As attractive as offshore trusts and asset protection planning is, anyone who wishes to take advantage of them must exercise due diligence in order to guard against scams. There are definitely a lot of downsides to taking the wrong steps in setting up an asset protection trust.
It is important to get familiar with the methods typically used by the scammers to skim hapless and innocent people of their hard-earned money.
Offshore Asset Protection Scams
It is very vital for you to understand that there are many people posing as offshore asset protection incorporation experts and they operate by making promises of helping you safeguard your assets for just a few dollars. According to them, the intricacies of the United States legal system has been laid bare to them and they have the ability to create offshore entities impenetrable by any creditor.
Do not be deceived by such claims and you may be able to identify them by the names they use including but not limited to “Self Managed Anonymous Offshore Trust”, Pure Trusts, Common Law Trust Organizations. Some of these incorporators also sell a bunch of off-the-shelf companies in various jurisdictions for a cheap dollar. The hook however, is in the annual fees they will charge you ranging from notaries to certificate of good standing among others. These cost money and they are now in a position to bill and bilk you.
These unscrupulous incorporators will never inform you of the huge tax bills you will shoulder back home. The U.S IRS requires that each of those entities you were sold file its own tax returns and you will find yourself paying exorbitant fees for tax compliance filings. There are many other compliance issues the scammers will never inform you about since they thrive on your ignorance of the regulations and laws.
Moss has consistently assisted clients to set up asset protection entities in offshore jurisdictions globally. Asset protection is NOT asset hiding and we ensure that you have ALL the information required to make an informed decision regarding your hard-earned money and assets.