What is Asset Protection?

What is Asset Protection

Asset protection is one of the strategic tools that is widely used by business investors to manage the available assets. The concept involves shifting the available assets abroad, preferably into a foreign jurisdiction with more favourable tax laws. The core aim of business investors is to hold control over their assets and safeguard their wealth.

The concept is often linked with criminal or evasive money management. However, it turns out to be legally correct if implemented ethically. Intense research and strategic planning are required to channelize the assets in the best possible way. By taking appropriate steps towards asset protection, one will still be in a position to take care of the following:

  • Open brokerage account
  • Bifurcate a portion of the assets from the dollar
  • Utilize foreign currencies for business transactions
  • Deal with precious metals
  • Acquire foreign real estate
  • Acquire residency/ citizenship in another country

The Rise of Asset Protection

The concept of asset protection came into existence in the 1970s and has become a prominent one in the late 1980s. During this, there has been a continuous rise and advancement of marketing regarding the offshore asset trust, which boosted several grounds to transform themselves as a sufficient ground for offshore business. According to a report published in the Wall Street Journal in 2003, almost 60% of America’s millionaires are engaged in the asset protection planning process.

Best Offshore Asset Protection Jurisdiction

Selecting the offshore jurisdiction involves in-depth research as different locations hold different regulations. However, to proceed ahead with the offshore asset protection, one can consider from the below list:

Advantages of Asset Protection

  1. Avoid Law-Suit

When it comes to law-suit, we can consider its safety as the amount available in the bank. Avoiding law-suit in terms of offshore business deals with financial privacy. By choosing a preferable tax jurisdiction, it can significantly reduce the tax bill.

  1. Protect Your Asset

Confidentiality or privacy is one of the critical elements when it comes to offshore business. Proceeding with offshore assets helps the business individuals to protect the available assets in the best possible way from risks like bankruptcy, lawsuits, divorce settlements, and claims, etc.

  1. Investment Diversification

When it comes to investment diversification, it merely means “Don’t put all your eggs in one basket.” The golden rule of investment is diversification as it minimizes the risk by diversifying it across different platforms.

Thus, by now, you have got a clear picture of how essential it is to proceed with offshore asset protection. Properly structured asset inventory helps business entities and individuals to build a robust personal wealth management portfolio. It is recommended to deal with a wealth management consultant to figure out the best wealth management and maritime protection strategy.

Reasons to Avail Professional Services

A few reasons that the business investors prefer to proceed ahead with professional wealth management consultants are:

  • Experts are well-versed with the process
  • It lessens the burden to a great extent
  • They can provide the best possible offshore strategies
  • Experts can provide market insights
  • Acts as a guide

Business Setup Worldwide is one of the top business consultants in the UAE who has been helping numerous clients across the globe. Our business advisors are well-versed with the offshore asset management process and can help you to incorporate the same in a hassle-free way. They are well-versed with the setup process and can provide you with tailored solutions. If you are looking forward to protecting your assets in a tax-free way, feel free to know the process from our experts. Contact us today-we’d be glad to assist.

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