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Why Settle with an Asset Protection Trust in the Cayman Islands |
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There are four main reasons why the Cayman Islands is considered as one of the best financial centers in the world. Aside for being home to the top 50 banking institutions in the world, much of the reason behind the success and prosperity is because of these four factors.
The number one reason why clients favor setting up trust and other banking transactions in the Cayman Islands is their strict secrecy laws. Criminal penalties are set against any institution or employee who discloses banking information without proper authorization. Keeping account information confidential is the number one necessity in asset protection. Once account information has been kept secret or known only to individuals who ensure the maintenance and protection of the account, it is less likely to have problems protecting the account.
The second factor that favors the Cayman in choosing a financial center for asset protection is their well-developed laws when it comes to trust formation. Aside from enjoying the same confidentiality and secrecy rules that are applied to all Cayman financial transactions, trusts formed in the island have an excellent level of flexibility and are well protected. Trusts, which are the main method for protecting the assets, today have been designed to be well rounded in the Cayman’s banking community.
Companies are allowed by law to be formed anonymously and with minimum paper works in the islands. Shares can be assigned through bearers and through nominees. This favors both security and convenience to clients and investors.
And lastly, by setting up trust, companies purchasing shares, offshore income taxes, capital gain taxes, profit taxes, and estate taxes could be minimized, if not, completely avoided. Most Cayman clients are individuals living in or migrating from the U.S. By using the advantages of the banking centers in the Cayman, they could protect their assets and save money from taxes.
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