This type of arrangement is used for any number of activities including; personal, commercial and charitable purposes. In the modern era its main use is for; wealth protection, estate planning, and tax savings benefits.
A foundation has many similarities to the features of an asset protection trust or a regular corporation. Provided the foundation does not conduct any business or transactions locally, within its jurisdiction, it will also benefit from being recognised as having a tax free status.
There are many different types of foundations each with its own specific uses and functions.
- Private foundations
- Public Foundations
- Charitable Foundations
- Corporate Foundation
- Family Foundation
- Community Foundation
Offshore foundations, although widely used, their beneficiary use as a corporate structure is not widely known or properly understood. This has allowed them to exist ‘under the radar’, so to speak, without the scrutiny that Offshore trusts and corporations can sometimes attract.
On the surface, a private foundation has many of the same functions and management structures of a private company and the benefits of an asset protection trust. There are a whole host of associated benefits and uses for a properly structured and legally established Foundation.
Who Can Benefit? - In a world of ever increasing and opportunistic lawsuits, creditors, legal battles, and malpractice suits, protecting your personal assets in a safe and tax efficient and neutral jurisdiction, is more important than ever.
It is very likely that at one point in your career you will be targeted by a grievous or malicious party, especially if you are a; wealthy individual, practicing lawyer, doctor, investor or successful professional.
Creating an offshore structure gives any number of benefits to the individual looking to:
- Diversify wealth by using international non-resident offshore entities
- Protect assets in a secure and legal financially sound environment
- Desire privacy for their assets or company
- Ensure longevity of wealth in a tax-neutral location