How do you achieve immediate asset protection? Asset protection is immediate with a Belize Trust. That is, Belize is the only trust jurisdiction that does not have a minimum “vesting” period before the trust begins to protect assets. You can form a properly created Belize Trust and put assets into it right away. When you do, Belize law protects the assets against, judgments, claims or proceedings. The asset protection of a Belize Trust is immediate. It cannot be set aside for claims from litigants, ex-spouses, heirs or creditors.
Immediate Asset Protection
Belize does not have a statute of limitations for fraudulent conveyance of assets placed into an asset protection trust for many claims. What this means is this. If you are being sued right now, place assets into the trust. You can, under Belizean law, protect such assets from being seized in a court action. As of this writing, this is the only known trust legislation that does this. It does not require some time to pass before the assets inside of the trust are protected.
How Belize Trusts Rank
Belize Trusts score the highest rating among all other offshore trust jurisdictions with its debtor-friendly hard line on fraudulent conveyance. This applies to creditors, divorce, judgments, etc. Moreover, article 7(6) of the Belize Trusts Act cannot vary or set aside or recognize a court order from another jurisdiction when it comes to divorce, succession rights or creditor claims of insolvency.
Assets protected by a Trust in Belize would have to be pursued in Belize. They would have to file a new case, as reciprocal judgment enforcement does not apply. The company been protecting assets for decades and was established in 1906. We have formed companies and trusts in Belize since well before the enactment of asset protection trust law in Belize.
Hold Funds Anywhere
Hold trust funds outside of the country. The best protection that the trust provides is when the assets are held in an international bank account. That is, in an institution that does not also have a bank branch in the jurisdiction in which you reside. If you reside in the United States, you would not want to utilize Bank of America to hold trust assets, for example; even if you used a B of A branch outside of the US. This is because a judge can seize the assets of the local bank for not returning foreign assets. So, use a bank that does not have US branches. If you use a Belize trust, you don’t need to use a bank in Belize. Your trust can have an account in the Cayman Islands, Switzerland or Singapore, for example.
Safest Banks
Moreover, of the top 50 safest banks in the world as rated regularly by Global Finance, only six of them are located in the US. The safest US bank on the list as of this writing is only 31st. In other words, there are 30 banks in the world that are rated as safer than the safest US bank. Having an offshore bank on its own will not protect assets. That is because a US judge could order you to return the funds inside of the bank account. However, put the bank account in the name of the trust and the offshore trustee is not legally required to follow the US judges order. Thus, your assets can be safeguarded.
Protection from Contempt
You cannot legally be held in contempt for not returning the funds. The reason is because in order to be held in contempt you must (1) hear the order, (2) understand the order, (3) be able to comply. So, you can tell the trustee to turn over the funds to your legal opponent. You will be complying with the judge’s order. However, since the trustee knows you are making this request under legal duress. The duress clause in the trust forbids him from handing over your money to your legal enemy and your hard-earned money is safe and secure.
Belize Trusts can provide immediate asset protection from the following:
- Creditors
- Divorce
- Judgments
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