Protect Your Assets with a Seychelles Foundation

July 8th, 2012 by The JetSetter Team | Comments Off on Protect Your Assets with a Seychelles Foundation

Mention a foundation and most people think of the Ford Foundation or the Bill and Melinda Gates Foundation. While these philanthropic ventures are laudable, there is a perfectly legal way to start your own offshore foundation in which to hold assets. Why bother? Because you can take advantage of incredible tax benefits in places like the Republic of Seychelles. And when we say “incredible” we mean INCREDIBLE. A properly structured Seychelles foundation prevents all future earnings of the foundation from being taxed.

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This is a pretty big deal.

First, we need to understand what a foundation is. Under the law, a foundation is a separate person and possesses its own legal personality. It might help to think of it as similar in structure to a corporation, but with beneficiaries rather than shareholders. Keep in mind that in order to gain the lifetime tax advantage, assets must be irrevocably given to the foundation. In layman’s terms this means, once given away, you can’t get it back.

In our litigious, tax-crazed society, there is no more ironclad protection of your wealth than a foundation. How are these assets monitored? Let’s take the Seychelles example. When creating a foundation, someone must be appointed to oversee the assets. This role is similar to that of a trustee in a trust fund. The Seychelles calls it a councilor. You could occupy the role yourself or appoint a family member or trusted friend.

Some people mistakenly believe foundations are expensive and time consuming to start, but they really aren’t. Five thousand dollars and ten business days is all it takes. And there are no worries about defrauding the IRS. This is a legal, aboveboard asset protection strategy that can be performed in full view of the US government and all international regulatory agencies.

Lenient new gift tax legislation now allows up to $5 million to be placed into a foundation for the calendar years of 2011 and 2012. If you think this is

exactly the type of thing you’ve been waiting for, listen in as Jason Hartman interviews Asset Protection

Services CEO, Jay Butler, on Jetsetter Show podcast #33.

The Jetsetter Show Team

 

 

 

 

Flickr / travelourplanet.com

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