Why Offshore Asset Protection Is Becoming Essential

To protect yourself, your family, your future and your assets from litigation you need a watertight offshore asset protection strategy

If you’re fairly high net worth, you have substantial or distinctive assets, you’re a well know personality locally, nationally or internationally or you hold some form of public interfacing position - whether as a doctor for example, a lawyer, a financial adviser, an accountant or a business owner maybe - this article will explain to you in no uncertain terms why offshore asset protection is becoming essential for people like you.

It’s a fact that many of us regularly comment on - the world is becoming more and more interested in litigation and in seeking financial redress and compensation for the smallest perceived sleight or mistake.  Unsurprisingly, those with the most to lose are the best targets to aim for because they are in a position to pay out big and they make suing them worthwhile…which is why protecting oneself and ones assets from an onslaught of litigation before the event is crucial…

There is a distinctive ‘blame culture’ that started out in America and which is now developing internationally – it means that in this day and age, if something goes wrong someone, somewhere is to blame and that person must pay.  If you give advice in a professional capacity or your actions draw attention to you in someway, you could be incredibly well positioned to be in receipt of a lawsuit against you one of these days.

Even if you are not directly responsible for an event which the claimant believes should result in them receiving compensation, if you’re further down the chain of supposed blame yet you appear to have greater worth, more assets, more money and an ability to pay out substantial sums of money, you will be targeted.

More and more law suits are being brought by chancers targeting those who they feel will be best able to pay out.  What this means is that offshore asset protection is becoming more and more of an essential consideration for an increasing number of people.

Many of us can protect ourselves and business interests onshore to the extent of operating through a limited liability company for example, and keeping personal and business assets separate - but offshore alternatives are generally far superior and water tight.  A plan could include the use of an offshore trust in conjunction with an offshore company, whilst cash assets could be placed within an offshore banking structure for example.

With the use of additional typical services such as nominee directorships for example it’s possible to wrap up assets out of sight and reach of those with one thing on their mind – namely to attack you and your financial position and undermine your future and that of your family.

Remember it’s absolutely critical to get an offshore asset protection strategy in place before you’re targeted because if a law suit has been brought or you’ve received word you’re about to be sued or you have a strong suspicion a claim is pending and then you attempt to secure your assets offshore, this will be deemed an illegal fraudulent transfer.

Finally, there are many ways that you can utilize structures and entities that are available offshore in multiple jurisdictions for your own asset protection plan.  However you have to get the right structure in place according to your requirements and circumstances and you have to make sure the plan is watertight and adaptable should laws change.  To that end we are best placed to assist you.  Complete our offshore advice service form today and we will put you in touch with an advisory that can create a bespoke structure for you.