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An offshore trust is a conventional trust that is formed under the laws of an offshore jurisdiction.. Generally offshore trusts are similar in nature and effect to their onshore counterparts; they involve a settlor transferring (or 'settling') assets (the 'trust property') on the trustees to manage for the benefit of a person, class or persons (the 'beneficiaries') or, occasionally, an ...
The Recognition of Trusts Act 1987 was enacted in the UK as an UK Act of Parliament to ensure trusts are consistently recognized across borders. The Act implemented the Hague Trust Convention , which enables UK courts to handle trusts with international elements, improving clarity for cross-border asset management.
Cayman Islands trusts are governed principally by the Cayman Islands Trusts Law (2009 Revision), however elements of the Fraudulent Dispositions Law 1989 are relevant when considering the asset protection benefits of Cayman Trusts. A number of offshore jurisdictions have enacted modern asset protection legislation based on the Cayman Island's ...
Offshore trust: Strictly speaking, an offshore trust is a trust which is resident in any jurisdiction other than that in which the settlor is resident. However, the term is more commonly used to describe a trust in one of the jurisdictions known as offshore financial centers or, colloquially, as tax havens .
The most distinctive feature of the offshore trust is the fact that the settlor or creator of the trust may be included among the potential beneficiaries of the trust without causing the assets of the trust to be subject to the creditors of the settlor. This is often referred to as a "self-settled trust."
Accumulation and maintenance trust; Acts of independent significance; Ademption; Ademption by satisfaction; Administration (probate law) Administrator of an estate; Affiliation (family law) Ancillary administration; Anti-alienation clause; Asbestos bankruptcy trusts; Asbestos trust; Asset-protection trust; Attestation clause; Australian trust law
Nevertheless, trusts are widely used, and notorious in offshore trusts in "tax havens", where people hire an accountant or lawyer to make an argument that shifting assets in some new way will avoid tax. The third main contemporary use of the trust has been in the family home, though not as an expressly declared trust.
[50] [51] The legal and tax structuring undertaken by conduit OFCs is considered beyond the trust–structuring type work of the traditional tax haven "offshore magic circle" law firms. Conduit OFCs need structures that can integrate with bilateral tax treaties involving G20 countries, as well as meeting U.S. GAAP / SEC Regulations that U.S ...