July, 2014 | Dyrud Law L.P.

Owning Property in an Offshore Company

July 31, 2014July 24, 2014adminLeave a comment

There are so many different things that offshore companies have to offer that it can almost be overwhelming at times. Many wonder why they should have property in their off shore company- what is all the fuss about? What are the benefits associated with it?

Offshore companies have the ability to handle many different types of property transactions. Real Estate is something that is especially suited for offshore companies. Ownership is extremely simplified and it is a great form of assets protection because it offers a buffer between the owner and the company itself. This would help relieve any sense of personal liability. An example of this would be when a person is harmed while occupying a property.

If you were selling a property, the costs of transferring the property would be much lower because the ownership of the land is still with the company. The Government Land Registry would not be involved so the share transfer would also be much easier than the alternative.

One last thing that is helpful about having your property through an offshore company is that passing this property along to children or other family members becomes simplified as well. Trusts and wills can be set up and put into place using a third person party and they can make sure your wills and trusts are seen through, especially it comes to your property and other assets.

If you are looking to invest in other companies and get involved in properties in Anguilla, feel free to contact us.

Inheritance Laws: Passing on to Children

July 28, 2014July 24, 2014adminLeave a comment

There are many special circumstances that are in place when a person makes his or her will, especially when it comes down to what others may receive from them. One thing that should be kept in mind is Law of Inheritance, which typically describes the rights a person has when it comes to property of a spouse or relative who has passed away. They vary from area to area, but these laws sometimes operate when the deceased doesn’t even have a will.

When it comes to the relation to the deceased, if you are related by blood or marriage, then most laws will cover how you will receive your inheritance and when. However, if you are listed in the deceased will then you will receive whatever has been left to you.

If you are a spouse of someone who has recently passed away, then there are a few things that might happen. It will depend on whether a will is involved, whether your state follows either community property or common law property rules, or if you and your spouse have been divorced. In a community property state, the spouse gets half of the marital property that is obtained during the marriage. In common law, inheritance is determined by ownership of the property based on titles.

Many are concerned however when it comes to their children- what will they receive? If you have created a will or a separate trust, then they will receive whatever you put in it. The inheritance otherwise, however, does not always automatically include children. They may be entitled to a portion, but it does not always go right to them. It may go to the surviving spouse first. If a will is left, inheritance laws might also include more distance relatives, such as nieces and nephews.

It makes sense to have questions about how your family will receive their inheritance. Give First Anguilla Trust a call today and understand just how your family could be affected.

Using Offshore Companies for Trusts

July 24, 2014July 25, 2014adminLeave a comment

There are many reasons why people would consider using an offshore company for trusts. Two of the biggest advantages are reduced tax and increased confidentiality. Offshore companies in general are flexible, so they can be integrated into many different business arrangements.

There could be some taxes of course, but many find that they get a sizable tax break on their trusts when they take advantage of offshore jurisdictions. You will always want to make sure that you’re well educated of the process and decisions, particularly when it involves another country that you may or may not know all the laws of.

When it comes to having a trust, you want to ensure that no matter what it is you are protecting (valuables, assets, shares of a company), you are leaving it with someone you trust, and who knows the business well. The advantages of someone having property or shares of a company outside of their own county are simple: there would be many legal fees and publicity that would be avoided.

If you have property overseas, there are many difficulties and expenses that can be avoided if you were to use an offshore company to hold the title. Not to mention, if the property were to be sold in the future engaging in a company like First Anguilla Trust would make it much easier.

Working with First Anguilla Trust would ensure that you will be able to keep personal property with us, but that you can leave your business assets to us as well.