I’m often asked if I set up an Offshore Foundation using Nominees how can I still control the Foundation?
The day to day business of a tax free Offshore Foundation is overseen by a Councillor or Board of Councillors.
However you can ask, when the Offshore Foundation is registered, that a Protector is included as part of the Foundation structure.
What is a Protector?
A Protector is a person whose prior written consent is legally required ahead of a Foundation Council doing certain key things.
Certain rights can be reserved to a/the Protector including:
- The power to direct or approve the appointment or removal of a Councillor
- The power to direct or approve the addition or exclusion of a Beneficiary
- The power to direct or approve the continuation of the Foundation as a Foundation registered under the laws of a jurisdiction outside its country of registration
- The power to direct or approve the amendment of the Charter and/or the Regulations by the Council
- The power to direct or approve the dissolution of the Foundation
- The power to direct or approve investment activities of the Foundation, including the acquisition and disposal of investments by the Foundation
- The power to direct or approve the rights, entitlements and restrictions relating to each Beneficiary, including the power to direct or approve the making of any distribution of Foundation Assets (or any part thereof) to a Beneficiary.
- The power to direct or approve the Council to effect the forfeiture by a Beneficiary of his benefit, right and interest under the Foundation if he/she (ie the Beneficiary) challenges in writing:
(i) the establishment of the Foundation; or
(ii) the transfer of any assets to or by the Foundation; or
(iii) the Charter or any provision of the Charter; or
(iv) the Regulations or any provision of the Regulations; or
(v) any decision of a councillor, the Protector or the Founder