Asset Protection Laws by Rubinstein & Rubinstein Passed by Antigua House of Representatives
New York, NY (PRWEB) November 15, 2007 -- The House of Representatives, the lower chamber of the Parliament of Antigua and Barbuda, has voted on and passed the advanced asset protection, trust and foundation laws drafted by the New York law firm of Rubinstein & Rubinstein, LLP. The new laws offer the world's most secure and confidential environment for international asset protection, wealth preservation and tax minimization.
The Antigua International Trust Act, International Foundations Act, International LLC Act and Corporate Management and Trust Service Providers Act will now be presented to the Senate, the upper house of Antigua's Parliament. They are expected to approve the legislation within the next few months.
The new legislation balances regulation of trust and corporate service providers with tight confidentiality. Antiguan trustees and corporate service providers will be carefully regulated by the government of Antigua, and will be insured and bonded, which ensures client security and protection. At the same time, trustees and corporate service providers will be prohibited from disclosing any information about trust, foundation or corporate activities and assets, except pursuant to treaties covering serious crimes investigations. The net result is that, unlike in Switzerland, the Cayman Islands and other once-confidential jurisdictions, Antigua will now offer the highest international confidentiality.
The new legislation also makes it nearly impossible for foreign creditors to reach assets protected by Antigua trusts or foundations. A creditor must first win a foreign judgment, then re-litigate their claim in Antigua and pay a fee to the Antiguan court. Contingency fees are not permitted in Antigua. The new laws include very short statutes of limitations, which only allow the creditor to file a claim within two years from their cause of action or one year from execution of the trust or foundation instrument. The new laws also create an arduous standard of proof "beyond a reasonable doubt," which limits a creditor's ability to prove fraudulent conveyance claims.
The new laws contain strong protections against asset repatriation, along with anti-alienation and spendthrift provisions, which prevent foreign courts and creditors from reaching assets protected in Antigua. Unlike any other jurisdiction, anti-duress provisions are explicitly built into the Antiguan statutes, prohibiting an Antiguan trustee from honoring any request made pursuant to foreign court order. These laws also do not recognize foreign marital rights or forced heirship rights, which ensures that only beneficiaries specifically designated by a client will inherit or otherwise receive assets.
Having been passed by Antigua's House of Representatives, the new laws are currently pending before the Antigua Senate and are expected to be passed within the next few months. Once they are passed and published in Antigua's official gazette, Antigua and Barbuda will become the premier jurisdictions for international asset protection and asset security in the world.
For more information, contact Kenneth Rubinstein, Esq. at KRubinstein(at)assetlawyer.com or call (212) 888-6600.
About Rubinstein & Rubinstein
Rubinstein & Rubinstein, LLP is a boutique law firm concentrating in domestic and international asset protection planning, and estate and tax planning. They regularly represent clients in the areas of debtor's and creditor's rights, business entity structures and strategic planning, IRS and state tax departments, probate and estate administration and litigation, tax litigation, and business and commercial litigation. They can be found online at www.assetlawyer.com.
Contact:
Kenneth Rubinstein, Esq.
18 East 48th Street
New York, NY 10017
(212) 888-6600
Krubinstein(at)AssetLawyer.com
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