|
Trust Scams Versus Asset Protection in the Cayman Islands |
|
|
The proliferation of alleged tax havens has reached a staggering amount. Unfortunately, victims of such tax havens have also reached an insurmountable number. Prospective settlors are advised to be on guard when choosing their foreign trustee. The Cayman Islands has been judged as one of the safest and soundest foreign trustees for pure trusts. While pure trust is considered as an excellent way for protecting an asset, there are trust scams you should watch out for. There have also been opposing views as to the validity of a pure trust. On one too many occasions, legal jargon was taken verbatim to prove an opposing point. There were also point-by-point discussions relegating the legality of trusts, especially in offshore destinations. However, there are actual offshore locations whose foreign jurisdictions provide the client with legal asset protection schemes. They are the ones worth looking into.
While it is true that the internet has hundreds of advertisements on bogus pure trust documents, you will always find that the Cayman Islands is not one of those bogus pure trust havens. In fact, most often, it is the opinion of big time investors and established companies with offshore branches in the island that it is one of the best venues for all your offshore investments.
The point is, there are bogus pure trust providers and there are actual, legal ones. Asset protection does not mean that you will randomly choose your trustee. It’s like giving someone a family heirloom. You don’t just pull any stranger from off the streets and shove it in his hand. Its importance is emphasized on who you give it to. This is so much more true with your assets. Your screening powers could spell the difference between scam and security. After all, it could mean living a comfortable life in your old age.
|
|
Secure Order
Sales
