Asset Protection
In the United States, statistics show that a law suit is filed every thirty seconds. About 94% of the world’s law suits are filed in the United States. With the changes in UK law, bringing it more in line with US litigation legislation, it is expected that the UK will substantially increase the number of suits that are filed.
On average, most professionals in the United States, be they a lawyer, owner, entrepreneur, doctor, company director, dentist or accountant, can expect to be sued every three years. Internet related law suits are also rising.
Any individual with liquid assets of over US $100,000 should have an Offshore Company and offshore bank account for asset protection purposes. It is much more difficult and costly for lawyers and their clients to launch frivolous and/or dubious law suits in an offshore jurisdiction. One reason is that a local attorney must be retained and paid “up front”, not on contingency. Often a substantial bank bond has to be placed with the government to even implement a lawsuit.
