Results for tag: "Foreign Trust"

A Foreign Trust is a type of trust that is established in a jurisdiction outside of the settlor's country of residence. It is used to hold assets and manage investments for the benefit of the settlor and their beneficiaries. Foreign Trusts are often used for tax planning purposes, as they can provide tax advantages to the settlor and their beneficiaries. Foreign Trusts are typically established in jurisdictions with low or no taxation, such as the Cayman Islands, the British Virgin Islands, and the Bahamas. The trust assets are managed by a trustee, who is responsible for ensuring that the trust is managed in accordance with the settlor's wishes. The trustee is also responsible for filing any necessary tax returns and ensuring that the trust is compliant with the laws of the jurisdiction in which it is established. Foreign Trusts can be used to reduce the settlor's tax liability, as the trust assets are not subject to taxation in the settlor's country of residence. They can also be used to protect assets from creditors, as the trust assets are not subject to the settlor's creditors. Some companies in the Foreign Trust market include Appleby, Maples Group, and Withers. Show Less Read more