Offshore Trust Companies
Offshore trust companies.
Offshore trust companies
are usually registered in jurisdictions such as the Bahamas or the Cayman Islands, Gibraltar and the Isle of Man.
Like any other organisation an offshore trust creation is based on the principles of the so-called Anglo-Saxon law.
In general, a trust is a transfer of any property to another person on the basis of trust agreement, so that the trustee will use the given property in order to obtain benefits for a third person, the beneficiary.
Property transferred under a contract of trust might be capital, securities or real estate.
In the formation of an offshore trust company three trustees must be appointed, one of which must necessarily have the citizenship of the country where the trust is registered. The composition of trustees does not include the founder of the offshore trust. Furthermore, typically the prerequisite for registration of a trust company is the appointment of a defender of the organisation that is entitled to veto the decisions and actions of third parties.
In terms of the confidentiality, the trustee is required to provide information about the participants only and exclusively with the appropriate judgement jurisdiction.
The founder of a trust offshore company has the right to replace the trustee at her will, as well as the beneficiaries, receive dividends and control the investment and planning.
Revenues of offshore trust organisations are not subject to taxation.
Moreover, the founder and beneficiaries should be outside the jurisdiction. In some cases, beyond should also be placed the sources of income received by the trust.
The official procedure of the registration of the trust in the offshore is not required, only a notarized agreement on its establishment is needed.