An offshore trust is a private legal agreement between the owner of the assets and the corporation or individual entrusted with the management, protection and ultimate distribution of this assets for the beneficiaries, who are entitled to benefit from the income and/or capital assets held in the agreement.
The person who transfers assets is called the Grantor or Settlor, the person who receives the assets in offshore trust is called the Trustee and the recipients of these assets and interests are the beneficiaries.
When a trust is successfully established in the most appropriate offshore jurisdiction, ensure that residents of this jurisdiction will not receive benefit from the trust; there will be no local taxes applicable to the income and assets.
Advantages of an Offshore Trust
- Tailored to individual family requirements.
- Private relationship (trust deeds aren’t publicly registered).
- Prosperity protection.
- Recognized in all law jurisdictions.
- Constantly increasing recognition in many important and significant civil law jurisdictions.
- A very important tool in capital gains, international income and estate tax planning.
The Trust Deed is a confidential document. No information whatsoever of its contents is available on public records. Flexibility may be provided by including in the Trust Deed certain special clauses, i.e. the possibility of revoking the Trust, allowing the removal of the Trustee and the continuation of the Trust in another jurisdiction should it be thought that global political developments make this a reasonable precaution.
Contact our specialists for your business setup in Dubai and all your offshore trust needs, we will be glad to assist.