Our in-house trust experts are able to take care of the formation and registration of trusts in various jurisdictions. We will deal with the drafting of the relevant Trust Deeds based on the requirements of the client and the Letter of Wishes, and are able to advise in relation to the relevant jurisdiction and type of trust that would be most beneficial to our clients.
Our Trust services range from Succession Planning to Asset Protection. In addition, the Trusts Team can also set up Private Trust Companies for clients.
Purposes of a Trust
Estate/succession planning, ring-fencing and protection of assets, consolidation of ownership, tax planning, confidentiality.
Benefits of a Trust
Easily established, flexibility to meet individual needs, no restrictions on assets or geography, confidential, private arrangement – no register, beneficiaries have legal recourse to trustees, smooth devolution of assets on death, variable perpetuity, depending on jurisdiction, effective asset protection.
The various jurisdictions which we operate from have developed their own unique trust legislation: all of which are based on the English rules of Equity and English statutes. Each jurisdiction also allows the use of Private Trust Companies, which are becoming increasingly popular.
The British Virgin Islands leads the field, amongst traditional offshore centres, for innovative trust legislation with its enactment of the Virgin Islands Special Trusts Act. It also provides enhanced confidentially in a politically stable environment with no tax, no exchange control, a well-developed legal system and a first rate pool of professional advisers.
Hong Kong has recently changed its trust law and the changes have already seen an increase in the amount of wealth structuring out of Hong Kong. These changes, together with the infrastructure, cost effectiveness, ease of doing business and an attractive taxation system create an environment conducive to setting up trusts in the territory. Hong Kong provides an attractive alternative for clients seeking ‘midshore’ services.
Nevis has the International Exempt Trust Ordinance which, amongst other things, provides for enhanced asset protection in the Territory.