How Long Does It Take to Set Up An Offshore Asset Protection Trust
If you are looking to set up an Offshore Asset Protection Trust, how long it will take to set it up depends on how long it will take you to get me the documents I need.
We recommend establishing your Offshore Asset Protection Trust in the Cook Islands because that is the friendliest jurisdiction for judgment proofing yourself from lawsuits or other creditors.
In most cases I will need you to provide the following documents:
1. A birth certificate of the settlor (that’s you in most cases) and / or proof of citizenship.
2. Passport photo and identification.
3. A Banking Letter of Reference.
4. A Letter of Wishes. This tells the Trustee who are the beneficiaries and how the assets are to be managed and distributed.
5. An affidavit saying that the assets you are transferring are not subject to any creditors claims or judgments.
6. Proof of assets.
7. Address details.
Once we have those, we will draft the Trust Deed that establishes the Offshore Asset Protection Trust. When all the documents are in order, we can establish your Offshore Asset Protection Trust in the Cook Islands in about 3 or 4 days. Then the next step is to transfer your assets to the trust.
You’ll want to have a bank account to go with the Offshore Asset Protection Trust. For a Swiss Bank Account, it can take up to 2 months to set up the account. For a local Cook Islands bank account, it will take a few days. If you want to have an LLC under the Trust, that will also take about 3 or 4 days.
I work with reputable Trustees and attorneys in the Cook Islands, Saint Kitts & Nevis, and Bermuda that have been doing this for forty years. I practised law in Bermuda for six years where I served the Government of Bermuda as Senior Crown Counsel and acting Solicitor-General.
If you would like a free 30 minute telephone consultation with Asset Protection Attorney, Norman MacDonald, about setting up an Offshore Asset Protection Trust call (416) 362-7564 or fill in the Contact Form under "Contact Us".