See how we helped a wealthy client from the United States who was facing some serious legal issues. He had to protect his assets from coming claims for his family. We offered a solution, which combined multiple jurisdictions, in an effective, long-lasting, fully compliant way. We can offer you similar solutions for your unique needs.
Story
This client’s business partners were going to sue him and if that was not enough, he was also going through a divorce. Because he had quite substantial assets, he felt he needed a legal mechanism that would protect them from the inevitable future claims. His main concern was preserving his wealth for his children. To help him do this, his US-based asset protection attorney approached us with a request to suggest a legal mechanism that would secure his assets beyond the reach of third parties including his former business partners and his ex-wife.
After analyzing the client’s legal situation in every detail, we understood that he was indeed in danger of losing all his hard-earned wealth. We contemplated several different options and concluded that he needed a traditional offshore asset protection mechanism. The task was especially challenging because the client wanted to retain control over his assets while keeping them unreachable from other people.
Solution
We suggested using a highly efficient asset protection instrument that combined a trust and a Limited Liability Company registered in Nevis. The jurisdiction’s corporate legislation is tailored to protecting assets in many respects. In particular, it is very difficult (and expensive) to sue a Nevis-based trust. A suit can be filed only before a Nevis court of law, because judges in the jurisdiction disregard court decisions made in other countries. It also takes great effort to find out what property is kept in a trust registered in the jurisdiction. A Nevis based LLC working in a tandem with a trust provides an extra layer of asset protection that can help the settlor to retain a degree of control.
In addition to that, we opened a corporate bank account for the LLC in Switzerland. Swiss banks are famous for the level of banking privacy that they offer. The information about the transactions performed by Swiss bank clients is never available to any third parties with the exception of authorized Government bodies. Because our client’s ex-wife and former business partners could not influence Government bodies in any way, his financial operations remained totally confidential.
Result
Even though our American client divorced his wife and parted ways with his business partners, he was able to preserve his wealth for his children. His US based asset protection attorney made sure the structure was compliant in his home country and that the relationship was covered by attorney-client privilege. He was grateful to us and we were happy to offer him a very useful mechanism of asset protection.
26 August 2024 