- This topic has 5 replies, 3 voices, and was last updated 1 year, 4 months ago by
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LDoes asset protection work in India?
In the sense a strong network of off shore trust funds and shell companies in countries like the Cook Islands, Cyprus etc. Where the companies are set up ofc you but on paper there is no proof.And the trusts gives you non transferable and non disposable income/benefits like
1. The hous & car are owned by the trust but you get to use it for being an investor or an employee in our own company.
2. And other thing like subsidy on credit card bills and stuff.Which basically leaves you with just enough to pay the minimum alimony to avoid jail.
And if the judge ignoring your on paper income still order alimony which would be pretty much impossible on the disposable income, could you re-appeal and negotiate?
Cyprus has some pretty good law favoring trust funds (considering they were made 3-4 before the marriage)
As they keep the trust related information confidential, and are way beyond the jurisdiction of Indian courts. Plus they seperate the property form the beneficiaries.And the cook Islands simply do not recognize the foreign jurisdictions. And offer even stronger asset protection.
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BYou’re thinking of discretionary trusts. Since the trust controls the fund and decides who it goes to, when it eventually does, it’s already taxed at the hands of the trust. You don’t need to maintain off shore accounts for this.
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LBut having multiple layers will make it difficult for them to track it. The courts could still consider the trust and make you pay alimony considering the trust as your. Where you might end up paying than you were supposed to.
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BA discretionary trust is a trust that decides who the beneficiary is. The court will impose orders on maintenance on the basis of an affidavit of assets and liabilities. Trust is not an asset that belongs to you, the trust decides whether or not you benefit in a discretionary trust. Regardless of that fact, you lie in an affidavit just because your income is hiding in trusts overseas, and if you get caught, you’re screwed.
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