Why Guatemala for an Offshore Trust?
- Author Max Zutphen
- Published November 3, 2009
- Word count 579
Introduction: This article will discuss the benefits of using Guatemala as your offshore trust jurisdiction, including the safeguarding of your assets.
Litigation Protection: As a jurisdiction, Guatemala is extremely secure and it's near impossible for a foreign financial enemy to domesticate a civil judgment such as alimony and child support cases, a lawsuit, bankruptcy, etc. This means that even if a foreign creditor were win in court in their home country, this judgment would not be valid in Guatemala. This is because Guatemala has not signed any treaties or agreements with other countries to mutually enforce civil judgments.
Favorable Trust Laws: The trust laws in Guatemala are among the best in terms of client privacy and protection.
Attorney Client Privilege: Attorney-Client privilege in Guatemala is an almost impenetrable barrier. If we, the law firm, enter into an International Trust Agreement with you, the client, our relationship to you is that of trustee (he who is entrusted with the assets) to trustor (he who entrusts the assets to another). If any inquiries were made to us, it would be almost impossible for the inquirer to gain any information because Guatemalan courts are loath to break attorney-client privilege. They would only do so if there were solid evidence of a criminal offense that is considered criminal in Guatemala, such as armed robbery. What this means to you is that your identity is kept secret and your information would not be revealed.
Bank Secrecy: As of September 2009, Guatemala is not in any TIEA (Tax Information Exchange Agreements) and is in no MLAT (Mutual Legal Assistance Treaties). You are protected even if another jurisdiction charges you of a criminal tax charges.
No Currency Controls: There are no limits on the amount of money you can move in and out of the country in whatever currency you wish.
Taxes: Guatemala does not tax offshore-derived income. To explain, this means that if you have an Internet business or any kind of business with no presence in Guatemala, your income is not taxed. If you own a restaurant in Guatemala, for example, your earnings from this restaurant will be taxed. The majority of our clients do not need to worry about income tax.
Weather: There is no snow, ice storms, or any kind of extreme weather that can shut down the country or major power outages that will cause a disruption in banking activity. The climate ranges from 55-75 degrees Fahrenheit all year long.
Communications: You can communicate with your Trustee when needed. Guatemala has top of the line Internet connections, cell phones, satellites, land lines for phones and fax. We offer secured, encrypted email, live chat, and various other options. We understand how vital communication across borders is.
Travel: If you ever desire or need to come to Guatemala, which we welcome but is seldom required, by plane is the best method. Guatemala City has a modern, international airport with direct flights to and from Europe, North America, South America, as well as the surrounding region. The flight from the U.S. is 2 hours, from Mexico it's 1.5 hours, from Panama 2 hours, and from Nicaragua 1.5 hours.
Language: The law firm and the banks are bilingual, speaking English and Spanish. Since Guatemala is not an English-speaking country, this prevents a lot of mistakes.
Guatemala has a Stable Democracy: Guatemala is not a dictatorship and has democratically elected government officials. The government does not have any connection to privacy-violating nations.
Contact us to discuss your Offshore Trust requirements.
Max Zutphen is an partner with Guatemala Law and an avid article writer. Go to http://www.guatemalalaw.org for more info.
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