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Through an arrangement with a leading International Trust and Corporate Service Provider, Global Money Consultants is pleased to be able to offer their clients an effective means to protect their assets while still allowing the control required to direct the course of their investments. Global Money Consultants believe that in developing your wealth you should not have to surrender control in order to ensure those who would like to take it away are kept at bay. SACCIP gives each client the very best in asset protection, international investment options, and financial secrecy. By using the SACCIP you will have the capability to conduct banking, investment, insurance, trust and corporate business all in a highly secure and confidential environment.
Diagram 1: The Structure
The basic structure establishes an Isle of Man Trust, one of the premiere and oldest offshore jurisdictions in the world, which owns a 100% interest in a Nevis International Business Corporation, Nevis is a tax friendly jurisdiction where offshore corporations are subject to zero tax. The corporation, in turn, holds bank accounts, in jurisdictions with strict confidentiality regulation, conducts investment activities and buys insurance under the direction and supervision of the trust. Thus, the offshore strategy extends to a minimum of three offshore jurisdictions, giving each client a high level of confidentiality, security and flexibility in making offshore investments.
Diagram 2: Role of the Client
The client maintains reasonable control over the trust assets as a manager/director of the company. The Trust is settled (established), the Trust then establishes a corporation that is 100% owned by the trust and the client or whomever he wishes is the Director or the Manager of the Corporation. Assets are moved from the Trust into the Corporation for Investment. Further, the client may also be named as a beneficiary to the trust, and may receive distributions from the trust property, or income derived from the trust property, in the future. This occurs when the Corporation pays dividends to the Trust and the Trustee makes a distribution.
Diagram 3: Maintaining separation of ownership
Diagram 4: Getting money out
As the Manager/Director of the Nevis International Business Corporation, the client will have the ability to establish Bank Accounts, Investment Accounts and other vehicles for wealth management. Through these Bank Accounts the client will have access to a Corporate VISA/Debit Card. This card can be used to pay for company related expenses. Furthermore, as a beneficiary of the Trust when dividends are paid back into the Trust, a distribution can be made by the Trustee to the Beneficiaries.
Key Elements of SACCIP
1. The Offshore Trust
A trust is a legal entity with its own property distinct from the assets of the individual behind it. A trust is established by transferring the assets to an independent third party, the trustee. The trustee then manages the assets on behalf of other individuals, the beneficiaries.
It is important to understand that trustees not only should, but are obliged to manage and control the trust property independently for the benefit of the beneficiaries in accordance with the trust deed. If a settlor maintains defacto control of the assets through control of the trustee, it could be deemed that the trust is a sham, and thus invalid.
By transferring assets into a trust an individual is removing them from the reach of potential creditors and others who may attempt to gain some interest in the individuals assets in the future. The wealth generated from these assets is also out of reach of these same parties. Furthermore, the wealth generated by the trust is taxable in the domicile of the trust, in this case the Isle of Man, a tax friendly jurisdiction, and not taxable in the hands of the original owner of the property until it is repatriated. As tax laws vary from jurisdiction to jurisdiction we strongly recommend consultation with a domestic tax advisor before establishing a SACCIP solely for tax purposes.
The legal document establishing the trust is not registered with any government agency thus ensuring confidentiality. Establishing a trust offshore as opposed to onshore yields several distinct advantages, such as enhanced asset protection, guaranteed confidentiality and reduced taxation income from trust assets.
2. The Offshore Corporation
An offshore corporation is like a domestic corporation in that it has a distinct legal personality. It can be sued and sue in its own name, and the shareholders personal assets are separate and distinct from the assets of the company. It is, in effect, an artificial person that protects the principals behind the company through the concept of limited liability. The corporation is often used to hold bank accounts, credit cards, property, purchase goods and services, enter into contracts, trade securities, and perform any other financial transaction in its own name rather than through the name of its owners. Thus, the principle benefit of an offshore corporation is similar to that of an onshore corporation, that is a layer of legal separation between a company, the people behind it and the business it conducts.
The offshore corporation forms a valuable part of the SACCIP; the offshore corporation acts as a conduit through which the client maintains limited control of assets owned by the trust. Remember, the trust owns all the shares in the company, and the company is managed by the client. Trust assets flow to bank, brokerage and insurance accounts held by the company, and the client manages those assets by virtue of his position. The company also serves to add an additional layer of confidentiality to the structure.
GETTING STARTED
Getting started is relatively simple:
The Offshore Trust:
a. Select a Name for the Offshore Trust.
b. Identify the beneficiaries of the trust. In regards to the beneficiaries, even though the Trust Deed in this case is not registered with any government body, it is often filed with the banking institution that the wholly owned corporation decides to open a bank account. Many banks require a due diligence package on the beneficial owners of the bank account and in the case of a corporation owned by a trust they wish to have the package on each of the beneficiaries of the trust, it is these people that the banks consider to be the beneficial owners.
So in the case of adult beneficiaries the following will be required:
– Notarized copies of passports, or in the event of an individual without a passport notarized copies of a social insurance card and photo identification such as a drivers license;
– Two professional references including one from a financial institution;
– Copy of a utility bill, confirming residency.
Regarding child beneficiaries a declaration that they are the children of an adult beneficiary including their dates of birth and current residence.
c. Letter of Wishes stating that it is the clients wishes that the trustee establish a corporation in the jurisdiction of Nevis, that the (named) individual be the Director, President of the corporation and at the trustees discretion assets be moved into the corporation. Note, if the Director is a different individual than any of the beneficiaries a due diligence package as outlined above will be required.
d. Name of the Protector (Optional), it is possible to appoint a protector who exercises some degree of control over the trust property. It is generally unwise for the protector to be given anything other than negative powers as this may mean that the protector is viewed as a trustee. Therefore, it is recommended that the Protectors powers be limited to veto. However, many opt not to appoint a protector in the SACCIP as it gives powers to beneficiaries. In the format of the SACCIP much of the control of the asset lies in the hands of the client, by appointing a Protector it is possible that the other beneficiaries can gain limited control by asking for the Protector to intervene on their behalf.
The Offshore Corporation:
The name of the Offshore Corporation, it is wise to provide at least three names to ensure availability, list the names in order of preference. Further, as discussed above if the Director is someone other than the beneficiaries a due diligence package will be required in the event that accounts are to be opened in the name of the Corporation.
The Cost:
We are pleased to be able to introduce this package to you for a cost of three thousand Euros (€3,000.00); this includes provisions of a professional trustee, an offshore settlor placing one further barrier between your assets and those who would like to take them away, and government registration fees to establish the corporation.
Once this package is established there are annual fees of one thousand five hundred Euros (€1500.00) to maintain the trust and the corporation. These fees are to paid one month in advance of the anniversary date of the corporation and trust.
Once the package is established there will be additional cost to establish Bank Accounts, generally six hundred Euros (€600) per account plus the minimum deposit required by the Banking Institution. This is only of course if the client, as Director and President of the Corporation, does not wish to do this themselves.
More information regarding NEVIS may be found here.
SECURE ASSET CLIENT CONTROL INVESTMENT PROGRAM Cost: 3000.00 EURO