Building wealth that lasts for generations. Private Client Services with Intertrust

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1 Building wealth that lasts for generations Private Client Services with Intertrust

2 We re the world s leading supplier of trust and corporate services. We meet and exceed expectations with our integrated range of corporate service solutions, specifically designed for today s funds, capital markets and private clients. We have a range of services that clients can drill down into and utilise for their specific needs. Making them ideal for clients looking for innovation, inspiration and individuality. For example, our private clients can benefit from our expert structuring and administration services. Which can be further broken down into Private and Corporate Trusts, Private Trust Companies, Foundations, Family Office services, Purpose Trusts and Special Purpose Vehicles (SPVs), Charitable Trusts, Employee Benefit Trusts, and Pensions. At the same time, clients benefit from a multijurisdictional and personal approach from professional teams, who are well versed in the complexities of their global and local needs. Wherever you are in the world, we deliver the highest quality finance, structuring, legal, and accounting and administration services. We have the global reach and local knowledge to help you succeed. Through a single point of contact. In your time zone. In your language. We pride ourselves in our personal approach and in-depth understanding. It has given us the insights we need to deliver the most relevant corporate service solutions to suit the individual goals of the world s biggest multinationals, private equity firms, and private individuals since 1952.

3 Private Client Services Choosing the right trustee Whichever route you choose to protect your private wealth, life has a way of presenting challenges. Should you turn right? Left? Go straight ahead? After all, you re committing to a direction today that may last generations. It means choosing wisely. So it helps to have an expert at hand who has travelled this road many times before. Not that your journey is the same. It isn t. Each is different. But when you have taken as many roads as we have, patterns emerge that can steer you in the right direction. Intertrust Private Client Services at your service Intertrust Private Client Services provides specialist fiduciary and administration services for structures created for personal, enterprise ownership or family wealth management and preservation. Our sole aim is to protect and enhance your wealth. Now and for future generations. We provide our clients with the essential services required to support their entrepreneurial, personal, family, commercial and charitable interests. We cater specifically for clients who require assistance with enterprise ownership, portfolio management, estate planning, succession planning or asset protection. We take a proactive approach in structuring, managing and protecting their personal assets using trusts, foundations and other vehicles. Key insights from our business partners To get a deeper appreciation of the individual needs of our clients, we spend time on relationship building with our business partners. This allows us to provide you with the key professionals to provide specific advice. Our connections include lawyers, accountants, tax professionals, financial institutions, independent wealth managers or family office advisors. Working as an integrated team, we re dedicated to managing and preserving our client s wealth. Our business partners also provide a valuable source of insights that help us better manage the expectations of our clients. Helping to make the right decision is what matters to us We want you to feel that we re not working for you, but with you. With a professional, friendly, responsive team that s committed to the long term. We want you to know that no matter how large or small your requirements, we re always there for you. There to give you the highest quality of service, promptly, and with extreme clarity and strict privacy. Giving you what you want, on a global scale, which perfectly suits your personal wealth ambitions. Single point of contact Intertrust clients who need assistance in multiple jurisdictions can benefit from our single point of contact approach. Chosen carefully for you, each contact has local knowledge and expertise but also the ability to work with parts of our extensive global network as and when required. This ensures that clients can communicate with their main contact within Intertrust in their own language and time-zone and be sure to meet local compliance demands. Lasting peace of mind In short, we re here to give you the lasting peace of mind that comes from knowing that you ve put your private wealth structure in expert, friendly, professional hands. Compliance Intertrust sets the highest standards of corporate governance, compliance, ethics and behaviours. We re committed to principled, accountable and transparent business practices that meet our responsibilities as a global company. The global Intertrust team provides services to clients who want to ensure that the structures are compliant with the requirements of local law and regulations. They also seek guidance on best practices, and what a regulator will expect upon an inspection. Lasting peace of mind. It comes from knowing that your private wealth is in expert, personal, professional hands. 3

4 Structuring and Administration Wealth comes with much responsibility. Managing it over generations is a complex and considerable task. Protecting it properly starts with an effective and solid wealth management foundation. The right structure will help you minimise costs, protect and grow your assets, and cater to life s unexpected events. Anywhere in the world. We have a team of dedicated in-house fiduciary professionals who specialise in acting for international, entrepreneurial families. Believing that wealth thrives on detail, complexity and nuance, we take a proactive approach in structuring, managing and protecting your assets based on tax and legal advice of reputable counsel. We keep a keen eye on the latest legislative and regulatory changes across the world when structuring substantial family wealth and enterprises using trusts, foundations, and other vehicles. The combination of proper structuring and highly skilled international advisors will not only simplify your family s affairs, it can have several distinct advantages. Relationships The relationships we build with our clients, understanding your goals, aspirations and your needs is at the basis of our service. It s about trust and that is translated into our services and why we strive for a long-term relationship with our clients. We aim to deliver services with a professional but also personal touch. We can and do meet the needs of wealthy private individuals, corporate and institutional clients. The perfect solution provided by us which is tailored to you and your needs. Discretion and confidentiality Your confidence and trust in us is paramount, which is why we put great emphasis on financial confidentiality with a high degree of discretion. We have over 60-years experience of providing the utmost discretion in handling the affairs of our clients. This is fundamental in establishing a successful wealth management relationship anchored on trust and integrity. Succession planning Before we can achieve a smooth succession of your financial estate, we take the time to know and understand the complexities of your situation. Proper structuring and planning will protect your assets and allow orderly succession across jurisdictions. Tax efficiency We can engage advisory services to high net worth clients on all aspects of personal taxation, particularly where family members are located in several jurisdictions. Philanthropy The decision to establish a philanthropic structure is an important step on the road to donating a percentage of your family s wealth to worthy causes and institutions. At Intertrust, we have established a significant number of philanthropic structures, designed in accordance with the needs and wishes of our clients. Reporting Consolidated reporting enables a family s advisors to take a comprehensive view of its wealth including investment portfolios, businesses, properties, art and other assets. Proper structuring and planning will protect your assets and allow orderly succession. 4

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6 Private and Corporate Trusts Trusts give you a global solution for managing complex family wealth, privately and independently. Their flexibility over the long term makes them an excellent international structure for the preservation, protection and transfer of wealth. A trust may involve generations of work, so making the right choice of Trustee to administer your structure will have lasting implications. With over 60 years of experience behind us, we can provide a global solution for managing your wealth using fixed interest trusts, full discretionary trusts, purpose trusts, and many variations in-between. We also accept a greater range of assets, including cash, investments, insurance policies, art collections, yachts, and trading company shares. Working closely with our international lawyers, we implement, plan, and ensure effective longevity of your trust structure for future generations. Why create a Trust? Trusts can last a lifetime and charitable trusts indefinitely. It provides protection and peace of mind for both settlor and beneficiaries. From protecting assets and wealth to assisting beneficiaries who are unable to manage their own affairs, the position and management of Trust can provide processes to aid in the execution of a settlor s wishes and ensure that the objectives of a trust are best served. Trusts can be structured with reserved powers for the settlor with respect to the selection of beneficiaries, their benefits, and with the power to direct the investment of the trust fund. Our international network, like our Trusts, is structured around your particular future needs and ambitions, in the jurisdictions of your choice. With today s highly mobile high net worth families, this means we can focus on the administration of the structure to suit what is right for the client. We are able to form Trusts in a variety of highly regarded Trust jurisdictions and we can act as Trustee from our offices in the Bahamas, British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Singapore and Switzerland. Basics of a Private and Corporate Trust A Trust is where you transfer legal ownership of your assets to the control of one party, the Trustee. Your assets then become trust assets, which are held by the Trustee for the benefit of the beneficiaries which may include you and your family, or for a specific purpose. A Trust arrangement may also be called a settlement, and you become the settlor. Although the Trustees own the trust assets and have legal title to them, the Trustees can take no beneficial interest from those assets. They cannot make a profit out of those assets for themselves. Private Trust Companies A Private Trust Company (PTC) is usually family-owned and can provide many of the same services of institutional and individual trustees. These services include fiduciary, investment advisory, wealth management, and administrative services. An alternative to the more traditional individual trustee arrangement, a PTC may be attractive for families who have specialised assets. They can be used for dynastic planning for established family-run businesses so that continuity and asset protection can be achieved without the family having to pass control to a third party. For these reasons, a PTC is becoming an increasingly accepted solution for high net worth families and family offices. Another attraction is their ability to be changed over time to address a family s evolving needs. Different legal provisions apply to PTCs in each jurisdiction. We can give guidance on which location will provide the most suitable solution for the needs of each individual client. Intertrust can assist in the formation and administration of PTCs in the Bahamas, the Cayman Islands, Guernsey, the British Virgin Islands, Hong Kong, Singapore and Switzerland. In addition we can act as trustee of the purpose trust holding shares in the PTC, or hold said shares of the PTC in a Bahamas Executive Entity (BEE). Basics of a Private Trust Company A PTC structure would be suitable for families who have highly complex balance sheets and sophisticated requirements such as entrepreneurial asset structuring requirements. A PTC is one that can only act as Trustee of any trusts for the benefit of the settlor s family. It cannot offer trustee or other fiduciary services to the public. The ownership of a PTC, as with any company, rests with the shareholders who, in accordance with company law, have the power to appoint and remove directors. 6

7 Foundations While they are neither a company nor a trust, Foundations can offer a flexible solution for charitable purposes, wealth management and succession planning. Foundations have long been an enormously popular choice for clients who live in civil law countries and need a successionplanning vehicle for private or family purposes. Using Foundations to distribute assets to your intended beneficiaries is a trend which is now spreading worldwide. Particularly, they are widely used as the overall ownership vehicle in international and family business holding structures. Foundations can also benefit tax and estate planning while making a long lasting charitable contribution. To help determine if a Foundation is appropriate for your estate plan, several factors should be considered, including the following: > Is this the right vehicle for your charitable ambitions? > How much control do you desire over when and how the funds are used? > Will it suit the character and dynamics of your family? > Your tax situation? > Setup and administration costs. Basics of Foundations A Foundation is an independent legal entity, with a constitution and board of directors known as a council. It can be structured to give the founder as much or as little control as he/she wants over the management of the Foundation, including the appointment of beneficiaries. Family Office As a leading global provider of trust and corporate services, we have the international know-how to set up and help a multi-generational Family Office. The insights gained from partnering with wealthy families for over 60 years are put to good use through our worldwide network. We go to extreme lengths to understand your exact requirements. Then, by creating or managing the process required through proactive administration and strategic oversight, we maintain wealth for the long term. Helping to sustain your family legacy for future generations. Wherever you are in the world, we are there for you 24/7 to help coordinate your family s cross-border interests. Whether you have a single Family Office or a multiple Family Office, we consolidate our chosen group of professionals into a single team; a dedicated central point of contact for Family Office related services. The range of functions covered by our Family Office service includes: > Good family governance > Family enterprise ownership structuring > Performance attribution analysis and risk control > Tactical asset allocation > Structuring, legal and taxation issues > Worldwide insurance provisions (personal, asset, business) > Philanthropic strategy > Purchase of real assets including art, yachts and aircraft > Management of household staff and their contracts > Integrated reporting > Full outsourced service > Or offshore element only (in partnership with an onshore private office or a family s lawyers, accountants, or other trusted advisors) > A dedicated central point of contact Basics of a Family Office Think of the Family Office as a central brain. An entity used by affluent families to make strategic investment decisions and structure the family business ownership. Preserving wealth over generations, a Family Office is a financial, tax and legal hub structured around individual, personal and family goals. It s where you can manage your family s often complex wealth structure in a way that gives you peace of mind, clarity of purpose and a transparent overview. From here your family s wealth intelligence can be passed on to future generations. 7

8 8 The right road to building wealth that lasts for generations.

9 Purpose Trusts and Special Purpose Vehicles Some jurisdictions, mostly offshore, have developed their statutory laws to permit non-charitable purpose trusts. This is usually understood to mean that trustees hold property to carry out a specific non-charitable purpose, for which there are no ascertainable beneficiaries. An important feature of a purpose trust is the requirement of an enforcer to enforce its non-charitable purposes. Special Purpose Vehicles A popular use for purpose trusts includes Special Purpose Vehicles (SPVs). Developed to provide a specific solution to a jurisdictional or financial need, the trust or SPV enables an effective entity to be created in situations where other structures would not meet the requirements of the settlor or beneficial owner. Basics of a Purpose Trust The concept of a Purpose Trust means that it s used mainly as an orphan vehicle or a non-owned vehicle, used for several different types of transactions. Often, to hold the shares in a Private Trust Company (PTC). Or to act as a protective shield and provide a degree of separation from the beneficial owner. Charitable Trusts Except for the feel-good spirit of giving, charitable trusts are a win-win both for charities and donors. Charities receive much-needed funding, and donors can access otherwise unavailable income and estate tax breaks. For wealthy individuals, this can translate into significant savings. Basics of Charitable Trusts A Charitable Trust is a set of assets, usually liquid, that a donor signs over or uses to create a charitable foundation. A charitable trust or foundation can be set up by anyone who has decided that they want to set aside some of their assets for charitable causes. Setting up a charitable trust provides a framework for planning charitable giving in a systematic and thoughtful way. It may also give the settlor a greater say in how the money is directed to the causes the settlor wants to support. Employee Benefit Trusts An Employee Benefit Trust (EBT) in the shape of an Employee Share Ownership Plan (ESOP) is an arrangement for providing share incentives to employees. EBTs/ESOPs can be used to retain, recruit, and motivate employees, to aid succession planning, and to create a market in a company s shares. It can be tailored to meet specific corporate requirements whether in a single jurisdiction or worldwide. The benefits of EBTs/ESOPs > Assists in the recruitment, retention and motivation of key employees > Allows multinationals to provide a common incentive to worldwide employees > Creates a market and a ready buyer for the parent company s shares > May be tailored to meet specific corporate objectives including motivating and retaining key employees > Can use existing rather than new shares thus avoiding a dilution of shareholdings > Capable of providing share incentives that are tax efficient for employees 9

10 Pensions Intertrust can provide a professional trustee and administration service to a wide range of pension arrangements including regulated schemes and offshore plans for overseas employees. We offer comprehensive, solution-oriented pension trustee and administration services to meet the growing demand for international schemes. Our team is well versed in dealing with the professionals utilised in the pension field (actuaries, investment managers, lawyers and administrators). Benefits > Independent and impartial professional trustees > Potential cost savings > Ease in convening meetings > Speedy decision making > Professional input Your family s wealth intelligence. Passed on to future generations. This document is provided by Intertrust for information purposes only and does not constitute an offer, invitation or inducement to contract. The information herein does not constitute legal, tax, regulatory, accounting or other professional advice and therefore one should seek appro priate professional advice before considering a transaction as described in this document. No liability is accepted whatsoever for any direct or consequential loss arising from the use of this document. The text of this disclaimer is not exhaustive, further details can be found at: 10

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12 What sets us apart is you Your success is our success. Which begins with taking away the barriers and borders and working together in partnership for the same goals. Because each client is different, our philosophy is to take a personal, professional and partnership approach to each client relationship. It s a level of integrated teamwork that has shaped our reputation as a leader in trust and corporate services for over 60 years. Thanks to our global team of 1,700 people working from 33 offices in 24 countries, many clients consider us as a local extension of their own team. Even though we have over 17,000 clients, we get to know each one. Personally. Today it s your turn We re ready to help you succeed, with a world-class team of professionals on call across the globe. We can arrange a faceto-face meeting anywhere in the world in 24 hours. Visit for local contact details or send an to info@intertrustgroup.com. Setting the standard since 1952