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Can you explain what will happen if I die and all my assets are in the Offshore company?
Assuming I have assets, property and money in Seychelles, Gibraltar, Panama or Mauritius offshore company and I die, what now? Can my wife or my childrens take over the assets?
In Mauritius, Your family can take back all the asset with an affidavit from the court. It take between 1-2 weeks to get same in Mauritius. Or even less.
Entities and Structures do not go through inheirtance courts. It is outside of wills. The mere fact of someone attempting to use a will to indicate a successor as new CEO, director, or Member of a entity is legal fact of intention for the entity to be an alter-ego.
A simple Company Resolution accompanied with meeting minutes indicating the succession and assigns of the Company will suffice. Leave a copy in trusted hands who will be aware of your death if it were to occur.
In Mauritius, Your family can take back all the asset with an affidavit from the court. It take between 1-2 weeks to get same in Mauritius. Or even less.
To replace signatories? A company IS the customer at a bank, not the signatory. The signatory has no authority to bind the company. He is simply a signatory for a transactional account. A corporate resolution with meeting minutes copy directing the replacement of one signatory for another is lawfully sufficient paperwork to withdraw one signatory and replace another. The signatory would have no say in this process. Again the signatory is not a CEO, is not a Director... if the offshore structure is properly done... and does not have any say in how long he may remain as a signatory on the account.
If work for coca-cola and you are a signatory on an account, no bank has the legal authority to refuse replacement of the signatory, whether dead or alive. This is spelled out in a Banking resolution which is delivered and requested of Banking institutions at the time of the opening of the account.
But as anyone who is a lawyer or has opened offshore bank account before would know, banks rarely follow their own laws because they are so ignorant of private law vs public law. So if a bank truly is demanding a affidavit from the signatory (this still does not make legal since) then find a notary who will allow you to notarize a replacement order/agreement and leave the dates blank (including the notary date)
EDIT: And you if cant find a notary who will do this (many of them get sticks up their butt as if they are a higher authority) then pay for a homeless man to take the class and pay him to notarize your document. If you tenderly handled the relationship with the homeless man than he will be useful for future endeavors.
But if he is talking of Ultimate Beneficial Owners taking the service of a nominee shareholder, then they would ask for an affidavit (Especially for offshore).
I agree also that it does not stipulate in the law that the society would require an affidavit. However, Bankers in Mauritius would surely asked. I already mentioned in another post that in offshore, some organisation (especially banks) tends to be stricter than law (Most KYC/AML). And to provide the best and reliable service, it is very important that clients have an administrator/registered agent managing this.
Yeah they get this fancy idea that their "Private Policy" trumps statute and code. The bankers do not even realize that each banking institution is an instrumentality.. an "alter-ego" of the civil state/province. One could make alot alot of money going around suing banks because of the adverse actions they perform due to their ignorance of their legal position within civil laws.
Yes you are correct if the Company has beneficial owners that is a man or woman. However this is one of the stupidest choices people do when going offshore. So many neglect the advice of a qualified individual and make decisions based on "web-knowledge". The Company that has a bank account should never have "majority shareholders" who are natural persons. It is very ignorant to acquire one offshore entity and stop there. Nothing was accomplished but barely effective 'hiding'. You could do this onshore! If someone wants offshore protection they need at least a two layer structure.
Totally agree with the two layer structure. But some people would prefer not opt because they need to pay additional fees. May I know where you work TVentures?
A private corporation. You will not find it any where on the web. It is a private group that is libera res publica... It does not offer services to the public. If you catch my drift.
I would not stop even at two. One needs at least 7 entities to create the base two level structure allowing for minimal protection.
What takes up the majority of your time in your life?
EDIT: And you if cant find a notary who will do this (many of them get sticks up their butt as if they are a higher authority) then pay for a homeless man to take the class and pay him to notarize your document. If you tenderly handled the relationship with the homeless man than he will be useful for future endeavors.
Thank you all for the great advise in this thread I'm learning a lot.
