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THE EXCLUSIVE WORLD OF LUXURY PROPERTY

When you think of luxury property, custom architecture, attention to detail and opulent finishes come to mind. It’s no surprise high net-worth individuals who are considering acquiring luxury property, are also looking for access to luxurious activities such as high-end dining, shopping and the arts.

James Turner, Director at company formation specialists, Turner Little, says: “we know our clients are passionate about their assets, whether it’s the ownership of a racehorse, a diamond ring, a luxury property, supercar or private jet. So, we do everything to ensure their assets are protected. In our experience, they also require privacy and security, sometimes to the point of seclusion. And that doesn’t stop at the property itself, but also in the way the property is purchased.”

Purchasing a luxury property through an offshore company structure often provides several advantages, including access to corporate limited liability and enhanced levels of confidentiality. Offshore company structures also offer potential benefits in relation to inheritance tax and succession as well as transfer fees in future sales.

Setting up an offshore company is a legal and effective way to protect your assets. Individuals and businesses of all sizes, including the likes of Apple, Google, Microsoft and Starbucks, use offshore company structures to protect both their companies, and their high value assets.

“Provided you can ensure the offshore company structure has been properly set up and maintained, you can minimise your personal liability and protect personal assets. This is because, in most cases, the wealth of the corporate entity is limited to the assets held by that entity, so the risk to the shareholders is limited to the assets of the corporation, and the individuals that run it are completely protected,” adds James.

Acquiring luxury property through an offshore company has been the most commonly used structure in the past. Still, continual changes in regulation mean we are continually looking at additional ways to structure purchases.

Talk to us today for advice on ownership structures that are most suited to your requirements and your circumstances.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.