Switzerland is the main banking center of the world. A great number of affluent people from different countries keep their money in Swiss banks. There they find an unparalleled level of banking security. Even though the interest on some types of bank deposits is negative in Switzerland, opening an account in a Swiss bank makes economic sense anyway.
If you put capital and/ or securities in trust, the trust needs a bank account to keep them. The procedure of setting up a bank account for a trust is not overly complicated. Various types of bank accounts are available to trusts (savings, broker’s, investment accounts and so on). If a legal entity acts as the Trustee, there is no need to open a new bank account because the company will already have a corporate account with a bank.
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You have to apply for a banking license if you would like to open an offshore bank. The Central Bank of the country of your choice is the institution that issues banking licenses. You have to meet a great number of requirements to qualify for a license, whatever country you go to. At the same time, opening an offshore bank is not impossible and several jurisdictions offer attractive conditions to foreign nationals wishing to open their own banks there.
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When a trust is created, the Trustor transfers his/ her property rights to the Trustee who manages the assets kept in trust for the benefit of the trust Beneficiaries. If the trust is revocable, the Trustor remains the owner of the assets kept in trust. When the trust is irrevocable, the Trustee is considered the legal owner of the assets.
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Setting up a trust is reasonable in a number of cases. First and foremost, trusts are used for asset protection and inheritance planning. Various types of assets can be put in trust but not all types. For example, most types of bank accounts can be put in trust but an Individual Retirement Account or a Medical Savings Account cannot.
Those planning to set up a trust, have a wide choice of trust types. Each type of trust can be used for a particular purpose. Bare trusts, for instance, are good for inheritance planning. Accumulation trusts are often used by people planning to retire soon. An irrevocable offshore trust will serve asset protection purposes in the most efficient manner.
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We all know that the UAE is a rich country, and it offers really low tax rates which attracts a lot of immigrants. The logical question people ask is how it can be that the country does not get much from taxpayers and offers excellent living conditions and infrastructure. In this article, we will answer this question by giving you a brief overview of the UAE’s taxation system and the sources of the country’s wealth. We will also talk about the path toward UAE residency status and changes in the country’s taxation expected in 2023. Read the article to find out more details about this remarkable state!
Some time ago, offshore business was associated with money laundering, tax evasion, and other illegal practices. Today, an offshore company is simply a company incorporated in a country that is different from the country of its founder’s legal and tax residence. A foreign company. What makes the opportunity to register an offshore company attractive is that some jurisdictions offer tax incentives and asset protection mechanisms that are not available elsewhere.
People set up trusts for various purposes, asset protection and inheritance planning probably being the most popular ones. Some choose to create trusts in foreign countries rather than at home hoping to enhance the protection of their property even further. However, depending on the country, there can be some restrictions in place that can affect the efficiency of your foreign trust.
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When you create a trust, you legally surrender the property that you own to the trust. Because you are not the owner of the property any longer, there can be no legal grounds to take it away from you. At the same time, the Trust Deed specifies all the conditions on which the entrusted property shall be managed and you can continue to benefit from the property enjoying the high level of protection that the trust brings.
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If you want your spouse, children, or other relatives and friends to inherit your property after your death, you can make a Last Will and this is the simplest method of handing down property to heirs. It has some drawbacks, however, the inheritance tax and the probate being the most important ones. Creating an inheritance trust instead of making a will can solve both of these problems and bring some other benefits.
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When you put your capital or property in a trust, you cease to be the legal owner of the capital/ property. However, if you are the trust beneficiary, the capital/ property remain at your disposal. Thus, you can reap all the benefits that the property ownership can bring but at the same time, it cannot be taken away from you if your creditors file a lawsuit against you. They cannot take away something that you do not legally possess.
The article promotes an opportunity that may be of interest to companies domiciled outside the EU and EEA. A payment system in Lithuania, an EU member state, can open corporate accounts with European IBANs for non-European companies. A risk group is assigned to each corporate client and the fees and commissions that the payment system charges depend on what group the client belongs to.
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