Legal aspects of International Trusts in Cyprus and the EU. Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Legal aspects of International Trusts in Cyprus and the EU. Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC"

Transcription

1 Legal aspects of International Trusts in Cyprus and the EU Maria Kyriacou Partner and Advocate Andreas Neocleous & Co LLC

2 Who is a fiduciary? A fiduciary is a person who has undertaken to act for or on behalf of another in a particular matter in circumstances which give rise to a relationship of trust, confidence and loyalty.

3 Types of fiduciary services Corporate services Custodian services Asset protection Tax planning Management of trusts Investment trustee portfolios Financial planning of family property Managing funds for listed public companies Trustees for insurance companies portfolios Employee benefit trust for international staff Administration of funds Flexible wealth structures Unit trusts Etc, etc..

4 Types of expertise involved Taxation and tax planning Inheritance and succession Financial analysis Trust law Accounting Financial management Employment law Administration Property management Family law

5 REGISTRATIONS OF TRUSTS & FIDUCIARIES IN CYPRUS Approx TRUST Entities Approx. 40 FIDUCIARY Entities First Trust in 1968 Hellenic Bank Trust & Finance Corporation First Fiduciary in 1994 Bonalbo Fiduciaries (Cyprus) Ltd

6 Registrations of trusts and fiduciaries for the last 3 years 2009 TRUSTS 74 FIDUCIARY

7 Addressed to: Traditional family needs, or special family needs; Wealthy individuals property planning; Small to major multinational companies; International citizens; Inheritance and succession; Business and family residence; Employers and employees.

8 Cyprus legislation on trusts The Trustee Law Cap 193 enacted 1955 The International Trusts Law 69(I)/1992 Both remain unchanged to this day

9 International law on trusts The Hague Trust Convention 1984

10 What is a trust? A trust is an equitable obligation, created by a person (the settlor) and binding a person (the trustee) to deal with the trust property over which the trustee has control for the benefit of the beneficiaries.

11 Parties to a trust Settlor Trustee Beneficiary Enforcer Protector

12 Characteristics of a trust The assets are a separate fund, not the trustee s own estate; Title to the trust assets stands in the name of the trustee or on behalf of the trustee; The trustee has the power and the obligation to manage, employ or dispose of the assets under the terms of the trust and his duties under the law.

13 Types of trust Private trusts for the benefit of individuals Public trusts charitable or Fixed trusts the interest of the beneficiary is specified Discretionary trust the trustees hold the property for the beneficiaries at their discretion Resulting trusts a form of trust implied by the conduct of the parties Constructive trusts imposed by law not by the intention of the parties (a remedy against unjust enrichment) Implied trusts arise from the implied intention of a settlor and takes the form of a resulting or constructive trust

14 Validity of trust - the three certainties Words the intention to create a trust Subject matter property Objects - beneficiaries

15 Trustees One or more trustees may be appointed and must accept the appointment. Duties of trustees to administer the trust property prudently to comply strictly with all the terms of the trust Cannot delegate their powers (except lawyer, banker, stockbroker). Cannot receive remuneration unless expressly authorized in the trust instrument or by the court.

16 Breach of trust - rights of the beneficiaries A personal action against the trustee. Follow the property and claim it. Criminal proceedings against the trustee.

17 The Cyprus International Trusts Law 1992 Provides that: The settlor must not be a permanent resident of Cyprus. No beneficiary, other than a charitable institution, can be a permanent resident of Cyprus. The trust property cannot include any immovable property situated in Cyprus. At least one of the trustees must be a permanent resident of Cyprus.

18 The more modern trust regimes in Europe promote: Settlor autonomy Effective investment Estate planning Fire wall provisions Good regulation

19 Validity of a Cyprus International Trust Must be determined at the time the trust is created.

20 Maltese law in brief Maltese trusts may hold any property for any person irrespective of nationality or residence.

21 The life of a trust Under Cyprus law the life of a trust is limited to 100 years In most jurisdictions trusts may be in perpetuity

22 Variation of trusts The trustee can apply to the court for variation of the trust only for the benefit of persons under incapacity, infancy, or of unsound mind Other jurisdictions allow the variation of trust for the benefit of any person.

23 Protecting the Cyprus trust firewall provisions The current law protects trusts against foreign inheritance provisions only. As in other jurisdictions, to secure stability and predictability, matters affecting a Cyprus International Trust should be resolved in the Cyprus courts.

24 Cyprus trust companies acting as trustees Private trustee companies Professional trustee companies

25 Private trustee Acts as the trustee of a single trust or a limited number of trusts. The share capital may be held by one or more beneficiaries of the trust or by the settlor or by the settlor and one or more of the beneficiaries.

26 Professional trustee company or partnership Registered to offer international trustee services to its clients on a professional basis. Currently not subject to regulation

27 Pending draft law on regulation of fiduciaries, administration businesses and company directors To implement the Third EU Anti-money Laundering Directive, which extends to trust and company service providers.

28 Provisions of the draft law Trustee and company management service providers must be run by at least two individuals of skill and experience. They must be licensed and authorized as fit and proper by the Central Bank of Cyprus. They must have adequate internal controls, policies and procedures. They must meet prescribed accounting and reporting requirements as regards settlors, trustees and beneficiaries. They must act with integrity and skill.

29 Special exemptions from applying (but subject to the same duties and obligations, registration and licensing requirements) Advocates practicing in Cyprus. Persons qualified to be appointed as auditors in Cyprus. Entities controlled and where the majority interest is beneficially owned by locally-registered advocates, banks, investment firms or cooperative credit societies as defined in the respective domestic legislation. Any person regulated by a competent regulator in any other EU Member State, provided that there is reciprocity between Cyprus and the Member State.

30 Inspection The Central Bank of Cyprus may appoint inspectors to investigate the affairs of a licensed fiduciary or other business offering fiduciary services.

31 Name No company may use trust, trustee, fiduciary, nominee or other similar words in its name except with the approval of the Central Bank of Cyprus.

32 Confidentiality Disclosure is permitted only with consent except in the interests of the client, the public, or under the law.

33 Transitional provisions Persons carrying on any regulated activity by way of business may continue to do so provided they are qualified and apply to be registered and licensed.

34 Know your client The trustee and management company must have a clear understanding of: the client s identity; and the pattern of the client s business.

35 THANK YOU FOR YOUR ATTENTION

CYPRUS INTERNATIONAL TRUSTS. A. THEORETICAL BACKGROUND Cyprus International Trusts very much follow the way UK trusts operate.

CYPRUS INTERNATIONAL TRUSTS. A. THEORETICAL BACKGROUND Cyprus International Trusts very much follow the way UK trusts operate. CYPRUS INTERNATIONAL TRUSTS Cypriot trust law has been shaped on the basis of UK law and the Cyprus Trustee Law Cap.193 emulates the English Trustee Act 1925. Concerning the current Cyprus legislative

More information

Cyprus International Trusts

Cyprus International Trusts Cyprus International Trusts Cyprus International Trusts qualification criteria The International Trusts Law of 1992 complements the Trustee Law which is based on the English Trustee Act 1925. Under section

More information

Jersey: for Trusts. Jersey s finance industry provides the highest standards of administration for trust structure

Jersey: for Trusts. Jersey s finance industry provides the highest standards of administration for trust structure Jersey: for Trusts Jersey s finance industry provides the highest standards of administration for trust structure Jersey for Trusts Jersey A leading international financial centre Jersey is a leading international

More information

Overview of Entities in the DIFC

Overview of Entities in the DIFC Overview of Entities in the DIFC Table of Contents Page Topic Objectives... 3 Session 1: Legal structures in the DIFC... 4 Session 2: Legal structures & their use... Error! Bookmark not defined. Session

More information

Cayman Islands Trusts

Cayman Islands Trusts Cayman Islands Trusts Foreword This memorandum has been prepared for the assistance of those who are considering the formation of trusts in the Cayman Islands ( Cayman ). It is not intended to be exhaustive

More information

Cayman Islands Unit Trusts

Cayman Islands Unit Trusts Cayman Islands Unit Trusts Introduction A unit trust is a special kind of trust which, in addition to being subject to the laws governing trusts, is also subject to the laws governing mutual funds. A unit

More information

Cyprus. 2. Anti-money laundering and antiterrorist

Cyprus. 2. Anti-money laundering and antiterrorist Cyprus Information provided by Elias A. Neocleous Andreas Neocleous & Co, Neocleous House, 199 Arch Makarios III Avenue PO Box 50613, CY - 3608 Limassol, Cyprus. Tel: +357 25362818, Fax: +357 25359262

More information

We also recommend that our clients seek legal advice in Bermuda on their specific proposals before taking steps to implement them.

We also recommend that our clients seek legal advice in Bermuda on their specific proposals before taking steps to implement them. Bermuda Trusts Foreword This memorandum has been prepared for the assistance of those who are considering the formation of trusts in Bermuda. It is not intended to be exhaustive nor a substitute for proper

More information

Nordea Trust Corporation Trust and Company Services

Nordea Trust Corporation Trust and Company Services Nordea Trust Corporation Trust and Company Services Although the information in this brochure is believed to be correct at the time of printing, Nordea Trust Corporation (Isle of Man) Limited cannot accept

More information

GLOBAL NETWORK BESPOKE SOLUTIONS LONG TERM RELATIONSHIPS

GLOBAL NETWORK BESPOKE SOLUTIONS LONG TERM RELATIONSHIPS COMPANY PROFILE GLOBAL NETWORK BESPOKE SOLUTIONS LONG TERM RELATIONSHIPS BIZSERVE CONSULTANTS LTD is a corporate and trustee service group with affiliated offices in Greece, Bulgaria, Romania and Moldova.

More information

ICMA Private Wealth Management Charter of Quality

ICMA Private Wealth Management Charter of Quality ICMA Private Wealth Management Charter of Quality Preamble 1. The Private Wealth Management Charter of Quality ( the Charter of Quality ) is a voluntary standard of recommended minimum good market practice.

More information

Kiwi Wealth KiwiSaver Scheme Trust Deed. Kiwi Wealth Limited Public Trust

Kiwi Wealth KiwiSaver Scheme Trust Deed. Kiwi Wealth Limited Public Trust Kiwi Wealth Limited Public Trust Table of contents Parties... 1 Background... 1 Operative provisions... 2 1 This Deed witnesses... 2 Preliminary... 2 2 Interpretation... 2 3 Constitution of the Scheme...

More information

Cayman Islands Unit Trusts

Cayman Islands Unit Trusts Cayman Islands Unit Trusts Foreword This memorandum has been prepared for the assistance of those who are considering the formation of unit trusts in the Cayman Islands ( Cayman ). It is not intended to

More information

Trust in Liechtenstein

Trust in Liechtenstein I. Legal structure of the trust in Liechtenstein 1. Concept 2. Purpose 3. Formation 4. Minimum assets 5. Organisation 5.1. Settlor 5.2. Administrative body 5.3. Auditors or control agency 5.4. Representative

More information

Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003

Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003 Law Society of England and Wales - Chapter 3 - Money Laundering Regulations 2003 Cut down version copied (on 5 November 2006) from: http://www.lawsociety.org.uk/professional/conduct/guideonline/view=page.law?policyid=225045

More information

GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS

GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS GUIDE TO INVESTMENT FUNDS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Cayman Islands - Jurisdiction of Choice 2 2. Investment Funds 3 3. Investment Fund Structures 4 4. Investment Fund Vehicles 5 5. Director

More information

A Florida Law Firm. Florida Trust BOYER LAW FIRM, PLLC. Attorneys & Counselors at Law

A Florida Law Firm. Florida Trust BOYER LAW FIRM, PLLC. Attorneys & Counselors at Law A Florida Law Firm Florida Trust BOYER LAW FIRM, PLLC Attorneys & Counselors at Law 9471 Baymeadows Road, Suite 404 Jacksonville, Florida 32256 United States of America Tel: +1 (904) 236-5317 Fax: +1 (904)

More information

BRITISH VIRGIN ISLANDS TRUST LAW

BRITISH VIRGIN ISLANDS TRUST LAW BRITISH VIRGIN ISLANDS TRUST LAW www.mmgtrust.com table of contents GENERAL INTRODUCTION 3 NOTES 4 WHAT IS A TRUST 5 THE USE OF TRUSTS 6 WHAT IS A BVI TRUST? 6 MIGRATION OF TRUSTS 7 WHO MAY BE A SETTLOR?

More information

Version 1: November 2015 RESIDENTIAL REAL ESTATE AUSTRALIAN CORPORATIONS, TRUSTS, AND USE OF OTHER PERSONS

Version 1: November 2015 RESIDENTIAL REAL ESTATE AUSTRALIAN CORPORATIONS, TRUSTS, AND USE OF OTHER PERSONS GUIDANCE NOTE 5 Version 1: November 2015 RESIDENTIAL REAL ESTATE AUSTRALIAN CORPORATIONS, TRUSTS, AND USE OF OTHER PERSONS Australia s foreign investment framework imposes strict rules around the purchase

More information

Standard Provisions of the Society of Trust and Estate Practitioners (Northern Ireland version)

Standard Provisions of the Society of Trust and Estate Practitioners (Northern Ireland version) Standard Provisions of the Society of Trust and Estate Practitioners (Northern Ireland version) 1. INTRODUCTORY 1(1) These Provisions may be called the standard provisions of the Society of Trust and Estate

More information

Law of Trusts Curriculum

Law of Trusts Curriculum This document includes: - Knowledge & Skills Objectives - Topics Covered Law of Trusts Curriculum Knowledge & Skill Objectives Detailed objectives are contained in each chapter of the text material. The

More information

AGREEMENT BETWEEN THE ISLE OF MAN AND THE KINGDOM OF THE NETHERLANDS FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS

AGREEMENT BETWEEN THE ISLE OF MAN AND THE KINGDOM OF THE NETHERLANDS FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS 1 AGREEMENT BETWEEN THE ISLE OF MAN AND THE KINGDOM OF THE NETHERLANDS FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS Whereas the Isle of Man and the Kingdom of the Netherlands ( the Parties )

More information

British Virgin Islands Private Trust Companies (PTC s)

British Virgin Islands Private Trust Companies (PTC s) NOVEMBER 2011 British Virgin Islands Private Trust Companies (PTC s) Introduction and background When most settlors establish a trust they use a professional trust company as the trustee. In this way they

More information

JERSEY PRIVATE TRUST COMPANIES

JERSEY PRIVATE TRUST COMPANIES Expertise Area: Jurisdiction: Trust & Fiduciary Jersey INTRODUCTION Private trust companies ( PTCs ) have been widely used in international structured finance transactions and are now used increasingly

More information

PA Regulatory & Legislative Update

PA Regulatory & Legislative Update October 30, 2014 PA Regulatory & Legislative Update Raymond Pepe Copyright 2014 by K&L Gates LLP. All rights reserved. Act 95 of 2014: Power of Attorney Amendments New Requirements for Execution of Powers

More information

GUIDE TO COMPANIES IN GUERNSEY

GUIDE TO COMPANIES IN GUERNSEY GUIDE TO COMPANIES IN GUERNSEY CONTENTS PREFACE 1 1. Types of Companies 2 2. Formation of Companies 4 3. Continuing Requirements 7 4. Tax Regime 9 5. Incorporation and Administration Services 9 PREFACE

More information

Trust and transparency. Small Business, Enterprise and Employment Bill: Trust and transparency

Trust and transparency. Small Business, Enterprise and Employment Bill: Trust and transparency Small Business, Enterprise and Employment Bill: 1 Government proposals to increase transparency of ownership and control of UK businesses came a step closer on 25 June 2014 with the publication of the

More information

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS

GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS GUIDE TO SECURITIES INVESTMENT BUSINESS IN THE CAYMAN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. To whom does the SIB Law apply? 2 3. What is Securities Investment Business? 2 4. Excluded Activities

More information

Article 26 (Exchange of Information) of the Protocol to the Double Tax Treaty between Cyprus and Russia

Article 26 (Exchange of Information) of the Protocol to the Double Tax Treaty between Cyprus and Russia Article 26 (Exchange of Information) of the Protocol to the Double Tax Treaty between Cyprus and Russia The Protocol The Protocol to the Double Taxation Agreement (DTA) between Cyprus and Russia was signed

More information

Private Trust Companies: Comparison of Laws of Bermuda, Cayman Islands and British Virgin Islands

Private Trust Companies: Comparison of Laws of Bermuda, Cayman Islands and British Virgin Islands Private Trust Companies: Comparison of Laws of Bermuda, Cayman Islands and British Virgin Islands Foreword This Memorandum has been prepared to guide those professional advisors with clients who may be

More information

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010

COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ---------------------------------------------------------------------------------------------- COLLECTIVE INVESTMENT LAW DIFC LAW No. 2 of 2010 ----------------------------------------------------------------------------------------------

More information

INTRODUCTION... 3 OVERSEA COMPANIES... 9

INTRODUCTION... 3 OVERSEA COMPANIES... 9 Mdina Malta INTRODUCTION... 3 FORMATION AND REGISTRATION OF COMPANIES... 4 PRIVATE OR PUBLIC COMPANY... 4 MEMORANDUM AND ARTICLES OF ASSOCIATION... 4 WHO MAY INCORPORATE... 5 TIME REQUIRED FOR INCORPORATION...

More information

HELM TRUST COMPANY LIMITED COMPANY MANAGEMENT APPLICATION FORM

HELM TRUST COMPANY LIMITED COMPANY MANAGEMENT APPLICATION FORM HELM TRUST COMPANY LIMITED COMPANY MANAGEMENT APPLICATION FORM PLEASE NOTE THAT IN ACCORDANCE WITH ANTI MONEY LAUNDERING LAWS NEW BUSINESS CANNOT BE ACCEPTED BY ANY JERSEY TRUST AND COMPANY BUSINESS SERVICE

More information

TOTAL A PRO PR SER SER CES LTD Secure your future

TOTAL A PRO PR SER SER CES LTD Secure your future TOTALPRO SERVICES LTD Secure your future International Tax Planning Company Formation and Administration Legal Services Banking Services Accounting and Audit Services Virtual Office Services About us Established

More information

The Trust in the Principality of Liechtenstein Tradition, Legal Structure and Future Developments

The Trust in the Principality of Liechtenstein Tradition, Legal Structure and Future Developments The Trust in the Principality of Liechtenstein Tradition, Legal Structure and Future Developments Prof. Dr. Francesco A. Schurr, TEP Professor of Law, University of Liechtenstein Chair of Company, Foundation

More information

Lawyers and Conveyancers Act (Trust Account) Regulations 2008

Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Lawyers and Conveyancers Act (Trust Account) Regulations 2008 Rt Hon Dame Sian Elias, Administrator of the Government Order in Council At Wellington this 30th day of June 2008 Present: Her Excellency the

More information

AGREEMENT BETWEEN JERSEY AND DENMARK FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS

AGREEMENT BETWEEN JERSEY AND DENMARK FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS AGREEMENT BETWEEN JERSEY AND DENMARK FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS Whereas Jersey and Denmark ( the parties ) have long been active in international efforts in the fight against

More information

Nationality: Passport No: Occupation: Tel No: Fax No: Email: Nationality: Passport No: Occupation: Tel No: Fax No: Email:

Nationality: Passport No: Occupation: Tel No: Fax No: Email: Nationality: Passport No: Occupation: Tel No: Fax No: Email: Foundation Order Form No. 35 Barrack Road, Suite 202, P.O. Box 2391, Belize City, Belize, C.A. 1. Jurisdiction 2. Foundation Name 1. a. Please give three (3) names, in order of preference: b. Purpose of

More information

AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF THE REPUBLIC OF BOTSWANA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS

AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF THE REPUBLIC OF BOTSWANA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF THE REPUBLIC OF BOTSWANA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS WHEREAS the States of Guernsey and the Government of the

More information

Community Housing Providers (Adoption of National Law) Bill 2012

Community Housing Providers (Adoption of National Law) Bill 2012 Passed by both Houses [] New South Wales Community Housing Providers (Adoption of National Law) Bill 2012 Contents Part 1 Part 2 Preliminary Page 1 Name of Act 2 2 Commencement 2 3 Objects of Act 2 4 Definitions

More information

COLLECTIVE INVESTMENT FUNDS ACT Act 174 of 1941. The People of the State of Michigan enact:

COLLECTIVE INVESTMENT FUNDS ACT Act 174 of 1941. The People of the State of Michigan enact: COLLECTIVE INVESTMENT FUNDS ACT Act 174 of 1941 AN ACT to authorize the establishment and the maintenance of common trust funds and collective investment funds; to authorize investments or participations

More information

CHAPTER 1 INTRODUCTION TO TRUSTS

CHAPTER 1 INTRODUCTION TO TRUSTS CHAPTER 1 INTRODUCTION TO TRUSTS 1.1 Definitions The logical starting point is to define exactly what we mean by the term trust. A widely recognised definition is contained in Halsbury s Laws of Trusts:

More information

Conflict of Interest Policy

Conflict of Interest Policy Conflict of Interest Policy Policy on Conflicts of Interest and Disclosure of Certain Interests The Florida Memorial University is a non profit, tax exempt organization. Maintenance of its tax exempt status

More information

In accordance with Listing Rule 12.10, Computershare Limited attaches its updated Share Trading Policy.

In accordance with Listing Rule 12.10, Computershare Limited attaches its updated Share Trading Policy. MARKET ANNOUNCEMENT Computershare Limited ABN 71 005 485 825 Yarra Falls, 452 Johnston Street Abbotsford Victoria 3067 Australia PO Box 103 Abbotsford Victoria 3067 Australia Telephone 61 3 9415 5000 Facsimile

More information

DORMANT BANK ACCOUNTS (JERSEY) LAW 201-

DORMANT BANK ACCOUNTS (JERSEY) LAW 201- DORMANT BANK ACCOUNTS (JERSEY) LAW 201- REPORT Explanatory Note Draft 12A 7 July 2015 Page - 1 File No.711 Dormant Bank Accounts (Jersey) Law 201- Arrangement DORMANT BANK ACCOUNTS (JERSEY) LAW 201- Arrangement

More information

DRAFT FOR CONSULTATION

DRAFT FOR CONSULTATION DRAFT FOR CONSULTATION [To come] Trusts Bill Government Bill Explanatory note References in the compare notes in this draft bill that begin with R are references to the numbered recommendations in the

More information

AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF AUSTRALIA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS

AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF AUSTRALIA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS AGREEMENT BETWEEN THE STATES OF GUERNSEY AND THE GOVERNMENT OF AUSTRALIA FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS Agreement between the States of Guernsey and the Government of Australia

More information

NOBLE TRUST COMPANY LTD. GENERAL TERMS OF BUSINESS. The following definitions and rules of interpretation shall apply:

NOBLE TRUST COMPANY LTD. GENERAL TERMS OF BUSINESS. The following definitions and rules of interpretation shall apply: NOBLE TRUST COMPANY LTD. GENERAL TERMS OF BUSINESS 1. Definitions and interpretation The following definitions and rules of interpretation shall apply: 1.1 Agent means any person appointed by a Client

More information

Private Trust Companies

Private Trust Companies FUNDAMENTALS OF BVI PTC LEGISLATION INCLUDING ENHANCEMENTS IN MAY 2013 Over the past two decades the number of international high-net worth (IHNW) families has grown significantly with the increased pace

More information

NEW CLIENT DOCUMENTATION PACKAGE

NEW CLIENT DOCUMENTATION PACKAGE NEW CLIENT DOCUMENTATION PACKAGE Find enclosed herewith our company formation questionnaire and related documentation required to commence a business relationship with St. George s Services Limited. This

More information

private trust companies trusted to deliver...

private trust companies trusted to deliver... private trust companies trusted to deliver... About SMP Partners The SMP Partners Group of Companies consists of six core operating businesses. The group companies hold where relevant, licenses issued

More information

GUIDE TO TRUSTS IN GUERNSEY

GUIDE TO TRUSTS IN GUERNSEY GUIDE TO TRUSTS IN GUERNSEY CONTENTS PREFACE 1 1. Guernsey as a Trust Jurisdiction 2 2. What is a Trust? 2 3. Regulation of Guernsey Trustees 3 4. Types of Trusts Commonly Used in Guernsey 3 5. Uses of

More information

Fit and Proper Assessment Best Practice

Fit and Proper Assessment Best Practice Fit and Proper Assessment Best Practice Final Report EMERGING MARKETS COMMITTEE OF THE INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS DECEMBER 2009 CONTENTS Chapter Page 1 Introduction 3 1.1 Objectives

More information

How a Corporate Trustee Can Help a Financial Planner Meet Their Client s Goals

How a Corporate Trustee Can Help a Financial Planner Meet Their Client s Goals How a Corporate Trustee Can Help a Financial Planner Meet Their Client s Goals Thomas M. Forrest, CPA, AEP Charles Schwab & Co., Inc. 234 Weldin Ridge Road Wilmington, DE 19803 (302) 764-1050 thomas.forrest@schwab.com

More information

AGREEMENT BETWEEN THE KINGDOM OF SWEDEN AND THE STATES OF GUERNSEY FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS

AGREEMENT BETWEEN THE KINGDOM OF SWEDEN AND THE STATES OF GUERNSEY FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS AGREEMENT BETWEEN THE KINGDOM OF SWEDEN AND THE STATES OF GUERNSEY FOR THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS Whereas the Government of the Kingdom of Sweden and the States of Guernsey ( the

More information

Private trust v managed investment scheme

Private trust v managed investment scheme Investment funds - registered versus unregistered managed investment schemes in Australia By Nick Humphrey Partner Sparke Hellmore Lawyers Thank you Nick. Typically, investment funds in Australia are structured

More information

Comparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies

Comparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies Comparison of Laws in Bermuda, the Cayman Islands and the British Virgin Islands Relating to Offshore Companies Foreword This memorandum has been prepared for the assistance of those who are considering

More information

Now, therefore, the Parties have agreed to conclude the following Agreement which contains obligations on the part of the Parties only.

Now, therefore, the Parties have agreed to conclude the following Agreement which contains obligations on the part of the Parties only. AGREEMENT BETWEEN THE GOVERNMENT OF JERSEY AND THE GOVERNMENT OF THE FEDERATIVE REPUBLIC OF BRAZIL ON THE EXCHANGE OF INFORMATION RELATING TO TAX MATTERS The Government of Jersey and the Government of

More information

The new Israeli Law for Taxation of Trusts. By: Alon Kaplan and Shai Dover

The new Israeli Law for Taxation of Trusts. By: Alon Kaplan and Shai Dover The new Israeli Law for Taxation of Trusts By: Alon Kaplan and Shai Dover Introduction The tax reform which was enacted in Israel on January 1, 2003 introduced the concept of personal taxation. One of

More information

Jordans Trust Company Limited Experts in creating and managing UK and Offshore companies and trusts

Jordans Trust Company Limited Experts in creating and managing UK and Offshore companies and trusts Jordans Trust Company Limited Experts in creating and managing UK and Offshore companies and trusts 1 Contents 3 Introduction 4 Jordans Trust Company in the UK 4 Benefits of forming a company in the UK

More information

Jordans Trust Company (BVI) Limited Comprehensive infrastructure combined with dependable expertise

Jordans Trust Company (BVI) Limited Comprehensive infrastructure combined with dependable expertise Jordans Trust Company (BVI) Limited Comprehensive infrastructure combined with dependable expertise 1 Contents 3 Introduction 4 Benefits of the BVI 4 Why choose Jordans Trust Company? 5 Our services in

More information

Land Trust (FL) LLC (DE) LLC (NEVADA)

Land Trust (FL) LLC (DE) LLC (NEVADA) Formation - Created by recorded instrument (e.g. deed, mortgage, lease assignment) into trustee (person, bank, trust company or other legal entity) reciting power and authority of trustee to protect, conserve,

More information

GUIDE TO PRIVATE TRUST COMPANIES IN THE BRITISH VIRGIN ISLANDS

GUIDE TO PRIVATE TRUST COMPANIES IN THE BRITISH VIRGIN ISLANDS GUIDE TO PRIVATE TRUST COMPANIES IN THE BRITISH VIRGIN ISLANDS CONTENTS PREFACE 1 1. Introduction 2 2. What is a Private Trust Company? 2 3. When is the Exemption Available? 2 4. When is the Exemption

More information

Submitted by email: john.aspden@fsc.gov.im. 21 July 2014. Dear Mr Aspden,

Submitted by email: john.aspden@fsc.gov.im. 21 July 2014. Dear Mr Aspden, Submitted by email: john.aspden@fsc.gov.im 21 July 2014 Dear Mr Aspden, ICSA response to the Group of International Finance Centre Supervisors consultation on the Draft International Standard on the Regulation

More information

NOTICE ON OUTSOURCING

NOTICE ON OUTSOURCING CONSULTATION PAPER P018-2014 SEPTEMBER 2014 NOTICE ON OUTSOURCING PREFACE 1 MAS first issued the Guidelines on Outsourcing in 2004 1 ( Guidelines ) to promote sound risk management practices for the outsourcing

More information

Authorisation Requirements and Standards for Debt Management Firms

Authorisation Requirements and Standards for Debt Management Firms 2013 Authorisation Requirements and Standards for Debt Management Firms 2 Contents Authorisation Requirements and Standards for Debt Management Firms Contents Chapter Part A: Authorisation Requirements

More information

FNB INterNatIoNal trustees limited

FNB INterNatIoNal trustees limited FNB International TRUSTEES LIMITED Corporate Brochure Our Experience & Structure FNB International Trustees (FNBIT), based in Guernsey, is a specialist provider of Offshore Trust and Company services

More information

Why Is Everyone Talking About Delaware Trusts? Peter S. Gordon, J.D., LL.M.

Why Is Everyone Talking About Delaware Trusts? Peter S. Gordon, J.D., LL.M. Why Is Everyone Talking About Delaware Trusts? Peter S. Gordon, J.D., LL.M. I. INTRODUCTION Delaware is a trust friendly state. For more than a century, Delaware has assisted wealthy families in accomplishing

More information

Foreign investment managers and other financial

Foreign investment managers and other financial The Investment Lawyer Covering Legal and Regulatory Issues of Asset Management VOL. 22, NO. 8 AUGUST 2015 Investment Management Business in Australia By Jim Bulling, Daniel Knight, and Gabrielle Palmieri

More information

Isle of Man. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact:

Isle of Man. International Estate Planning Guide. Individual Tax and Private Client Committee. Contact: Isle of Man International Estate Planning Guide Individual Tax and Private Client Committee Contact: Anthony Markham Victoria Barrett Christopher Kinley Maitland Group Douglas Anthony.Markham@maitlandgroup.com

More information

PART II GENERAL PROVISIONS

PART II GENERAL PROVISIONS (27th December) Supplement to Official Gazette 1 INTERNATIONAL TRUSTS ACT, 1994 (Act 26 of 1994) AN ACT to make provisions for International Trusts in Seychelles ENACTED by the President and the National

More information

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S

F L O R I D A H O U S E O F R E P R E S E N T A T I V E S 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 A bill to be entitled An act relating to corporations not for profit; creating s. 617.2104, F.S.; providing a short title; providing

More information

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business

Thompson Jenner LLP Last revised April 2013 Standard Terms of Business The following standard terms of business apply to all engagements accepted by Thompson Jenner LLP. All work carried out is subject to these terms except where changes are expressly agreed in writing. 1

More information

LOCAL GOVERNMENT LEGISLATION AMENDMENT BILL 1995

LOCAL GOVERNMENT LEGISLATION AMENDMENT BILL 1995 1 LOCAL GOVERNMENT LEGISLATION AMENDMENT BILL 1995 EXPLANATORY NOTE Objective of the Legislation GENERAL OUTLINE The Bill revises the legislation dealing with the establishment and operation of superannuation

More information

SPANISH TAX TREATMENT FOR FOREIGN TRUSTS

SPANISH TAX TREATMENT FOR FOREIGN TRUSTS SPANISH TAX TREATMENT FOR FOREIGN TRUSTS Guillermo Vidal Wagner and Mónica García-Perrote Forn * INTRODUCTION Trusts are an Anglo-Saxon institution with an extensive use and application in common law legal

More information

AIG Relevant Life Insurance Split Trust declaration form

AIG Relevant Life Insurance Split Trust declaration form AIG Relevant Life Insurance Split Trust declaration form Guidance We require that the AIG Relevant Life Insurance be put into trust before the policy is put on risk. This may be done via the AIG Relevant

More information

Uniform Limited Liability Company Act

Uniform Limited Liability Company Act STATE OF NEW JERSEY NEW JERSEY LAW REVISION COMMISSION Final Report Relating to Uniform Limited Liability Company Act December, 2011 John M. Cannel, Esq., Executive Director NEW JERSEY LAW REVISION COMMISSION

More information

THE AMERICAN LAW INSTITUTE Continuing Legal Education. Estate Planning for the Family Business Owner

THE AMERICAN LAW INSTITUTE Continuing Legal Education. Estate Planning for the Family Business Owner 91 THE AMERICAN LAW INSTITUTE Continuing Legal Education Estate Planning for the Family Business Owner Cosponsored by the ABA Section of Real Property, Trust and Estate Law and the ABA Section of Taxation

More information

WHAT KINDS OF PERSONAL INFORMATION DO WE COLLECT AND HOLD?

WHAT KINDS OF PERSONAL INFORMATION DO WE COLLECT AND HOLD? PRIVACY POLICY Date created 26 May 2015 When you trust us with your personal information, you expect us to protect it and keep it safe. We are bound by the Privacy Act 1988 (Cth) ( Privacy Act ) and will

More information

Nishith Desai Associates. Particulars No. 1. Hague Convention on the law applicable to trusts and recognition...1012

Nishith Desai Associates. Particulars No. 1. Hague Convention on the law applicable to trusts and recognition...1012 International Taxation A Compendium Chapter 112 Trusts Nishith Desai Associates Authors from Nishith Desai Associates Synopsis Particulars Page No. 1. Hague Convention on the law applicable to trusts and

More information

Directed Trusts: Managing the Administration and Risks of a Rapidly Growing Segment of Trust Business

Directed Trusts: Managing the Administration and Risks of a Rapidly Growing Segment of Trust Business Directed Trusts: Managing the Administration and Risks of a Rapidly Growing Segment of Trust Business Disclosure IMPORTANT: This brief summary is for discussion purposes only. It does not contain legal,

More information

QUEENSLAND COUNTRY HEALTH FUND. privacy policy. Queensland Country Health Fund Ltd ABN 18 085 048 237. better health cover shouldn t hurt

QUEENSLAND COUNTRY HEALTH FUND. privacy policy. Queensland Country Health Fund Ltd ABN 18 085 048 237. better health cover shouldn t hurt QUEENSLAND COUNTRY HEALTH FUND privacy policy Queensland Country Health Fund Ltd ABN 18 085 048 237 better health cover shouldn t hurt 1 2 contents 1. Introduction 4 2. National Privacy Principles 5 3.

More information

The Uniform Prudent Investor Act

The Uniform Prudent Investor Act Fiduciary Best Practices for an Individual Trustee Reducing Liability and Improving Client Relationships By: Richard B. Freeman, CFP and Ruth Flynn Raftery, JD, CPA* Agreeing to act as trustee is a major

More information

Value through Wealth Planning - Key trends in taxation of private investors. Prof. Pierre-Marie Glauser

Value through Wealth Planning - Key trends in taxation of private investors. Prof. Pierre-Marie Glauser Value through Wealth Planning - Key trends in Prof. Pierre-Marie Glauser Introduction (1) Wealth Management & Taxes Funds are Not declared Declared No taxes due Tax planning not necessary Relevant tax

More information

Funds in the Cayman Islands Investment Fund Regulation

Funds in the Cayman Islands Investment Fund Regulation Funds in the Cayman Islands Investment Fund Regulation The law is simple and straightforward. Not all investment funds are regulated under the law. Not required to be registered are close ended funds (i.e.

More information

CLIENT RELATIONSHIP DISCLOSURE STATEMENT

CLIENT RELATIONSHIP DISCLOSURE STATEMENT A. INTRODUCTION CLIENT RELATIONSHIP DISCLOSURE STATEMENT Securities legislation in Canada requires Deans Knight Capital Management Ltd. ( Deans Knight or the firm ) to provide you with certain information

More information

British Virgin Islands Regulation

British Virgin Islands Regulation British Virgin Islands Regulation FUNDS AND FUND MANAGEMENT 2010 2.1 Type of funds Funds may take the form of unit trusts, open or closed ended companies, segregated portfolio companies, partnerships,

More information

Domestic Asset Protection Planning: A Trustee s Perspective

Domestic Asset Protection Planning: A Trustee s Perspective Domestic Asset Protection Planning: A Trustee s Perspective Cynthia D. M. Brown, JD, TEP President Commonwealth Trust Company 29 Bancroft Mills Road Wilmington, DE 19806 P: 302.658.7214 l F: 302.658.7219

More information

(unofficial English translation)

(unofficial English translation) REGULATION ON PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM FOR MONEY TRANSFER BUSINESSES AND MONEY CHANGING BUSINESSES (unofficial English translation) REGULATION ON PREVENTION OF MONEY LAUNDERING

More information

Course Syllabus. STEP Diploma in Trusts and Estates (Northern Ireland)

Course Syllabus. STEP Diploma in Trusts and Estates (Northern Ireland) STEP Diploma in Trusts and Estates (Northern Ireland) STEP Diploma Series for the Trusted Advisor Course Syllabus www.cltint.com/stepdiplomani www.step.org/pd Diploma in Trusts and Estates: Administration

More information

NEW ZEALAND TRUSTS FOR INTERNATIONAL WEALTH STRUCTURING

NEW ZEALAND TRUSTS FOR INTERNATIONAL WEALTH STRUCTURING NEW ZEALAND TRUSTS FOR INTERNATIONAL WEALTH STRUCTURING TABLE OF CONTENTS 1. INTRODUCTION 2. POLYNESIAN AND EUROPEAN HERITAGE 3. AN EMERGING MARKET OUTLOOK 4. INTRODUCTION TO TRUSTS IN NZ 5. THE COMPONENTS

More information

REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (2015)

REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (2015) FOR APPROVAL REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (2015) NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM STATE LAWS MEETING IN ITS ONE-HUNDRED-AND-TWENTY-FOURTH YEAR WILLIAMSBURG, VIRGINIA

More information

CHAPTER 2016-46. Committee Substitute for Committee Substitute for Senate Bill No. 494

CHAPTER 2016-46. Committee Substitute for Committee Substitute for Senate Bill No. 494 CHAPTER 2016-46 Committee Substitute for Committee Substitute for Senate Bill No. 494 An act relating to digital assets; providing a directive to the Division of Law Revision and Information; creating

More information

ASSET MANAGEMENT AGREEMENT. Focused Wealth Management, Inc. 216 Route 299, Suite 5 Highland, NY 12528 (845) 691-4035

ASSET MANAGEMENT AGREEMENT. Focused Wealth Management, Inc. 216 Route 299, Suite 5 Highland, NY 12528 (845) 691-4035 ASSET MANAGEMENT AGREEMENT Focused Wealth Management, Inc. 216 Route 299, Suite 5 Highland, NY 12528 (845) 691-4035 This Agreement (hereinafter referred to as Agreement) is made and entered into by and

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) I. OVERVIEW A. What is FATCA? FATCA, as it is colloquially known, refers to Chapter 4 of the US Internal Revenue Code, which was enacted by the Hiring Incentives

More information

Trusts & Foundations. Monica Galea Nicolai Xuereb

Trusts & Foundations. Monica Galea Nicolai Xuereb Trusts & Foundations Monica Galea Nicolai Xuereb Trusts Monica Galea Malta s Legal System Today, trusts play a significant role in all common law systems Civil law jurisdictions are following suit Malta

More information

Trust Account Application Form and Mandate (for use by corporate trustees)

Trust Account Application Form and Mandate (for use by corporate trustees) Trust Account Application Form and Mandate (for use by corporate trustees) Page 1 of 18 Trust Account Application Form and Mandate Introduction Anti-money laundering regulations require us to obtain satisfactory

More information

Draft Model Legislative text on Privacy and Data Protection

Draft Model Legislative text on Privacy and Data Protection The views expressed in this presentation are those of the author and do not necessarily reflect the opinions of the ITU or its Membership. This document has been produced with the financial assistance

More information

NEVADA CHAPTER 82 - NONPROFIT CORPORATIONS

NEVADA CHAPTER 82 - NONPROFIT CORPORATIONS NEVADA CHAPTER 82 - NONPROFIT CORPORATIONS GENERAL PROVISIONS NRS 82.006 Definitions. As used in this chapter, unless the context otherwise requires, the words and terms defined in NRS 82.011 to 82.041,

More information

Tremline Pty Ltd trading as The Hills BARK BLOWER CREDIT TERMS

Tremline Pty Ltd trading as The Hills BARK BLOWER CREDIT TERMS 1. Payment Tremline Pty Ltd trading as The Hills BARK BLOWER CREDIT TERMS The Customer must pay for all goods and services supplied by the Company within 30 days after the end of the month of supply or

More information