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Author Archive

Belize

Tuesday, November 29th, 2005 by Alexander J. Hay III

A small English speaking nation in Central America formerly known as British Honduras. Belize became interdependent form the United Kingdom in a 1981 through a peaceful and amicable turnover. Belize is noted for having the second largest barrier reef on earth, and enjoys a diverse and varied geography. The country also exhibits a diverse culture obtained from a combination of centuries of slow yet steady immigration from all parts of the world and a physical isolation that has allowed the various ethnic groups, foreign and indigenous, to co-exist peacefully yet resist outside influences. The economy of Belize is dependent upon agricultural exports, tourism and financial services.

Protector of the Trust

Monday, November 28th, 2005 by Alexander J. Hay III

The protector of an offshore trust is a very important position for asset protection purposes. In many jurisdictions, trust laws allow the appointment of a Protector to perform very limited actions regarding a trust. One of the most common powers is the power to remove and appoint the Trustee of the trust. In addition the Protector often has the power to appoint auditors and financial controllers for the assets of the trust and oversee the general management of the Trust. Many nations require individuals who are Trustees of foreign trusts to disclose their positions. This can often result in unwanted attention, and loss of privacy. Since privacy is often one of the key elements of a good asset protection plan, avoiding detrimental disclosures is advantageous. Since the Protector is not a Trustee, and does not have the powers of a Trustee, generally an individual does not need to disclose their position as Protector of a foreign trust.