23 Jan 2012
Antigua and Barbuda is a twin island nation state in the eastern Caribbean. It enjoys proximity to North America and is perhaps best known as a yachting centre and tourist destination. Antigua is also a financial services jurisdiction known for its asset protection and wealth management services. It offers international banking, trust services, international insurance and offshore companies. The Financial Services Regulatory Commission (FSRC) is the regulatory body for international financial services in Antigua and Barbuda.
ABI Trust Ltd (ABIT) is leading the way in seeking to promote Antigua and Barbuda as a jurisdiction of choice for financial services.
As an international trust corporation, ABIT has been conducting international trust business under the laws of Antigua and Barbuda since 1993. As a result of their years of experience in the industry, ABIT is able to provide a high calibre of corporate services and administer wealth capably. The company is an affiliate of the ABI Financial Group, which is a network of companies providing competitive products and services in financial intermediation, tourism and real estate by leveraging its assets and competencies locally, regionally and internationally.
ABIT establishes its structures in jurisdictions that protect client confidentiality, are fiscally prudent and enshrine strong asset protection systems in their laws. For instance, the laws of Antigua offer:
– Confidentiality. To divulge client matters outside of a permissible disclosure (usually by a court order or pursuant to a treaty) would invite a severe fine and/or imprisonment.
– Tax exempt status. All international entities are exempt from income tax, capital gains tax, estate, inheritance, bequest or gift tax, stamp duties and exchange controls.
– Asset protection. Forced heirship rights are not recognised; neither are foreign judgements, while Statute of Elizabeth provisions have been abolished. The burden of proof to prove a fraudulent transfer is that required for a criminal matter and the time limit allotted within which to bring a claim is two years.
ABIT recognises that the success of its business depends on its ability to recruit and retain first-class employees. Members of the team hold industry-recognised professional qualifications in law, accountancy, international trust administration and corporate management. ABIT offers corporate and fiduciary services. These include:
– Company formation and management of International Business Corporations (IBCs)
An International Business Corporation is a company formed under the set laws of a specified jurisdiction. IBCs are generally formed to provide limited liability to shareholders and to manage and/or hold assets including bank accounts, real estate, intellectual property and investments. ABIT also offers company directors, shareholders and corporate secretarial services.
ABIT offers IBCs incorporated in several jurisdictions:
– Trust management. Trusts that are structured and administered under ABIT are executed by professionals qualified in trust administration, law and accounting.
– Establishing and managing foundations. Foundations are widely used as tools for asset protection as well as for estate and tax planning purposes.
– Family office. ABIT assists wealthy families to preserve and enhance the value of family assets. The following services are included in this package: administrative services, estate and succession planning, trust, corporate management services, fostering banking relationships and investment and legal advice.