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Jurisdictions To Avoid
Articles
Trusts - Trusts were basically created by the wealthy class to protect their assets from confiscation, seizure etc. These were tools of the rich used to stay rich and deny people access to their funds. The trust is basically a contract or a set of instructions to deal with assets. In a trust scenario a settler transfers settled goods (assets) to a third party administrator called a Trustee. The Trustee administers the trust according to the terms, conditions and instructions contained in the trust agreement.
An offshore trust is just a trust located offshore. Generally this provides greater protection by keeping the details of the trust away from the jurisdiction of the privacy invasive countries court systems. This is basically the big difference. If the person who is benefiting from the trust arrangement, the trust and the trust assets are not in the jurisdiction where the trouble is expected to come from all generally works out well. Offshore jurisdictions are in the habit of creating tight sets of trust laws. Problem is most of these jurisdictions with tight trust laws have garbage offshore banks on their island thus creating a weak link. The next weak link is that the tight trust law countries as a rule have weakened bank secrecy laws as in tax and other sorts of treaties making the penetration of the trust possible through the bank account records. A major and substantial flaw overlooked by many. This brings us back to the fact that Belize has no written statutory bank secrecy laws. They have laws stating how Belize banks can release data but no laws explaining how the Belize banks can keep their information protected. So on the surface these trusts sound fine but when coupled with defective bank secrecy they are vulnerable.
Foundations - Foundations were designed not by the rich but by the super rich to protect their assets insulating them from seizure and confiscation. These asset protection tools are so good they should be illegal but they are not illegal. The big difference between a trust and a foundation is the foundation is a separate judicial person. The term judicial person means an unnatural person.
The Panama Private Interest Foundation has the same rights as a living breathing person. It can have its own assets and debts. It has rights afforded to it and protections just like a person would have. It can own: real estate anywhere, corporations, bank accounts, stock brokerage accounts, royalties, receive rents, boats, cars, airplanes, art, jewelry etc. Assets are contributed or donated to a foundation. Foundations can earn monies from interest, rent, royalties, stock trades, etc. A foundation can even loan money. A foundation can not be directly engaged in commercial activities but it can own a corporation that is directly engaged in commercial activities.
A Panama Private Interest Foundation has no owners. This is the nice thing, no one owns the Foundation. A Panama Foundation is anonymous. The beneficiaries are secret as is the protector. The protector is a person that makes sure the foundation follows the secret instructions it has pertaining to the way it is to conduct itself. Now since no one owns the foundation, you can’t be accused of being the owner, no one could be so accused lawfully since there is no ownership of the entity.
Some countries like to consider trusts a tax neutral pass through instrument assigning all the trust income to the trust beneficiary. This is hard to do with a foundation especially if one elected to not be a beneficiary. An unnatural or judicial person can also be a protector of a Panama Foundation or for that matter such a judicial person like a corporation or foundation could even be a beneficiary of a Foundation. This of course can make things amazingly difficult, expensive and time consuming (think years) for one to disentangle – if at all even possible to do so. The debts of a Foundation protector or beneficiary are separate and distinct from the debts of the Panama Foundation
Panama Offshore Corporations – We generally refer to Panama Bearer Share Corporations which are anonymous in that there is no public registry or database where the owners’ names are recorded. The ownership of these corporations is based on who physically has the physical stock certificates in their possession. There is no requirement to report any transfers of ownership. Panama Corporations have no tax liability for income derived from outside of Panama and if there is no Panama onshore income there is not even a requirement to file a Panama tax return.
Panama Offshore Corporations have owners and share certificates which is not the case with Panama Private Interest Foundation and a Trust. A Panama Offshore Corporation is similar to a Panama Foundation in that both of them are judicial persons with their own assets, debts etc. The debts of the owners of the shares of a Panama Corporation are separate and distinct from the debts of the Panama Corporation. Panama Offshore Corporations can own things and engage in lawful commercial activities.
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