Overview of International Asset Protection
When Should I Consider International Asset Protection?
We suggest our clients to consider International Asset Protection when their net worth is over $500,000. It's not necessary that they sign up for International Asset Protection at that point – but we urge our clients to at least be aware of the benefits of International Asset Protection and decide on a case-by-case basis whether it is necessary for their plan. We also suggest our clients revisit International Asset Protection when their net worth grows, even if they already have a domestic plan in place.
What International Asset Protection Tools Exist?
There are many International Asset Protection tools, but the most common are the international Trust and the international LLC. Further, every International jurisdiction varies in protection levels for either of these entities so the first step is to determine your Asset Protection objectives. We would then choose the requisite jurisdiction and Asset Protection tool(s) that serve those objectives to their fullest extent.
What International Jurisdiction Does Your Law Firm Prefer or Use the Most?
This answer actually varies based on each person's specific circumstances. There are many international financial centers (IFC's). Each jurisdiction has it's different advantages and disadvantages. Just some jurisdictions include; Bermuda, the British Virgin Islands, The Cayman Islands, Turks and Caicos, Nevis, Antigua, The Isle of Man, Channel Islands, Jersey, Guernsey, Switzerland, Liechtenstein, Luxembourg, Hungary, Austria, The Philippines, Singapore, Hong Kong, Cyprus, Malta, Gibraltar and the Cook Islands. We would have to look at your specific assets and Asset Protection objectives to determine which jurisdiction fits your specific needs best.
Yes, You Can Lose Everything!
You may think that your wealth is safe and that you don't need protection. But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!