Family trust

[John89]

I am considering opening a family trust, to pay less taxes. As I understand, if I put money in a family trust I no longer have control over the money so it's no longer my own personal money. This only works with irrevocable trusts, because with revocable trusts I can get back the money any time I want, so the money in revocable trusts is still considered mine. However, I am not so happy to put my money in irrevocable trusts and basically have someone manage the money for me and never have control over it. How do I know they manage it well, and don't just manage it to their own advantage, as banks do?

So is there any jurisdiction where "irrevocable trusts" actually are revocable (under some conditions), or/and where I control how the money is invested, or/and where I can for example withdraw money to buy myself a car, etc.?

 

[CaptK]

Foundation would be better route to go down, all the control and not owned by you.

 

[lory]

Foundation would be better route to go down, all the control and not owned by you.

where would you setup the foundation for this purpose?

 

[CaptK]

You could look at Gibraltar, Jersey, Guernsey, IOM, UAE, Seychelles.

Personally UAE for me.

 

[Davis123]

You could look at Gibraltar, Jersey, Guernsey, IOM, UAE, Seychelles.

Personally UAE for me.

Seychelles would be best for most cases. Although less reputable I think.

 

[LoveMyLife]

I am considering opening a family trust, to pay less taxes. As I understand, if I put money in a family trust I no longer have control over the money so it's no longer my own personal money. This only works with irrevocable trusts, because with revocable trusts I can get back the money any time I want, so the money in revocable trusts is still considered mine. However, I am not so happy to put my money in irrevocable trusts and basically have someone manage the money for me and never have control over it. How do I know they manage it well, and don't just manage it to their own advantage, as banks do?

So is there any jurisdiction where "irrevocable trusts" actually are revocable (under some conditions), or/and where I control how the money is invested, or/and where I can for example withdraw money to buy myself a car, etc.?

As I see, all offshore resellers here will advice you to form a foundation. Some of them can advice you on a special purpose trust. And they will try to sell you their reselled foundation formation service..

But I believe, there is another solution, which no one write you here about.

This solution is: Mutual insurance company. In a few EU countries, you do not need a full insurance license if insurance revenue of mutual insurance company is less than 3 mil. Eur and if this insurance company serves just a members of insurance company. This requires just a proper structuring and obtain a permit fro a mutual insurance activity from a court. Not from a financial regulation authority.

 

[CaptK]

As I see, all offshore resellers here will advice you to form a foundation. Some of them can advice you on a special purpose trust. And they will try to sell you their reselled foundation formation service..

But I believe, there is another solution, which no one write you here about.

This solution is: Mutual insurance company. In a few EU countries, you do not need a full insurance license if insurance revenue of mutual insurance company is less than 3 mil. Eur and if this insurance company serves just a members of insurance company. This requires just a proper structuring and obtain a permit fro a mutual insurance activity from a court. Not from a financial regulation authority.

It is a very good option but the cost, time and paperwork are greatly out weigh the pros against a foundation