First published in 1991, The Trident Practical Guide to International Trusts has helped professional advisors and other intermediaries to establish, quickly and easily, which jurisdiction best meets the requirements of their clients’ international tax, business and asset protection planning.
Now the fully revised fourth edition of The Trident Practical Guide to International Trusts updates you on the many legislative and other changes that have occurred in the most popular international trust domiciles around the world.
This complete and detailed reference work has been compiled by professional trust practitioners with on-the spot experience of the statutory provisions governing trust establishment, administration, taxation and trust law in each of the jurisdictions covered by the Guide.
New chapters on England, New Zealand and Singapore reflect the growing international professional interest in these three jurisdictions as trust domiciles. The detailed, yet easy-to-read, analyses of the legislative conditions prevailing in each of 18 trust jurisdictions also includes chapters on The Hague Convention on Trusts and the implications for trust administration of the new international compliance regimes.
The Trident Practical Guide to International Trusts now covers the following offshore locations: Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Cook Islands, Cyprus, England, Gibraltar, Guernsey, Hong Kong, Isle of Man, Jersey, Liechtenstein, Mauritius, New Zealand, Nevis, Singapore and Turks & Caicos.
Each jurisdiction chapter follows a common format, allowing easy comparison of trust jurisdictions.
JURISDICTION STANDARD FORMAT
3 BRITISH VIRGIN ISLANDS
4 CAYMAN ISLANDS
5 COOK ISLANDS
10 HONG KONG
11 ISLE OF MAN
16 NEW ZEALAND
18 TURKS & CAICOS
19 HAGUE CONVENTION ON TRUSTS
20 INTERNATIONAL TRUST COMPLIANCE
Since the last edition of the Guide the use of international trusts has further increased. Professional advisers worldwide continue to regard international trusts as providing a practical solution to many issues involving international estate and tax planning, political and creditor protection, and the structuring of international business and individual activities.
The number of domiciles with comprehensive trust laws in which professional trust services are available also continues to expand. It now is more important than before for professional advisors to know which jurisdiction best meets the specific requirements of their client’s planning. It is this knowledge on the part of the advisor that may in the long run determine the efficacy of a particular trust structure. The prime objective of the Guide is to provide advisors with a systematic resource to enable them to easily undertake research of comparative law issues among the various trust jurisdictions.
The Fourth Edition has been updated to take account of the changes in the trust legislation of the jurisdictions covered by the Guide. As with earlier editions, the Guide is carefully structured to allow easy access to each topic. Questions on establishment of a trust; rights of settlors; perpetuity rules; duties of trustees; charging clauses; powers and obligations of protectors; confidentiality and taxation are clearly dealt with in readily identifiable sections. The sections can be cross-referenced between the individual jurisdiction chapters.
Reflecting the growing interest in onshore jurisdictions the Fourth Edition includes new chapters covering the trust laws of England, New Zealand and Singapore. Another new feature of the Guide is the chapter discussing the implications for trust administration of the new international compliance regimes.
Once again many individuals have assisted in compiling the latest edition of the Guide and we would like to thank all those involved. Space prevents us from thanking authors by name but individual credits have been given at the end of each chapter where outside professionals have assisted us in the preparation and review of a chapter.
While every effort has been made to ensure the accuracy of the information contained in the Guide, readers should note that it contains only general statements and is not intended to cover all possible scenarios that may arise. Accordingly, the authors and publisher cannot accept any liability for acts undertaken in reliance on the content of this Guide. It is recommended that readers seek the advice of a qualified professional before undertaking any transactions or actions described in the Guide.
The use of international trusts for cross-border estate and tax planning and wealth management on an international scale continues to grow as individuals and wealth become increasingly mobile. There must now be few professional advisers who do not advise clients with interests or family members in more than one jurisdiction.
The Trident Practical Guide to International Trusts is an important tool for professionals advising on issues relating to international estate and tax planning and international trusts. It is a valuable reference work which will enable advisers to quickly and easily assess whether a particular jurisdiction is likely to meet their client's requirements and to compare the different jurisdictions.
The Guide is compiled by professional trust practitioners with hands-on experience of the relevant jurisdictions' trust law and practice. As the title states, this is a practical guide and as such it deals with the practical issues that face trust advisers on a daily basis, such as, whether, in a particular jurisdiction, it is possible to add beneficiaries to a trust and, if so, how this can be done, who has power to remove the trustees of a trust and whether the trustees have the power to borrow.
The Guide is split into chapters each covering a single jurisdiction and deals, in relation to each jurisdiction, with questions on the types of trust and their uses, the creation of a trust, the rights of settlors and beneficiaries, perpetuity rules, trustees' powers and duties and their appointment and removal, the powers and obligations of protectors, formalities, administration, confidentiality and taxation.
Each chapter includes a brief summary of the history and legal system of the relevant jurisdiction and touches on the development of the jurisdiction's trust law as well as providing details of the applicable legislation. They are structured around a standard format so the individual sections can be easily cross-referenced between jurisdictions. For example, one can easily compare the extent of trustees' powers or the perpetuity rules of two or more jurisdictions when considering in which jurisdiction it may be appropriate for a particular client to establish a trust. Given the differences in the legislation of the various jurisdictions and the fact that each chapter has been compiled with the assistance of a different practitioner, the detail provided in the individual sections obviously varies to a degree.
It is worth noting that, for the first time, this fourth edition of the Guide includes a chapter dealing with the implications for trust administration of new international compliance regimes. A number of international reports and initiatives, such as the Organisation for Economic Co-Operation and Development (OECD) report, Behind the Corporate Veil - the Misuse of Corporate Entities for Illicit Purposes, have highlighted the ability of trusts to be used to facilitate money laundering and anti-money laundering compliance has now become a matter of extreme importance for the international financial services industry.
Each of the jurisdictions covered in the Guide has enacted anti-money laundering legislation which applies to trustee operations in the relevant jurisdiction. Many have also enacted Codes of Conduct or Guidelines setting out the compliance obligations of trustees. The Guide highlights international anti-money laundering initiatives of which trustees should be aware and details the procedures which trustees should put in place and the factors they should consider in accepting and conducting trust business.
The Guide also includes a chapter on the Hague Convention on Trusts, setting out the background of the Hague Conventions, giving details of the individual provisions of the Convention and providing a commentary on the practical implications of the Convention. New chapters covering the trust laws of England, New Zealand and Singapore are also included to reflect the growing interest in establishing trusts in these jurisdictions.
The Guide provides practitioners with a well laid out and useful reference guide to the trust rules of 18 of the major offshore jurisdictions which will enable them to make an informed initial assessment as to the suitability of a particular jurisdiction for their clients or the legitimacy of a potential course of action.
This article appeared on TheWealthNET