Cook Islands Foundation formation, who can do what costs?

[carstenStahl]

I want to know who is able to help to form a Cook Islands foundation and what the requirements are. The Agent should provide a protector and do full wealth management for me and my friend. Main reasons I read are tax and asset protection to do this, that's why I want to build my CI foundation too.


Please advise costs, turnaround time and requirements and what agent can help. Thanks you.

 

[JohnLocke]

You may find much more relevant information here http://www.cookislandsfinance.com/legislation-pdf/Foundations-Act-2012.pdf

VALIDITY OF FOUNDATION

• Foundation is a separate legal entity from its founder.
  
• Foundation is valid even if the law in the founder’s jurisdiction does not recognise or prohibits foundations.
  

MULTIPURPOSE USE

• Foundation can be used for charitable or non charitable purposes, inheritance and estate planning, wealth management.
  

PROTECTION FROM CREDITORS

• 2 year statute of limitations on claims to set aside the foundation or attack the transfer of an asset to the foundation.
  
• Courts cannot recognise or enforce a foreign judgment against the foundation.
  
• Stringent fraudulent transfer rules that make it difficult for creditors to bring a claim for fraudulent transfer.
  
• Foundation stands independent from the founder’s personal circumstances. The foundation cannot be void or voidable in the event of the founder’s bankruptcy, insolvency, or liquidation.
  

MANAGEMENT

• Founder establishes rules that govern the operation of the foundation.
  
• Foundation is managed by a board, allowing for input from a number of relevant persons.
  

OVERSIGHT

• Law recognises someone to oversee the board’s management of the foundation, an ‘enforcer’ or ‘supervisor’.
  

PRIVACY

• Strict privacy laws against disclosure of the affairs of the foundation.
  

INVESTMENT OPPORTUNITIES

• Foundation can derive earning from investments/broad investment powers may be authorised in the foundation rules.
  
• Foundation cannot be used for regular trade or commercial activity.
  

EXEMPTION FROM TAXES

• Foundation and its beneficiaries are exempt from paying tax in the foundation’s jurisdiction.
  

AND here.....


resource

The Cooks generally disregard foreign court orders, making it easier to keep assets from creditors, or anyone else.
Win a malpractice suit against your doctor? To collect, you will have to go to the other side of the globe to plead your case again before a Cooks court and under Cooks law. That is a big selling point for those who market Cook trusts to a broad swath of wealthy Americans fearful of getting sued, and some who have been.

 

[carstenStahl]

Do you know the fees to get the company setup?

 

[JohnLocke]

The fees will depend on what service you require. Basic package typically starts at €1200 but you may contact us directly here, /contact-us.html

 

[trundom]

Is Cook Islands a good place to open a offshore company? I have one in Belize the agent told me I'm totally protected in matters of privacy and obligations is it true?

 

[clemens]

Thanks OP to bring this to our attention I'm looking into it atm. Seems really to be a great jurisdiction to hide and protect our business & assets!

 

[agerba]

Do you know if it is possible to take out money from the foundation for personal use later? What I want is to visit the Cook Islands frequently and take out say 5 to 10000 USD in cash. By doing so I would avoid to pay any personal tax and no one will ever know about it.

 

[mert]

This is actually great reading, as many I was among the ones that didn't knew about Cook islands as an offshore jurisdiction for "normal" people to incorporate. From what I read here and on some other websites it seems to be one of the 1st stops for wealthy people that seek total privacy and anonymity for multi million of dollars. However, from the pricing I found by different agency services for company formations it's not expensive to incorporate there, actually it seems to be one of the great alternative destinations for tax heavens in general.


I'm considering it strongly and can't stress it to much to people who are seeking out for an alternative to the well known Panama, Belize, Seychelles and BVI offshore jurisdictions. You want to take a look at this opportunity for getting total anonymity and privacy for your business.

 

[PaulKruger]

can someone help to clarify the original posters question in 2021 ?

I have seen similar threads here and there but can't get a valid answer on which "valid" service to use for this purpose.