Many entrepreneurs who have their own business find it convenient to use trusts (a prime example is trusts in Belize). And, of course, I would like to have as little cost as possible for their design and maintenance.
There is a way out – it is enough to establish a trust in Belize, because it is in this state that trusts are not subject to either income or corporate taxes. Foreign exchange controls are also absent, which will bring even more convenience.
Belize is a state in Central America. It borders Mexico to the north and Guatemala to the west. The country itself is divided into six districts.
From a financial point of view, Belize may also be of interest: in addition to exporting seafood and citrus fruits, the country makes money on tourism and its banking system. This became possible due to the fact that this country is an offshore zone of the international level.
Registration of a trust
An offshore trust will be considered as such if:
- its founder is a non-resident;
- his assets do not include real estate in the territory of the state;
- guidance is carried out in accordance with the legislation of the country;
- the purpose of the trust is exclusively outside the country.
To carry out the registration process, you must fill out an application and provide it in writing. The document contains the following information:
- the name of the trust;
- the date of its establishment and registration;
- name of the founder;
- the purpose of the trust;
- information about the trust agent.
An affidavit must also be provided. Before that it must be drawn up by a notary. After passing the registration process, the founder receives a special certificate.
In addition, the duration of the trusts is also encouraging, because it is one hundred and twenty years. During that it is allowed to accumulate acquisitions.
All the information you provide is strictly confidential and protected by state laws. Despite this, there are exceptional situations when the trustee must provide the following information:
- they are required by the attorney general;
- information is needed by the beneficiary – provision is negotiated under the conditions of registration;
- information is required by the institution for which the trust was created.
But the registration authority itself does not have the right to provide information unless permission has been sent from the agent or the trustee himself.
The registrar can release information, without coordinating with the agent, only in the case of a direct request from the Office of Public Prosecutions: this indicates that the requested information is extremely necessary for any investigation or legal process.
Your personal data or information about assets is only with the trustee, which makes this information as confidential as possible.
Protection of trusts
Running your own business is a constant risk. Moreover, this means not only the likelihood of failure, but also of being deceived or involved in the procedure for the alienation of property. Belize provides protection from such situations and takes immediate action.
Conveniently, there is no minimum time limit from the moment the trust is created. This fact can be highlighted as a significant difference between Belize and other offshore jurisdictions. Moreover, in this state there is generally no such thing as alienation of property, which further increases security.
Outcome
Establishing a trust in Belize is the safest choice from the list of offshore zones. In addition, non-residents are exempt from impressive taxes, which include corporate and Stamp duty. The protection of the trustees and the trust itself also instills confidence, which may lead you to choose this particular small state in Central America.
The specialists of Eternity Law International will help you quickly register an offshore trust, a European trust, open a bank account for a trust, and in the future will accompany the activities of your trust at any stage of work. Call us now, get advice from experienced specialists.