Asset Protection
The Cook Islands claims to be the first country to have enacted an explicit asset protection law (in 1989 with its International Trusts Act). The asset-protection trust is a trust that splits the beneficial enjoyment of trust assets from their legal ownership.
The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets. This provides asset protection benefits by insulating the trust assets from creditor claims against the beneficiaries. It is believed that the Cook Islands now has more registered asset protection trusts than any other country.
Similar posts you may like
- Costa Rica
Costa Rica, literally meaning ‘Rich Coast’ in Spanish, is a country in Central America (bordered by Nicaragua, Panama, the Pacific Read more
- Tax Savings Strategy 209 | Excess Concessional Super Contributions
This strategy involves employees with large employment income salary sacrificing part of their wages into excess concessional super contributions. The tax consequences of this Read more
- Offshore Trusts
Trusts involve a settlor transferring (or ‘settling’) assets (i.e. the ‘trust property’) on the trustees. The trustees manage the assets for the benefit Read more
- Cryptocurrencies – The tax consequences of using Bitcoin
Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2