Unclaimed property is increasingly in the news and yet it’s still not well-known that government finance ministries at the federal, state, provincial, county and city levels in the US and throughout the English Commonwealth are currently holding a minimum of US$100 Billion in unclaimed financial assets, awaiting claims by the legal owners or beneficiaries.
Globally, there are nearly 100 government sources legally holding lost or forgotten assets. This money languishes in government coffers and is sometimes used by governments to fund budgets.
In the English Commonwealth jurisdictions without unclaimed property legislation in place yet, the total amount of dormant financial assets is unknown but is estimated to be up to an additional US$20-$30 Billion. These amounts grow by about 15%-20% annually because new dormant funds are continuously being added, outpacing the recovery of existing unclaimed money.
Also, the escheatment laws currently in place are constantly being amended to add new asset types, such as gift cards, brokerage accounts and insurance policies, and to reduce the dormancy periods for existing types of assets under legislation from 10 years down to 3 years, thus accelerating the number and value of dormant assets being transferred to governments annually.
To further complicate this issue, companies, government entities and individuals around the world are exposed to the escheatment laws of foreign governments due to the significant annual and increasing volume of international financial transactions with US, UK, Canadian, European, Australian and offshore global financial trade partners.
Under domestic laws most governments may become the beneficial owner of the residual business assets of thousands of companies through the liquidation or dissolution of locally licensed companies. Although there may be some known local assets belonging to these entities at the time when they are effectively transferred to the government, there may also be significant funds available internationally that are now dormant and may also be the legal property of the governments.
The international focus of the majority of the banking, international company registrations, trusts administration, fund management, insurance and other financial services conducted in offshore jurisdictions, especially with the US, increases the exposure to these issues.
Companies and individuals who have worked hard for their money deserve to recover any lost assets that belong to them, their shareholders or their estates. One way of achieving this is to locate and recover the lost or unclaimed financial assets anywhere in the world that they may be.
Of course, the best way to find out if there is potential asset recovery is to call us now: 1-888-922-6032
or visit Inquiries and Database Searches to submit your name for a free global search.
Get in touch today and let us help you reclaim what belongs to you.