Related Information:
Offshore IBCs
Offshore Trusts
Offshore Credit Cards
Offshore Bank Formation
Certificates of Deposit
Benefits of a Credit Union
Asset Based Financing
What is an International Credit Union?
An International Credit Union is a cooperative financial institution owned and operated by its members. The Credit Union has a sub-bank arrangement with a class A Bank under a contractual agreement. The Credit Union serves its members as a conduit for the aggregation of capital, creating asset protection, and allowing for tax reduction.
Credit Unions are not new. Originating in Europe, their history began in the United States when the first Credit Union was formed in Manchester, New Hapmshire, in 1909. Credit Unions were "institutionalized" in the united States by the 1933 Act of Congress for the purpose of providing a legitimate structure where individuals could band together in a user-friendly environment, lodge their savings in a mutual fund, and enjoy the same type of services that banks provide for businesses and the wealthy. Congress decreed that Credit unions should be Tax-Exempt and they remain so to this day. They reside outside the Federal Reserve System, and because they are automatically tax-exempt under US law, their international status is not challenged. Today, over 12,000 Credit unions with $316 billion in assets and serve 70 million people the world over. More and more people join Credit Unions every year, and they are pleased with the service. Credit Unions have been rated No.1 in customer satisfaction, for financial institutions for 10 years according to the American Banker Newspaper's annual customer satisfaction survey. Under the international legal principle of Comity, each independent nation is committed to full recognition of instruments formed and registered under the laws of other countries, and respect for corporate entities created in that foreign country. Outside of Asset Protection and Estate Planning, this is one of the next most cited reasons that many investors create foreign Trusts and International Business Corporations; because they do not fall under the jurisdiction of a US or Canadian court (real estate is one exception to this rule, since it is irrevocably located inside a sovereign territory and many courts maintain their own jurisdiction over it, regardless of title being placed elsewhere).
Who benefits from a Credit Union:
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What
services do International Credit Unions provide:
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Confidentiality:
With the right choices, your privacy can be absolutely guaranteed. Except in the event of proven criminal activity (excluding so-called "fiscal offences" such as tax evasion or other money collection disputes), most offshore governments uphold strict confidentiality laws for banks, corporate registries, and trust companies. These laws protect offshore investors from third parties, including both private and governmental authorities.
Contact Information:
Mailing Address:
Suite 10 Temple Building, Main St., Charlestown Nevis-St.Kitts WI
Fax Numbers: US:(815) 346.1394 Beverly Hills:(310) 388.5524 London:(011.44) 870.160.4793
eMail: Horizon Interactive (Int'l) Credit Union - St. Kitts
