How To Protect Yourself And Your Wealth
Once your wealth accumulates, Asset Protection becomes necessary. There are many ways to do this, including using trustees and setting up offshore companies. Aside from protecting wealth, facts about Extradition have to be understood as well.
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Protecting Yourself and Your Wealth
As an expat, it is vital that you understand what Asset Protection is all about. By knowing your legal options, your property will be shielded from lawsuits and other potential risks. The issue becomes more intricate for expats since they are in another country. Here are your options. Asset Trustee and Insurance Here you will sign a contract with a trustee to whom you will assign management of your properties. Aside from wealth protection, this setup leads to lower taxes. Your assets are kept private and obtaining offshore wealth becomes easier. Insurance is another option. This will give you protection from all sorts of potential problems. If you have a lot of property, this is a good choice. Financial Experts There are professional services that will help manage your wealth. Some services are for handling income tax returns. You can also hire experts to take care of opening of accounts, fund management, stocks and the rest of your investment portfolio. Set up an Offshore Company This is suitable if the country has rigid tax and financial regulations. By setting up an offshore company, you will be able to keep your wealth safe and private. At the same time, you also get to save on fees. Be Wary of Scams Since you will be entrusting your wealth to these people, make sure that the company is legitimate. Research and learn as much as you can about them. How long have they been operating? What is their reputation in financial circles? What are people saying about them? You should take the same cautious approach if just dealing with a single or small group of individuals. Facts about Extradition The most common type is the dual criminality treaty whereby a person can be handed over for an act that is considered a crime in both countries. An older form is the list treaty wherein a person can be sent back if the crime committed is on the list agreed to by both nations. Today a lot of nations do not allow their citizens to be handed over. Even those that agree do so only after rigorous examination and under special circumstances. One of the best ways to avoid this legal entanglement is to apply for citizenship. Only under certain circumstances can a person be just deported. Even countries with no written treaty
agreements with the US can deport an individual. This is usually done if there is a diplomatic request. But this process is rarely ever done.
As an expat, it is vital that you understand what Asset Protection is all about. By knowing your legal options, your property will be shielded from lawsuits and other potential risks. The issue becomes more intricate for expats since they are in another country. Here are your options. Asset Trustee and Insurance Here you will sign a contract with a trustee to whom you will assign management of your properties. Aside from wealth protection, this setup leads to lower taxes. Your assets are kept private and obtaining offshore wealth becomes easier. Insurance is another option. This will give you protection from all sorts of potential problems. If you have a lot of property, this is a good choice. Financial Experts There are professional services that will help manage your wealth. Some services are for handling income tax returns. You can also hire experts to take care of opening of accounts, fund management, stocks and the rest of your investment portfolio. Set up an Offshore Company This is suitable if the country has rigid tax and financial regulations. By setting up an offshore company, you will be able to keep your wealth safe and private. At the same time, you also get to save on fees. Be Wary of Scams Since you will be entrusting your wealth to these people, make sure that the company is legitimate. Research and learn as much as you can about them. How long have they been operating? What is their reputation in financial circles? What are people saying about them? You should take the same cautious approach if just dealing with a single or small group of individuals. Facts about Extradition The most common type is the dual criminality treaty whereby a person can be handed over for an act that is considered a crime in both countries. An older form is the list treaty wherein a person can be sent back if the crime committed is on the list agreed to by both nations. Today a lot of nations do not allow their citizens to be handed over. Even those that agree do so only after rigorous examination and under special circumstances. One of the best ways to avoid this legal entanglement is to apply for citizenship. Only under certain circumstances can a person be just deported. Even countries with no written treaty
agreements with the US can deport an individual. This is usually done if there is a diplomatic request. But this process is rarely ever done.
