Try An Asset Protection Trust In Mauritius To Pass Your Assets On To Your Family!
Topics: asset protection trust, asset protection strategies
An asset protection trust is an arrangement for the holding and administration of property under which property or legal rights are vested by the owner of the property (the Settlor) in a person or persons (the Trustees).
* The Trustees then hold the property for or on behalf of other persons (the Beneficiaries).
* It is essential that the transfer is gratuitous otherwise the transaction takes on the characteristics of some other legal entity.
* A trust may therefore be defined as an equitable obligation which binds the trustees to hold and deal with the trust assets for the benefit of the beneficiaries in accordance with the terms of the trust.
* A trustee administers the asset trusts assets and distributes them to the beneficiaries in accordance with the terms of the trust deed and the proper law of the trust.
* The flexibility and protection afforded by trust arrangements are such that they have become an important part of long term wealth management.
Through the use of asset protection trusts it is often possible for family assets to be preserved over succeeding generations substantially free from:
* taxation,
* probate requirements,
* succession laws,
* expropriation and
* Foreign exchange controls.
There is no requirement in Mauritius to register trusts, thereby maintaining confidentiality. A corporate structure allows its shareholders to have business conducted, own assets and limit liability. The ability to manage assets through a combination of trusts and companies is proving increasingly valuable and the legislation in force in Mauritius provides an effective framework for the conduct of international fiduciary activities and providing services in that respect.
How is a asset protection trust created?
Trusts in Mauritius are governed by the Trusts Act, 2001.A asset protection trust can only be created by an instrument in writing which should state its Object, subject, intention and Duties and powers of the trustees.
* It can be formed by a resident or non-resident of Mauritius.
* There is no register of Trusts in Mauritius nor is there any disclosure of beneficial owner to any authority.
* Trust created by written documents will generally take two forms:
* Settlement:
This form of document will be entered into and signed by both the settler and the trustee and so provide clear evidence of the intentions of both parties and of the agreed obligations assumed by the trustee.
* Declaration of Trust:
This form of document is entered into and executed by the trustee only, and records that the trustee has received certain property, specified in the document, to hold upon the terms set out in the document. It is sometimes more convenient to create a asset protection trust by declaration of trust rather than by settlement, for example, the settler may not be available to sign the document, when it is prepared.
Types of Trust
Most offshore asset protection trusts fall into four broad categories:
1. Private: including discretionary, accumulation and maintenance, life interest and fixed interest trusts.
2. Corporate: including pension and employee benefit trusts.
3. Charitable: solely for the benefit of charitable organizations.
4. Purpose: trusts with no beneficiaries that are established for purposes that are certain, reasonable and certain.
Ramapati Singhania specializes in creating and managing web businesses. His latest website www.incorporation-offshore-saves-wealth.com focuses on helping you to incorporate offshore companies in Seychelles, Mauritius and BVI. You can also visit his blog, www.ramapatisinghania.com
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