What is Offshore Asset Protection, and do I need it?
– Asset Protection. Does exactly what it says on the tin. If you have a substantial liquid net worth, this may be an aspect of offshore private banking which interests you. Especially in the USA, people are turning to offshore asset protection as a way of safeguarding their savings by distancing themselves from their assets in the eyes of the law, although such moves have not gone unchallenged in the courts. Offshore asset protection can be achieved in a number of ways, for example the establishment of trusts, IBCs (International Business Corporations), foundations, partnerships, and other legal entities. There is, however, absolutely no point in attempting to set up an offshore structure for the purposes of asset protection during, or immediately before action is taken against you, as fraudulent conveyance statutes will mean that if your intention is seen to be to defraud a legitimate creditor, your structure will afford little or no protection.
