Trusts and Foundation Services

Offshore Trusts and Trustee Services

A fiduciary structure can help not only preserve your wealth but can also offer you greater flexibility over the management and distribution of your assets. The most common type of fiduciary structure is a trust, a binding arrangement whereby assets are transferred to a “trustee”. The Trustee is required to administer the trust assets for the benefit of specified beneficiaries strictly in accordance with the terms of the trust. Through Our licenced Trust and Trustee companies clients are offered: A bespoke service regarding the Establishment of an offshore trust Trusteeship and related services Administration of the trust funds. Trust accounting and maintenance of asset ledgers Reporting and filing as appropriate Guidance Offshore Foundation Overview A Foundation is a separate legal entity, without members or shareholders, and is generally established to reflect the wishes of the founder, who may be an individual or a corporate entity. These wishes are contained within the Foundation's Charter and Regulations. Foundations can be established for a fixed or indefinite period of time and can be used for charitable, commercial or for family purposes. In the case of a Bahamian Foundation, a resident person or licensed Bahamian Corporate body must be appointed by the Founder as Secretary, and a Foundation Council or Governing Body including a Protector, can be appointed by the Founder to ensure that the affairs of the Foundation are carried out strictly in accordance with the Founder’s requirements. Foundations are a very important component when structuring the ownership of family and corporate assets and are particularly important where Trusts are not generally recognised. They are in many respects similar to corporate entities but afford the protection and continuity derived from the use of Trusts. Practical Uses of Offshore Foundations Private relationship: For example, the Founder’s wishes are not publicly registered Wealth protection Recognised in all common and civil law jurisdictions Holding assets which can be passed on from one generation to the next (estate planning) Inheritance tax planning Avoidance of forced heirship rules Maintenance of corporate control Separation of voting and economic benefits Employee share option schemes Pension funds Art collections Charitable purposes An important tool in international income, capital gains and estate tax planning Used by corporations for employee benefit plans, retirement and stock option schemes, insurance plans and special financing arrangements What assets can be held by an Offshore Foundation? Shares and stocks in both quoted and private companies Investment portfolios Real and intellectual property Bank deposits Life assurance policies Most other types of asset Offshore Foundations for Individuals A Foundation is the solution for individuals who: Want to preserve their wealth against uncertainty; either political, economic or family related Want to transfer wealth to their heirs in a tax-efficient manner. They want to plan their estate to maximise the benefits of their wealth for family members and others Want to transfer wealth to their heirs in accordance with their wishes and not in accordance with the laws of the country where they live Want to consolidate the ownership of assets owned throughout the world in one location Want centralised reporting Want to minimise or eliminate estate taxes arising on the death of the Founder Why establish a Foundation offshore?   When a Foundation is established in a suitable offshore jurisdiction, provided that residents of the offshore jurisdiction are excluded from receiving benefit from the Foundation, then there will be no local taxes applicable to the assets and income of the Foundation.