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Foundations in the Bahamas |
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Bahamian Foundations are part of the Bahamas’ asset management scheme and are good venues for asset protection, wealth management and distribution. They can be used to salvage family businesses that are performing weakly or for charitable purposes, among others. They are not subject to perpetuity clauses, thus allowing for a continuous progression upon discretion of the founder. They are also not subject to mandatory audits by those outside of the foundation’s management committee.
Moreover, under the jurisdiction of the Bahamas legal system, foundations are protected from foreign laws of heirship claims. They are also protected from negative effects from changes in the foundation’s management in terms of the legal owners of the foundation’s assets. The stipulations in the foundation’s legal records will be executed according to Bahamian laws and will not be affected in any way by foreign regulations.
A foundation that was created in the Bahamas can be legally transferred to another location and vise versa provided that the laws of the new location cover such moves. As in other Bahamian offshore investments, the same flexibility accorded in Bahamian financial services is likewise applied to the Bahamian foundations including flexibility in tax responsibilities, sovereign laws, accomplishing changes in the foundation’s legal stipulations by its rightful owners and protection from creditors. Under Bahamian law, the assets of a foundation can not be forcefully liquidated by any other legal claims outside the Bahamas’ jurisdiction.
Bahamian foundations are also not only there to help keep your legal ownership of its assets, they likewise help you preserve your assets and keep them intact. In a word, establishing a Bahamian Foundation is a sound investment that will protect your assets and prevent them from being taken under your nose, especially by those questioning their legalities under foreign laws. Bahamian foundations likewise let you enjoy full control of your estate and other properties.
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