assets abroad and charging them is a time-consuming, time-consuming and costly task. Of course, its implementation makes sense only in respect of large debtors.

At the same time, the practice of recent years demonstrates its effectiveness in terms of the amount and value of “disclosed” assets, in connection with which creditors should pay attention to it.

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