Many foreign jurisdictions provide opportunities for offshore trusts. But if you are seriously considering such a trust, the Cook Islands deserve your attention.
Asset protection lawyers frequently debate the pros and cons, risks and possible rewards of offshore versus domestic asset protection trusts. And there are lots of potential asset protection strategies that do not involve a trust at all.
But if you are one of the relatively limited number of people considering an offshore arrangement, you should consider the Cook Islands. A recent lengthy article in the New York Time by Leslie Wayne provides lots of comments about Cook Islands trusts – – both positive and negative. As the article points out, the Cook Islands are a global pioneer in offshore asset protection trusts. Its laws are specifically designed to protect foreigners’ assets from legal claims in their home countries. Some unscrupulous characters have used these trusts (which can give them a bad reputation); but so have individuals who are simply affluent and feel the need for asset protection.
One conclusion seems clear. If you are in that relatively limited category of people who are seriously considering an offshore trust, the Cook Islands is clearly a jurisdiction to consider for that trust.