Trusts & Corporations

"When do you buy the fire insurance, before or after the fire ?"

Of course this is a question intended to spark a reaction, and hopefully one that makes sense. We have not had many opportunities to think outside of the normal financial structuring processes we have been used to. There are many alternatives available when planning your financial future and adding an international component to you strategy is a great way to start.

Asset Management Structuring is one of those options to consider.

There are (3) three areas that form the basis of our Asset Management Structuring services. They can be used together or separately to assist in strengthening your wealth management strategies.

COSTA RICAN INCORPORATION SERVICES

The majority of legally registered companies and corporations in Costa Rica are constituted as “Sociedad Anónima”. This is the reason why most companies write their name followed by the initials “S.A.”

This type of mercantile company is flexible enough to accommodate huge corporations with thousands of shareholders as well as family, or small investment companies. Although the Sociedad Anónima is an artificial creation, Costa Rican Legislation sees it as a “legal person” with its own legal identity number. This means that whatever obligation the company acquires is the company alone, by itself. The shareholders only respond for the amount of capital they invest in the company.

As little as two people can form a corporation of this nature, each one of them has to subscribe at least one share. Any decision taken by the shareholders is approved by simple majority, therefore whoever controls fifty-one percent of the shares, controls the company. The constitution of a Sociedad Anónima must be prepared by a Costa Rican Public Notary who has the obligation of inscribing it in the Mercantile Division of the Public Registry.

Some of the necessary elements for forming this type of company are: 

• A distinctive name, different to any company already registered
  
• An address inside Costa Rica to serve as legal domicile for the company.
  
• The object or purpose of the company, which should be as broad as possible.
  
• The designation of a Board of Directors with a minimum of three people who may or may not be shareholders. It is up to the shareholders to identify and state the spectrum of attributions, general, universal, or any other powers that each of the board members will have within the company.

After registration, the Notary Public who prepared the constitution will legalize the company’s books before the Ministry of Treasury.


FULL SERVICE COSTA RICAN BANKING

An important component of the Asset Manegment Structuring package is International Banking services. The Team at Trust Costa Rica will assist you in this process by introducing you to our banking connections in Costa Rica. Currently we are working with bank executives offering full service banking with the Banco Nacional de Costa Rica (BNCR), Costa Rica`s largest national banking institution.

The bank accounts offerred are catagorized as Electronic Banking, which mean that all banking transactions associated with this type of account are done online and through automated banking facilities. You can easily open a US Dollar account and a Costa Rican Colones account (The ``Colon`` is the national currency of Costa Rica) in the name of your new Costa Rican Corporation (“Sociedad Anónima”).

As the assigned signatory on these accounts you will be given a Master Card Debit Card, which will allow you to access funds from these accounts from any automated bank machine worlwide.


ASSET PROTECTION TRUSTS - FORMATION AND TRUSTEE SERVICES

In recent decades, asset protection trusts (APT's) have become especially popular in wealth building circles. The trust structure has also become a mandatory configuration for protecting hard earned assets from prying eyes and unwarranted attacks from creditors and litigation specialists.

An asset protection trust is a specialized form of trust that you can create, or have created for you under the laws of a foreign nation, while residing somewhere else. You register your trust in that country, and set up its base of operations there.

From that point on, your trust is governed by the trust laws of that country where it's registered or administered. By being in another country, your trust serves as a shield for your business and personal assets, deflecting home country creditors, litigation specialists, and potential financial liabilities.

This is a service provided to clients by request only. Our goal is to provide the latest information regarding Asset Management Structures and offer alternatives to those wishing to protect their hard earned dollars for their lifestyle choices and the families that will share those assets.

There are many elements of the Asset Management Structure we provide that can assist in your investment planning.

Click the banner below to download additional information on Asset Protection Trust Structures

Please contact us if you have any questions regarding the alternatives available under other jurisdictions such as "Costa Rica".

We will answer all inquires with full disclosure and provide you with information you can "Trust"