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Switzerland Asset Protection Cloaks |
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The Cook Islands has established itself as a strong legal instrument to help protect Swiss bank accounts from possible seizure by collection agencies. By assigning a Cook Islands trustee for your Swiss bank accounts, the court judges cannot force the trustee to release control of the bank accounts in favor of court rulings against you as the owner of the bank account. This is possible because the trustee is outside of the jurisdictions of the court who issued the decision.
It is a common scenario to find Swiss accounts being opened for the purpose of asset protection. However, due to some loopholes in the law, some court may find a work around tight bank laws in Switzerland which are not automatically covered by asset protection clauses. So when you get sued by a court, payment is required to be passed on to your creditors. Part of court proceedings including disclosing all your assets is taken under oath. It is possible that, at that point, you only have the Cook Island trust as the remaining viable asset. The judge will then issue a court order in favor of the creditor which would force you to transfer possession of such to them. Anti-duress provisions will allow a legal means for the trustee to refuse complying with this order. And again, since the court has no jurisdiction over the offshore-based trustee, he cannot force the money to be turned over to the creditors. Contempt of court is not possible because you are in no position to fulfill the judge’s order. Your Switzerland bank account remains intact and safe where they are.
The creditor will be forced to accept a settlement of lower magnitude, which happens a lot. It makes sense to accept what the debtor-owner can offer instead of get nothing in return.
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