Here in Jersey we often think that we are the only offshore jurisdiction worth dealing with. We know there’s a small island across the water called Guernsey that we don’t like to trouble ourselves with, but other than that we are the only island worth considering. In fact, the much under-rated Isle Of Man is host to some fantastic businesses and is a much under rated offshore jurisdiction. Sure, the weather might be terrible, and they don’t enjoy our proximity to Europe, but they are still home to a number of fast growing companies. This week we feature one these companies, Sanctuary Trust, and explain how their services are pushing well beyond the confines of their small island, and helping companies around the world.
Sanctuary Trust is a professional financial service located in Douglas, in the Isle of Man, offering services such as Asset Protection Trust Services, Intellectual Property Management, Trust Administration, and Trust and Company Structure.
Holding your assets, finances, businesses and estates in a trust is something that everyone should consider at some point, so their assets are protected and not scattered around everywhere. The best way to secure your assets is through an offshore trust, such as one that Sanctuary Trust provides.
Protecting your assets through a trust means there is a financial agreement between a “trustee” who wants to keep their assets protected, and they choose a certain group of people, that specific trust, to do that. They still have their assets, but they are a good distance away from them and safer, too.
An offshore trust is a safe way of having your assets at a distance from you, but still knowing that they are private, protected and safe. Choosing an offshore trust is better than an onshore trust firstly because this means when the owner of the trust dies, they pay less inheritance tax, and it protects that person’s assets from scrutiny, tax and civil legalisation. Essentially, it makes it harder for creditors to find your assets and/or take them away, and it is designed to keep more wealth in the family.
There is nothing illegal about protecting your family wealth, business or whatever other assets you choose to put in the trust, as long as you pay all the taxes that are due in the UK, or wherever you live. Because of all the advantages, it is in fact something that everyone should consider, for example they can be used for purposes such as tax evasion and money-laundering, and the trust will protect your assets in many ways. One of these ways is when the person who owns the trust dies, their assets will be kept private to protect that person and their descendents. Also, that person’s exact wishes regarding their assets or their money willed to vulnerable people that they want to care for after they die, must be exactly according to that person’s wishes. This will ensure that the assets are used properly. Furthermore, there is protection of that person’s real estate/large sums of money through removing their personal liability so no one could attack their assets in the event of a divorce, bankruptcy etc. Additionally, any properties held within an offshore trust are protected from the complicated probate process after death.
Protecting your assets through a trust is a way of knowing your financial status is protected and private, as not a lot of people like their finances being public, and also their businesses, family wealth or whatever else they may want to have shielded by the trust is not at risk.