Firewall Legislation

Posted on 18 November 2016. Source: Family Law Journal

Firewall Legislation

Asset protection, rather than legitimate tax mitigation, has become the principal driver for offshore asset structuring in recent decades. The choice of one particular jurisdiction over another for a would-be settlor can often be determined, or heavily influenced, by the relative robustness of the asset protection regime in the chosen jurisdiction. The economic imperative of supporting their highly lucrative fiduciary and financial service industries has led various offshore jurisdictions to introduce 'firewall legislation' to limit the extent to which foreign courts can interfere in the governance and administration of trusts and associated corporate vehicles governed by local offshore law.

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