Nevis and Cook Islands Offshore Trusts
An offshore trust is a structure that helps to protect assets from claims, creditors, and sanctions. It is essentially a power of attorney contract between the owner of the assets (the founder of the trust) and the trustee (the manager). Thereafter, the assets no longer belong to the founder, while the manager administers them for the benefit of third parties (e.g., the founder's children). The owner no longer owns the assets, and they cannot be seized for the benefit of the creditor. Offshore trusts in Nevis and the Cook Islands are particularly reliable in this respect.
The advantage of the Nevis and Cook Islands
- Privacy. The trust founder doesn't have to worry about his name being leaked to the public. The laws of Nevis and the Cook Islands do not permit disclosure of the founders and beneficiaries. Thus, even finding the debtor's trust is a tough task for the creditor.
- The laws protect the beneficiaries if they are minors, mentally incompetent, or there are other reasons why they cannot manage the assets.
- A deed of trust helps protect asset in a divorce or bankruptcy. The person does not own the assets after the contract is completed, so they are unattainable to the opponent.
- Flexible terms. A deed of trust can be used as an alternative to a will. This is especially true if children, grandchildren, or great-grandchildren have not yet been born. For example, you can sign a contract to distribute property or /profit evenly among family members.
- Savings on taxes. Assets cease to belong to the trust founder after the conclusion of the contract, so no taxes need to be paid on them.
- The laws of Nevis and the Cook Islands allow to minimize taxes and save a lot of money.
Nevis Offshore Trust
The laws of Nevis recognize only the decisions of the local courts. Additionally, a creditor who has a claim against the founder of the trust must pay $100,000 to file a lawsuit, but all they can do is challenge the conclusion of the trust agreement. If it is more than 2 years from the date of establishment, it cannot be liquidated.
The creditor has to understand these requirements very well to know if the lawsuit is worth pursuing. If it still happens, it will be necessary to hire attorneys who will look for loopholes that will help win the lawsuit.
Nevis offshore trust requirements
- To register a Nevis trust, one of the trustees must be a legal entity that has a Nevis trust license. Contact the experts at IT-OFFSHORE and we will handle this task.
- The trust founder and beneficiaries must necessarily be non-residents of Nevis.
- The trust agreement must not refer to the lands of the Federation of St. Kitts and Nevis.
Trust contracts in the Cook Islands
The founder of trust in the Cook Islands can be a beneficiary, which opens up unique opportunities for business owners. Local courts do not recognize foreign court decisions. The creditor must overcome significant legal obstacles to collect the debt. Among other things, they must prove their opponent intended to defraud.
The statute of limitations lasts from 1 to 2 years, so the court may not have time to consider the case. The trust agreement is not registered in the public lists, so the creditor must find the opponent before filing the lawsuit, which is not easy at all.
The requirements for offshore founders in the Cook Islands are not much different from Nevis:
- One of the trustees must necessarily be a licensed trusted company registered in the Cook Islands.
- Beneficiaries cannot be the residents of that state.
How to open a trust quickly
To register an offshore trust in the Cook Islands and Nevis, contact IT-OFFSHORE experts.