Simplest offshore bank set-up?
- Thread starter JossZoomer
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I overlooked this part...
Depending on what is written in the trust instrument and what type of trust you have you either give instructions to the trustee who executes them or the trustee appoints you as an advisor for investments or it is at the discretion of the trustee or a combination of the above or something completely different.
Its a tailor-made solution︀ depending on what you want. The more control you want the less protection you have.︁
Depending on what is written in the trust instrument and what type of trust you have you either give instructions to the trustee who executes them or the trustee appoints you as an advisor for investments or it is at the discretion of the trustee or a combination of the above or something completely different.
Its a tailor-made solution︀ depending on what you want. The more control you want the less protection you have.︁
What you said is simply not true. It is definitely not true in the U.S. and, based on what I have read, not true in Europe. There are substantial hurdles to gaining access to bank records in a foreign country, including needing to hire local legal counsel in the other country.
The article goes on to explain that there is a way to accomplish a️ bank records request, but you must hire local legal counsel. This makes the process time-consuming and expensive, not to mention the forensic accounting necessary to discover the funds in the first place.
https://www.haguelawblog.com/2019/03/divorce-money-hidden-offshore-and-the-hague/
The article goes on to explain that there is a way to accomplish a️ bank records request, but you must hire local legal counsel. This makes the process time-consuming and expensive, not to mention the forensic accounting necessary to discover the funds in the first place.
https://www.haguelawblog.com/2019/03/divorce-money-hidden-offshore-and-the-hague/
some people are just plain stupid and talk about things they don't have a clue about. This make space for all others of us that use this platform to network with the more clever people around.
BTW: There is a ignore button, the one that let all messages etc disappear from users that just spread noise.
BTW: There is a ignore button, the one that let all messages etc disappear from users that just spread noise.
I don't think that is correct, as far︇ as I know starting from 7 figures it would make sense to open a Stiftung︈ in Liechtenstein and the costs would be worth it even with modest returns.
Some costs︉ for Liechtenstein trusts:
http://www.host-trust.com/english/trust_reg.html
You only need 30,000 CHF, nothing even close to a 100︊ million. Tons of other sites show the same costs, even if you factor in all︋ the Truehand costs etc it shouldn't cost more than 10-20K per year. With 1-2 million︌ even LGT in Liechtenstein will have you as a client.
Some costs︉ for Liechtenstein trusts:
http://www.host-trust.com/english/trust_reg.html
You only need 30,000 CHF, nothing even close to a 100︊ million. Tons of other sites show the same costs, even if you factor in all︋ the Truehand costs etc it shouldn't cost more than 10-20K per year. With 1-2 million︌ even LGT in Liechtenstein will have you as a client.
You can take precautions (rock solid agreements, protector/council) but if the worst does happen, it's time to involve courts. It won't be easy and it won't be cheap, but that is your recourse. Hopefully only courts in jurisdictions with sensible, effective legal systems are required.
The best remedy is prevention, though, insofar as it's possible.
You usually surrender control, but I frequently︂ see setups where the nominees let the UBO have direct access to accounts. It has︃ to be done carefully, since giving the UBO control can compromise the entire structure.
Another way is to have the nominees appoint a CFO that you know and trust to︄ (also) have access to the account.
The best remedy is prevention, though, insofar as it's possible.
You usually surrender control, but I frequently︂ see setups where the nominees let the UBO have direct access to accounts. It has︃ to be done carefully, since giving the UBO control can compromise the entire structure.
Another way is to have the nominees appoint a CFO that you know and trust to︄ (also) have access to the account.
This is where you need to do research beforehand. At the same time I am convinced that there is more than meets the eye.
Personally, I wouldn't recommend Lichtenstein as a jurisdiction for trusts and foundations anymore since about 10-15 years. Too many small things happened besides this Perry v Neupert case.
Personally, I wouldn't recommend Lichtenstein as a jurisdiction for trusts and foundations anymore since about 10-15 years. Too many small things happened besides this Perry v Neupert case.
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