Forming An Offshore Trust

This is an offshore trust?

This decision of a form of trust has been taken, the founder must select the type of trust he wishes to form, his duration, and it is necessary to define the details.

These details, including the decision whether the trust is revocable or nude, whether the trust will be discretionary or not, and the rights, duties, obligations, and expectations that the trusts of the trust have to specify.

In this case, it is possible to revise the trustworthiness of the property, and carry it out, to carry out the term of the agreement, to carry out the operation of the agreement. Act of Creating the Trust.

On the other hand, a discretionary trust can fall into any category and is defined as a trust with a lot of flexibility in construction, as to the method in which the trust distributes its beneficiaries and even proposes, in some situations, an empowered mandate to establish or add recipients.

Access has largely given authority over an offshore trust to an empowered person, which is why it is very important to make a careful selection of the impotent, competent and reputable person, or to join holding companies, who has good references, a dignified reputation and the experience necessary to successfully and fully fulfill the terms of the trust.

Benefits of an offshore trust

Benefits of an offshore trust

The placement of assets and titles of property trust is the perfect way to benefit from the confidentiality and protection of an offshore trust.

This term shall be the legal title of the person concerned and the extent to which he or she will be treated in such a way that he or she will be able to perform the duties of the person concerned. it’s a participant.

Due to the fact that these trusts are almost always in tax havens or weakly regulated jurisdictions, with reputation recognized for asset protection and high confidentiality, the offshore trust also benefits from these features. Asset management through an offshore trust offers, in large part, relief from the suffocating burdens imposed on founders in the country or the authority of origin.

If the purpose of trust formation is to ensure that an offshore trust can provide a real haven in case of in-depth control of inheritance and taxation for the benefit of the trustees and/or spouses, children or other heirs of the founder.

It is also a practice used to protect assets in case of political and economic turmoil. The majority of jurisdictions, namely the extreme of the central authority and the status of the territory, have a significant impact on the security of their property.

Where to build an Offshore Trust?

Where to build an Offshore Trust?

Offshore trusts are often a form of fiscal paradigm and impunity in the implementation of the tax system. It is a key element in the success of a trust fund. However, it is not absolutely necessary for a suitable location to be a tax haven or a permissive regulated jurisdiction – many of the countries and the success of the jurisdictions in which it forms trusts, purely offers an acknowledged experience to trusts, accompanied by confidentiality and protection of the law, for example, offshore fund in Gibraltar.

The competitor is the fact that these jurisdictions in the basic regulation of trusts, using the Common English Law – that’s because the whole idea of ​​forming the trust has English origins in the Crusades. The other European jurisdiction, which offers success to trusts, such as Luxembourg, Malta, Switzerland, etc., and the statutory and regulatory adaptation, has complied with the appropriate way of administrative stability of the English Joint Law.

Other considerations

For the formation of an offshore trust, a realistic assessment of the objectives and intentions of the founding potential, which will invest certain resources for its establishment and maintenance, is needed.

We are registered in the Register of Trustees and Professional Guardians held by the Association Il Trust in Italia

We proudly join the Register of Trustees and Professional Guardians held by the Il Trust in Italy Association and ranks among the top ten members specialized in Professional Trustee activity

From now on all those who intend to use the Trust as a legal instrument will have very important support on the choice of the Trustee and the guardian, consulting the newly established register.

On April 30, 2016, the Register of Trustees and Professional Guardians was officially established with an initiative sponsored by the Association ” The Trust in Italy “, news already disseminated by ANSA in an article published May 4, 2016. This fundamental initiative constitutes a fundamental milestone in the current national legal scene. In fact, the figure of the Trust was introduced in Italy with Law 364/89, which ratifies the Hague Convention, which in Article 2 defines the crucial role of the Trustee.

In Italy, there is currently no specific legislation for the institution of the Trust, which, therefore, refers to international regulations and conventions. In order to fill this gap, the Register of Trustees and Professional Guardians was created to respond to the need to make the office of the Trustee a real profession, to guarantee maximum specialization in the field and to regulate accreditation as a Trustee or Professional Guardians.

Requirements for registration in the Register

Basic requirements for registration, reserved for professionals who have demonstrated their professionalism, competence, and dedication within the Trust, are:

  • Update obligation
  • Guarantees
  • Transparency

Conditions for accreditation in this Register are summarized in the following table:

Possess the requirements of HONORABILITYBeing a Trustee or Professional Guardian of at least three TrustsHave taken out an insurance policy against risksHave attended the special training course and have passed the examHave carried out the activity of Guardian Trustee for at least 3 years during the last 5Registered office, administrative and secondary headquarters in the EU, with a representative resident in ItalyHave a social object that provides for the office of Trustee or Guardian or bothNot be participated by other companies, unless the members of the latter are disclosed.

Registered persons must sign and comply with a Code of Conduct and will elect a Management Committee of three to five members every three years, which, in turn, will elect a Chairman from among its members.

The Register of Trustees and Professional Guardians had maximum disclosure among the various professional associations of notaries, lawyers and accountants, and the various courts, in order to help professionals in identifying the professionals to be used.

This is, in short, the process that led to the establishment of the Register of Trustees and Professional Guardians of which we are an active member and an integral part, any news or further update will be promptly announced on our website.