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Introduction: Development Of Professional Competence In The Jurisdictions

When offshore trusts began to be used in a major way, they were usually set up by professionals in the home jurisdiction of the settlor, reflecting the lack of professional expertise in the few offshore jurisdictions that were then available. Eventually the main professional firms began to set up offices in the jurisdictions, and a gradual process began which has resulted in the emergence of sophisticated, multi-disciplinary firms offshore. When these firms work for the corporate sector, they can be referred to as 'corporate service providers', a term which implies a blend of tax, legal and financial expertise.

In parallel with the growth of professional expertise, and sometimes in competition with it, those jurisdictions which encouraged banking usually saw the development of 'fiduciary' companies, often run as departments of banks, which specialised in the setting-up and running of trusts. The banks after all, which were and are rapidly developing their private banking sides, had a ready supply of wealthy clients for a trust business.

In most jurisdictions, professional competence ran ahead of legislative controls, and in many jurisdictions the wall of money that hit offshore from illicit sources in the '90s may have found it all too easy to burrow unseen into the layer of anonymous trusts, IBCs (International Business Companies) and bank accounts that makes up the asset base of offshore. The response of the legislators, sometimes with quite a lot of pushing from the international bodies that have been trying to clean up 'offshore', has usually been to pass a 'Banks and Trusts Act' or similar, which establishes a licensing and 'know your customer' regime for the trust sector.

The horror of 9/11 has of course enormously accelerated this process, and faced with extremely sharp-toothed US legislation, the major offshore jurisdictions have raced to become cleaner-than-clean in terms of their anti-money laundering and anti-terrorist funding regimes, to the point that many of them are by now far 'cleaner' than the very OECD countries which began the anti-offshore process in the mid-90s.

   

The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

New Zealand

New Zealand: Legal Framework and Formation Rules and Fees
New Zealand: Review of the Law of Trusts
New Zealand: Taxation of Trusts

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees

 


Offshore Trusts News

Italian Tax Police Seeks Bank Data From Credit Suisse Tuesday 25/7/2017 The Italian financial police, Guardia di Finanza, has requested further details on undeclared bank accounts held by Italian citizens from the Swiss authorities.

UK Keen To Conclude New Zealand FTA Tuesday 25/7/2017 A free trade agreement between New Zealand and the UK is being prioritized by the UK Government, Boris Johnson, the UK's Foreign Secretary, has said.

Ibec Publishes Irish Budget Wish List Monday 24/7/2017 Business group Ibec has said that the Irish Government must "Brexit proof" its 2018 Budget, improve its foreign direct investment model, and implement a range of tax reforms to compete with the UK.

Canada's Small Firms Concerned Over Tax Reforms Monday 24/7/2017 The Canadian Federation of Independent Businesses has raised concerns over the possible impact on SMEs of the Government's plans to crack down on tax planning strategies that involve private corporations.

Armenia Seeking Fairer, Watertight Tax Regime Monday 24/7/2017 The International Monetary Fund has said that Armenia's tax code and redoubled efforts to tackle fiscal crime will boost the nation's finances considerably.

HMRC Releases Tax Administration 'Strategy' Document Friday 21/7/2017 The UK tax authority, HM Revenue and Customs, has released a new strategy document, which sets out how it will transparently and consistently administer the tax regime.

New Zealand Inland Revenue Delays Restructuring Friday 21/7/2017 New Zealand's Inland Revenue has delayed the implementation date for plans to restructure its front-line services to February 12 from January 1, 2018.

Brazil Should Simplify Tax System: IMF Thursday 20/7/2017 Brazil should take steps to simplify its tax system to cut compliance costs, the International Monetary Fund has said.

Canada To Close Tax Loopholes Wednesday 19/7/2017 Canadian Finance Minister Bill Morneau has announced that he intends to crack down on tax planning strategies that involve private corporations.

Small US Firms Seek End To BAT Proposal Wednesday 19/7/2017 The National Retail Federation has urged the House tax-writing committee to consider small retailers and their employees when reforming the nation's tax code, saying they would suffer more than large companies under a proposal to create a border adjustment tax.