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Cook Islands Trust for asset protection, Does it Work??

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Different jurisdictions and different types of trusts for different purposes. Here‍ are some comparisons:

https://sterlingtrustees.com/wp-content/uploads/2021/10/ST21066-Wyoming-White-Paper2021_r_2.pdfhttps://sterlingtrustees.com/wp-con...021-SD-v.-DE-White-Paper-2021-REV10-Final.pdfhttps://www.northerntrust.com/docum...zed-trusts-side-by-side-comparison-states.pdfhttps://www.duanemorris.com/articles/static/borowsky_taxmgmtjrnl_0712.pdf
As I've said, asset protection isn't an off-the-shelf⁠ product. You customize it to fit your situation, using the best available tools and methods⁤ to achieve your desired level of protection for your type of assets.
 
This makes no sense. Real estate and shares⁢ in onshore jurisdictions in an offshore trust? I think of an offshore trust as a︀ 'start over fund'. If I lose everything else I own, I have enough in a︁ secure offshore trust to live indefinitely. These funds are invested for now, and just left︂ alone. Hopefully I will never need to access them and they continue to grow.

Onshore real estate and traditional assets have a separate structure.

LI has it's own problems (hopefully︃ they make some changes soon). You might be able to get around this depending on︄ how you set up the foundation council.

https://www.independent.co.uk/news/...neficiaries-trustees-legal-laws-a8239956.html
 
For Nevis trusts it is easier to sue and collect‍ if you are from the US. Cook Islands trust legislation requires suing in the Cook⁠ Islands which costs a lot of money. Contingency creditors are not happy to pay for⁤ this cost
 
Jbb1 said:
Jbb1 said:
Do you suggest a bank account for a Nevis Trust?
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I prefer bank accounts to be opened by entities owned by the trust, not by the trust itself.

Onassis said:
Onassis said:
@JohnnyDoe there's some info here https://webcache.googleusercontent....l.aspx?g=85f1a61b-6c34-42c1-b30c-8f773be74762
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Based on this article, a Nevis trust seems superior.
Onassis said:
Onassis said:
But it seems like a trust is not always the ideal solution: The Belize LLC: Better Than an Asset Protection Trust | Lighthouse Trust
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So a Belize LLC owned by a Nevis trust seems a good option.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
A Nevis trust is probably better than a Cook Islands one, yes.‍ The Cook Islands also recognize the Mareva injunction, unlike Nevis or even Belize.

In all⁠ cases I think one should first take a look at their legal and tax residency⁤ before trying to pick one entity over the other. What's the point of setting up⁣ a Nevis trust if trusts aren't even recognized in your country of residence?
 
What is the main diffrence between a Cook Island Trust and Cook Island foundation other‌ than that the foundation is a legal entity ?
 
I mean the main diffrence in advantages expecially between the cook island trust‌ and cook island foundation
 
They have to find and appoint Cook island lawyers which is much harder than‍ to find them in Nevis - geographical distance counts
 
Did anyone actually pursue opening / operating a Nevis Trust?

Would love to hear some‌ more insights on this topic.

Obviously pretty hard to find reliable information on this besides‍ lawyers trying to sell this kind of structure.
 
apres777 said:
apres777 said:
Did anyone actually pursue opening / operating a Nevis Trust?

Would love to hear some more insights on this topic.

Obviously pretty hard to find reliable information on this besides lawyers trying to sell this kind of structure.
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No problems at all with my Nevis trust. Of course don't think to be able to just pop in any bank or emi and open an account with it.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
How complicated is it to get banking for such an entity,⁠ you say I should not expect to walk into a bank just like this? Are⁤ there banks better than others?
 
Did you follow your plan with getting banking not for the⁠ trust but for trust owned entities instead?

I could only imagine it's pretty though to⁤ get onboarded with a Nevis Trust as shareholder.
 
JohnLocke said:
JohnLocke said:
How complicated is it to get banking for such an entity, you say I should not expect to walk into a bank just like this? Are there banks better than others?
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Private banks will open an account if you meet their minimum deposit requirement. Citè Gestion and UBS are fine with opening for an offshore company owned by a Nevis trust.

apres777 said:
apres777 said:
Did you follow your plan with getting banking not for the trust but for trust owned entities instead?
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Yes
apres777 said:
apres777 said:
I could only imagine it's pretty though to get onboarded with a Nevis Trust as shareholder.
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Not really, provided that the documents are in order.

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 
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