An asset protection trust provides the highest level of security for personal assets.
The Cook Islands was the first jurisdiction to legislate specifically for asset protection trusts and the laws offer the strongest form of asset protection of any offshore jurisdiction.
Asset Protection Law in the Cook Islands
The law provides that foreign judgments are unenforceable against a Cook Islands International Trust if that judgment is inconsistent with Cook Islands law.
In addition, specific provisions ensure a trust is not defeated by rules relating to heirship or spendthrift beneficiaries in the jurisdiction of the settlor/grantor and a settlor/grantor of a trust is able to retain control over the trust and its property if desired.
Bankruptcy Exclusions
Foreign bankruptcy rules are specifically excluded and there is a specific limitation period of two years for the bringing of proceedings by creditors seeking to access trust assets.
Tax & Duty Exemption
The trustees, beneficiaries and settlor of an international trust are exempt from any form of tax or duty in the Cook Islands. Neither are there any exchange controls.
View more about asset protection in the Cook Islands.