There’s more to Belize than the Barrier Reef and Mayan ruins. This country formerly known as the British Honduras, has aggressively promoted its offshore financial services sectors, including asset protection trusts.
For one, the country has a well-established judicial framework that follows English common law. That is a hangover from the country’s colonial past, and it means that assets protection attorneys find it easier to deal with the judicial system in the country. The Belize trust legislation comes with highly flexible features that include complete exemption from taxes, including gift, estate, personal and business tax. The country has a well-established communications network and a sound judicial system based on English common law.
Belize’s offshore trust laws are flexible, and allow for simple documentation. They contain easy trustee appointment and removal provisions. The asset protection features of this legislation are extremely aggressive, and a trust may not be set aside based on claims by creditors or plaintiffs, or even by the order of any foreign court. A Belize offshore trust offers great security even if your assets are being attacked as part of a divorce, or as part of a bankruptcy.
Besides there are other advantages which can make a difference. For instance, English is the predominant language in Belize, spoken by most of the people here. Like the Cook Islands and Nevis, Belize also makes it extremely difficult for creditors to initiate litigation against an Asset Protection Trust.
Why Asset Protection Attorneys Recommend Belize
Asset protection experts and attorneys often recommend an offshore asset protection trust in the jurisdiction of Belize for a number of benefits. The biggest benefit is that these trusts are ideal for protection of your wealth from plaintiffs, creditors and other litigants. However, these trusts can also help preserve your wealth in case of a divorce. When it comes to dividing your assets, you could find that you are left with an unfair divorce settlement that erodes your hard-earned wealth. Protecting assets by placing them in a Belize asset protection trust is one way that you can prevent the erosion of your assets.
There are other advantages too. For instance, you can use an offshore asset protection trust not just to protect your wealth from creditors and plaintiffs, but also to save your hard-earned assets for your survivors. An asset protection trust can make sure that your heirs are provided for well after you are gone. You can also use your trust to make sure that any business activities you have initiated continue even when you’re no longer around. An asset protection trust can be a viable tool not just for wealth preservation, but also for investment and estate planning.
So, it’s not just the guarantee of preservation of wealth from attacks by creditors and plaintiffs that should point you to the need for an asset protection trust. There are several other benefits that an attorney can explain to you in more detail. Offshore asset protection now is not just for multi-billion-dollar corporations. The average American who wishes to make sure that his wealth is always out of reach from those seeking to get rich quick at someone else’s expense, can benefit from an offshore asset protection trust in Belize.
None of this means that a Belize asset protection trust is ideal for your situation or for your assets. An asset protection attorney will take your requirements into consideration to determine whether setting up an offshore trust in Belize is ideal for you.