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The term "trust" is widely known and used, however there are often many misunderstandings as to what a trust actually is. The correct definition of a trust is an agreement or contract. It is not, as many believe a special type of company. It is purely an agreement -albeit a very special one, between three parties.
Settlor
The Settlor is the transferor of the assets into the trust. Any kind of asset can be transferred, funds, shares, cars, boats, real estate and even non entities such as patents or rights. Once the assets have been transferred into the trust this cannot be revoked.
Once the Settlor has transferred all the assets into the trust he can legally declare that he does not then own them. This is of special interest in cases of bankruptcy, divorce and inheritance or legal claims. Trusts are one of the most preferred methods employed by US medics to protect their assets in case of malpractice claims being brought against them.
Trustee
The trustee is the official manager of the trust. Officially the trustee must be independent from the Settlor and has all rights and full control over the actual running of the trust.
Obviously few people would wish to pass that amount of control over their assets to a third party so generally the trustee will always act unofficially on instruction from the Settlor. It is possible to draft a separate agreement between the Settlor and trustee ensuring the Settlor retains full control.
In order to act as trustee over any trust, the trustee must hold a special license. Coldwell have the benefit of using the services of a long established and reputable trustee.
Beneficiary
As the name suggests, the Beneficiary is the person or persons who finally receive the assets from the trust. The Settlor can be a named Beneficiary. All entitlements to beneficiaries must be set at the commencement of the trust and cannot be revoked or changed.
Once the beneficiary has received the assets from the trust he is then liable to declare this and pay due taxation. The Beneficiary can receive regular payments from the trust, for example from the interest or can wait for the expiry of the trust and receive all assets and interest in full.
Advantages of a trust:
The settlor can transfer any assets he has and legally declare he does not own them
No assets that belong to the trust can be seized
Potential inheritors cannot make claims against the trust
Trusts are exempt from taxation
Disadvantages of a trust:
Trusts cannot engage in business but purely manage and protect the existing assets
Trusts have a maximum duration period of 99 years
The Beneficiaries are liable for taxation upon payout of the assets
Once a trustee has been selected it is almost impossible to replace him
Trust registration including:
Name check
Verification of legalities
Preparation of documents to gain liability protection
Preparation of registration forms handling The filing and registration with notary and government offices notarial certification Payment of filing fees
Issuing trust deed
Fees trust 5.900,- Euro
You can add the following services to your trust: Optional | International Authentication Set
Notarised and apostilled company certificates
90,- Euro
Information:
For international use with banks, financial institutions, government bodies or for notarial transactions; we offer a special set of documents fulfilling the requirements of the Hague Convention of 1961.
This upgrade includes all registration certificates duly notarised and authenticated with an apostille. We highly recommend ordering this set together with the company formation.
Optional | Privacy Protection Shield
Nominee service through lawyers 990,- Euro
Information:
For the highest level of privacy protection we offer a lawyer to form the company on your behalf. That prevents your personal details from being released to the authorities at any time. Once incorporated the lawyer hands the full and sole control over to you. As a result you have utmost confidentiality together with the entire control.
Optional | Bank Accounts
New Zealand 790,- Euro
Cyprus 790,- Euro
Dominica 790,- Euro
Dubai 790,- Euro
Isle of Man 790,- Euro
Latvia 790,- Euro
Panama 790,- Euro
Seychelles 790,- Euro
St. Vincent 1'490,- Euro
Information:
Our account opening service offshore banking offers feature rich business checking accounts.
Depending on the jurisdiction and your business the accounts offer internet banking, multi currency services, cheques, letters of credit and VISA cards with a daily limit of 10.000,- Euro to withdraw cash at any ATM worldwide.
Offshore banks offer the highest level of privacy protection and are tax free.
