Category: Private Client

Guernsey is a renowned jurisdiction for wealth management, offering various structures for individuals and families seeking to manage and protect their assets. One increasingly popular option is the use of a Family Investment Company (FIC). A Guernsey Family Investment Company provides a flexible, tax-efficient vehicle for wealth management, allowing families to retain control over their investments whilst planning for succession across generations. In this article, we explore the key features and benefits of Guernsey FICs and compare them to traditional trust structures.

What is a Family Investment Company (FIC)?

A Family Investment Company (FIC) is a private limited company established to hold and manage family wealth. The shares in the company are typically owned by family members, and the company’s investments are managed in line with the family’s objectives. FICs allow for effective wealth management and tax planning, offering a high degree of control, flexibility, and protection for family assets.

In a FIC, family members can hold different classes of shares, allowing for tailored voting rights and income distributions. This flexibility allows the founder or head of the family to maintain control over major decisions, while gradually transferring ownership to the next generation.

Key Features of a Guernsey Family Investment Company

1. Ownership and Control: A key advantage of a FIC is the ability to separate ownership from control. While the younger generation may hold shares in the company, the Founder or senior family members can retain voting shares, allowing them to make key decisions regarding the company’s investments and strategy. This structure is particularly useful for succession planning, as it allows for a gradual transfer of wealth without relinquishing control.
2. Tax Efficiency: Guernsey’s favourable tax environment offers significant benefits to FICs. Guernsey does not impose capital gains tax, inheritance tax, or wealth tax, and companies benefit from no corporate tax on most income streams as long as the economic substance regulations are observed. However, it is important to seek professional tax advice to ensure compliance with tax regulations in the jurisdictions where family members may reside.
3. Tailored Share Structures: FICs can issue different classes of shares to family members, with each class carrying specific rights. For example, some shares may have voting rights, while others may entitle holders to income distributions without voting power. This allows the family to tailor the structure of the FIC to their specific needs and objectives, giving flexibility in how wealth is managed and distributed.
4. Succession Planning: A Guernsey FIC is an excellent tool for long-term succession planning. By holding family assets within a company, the Founder can retain control over the management of those assets while gradually passing shares to the next generation. This helps to ensure continuity in wealth management and can prevent disputes or complications during the transfer of family wealth.
5. Asset Protection: FICs offer a level of protection from external claims, as family assets are held within a corporate structure. Provided the FIC was not set up with the intent to defraud creditors, this structure can shield assets from potential legal disputes or claims, ensuring the longevity and security of family wealth.
6. Governance and Regulation: As a company, a FIC is subject to corporate governance standards and regulations in Guernsey. This provides transparency and accountability in how the company is run, which can be particularly beneficial for large or multi-generational families.

Benefits of a Guernsey Family Investment Company

1. Control Over Assets: A key advantage of a FIC is the ability to retain control over how assets are managed and invested. By structuring the company with different classes of shares, the Founder can remain in control of key decisions while gradually transferring economic ownership to the next generation.
2. Cost Efficiency: Compared to other wealth management structures, such as Trusts, a FIC can be more cost-effective to establish and maintain. The corporate structure is familiar to many and does not require the appointment of a Trustee or the associated fiduciary duties, potentially reducing ongoing administration costs.
3. Flexibility in Wealth Distribution: The ability to create different classes of shares allows for flexible wealth distribution. For example, the company can provide income distributions to certain family members while retaining control of the underlying assets with senior family members. This flexibility is particularly useful when managing intergenerational wealth.
4. Privacy: FICs offer a high level of privacy. While the company is subject to corporate regulations, there is no public register of Beneficial Ownership as there is in the UK, and details regarding the company’s assets and investments remain private. This makes FICs an appealing option for families who value confidentiality.
5. Family Governance: A FIC can serve as a vehicle for family governance, helping to align the family’s wealth management with its long-term objectives. Family members can be appointed to the Board of Directors, allowing for structured involvement in the management of the company while maintaining oversight by more experienced family members or professional advisers.

Comparing Family Investment Companies to Trusts

Both Family Investment Companies and Trusts are popular structures for wealth management and succession planning, but they offer different benefits depending on the family’s needs, as highlighted in the following points:

• Control: One of the primary differences between a FIC and a Trust is control. In a Trust, control is transferred to the Trustee, who manages the assets in accordance with the terms of the Trust deed. In a FIC, control can remain with the Founder or senior family members, allowing them to retain decision-making power. This feature makes FICs attractive to individuals who are not ready to relinquish control of their assets.
• Ownership: In a Trust, the assets are legally owned by the Trustee for the benefit of the Beneficiaries, whereas in a FIC, the assets are owned by the company, and family members own shares in the company. This clear distinction in ownership can be advantageous in jurisdictions where Trusts are not fully recognised or where legal certainty regarding ownership is important.
• Tax Considerations: Trusts are often used for tax-efficient estate planning, particularly for families with international members. However, FICs can also be structured to provide tax efficiency, particularly in jurisdictions like Guernsey with favourable tax regimes. The choice between a FIC and a Trust may depend on the specific tax considerations for the family and their country of residence and advice should be sought in this regard.
• Costs: Trusts often require the appointment of professional Trustees, which can result in higher ongoing costs. FICs, on the other hand, operate as corporate entities and may not require the same level of fiduciary oversight, potentially making them more cost-effective to maintain.
• Flexibility: FICs generally offer more flexibility in terms of asset management and distribution. The ability to issue different classes of shares provides a level of customisation that may not be possible with a Trust, where the terms are typically set in the Trust deed and may be more difficult to amend.

However, while FICs offer significant flexibility and control, Trusts are often considered a more robust structure for succession planning, especially for families with complex needs or long-term generational planning objectives. Trusts are uniquely designed to ensure the smooth transfer of wealth from one generation to the next, with the Trustee’s fiduciary duty providing an added layer of protection and governance. In a Trust, the Settlor can clearly outline their wishes for how assets should be managed and distributed over time, ensuring that future generations benefit in a controlled and structured manner. Trusts also mitigate the risk of family disputes by removing decision-making power from family members and placing it with the Trustee, who is bound by law to act in the best interests of the Beneficiaries.

In comparison, a FIC requires shareholders to agree on decisions, which can be challenging in larger families or as generational differences arise. Additionally, Trusts can provide greater protection against unforeseen changes in family dynamics, such as divorce, bankruptcy, or disagreements, as the assets are held separately from individual ownership. Trusts also offer better protection from external claims, as the legal ownership is vested in the Trustee, rather than family members, reducing the likelihood of assets being vulnerable to creditors or legal claims. For these reasons, Trusts are often the preferred vehicle for families who prioritise long-term stability, governance, and asset protection across generations

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Guernsey FICs provide a flexible and efficient vehicle for managing family wealth, offering significant control, privacy, and tax advantages. By blending corporate governance with tailored wealth distribution, FICs are an ideal choice for families seeking to protect their assets, plan for succession, and retain control over their investments, although careful consideration should be taken for individual circumstances as to whether a Trust may be the better solution.

At Dixcart Guernsey, we specialise in establishing and managing bespoke and holistic structuring solutions, ensuring they are structured to meet your family’s long-term objectives. Contact the Dixcart office in Guernsey at advice.guernsey@dixcart.com to discuss which structure could most benefit your family’s wealth management strategy.

Guernsey has long been a reputable jurisdiction for wealth management, and in recent years, its offering has expanded beyond trusts to include Foundations. A Guernsey Foundation provides an alternative solution to a traditional Trust structure, offering greater control and flexibility while being well-suited to modern wealth management, estate planning, and charitable purposes. This article provides an overview of Guernsey Foundations, explaining their key features, benefits, and the scenarios in which they can be used effectively.

What is a Guernsey Foundation?

A Foundation is a legal entity that holds assets for a specific purpose or to benefit a group of individuals. It has elements of both Trusts and companies, blending the flexibility and privacy of a Trust with the legal personality and structure of a company. However, unlike a Trust, a Foundation can own property, enter into contracts, and hold assets in its own name.

Foundations in Guernsey are governed by the Foundations (Guernsey) Law, 2012, which provides a clear regulatory framework while offering substantial flexibility for structuring the Foundation to meet the founder’s objectives.

Key Features of Guernsey Foundations

1. Founder Control: The founder, who establishes the Foundation, has significant control over the Foundation’s structure and purpose. They can outline the Foundation’s objectives in the Foundation charter, appoint Beneficiaries, and dictate how assets are managed. The founder can also reserve certain powers, such as the ability to amend the Foundation’s terms, add or remove Beneficiaries, or dissolve the Foundation.
2. Council: Every Foundation is managed by a council, similar to a board of Directors in a company. The council is responsible for managing the Foundation’s assets in accordance with the Foundation charter and its rules. The founder can be a member of the council, although at least one council member must be a Guernsey-licensed fiduciary (such as Dixcart).
3. Beneficiaries: Foundations can be set up to benefit specific individuals, families, or charitable causes. Guernsey Foundations can have two distinct types of Beneficiaries: enfranchised or disenfranchised beneficiaries. Enfranchised beneficiaries are entitled to a copy of the Foundation’s constitution and can even apply to the Court to amend key aspects of the Foundation including the purpose and dissolve the Foundation. Disenfranchised Beneficiaries do not have automatic rights to information about the Foundation or its assets unless specified in the Foundation’s rules. This enhances privacy and can be useful in situations where the founder wishes to maintain discretion over the Foundation’s purpose and beneficiaries, and is unique to Guernsey Foundation Law.
4. Guardian: Guernsey law requires that a Foundation appoint a Guardian if there are disenfranchised Beneficiaries, or if the Foundation is set up for a non-charitable purpose. The Guardian’s role is to ensure that the council acts in accordance with the Foundation’s objectives and complies with the terms of the Foundation charter. This provides an extra layer of oversight to protect the Foundation’s purpose.
5. Legal Personality: A Guernsey Foundation has its own legal personality, meaning it can own assets and enter into contracts in its own name. This contrasts with a Trust, where the Trustee holds legal title to the assets on behalf of the Beneficiaries. The legal personality of a Foundation offers clarity and certainty in jurisdictions where Trusts may not be fully recognised.
6. Flexible Purpose: Foundations in Guernsey can be established for a wide range of purposes, including charitable, family, or business objectives. They can also be used for commercial purposes, such as holding shares in a family business or acting as a Private Trust Company. This flexibility makes Guernsey Foundations an appealing option for a variety of uses.

Benefits of Guernsey Foundations

1. Privacy and Confidentiality: Guernsey Foundations offer a high degree of confidentiality. There is no public register of Beneficiaries, and the details of the Foundation’s assets and purposes are not publicly available. This makes them particularly attractive for individuals or families seeking privacy in their wealth management.
2. Control and Flexibility: Foundations provide founders with a high level of control over how their assets are managed and distributed. The ability to reserve powers and appoint members to the council allows the founder to retain influence over key decisions, even after the Foundation is established. This is often seen as a significant advantage compared to Trusts, where control is typically transferred to the Trustee.
3. Asset Protection: A Guernsey Foundation can offer robust asset protection, particularly if it is established with the intention of preserving wealth for future generations. Foundations can be structured to shield assets from potential future creditors or potential legal claims, provided that the Foundation was not set up with the intent to defraud creditors.
4. Succession Planning: Foundations are an excellent tool for succession planning, allowing founders to dictate how their wealth is passed on to future generations. Foundations can be structured to provide for family members over multiple generations whilst ensuring that assets are managed in line with the founder’s wishes.
5. Tax Efficiency: Guernsey is known for its favourable tax regime, and Foundations can be structured to take advantage of this. Whilst Guernsey does not impose taxes on capital gains, inheritance, or wealth, it is essential to seek expert tax advice to ensure compliance with tax regulations in other jurisdictions where the founder or Beneficiaries may be resident.
6. Philanthropy: Guernsey Foundations are often used for charitable purposes, enabling founders to establish a lasting legacy through philanthropic endeavours. Foundations can be structured to fund specific charitable projects, provide ongoing support to causes, or even act as a family’s Private Charitable Foundation.

Common Uses of Guernsey Foundations

1. Wealth Preservation and Estate Planning: Guernsey Foundations are commonly used to protect and preserve family wealth for future generations. They allow founders to manage how assets are distributed and to maintain control over family wealth, even after their death.
2. Philanthropic Foundations: Many individuals establish Guernsey Foundations for charitable purposes. These Foundations can fund specific charitable projects or support ongoing causes in a structured and tax-efficient way.
3. Holding Family or Business Assets: Foundations can be used to hold shares in family businesses, real estate, or other valuable assets. By consolidating ownership within a foundation, founders can ensure that assets are managed consistently and in line with their long-term vision.
4. Succession Planning for Complex Family Structures: For families with international members or complex relationships, a Foundation provides a clear and structured way to manage and distribute assets. The flexibility of Guernsey Foundations makes them ideal for handling these intricate family dynamics.

Conclusion

Guernsey Foundations offer a versatile and effective tool for wealth management, asset protection, and succession planning. Combining the best elements of Trusts and companies, they provide founders with greater control, flexibility, and privacy over their assets. Whether used for family wealth preservation, philanthropy, or holding business interests, a Guernsey Foundation can be tailored to meet the specific needs of its founder.

At Dixcart Guernsey, we have extensive experience in establishing and administering Guernsey Foundations, ensuring they meet both legal requirements and the unique objectives of our clients. Please contact the Dixcart office in Guernsey at advice.guernsey@dixcart.com to learn more about how a Foundation could benefit you and your family.

Further to the previous article regarding the basics of Guernsey Trust Structuring (please see: Understanding Guernsey Trust Structures: A Guide by Dixcart Guernsey) we look to explore the practical uses of Trusts and detail case studies where Trusts are used as an effective tool for Estate and Succession Planning, and Asset Protection.

A Trust creates a division of ownership between the Trustee, who is the legal owner of the assets comprising the Trust Fund, and the Beneficiaries, who are the equitable owners. The Trustee is bound by a number of Fiduciary and Statutory duties to, at all times, act in the best interests of the Beneficiaries as a whole, whilst adhering to the terms of the Trust Deed. In the meantime, they must also protect, preserve and enhance the Trust Fund.

Trust Creation

When setting up a Trust, there are three certainties which must be fulfilled to validate and establish the Trust. These are:

• The certainty of intention: a clear intention that the Settlor intends to create a Trust by transferring legal ownership of the Trust Property to a Trustee to hold for the benefit of defined Beneficiaries. This is evidenced by an executed Trust Deed and supported by clear communication between the Settlor / their advisor(s) and the Trustee, discussing the goals and intentions the Settlor has for the Trust, prior to establishment.

• The certainty of subject matter: clearly defined Trust Property, the initial settled funds are usually a nominal amount of £1, £10 or £100 and this is indicated within the Trust Deed, with further assets to be added at a later date.

• The certainty of objects: clearly defined Beneficiaries or a Beneficial Class who will benefit from the Trust, which can include the Settlor.

Other considerations that the Settlor should make at the outset include; whether there are any contingencies to the Beneficiaries benefitting, and whether a Protector will be appointed to provide some oversight to the structure and to select a trusted and experienced Trustee to administer the Trust on behalf of the Beneficiaries.

Whilst the Settlor has given up legal ownership of the assets, the Settlor can request the Trustee to undertake certain actions and to determine guidelines and conditions as to how and when the Beneficiaries are to benefit from the Trust, however these should be expressed as the Settlor’s wish and are not legally binding. This protects the validity of the structure and supports the certainty of intention that the Settlor does intend to hand over the ‘reins’ to the Trustee. For a Discretionary Trust, the Trustee would make the ultimate decision as to whether a Beneficiary should benefit from the Trust, paying close attention to their fiduciary duty to consider the interests of all Beneficiaries, before making any distribution of Trust assets.

Whilst a Settlor can reserve some powers, such as to retain investment powers over the Trust assets (which is the most commonly used reserved power), by reserving too many powers, the Trust could be set aside as a sham, in contravention of the first certainty of intention.

We shall explore some case studies as to why a Trust might be settled in the first place and the benefits of doing so.

Case Study 1: The Spendthrift Beneficiary

There may be a family member who struggles to spend within their means, has faced trouble with addiction or perhaps has not had access to previous wealth and, on inheriting a lump sum, would risk quickly eroding their inheritance without saving for future events.

A Trust structure could protect this Beneficiary and the Trust Assets from depletion and provide continued support to the Beneficiary over their lifetime, without quickly diminishing the corpus of the Trust Fund.

Some examples as to how the Trust could assist would be by paying the Beneficiary’s medical and educational bills directly, purchasing a home for the Beneficiary to reside in, or by assisting with the financial support of the Beneficiary’s own child.

There could also be a contingent Beneficiary specified within the Trust Deed, that their benefit is contingent on a certain event such as them attaining the age of 25, or upon their marriage. This provides flexibility regarding future needs and/or potential contingencies.

Case Study 2: Tax Planning and Passing Assets to the next Generation

Whilst independent tax advice should be taken by all clients, the utilisation of a Trust could be an effective tax planning tool and centralise the ownership of worldwide assets, legally owned by the Trustee.

For example, there would be no inheritance tax payable on the assets held within the Trust upon the Settlor’s demise. Although Beneficiaries should seek tax advice before receiving a distribution from a Trust.

Case Study 3: Preservation of Wealth and Selected Distribution of Assets

This leads us nicely onto the preservation of Family Wealth and Estate Planning.

By settling a Trust, this would ensure an orderly succession of assets after the Settlor’s death, the retention of property within the family, and the continuity of ownership of a family business after the Settlor’s death.

The Trust would also establish a clear and unchallengeable basis for distribution of assets after the Settlor’s death and protects family property from dissipation.

By securing the services of an independent, expert person to manage and control the assets (the Trustee), capital can be preserved for the next generation and property can be held for minors or other dependants.

Case Study 4: Forced Heirship

In some jurisdictions the local law requires assets held in a person’s estate to pass to specified heirs in stated proportions. By settling a Guernsey Trust, the assets would be distributed in line with the provisions of the Trust Deed.

Case Study 5: Confidentiality

A common priority of a high-net-worth individual looking to establish a Trust is confidentiality. By transferring legal ownership of assets to a Trustee to hold within a Trust, this aids the Settlor in keeping their assets confidential.

There is no Beneficial Ownership Register in Guernsey, unlike a number of other offshore jurisdictions and Trusts are not registered in Guernsey.

Case Study 6: Asset Protection

A client may seek the protection of a stable, political and social environment for the ownership and management of their assets or be looking for a safe jurisdiction to maintain their assets, if relocating or working abroad.

They may also be seeking to protect the Trust Property from future litigants who would come to the court in the hope of setting the trust aside in order to access the Trust Fund. An attempt to attack a Trust structure could come from an array of complainants such as a disgruntled Beneficiary, a divorcing spouse, or a future creditor.

By ensuring that; the goals and intentions of the Trust are discussed with the Trustee at the outset, the three certainties are clearly in place and that the Deed is properly drafted upon setup, this will provide the Trust with a high level of protection against any potential attack.

Case Study 7: The Charitable Trust

Finally, a philanthropically minded individual might look to set up a Charitable Trust with a specific charitable purpose. This could include providing for, the relief of poverty, the advancement of education, the advancement of religion, the advancement of arts, culture, heritage, or science and the advancement of animal rights, amongst others.

If the charitable purpose specified by the Settlor at the outset cannot be carried out for any reason, the law provides that the court can order that the property can be applied to another charitable purpose similar to that originally intended.

Summary

In summary, there are many modern uses for offshore Trust structures, and these continue to develop.

An emerging trend is the addition of cryptocurrency assets to a Trust structure, although it is worth noting that considerable due diligence is required when accepting these types of assets into a Trust, and it is recommended that a specific clause be added to the Trust Deed to allow the investment of the Trust Property into such volatile, high-risk assets.

Should you require any further information or wish to discuss your requirements, please contact the Dixcart office in Guernsey at advice.guernsey@dixcart.com.

Guernsey ist seit langem als führende Gerichtsbarkeit für Treuhandstrukturen anerkannt und bietet ein stabiles, gut reguliertes Umfeld, das sich ideal für die Vermögensverwaltung und Nachfolgeplanung eignet. Bei Dixcart Guernsey verfügen wir seit 1975 über umfangreiche Erfahrung in der Einrichtung und Verwaltung von Treuhandstrukturen, die auf die unterschiedlichen Bedürfnisse unserer Kunden zugeschnitten sind.

Dieser Artikel bietet einen Überblick über die wichtigsten Elemente von Guernsey-Trust-Strukturen, hebt ihre Vorteile hervor und erklärt, warum sie nach wie vor eine beliebte Wahl für Einzelpersonen und Familien sind, die ihr Vermögen schützen und verwalten möchten.

Was ist ein Trust?

Ein Trust ist eine rechtliche Vereinbarung, bei der eine Partei, der sogenannte Treugeber, Vermögenswerte an eine andere Partei, den Treuhänder, überträgt, um diese zugunsten Dritter, der Begünstigten, zu halten und zu verwalten. Der Treuhänder ist gesetzlich verpflichtet, das Trustvermögen gemäß den Bestimmungen der Treuhandurkunde und den geltenden Gesetzen zu verwalten und sicherzustellen, dass die Interessen der Begünstigten gewahrt werden.

Ein Beispiel für eine typische Treuhandstruktur wäre das Folgende:

Warum eine Treuhandgesellschaft in Guernsey gründen?

• Guter Ruf und lokale Ressourcen – Auf Guernsey sind eine Reihe regulierter professioneller Treuhänder ansässig, die zusammen mit einer Vielzahl professioneller Wirtschaftsprüfungs- und Anwaltskanzleien für den reibungslosen Ablauf eines Guernsey-Trusts sorgen. Darüber hinaus genießt die Gerichtsbarkeit hohes Ansehen, hat weltweit einen ausgezeichneten Ruf und wird von Dritteinrichtungen wie Banken und Kreditgebern anerkannt.
• Steuereffizienz: Guernsey-Trusts können je nach Steuerwohnsitz des Gründers und der Begünstigten steuereffizient strukturiert werden. Obwohl Guernsey keine Kapitalertrags-, Erbschafts- oder Vermögenssteuern erhebt, ist es unerlässlich, professionellen Rat einzuholen, um die Einhaltung aller relevanten Steuerpflichten in anderen Gerichtsbarkeiten sicherzustellen.
• Vertraulichkeit: Treuhandgesellschaften in Guernsey profitieren von einem hohen Maß an Vertraulichkeit. Es gibt kein öffentliches Register für Treuhandgesellschaften und Angaben zum Treugeber, zu Begünstigten und zum Treuhandvermögen bleiben vertraulich.

• Vermögensschutz: Treuhandgesellschaften in Guernsey können zum Schutz von Vermögenswerten vor potenziellen künftigen Forderungen von Gläubigern oder zum Schutz von Familienvermögen vor potenziellen Streitigkeiten eingesetzt werden. Der solide Rechtsrahmen in Guernsey unterstützt die Nutzung von Treuhandgesellschaften zum Vermögensschutz, vorausgesetzt, die Treuhandgesellschaft wurde nicht mit der Absicht gegründet, Gläubiger zu betrügen.

• Nachfolgeregelung: Treuhandvermögen können ein wirksames Instrument für die Nachfolgeregelung sein, da sie es den Treugebern ermöglichen, die Verteilung ihres Vermögens nach ihren Wünschen zu regeln. Treuhandvermögen können so strukturiert werden, dass sie für nachfolgende Generationen sorgen und sicherstellen, dass das Familienvermögen erhalten bleibt und kontrolliert weitergegeben wird.
• Flexibilität und Kontrolle: Guernsey Treuhandgesellschaften bieten eine erhebliche Flexibilität in Bezug auf ihre Struktur und Verwaltung. Treugeber können in der Treuhandurkunde spezifische Bedingungen festlegen und durch die Nutzung von Treuhandgesellschaften mit Ermessensspielraum oder privaten Treuhandgesellschaften einen gewissen Einfluss auf die Verwaltung des Trusts ausüben.
• Rechtssicherheit und Stabilität: Das Treuhandrecht von Guernsey ist gut etabliert und bietet Treugebern, Treuhändern und Begünstigten Rechtssicherheit und Stabilität. Das Rechtssystem der Gerichtsbarkeit basiert auf dem englischen Common Law, das für seine Klarheit und Vorhersehbarkeit bekannt ist.

Arten von Treuhandgesellschaften in Guernsey

Guernsey bietet eine Vielzahl von Treuhandstrukturen, um unterschiedlichen Kundenbedürfnissen gerecht zu werden, darunter:

1. Discretionary Trusts (Ermessenstreuhandgesellschaft): Bei einem Discretionary Trust hat der Treuhänder die Befugnis, im Rahmen der Bestimmungen der Treuhandurkunde festzulegen, wie das Einkommen und das Kapital des Trusts unter den Begünstigten verteilt werden. Diese Art von Trust bietet Flexibilität bei der Reaktion auf sich ändernde Umstände und kann ein wirksames Instrument zum Schutz von Vermögenswerten sein.
2. Fixed Interest Trusts (Festzinstreuhandgesellschaft): Hier haben die Begünstigten einen festen Anspruch auf das Einkommen oder das Kapital des Trusts, wie in der Treuhandurkunde festgelegt. Diese Trusts werden in der Regel verwendet, wenn der Treugeber sicherstellen möchte, dass bestimmte Begünstigte festgelegte Beträge erhalten.
3. Accumulation and Maintenance Trusts (Anspar- und Unterhalts Trusts): Diese Trusts werden häufig zugunsten von Minderjährigen eingesetzt und ermöglichen die Anhäufung von Erträgen, bis die Begünstigten ein bestimmtes Alter erreicht haben. Ab diesem Zeitpunkt haben sie Anspruch auf die Erträge oder das Kapital.
4. Purpose Trusts (Zwecktreuhandgesellschaft): Im Gegensatz zu herkömmlichen Trusts, die bestimmten Einzelpersonen zugutekommen, werden Zwecktreuhandgesellschaften zur Erreichung eines bestimmten Zwecks gegründet, der spezifisch, angemessen und durchsetzbar sein muss. Diese werden häufig bei Handelsgeschäften oder zur Beteiligung an einer privaten Treuhandgesellschaft eingesetzt.
5. Private Trust Companies (Privattreuhandgesellschaften) (PTCs): PTCs sind Treuhänder, die als Treuhänder für einen bestimmten Familientreuhandfonds oder eine Gruppe von Treuhandfonds eingesetzt werden. Sie bieten dem Treugeber oder seiner Familie ein höheres Maß an Kontrolle und können besonders für Familien mit komplexen oder bedeutenden Vermögenswerten von Vorteil sein.

Einrichtung einer Guernsey Treuhandgesellschaft

Die Gründung einer Treuhandgesellschaft in Guernsey umfasst mehrere wichtige Schritte:

1. Beratung und Planung: Der erste Schritt besteht darin, mit einem qualifizierten Treuhand- und Unternehmensdienstleister wie Dixcart Guernsey zusammenzuarbeiten, um Ihre spezifischen Bedürfnisse und Ziele zu verstehen. So wird sichergestellt, dass die Treuhandstruktur auf Ihre persönlichen oder familiären Umstände zugeschnitten ist. Es handelt sich hierbei nicht um eine Struktur, die für alle passt, und alle Aspekte müssen sorgfältig abgewogen werden.
2. Erstellung der Treuhandurkunde: Sobald die Ziele klar sind, wird eine Treuhandurkunde erstellt. Dieses Rechtsdokument legt die Bedingungen des Trusts fest, einschließlich der Aufgaben und Verantwortlichkeiten des Treuhänders, der Rechte der Begünstigten und der Befugnisse des Treugebers (falls vorhanden). Es ist von entscheidender Bedeutung, dass die Urkunde sorgfältig ausgearbeitet wird, um die Absichten des Treugebers widerzuspiegeln und dem Recht von Guernsey zu entsprechen.
3. Ernennung des Treuhänders: Der Treuhänder kann ein professioneller Unternehmenstreuhänder sein, wie z. B. der Unternehmenstreuhänder von Dixcart Guernsey, oder eine Privatperson. Es ist von entscheidender Bedeutung, dass der Treuhänder in der Lage ist, das Treuhandvermögen zu verwalten und seinen treuhänderischen Pflichten nachzukommen.
4. Übertragung von Vermögenswerten an der Treuhandgesellschaft: Nach der Gründung des Trusts überträgt der Treugeber Vermögenswerte an der Treuhandgesellschaft. Zu diesen Vermögenswerten können Bargeld, Investitionen, Immobilien, Kunstwerke, Yachten oder Unternehmensanteile gehören. Der Treuhänder übernimmt dann das rechtliche Eigentum an diesen Vermögenswerten und verwaltet sie im Namen der Begünstigten.
5. Laufende Verwaltung: Treuhandvermögen erfordern eine laufende Verwaltung, einschließlich der Führung von Aufzeichnungen, Berichterstattung, Buchhaltung, Ausschüttungen an Begünstigte und Sicherstellung der Einhaltung aller rechtlichen oder steuerlichen Verpflichtungen. Bei Dixcart Guernsey bieten wir umfassende Treuhandverwaltungsdienste an, um sicherzustellen, dass der Treuhandfonds reibungslos und in Übereinstimmung mit allen geltenden Gesetzen funktioniert.

Warum Dixcart Guernsey wählen?

Dixcart ist stolz darauf, seit seiner Gründung im Jahr 1972 in Familienbesitz zu sein, wobei die vierte Generation der Familie im Jahr 2023 in die Gruppe eingetreten ist. Mit jahrzehntelanger Erfahrung im Trust-Sektor bietet Dixcart Guernsey fachkundige Beratung und maßgeschneiderte Lösungen für die Einrichtung und Verwaltung von Trust-Strukturen. Unser Team setzt sich dafür ein, dass jeder Trust im besten Interesse der Begünstigten verwaltet wird und gleichzeitig die Wünsche des Treugebers erfüllt werden. Wir sind stolz darauf, einen persönlichen und maßgeschneiderten Service zu bieten, der den höchsten Standards in Bezug auf Professionalität, Vertraulichkeit und Freundlichkeit entspricht.

Die Trust-Strukturen von Guernsey bieten einen vielseitigen und soliden Rahmen für die Verwaltung und den Schutz von Vermögen. Ganz gleich, ob Sie die finanzielle Zukunft Ihrer Familie sichern, Ihr Vermögen schützen oder Ihre Nachfolge planen möchten, Dixcart Guernsey steht Ihnen bei jedem Schritt des Prozesses zur Seite.

Kontaktieren Sie uns

Kontaktieren unter advice.guernsey@dixcart.com, um mehr darüber zu erfahren, wie wir Sie bei der Einrichtung einer Treuhandgesellschaft unterstützen können, der Ihren individuellen Bedürfnissen entspricht, oder wenn Sie daran interessiert sind, den Dienstleister für eine bestehende Struktur zu wechseln.

Diese Mitteilung soll zwar Informationen über die Strukturen von Guernsey Treuhandgesellschaft und Beispiele für deren Einsatzmöglichkeiten bieten, stellt jedoch keine Rechts- oder Steuerberatung dar. Wir empfehlen allen Personen, die die Einrichtung einer Vermögensplanungsstruktur in Erwägung ziehen, sich zuvor von unabhängigen Rechts- und Steuerberatern beraten zu lassen.

Dixcart Trust Corporation Limited, Guernsey: Vollständige Treuhandlizenz, erteilt von der Guernsey Financial Services Commission.

Dixcart Fund Administrators (Guernsey) Limited: Lizenz zum Schutz von Investoren, erteilt von der Guernsey Financial Services Commission.

Die Dixcart Group befindet sich seit ihrer Gründung vor über fünfzig Jahren im Jahr 1972 im Privatbesitz des Dixcart Family Office. Die Gruppe zeichnet sich seit ihrer Gründung durch die Umsetzung von Beratung und Bereitstellung von Unterstützung und Dienstleistungen für sowohl einfache als auch hochkomplexe internationale Nachlass- und Nachfolgeregelung aus und verfügt über umfassende Erfahrung in der komplexen Natur von Family-Office-Angelegenheiten und ist daher in einer einzigartigen Position, um zu handeln.

Guernsey Treuhandgesellschaften und -Stiftungen

Die Nachlass- und Nachfolgeregelung ist ein zentrales Anliegen für vermögende Privatpersonen und Familien, die eine reibungslose Übertragung ihres Vermögens auf künftige Generationen sicherstellen möchten. Die Nutzung von Treuhandgesellschaften und Stiftungen ist eine beliebte Strategie für vermögende Privatpersonen, die ihr Vermögen für künftige Generationen verwalten und schützen möchten. Guernsey, eine britische Kronkolonie im Ärmelkanal, ist eine führende Gerichtsbarkeit für die Gründung und Verwaltung von Treuhandgesellschaften und Stiftungen.

Die Nutzung von Treuhandgesellschaften und Stiftungen ist nicht nur eine beliebte Strategie, sondern auch ein leistungsstarkes Instrument für die Nachfolgeregelung in Guernsey, das eine Reihe von Vorteilen für die Vermögenssicherung und -verwaltung bietet.

Treuhandgesellschaften (Trusts)

Ein Trust ist eine rechtliche Vereinbarung, bei der eine Person (der sogenannte Treugeber) Vermögenswerte an einen Treuhänder überträgt, der diese Vermögenswerte zugunsten eines oder mehrerer Begünstigter hält und verwaltet. In Guernsey unterliegen Trusts dem Gesetz 2007 der Treuhandgesellschaft (Guernsey), das einen flexiblen und modernen Rechtsrahmen für die Einrichtung und Verwaltung von Trust bietet.

Trusts sind in Guernsey eine beliebte Wahl für die Nachlass- und Nachfolgeregelung. Durch die Gründung eines Trusts kann ein Treugeber Vermögenswerte an einen Treuhänder übertragen, der diese zugunsten eines oder mehrerer Begünstigter hält und verwaltet. Der Treuhänder ist gesetzlich verpflichtet, das Treuhandvermögen gemäß den Bestimmungen der Treuhandurkunde zu verwalten und sicherzustellen, dass die Wünsche des Treugebers erfüllt werden.

Vorteile, die durch die Nutzung einer Treuhandgesellschaft entstehen

Eine Treuhandgesellschaft bietet eine Reihe von Vorteilen für die Nachlass- und Nachfolgeregelung, darunter:

• Kontinuität: Treuhandvermögen können so konzipiert werden, dass sie auf Dauer bestehen und die Kontinuität der Vermögensverwaltung über Generationen hinweg gewährleisten.
• Vermögensschutz: Treuhandvermögen werden vom Treuhänder im Namen der Begünstigten gehalten und bieten Schutz vor Gläubigeransprüchen und rechtlichen Anfechtungen.
• Vertraulichkeit: Guernsey Treuhandgesellschaften bieten ein hohes Maß an Privatsphäre und Vertraulichkeit, ohne öffentliches Register der Treuhandgesellschaften oder Offenlegung von Informationen über Begünstigte.
• Steuereffizienz: Guernsey hat ein günstiges Steuersystem für Treuhandgesellschaften, ohne Kapitalertragssteuer, Erbschaftssteuer oder Nachlasssteuer.
• Flexibilität: Die Treuhandurkunde kann auf die individuellen Anforderungen und Umstände jedes einzelnen Treugebers zugeschnitten werden.

Stiftungen

Stiftungen sind eine weitere beliebte Wahl für die Nachlass- und Nachfolgeregelung in Guernsey und unterliegen dem „The Foundations (Guernsey) Law, 2012“. Eine Stiftung ist eine juristische Person, die in vielerlei Hinsicht einem Trust ähnelt, aber einige wesentliche Unterschiede aufweist.

Im Gegensatz zu einer Treuhandgesellschaft, bei dem das Vermögen im Namen des Treuhänders gehalten wird, ist eine Stiftung eine eigenständige juristische Person. Das Vermögen wird im Namen der Stiftung gehalten, die von einem Rat aus Mitgliedern oder Geschäftsleiter verwaltet wird. Die Satzung der Stiftung legt die Regeln für die Verwaltung und Verteilung ihres Vermögens fest.

Vorteile, die durch die Nutzung einer Stiftung entstehen

Guernsey Stiftungen bieten eine Reihe von Vorteilen für die Nachlassplanung, darunter:

• Rechtspersönlichkeit: Stiftungen haben ihre eigene Rechtspersönlichkeit und sind in Zivilrechtsordnungen leichter zu verstehen, in denen das Konzept eines Trusts nach Gewohnheitsrecht nicht immer mit der lokalen Gesetzgebung vereinbar ist.
• Kontinuität: Stiftungen können so konzipiert werden, dass sie auf Dauer bestehen und die Kontinuität der Vermögensverwaltung über Generationen hinweg gewährleisten.
• Vermögensschutz: Das Stiftungsvermögen wird von der Stiftung im Namen ihrer Begünstigten gehalten und bietet Schutz vor Gläubigeransprüchen und rechtlichen Anfechtungen.
• Steuereffizienz: Wie Trusts bieten auch Stiftungen auf Guernsey eine günstige steuerliche Behandlung, ohne Kapitalertragssteuer, Erbschaftssteuer oder Nachlasssteuer.
• Flexibilität: Die Stiftungsgründungsurkunde kann an die Anforderungen und Umstände jedes einzelnen Gründers angepasst werden.

Fazit

Treuhandgesellschaften und Stiftungen sind leistungsstarke und anpassungsfähige Instrumente für die Nachlass- und Nachfolgeregelung. Dank eines günstigen rechtlichen und steuerlichen Umfelds ist Guernsey eine führende Gerichtsbarkeit für die Einrichtung und Verwaltung dieser Strukturen. Vermögende Privatpersonen und Familien können mit erfahrenen Fachleuten von Dixcart zusammenarbeiten, um einen maßgeschneiderten Nachlass- und Nachfolgeregelung zu entwerfen und umzusetzen, der ihren individuellen Bedürfnissen und Zielen entspricht und eine reibungslose Übertragung des Vermögens auf künftige Generationen gewährleistet.

Weitere Informationen

Für weitere Informationen oder bei Fragen zu Beratung, Dienstleistungen und Unterstützung im Bereich Nachfolgeregelung wenden Sie sich bitte an das Dixcart-Büro in Guernsey: advice.guernsey@dixcart.com

Dixcart Trust Corporation Limited, Guernsey: Vollständige Treuhandlizenz, erteilt von der Guernsey Financial Services Commission.

Dixcart Fund Administrators (Guernsey) Limited: Lizenz zum Schutz von Investoren, erteilt von der Guernsey Financial Services Commission

Opening a bank account in Portugal can be a seamless experience for both residents and non-residents, as long as you follow the right steps. Whether you’re relocating, investing, or planning a long-term stay, managing your finances effectively is crucial. Dixcart Portugal offers expert guidance to help you navigate this process with ease.

Here’s a step-by-step guide to opening a bank account in Portugal.

Choosing the Right Bank

Portugal boasts a wide array of banking options, including both national and international institutions. When selecting a bank, consider key factors such as:

• Fees and Charges: Compare account maintenance fees and transaction costs.
• Branch Network: How accessible are the branches and ATMs?
• Online Banking: Look for user-friendly platforms with mobile apps for easy account management.
• Client Services: Some banks offer specialised services such as private banking or tailored accounts for expats.

Required Documentation

The documentation required to open a bank account in Portugal is typically straightforward. Here’s a general checklist:

• Proof of Identity: A valid passport is usually required.
• Proof of Address: This could be a utility bill, rental agreement, or residence certificate for residents.
• NIF Number (Número de Identificação Fiscal): This tax identification number is mandatory for opening a bank account. It can be obtained at your local tax office, or with the assistance of a service provider.
• Proof of Employment/Income (for residents): Employed residents might need to provide a payslip or work contract. Non-residents may be exempt from this requirement.

Additional Tips

• Contact your bank ahead of time: Confirm the specific documents needed and whether an appointment is required.
• Bring Originals and Copies: Most banks will require copies of your documents for their records.
• Be ready with an Initial Deposit: Some banks may request a minimum deposit to activate your account.
• Translations may be needed: If your documents are in a language other than Portuguese, certified translations may be required.

Step-by-Step Process

1. Schedule an Appointment: Most banks will need you to visit a branch in person to open your account. Try to book ahead to avoid delays. Some banks may be able to open bank accounts remotely with the assistance of a service provider.
2. Present Your Documents: Make sure you have all the required documents in both original and copy formats.
3. Complete the Application Form: The bank will provide a form where you’ll need to fill in your personal and financial details.
4. Sign the Agreement: Carefully review the bank’s terms and conditions before signing the agreement.
5. Make Your Initial Deposit (if applicable): Some banks may ask for a minimum deposit to activate the account.
6. Receive Your Account Information: After your account is opened, you will be provided with your account number, a debit card (if applicable), and online banking credentials.

Why Choose Dixcart Portugal?

Dixcart Portugal specialises in assisting both individuals and businesses with financial matters, including the opening of bank accounts. Our team of professionals is well-versed in local regulations and can provide tailored advice to ensure a smooth and efficient process. Whether you’re a resident, non-resident, or a business entity, we streamline the process, ensuring that you have all the necessary documentation and guidance needed to establish your financial presence in Portugal.

Switzerland has long been known for its expertise in international wealth management sector, its commitment to professional confidentiality and commercial competence, and its economic, political and legal stability, providing a solid foundation for families wishing to establish a Trust and a Family Office.

Widely used in Anglo-Saxon countries, a trust is flexible and, in the right circumstances, can be an effective asset protection vehicle. It provides anonymity for families, and confidentiality regarding the assets and/or companies held within it. Trusts can be a useful aid in terms of succession planning and can assist with long term inheritance matters.

A Private Trust Company (PTC) is a corporate entity authorised to act as trustee. The client and his/her family can actively participate in the management of the assets and decision-making processes, as well as sitting on the board of the PTC.

The Use of Trusts in Switzerland

Switzerland does not have specific Trust Law, but recognised Trusts with the ratification of The Hague Convention on the Law Applicable to Trusts (1985), on 1 July 2007. Whilst there is no domestic law governing Trusts in Switzerland, Trusts from other jurisdictions, and their specific rules, are recognised and can be administered in Switzerland.

In Switzerland, the Settlor (the individual who settles assets into the trust for the benefit of the Beneficiaries) can choose the law of any specified Trust jurisdiction to govern the Trust. For example, a Guernsey Trust can be established with a Swiss Trustee. The Trustee holds and manages the assets in the Trust on behalf of the Beneficiaries.

Why Consider the Use of a Swiss Trust and/or a Swiss Trustee?

Taxation of Trusts in Switzerland

The Hague Convention (Article. 19) stipulates that the Convention does not prejudice the powers of sovereign states in fiscal matters. Consequently, Switzerland has maintained its sovereignty in relation to the tax treatment of trusts.

The tax advantages available in using a trust with a Swiss Trustee essentially depend on the tax residence of the Settlor and the Beneficiaries.

In terms of Swiss Law:

• A Swiss resident Trustee is not liable to Swiss income tax or capital gains tax on the assets held under management in a trust.
• Settlors and Beneficiaries are exempt from Swiss taxation as long as they are not considered to be Swiss residents.

Protection

Under Common Law the Trustee is the owner of the assets and is required to administer the trust assets separately from his own assets. In the event of death or bankruptcy of the Trustee, the assets are not considered as belonging to the Trustee but are submitted to the trust’s protection and held separately for the Beneficiaries. The trust’s assets are therefore segregated from the Trustee’s estate.

Confidentiality in Switzerland

Switzerland is well known for its commitment to banking services, professional confidentiality and commercial competence.

The Swiss Association of Trust Companies (SATC) enforces strict confidentiality rules, stating that: “Any and all information related to a trusteeship and acquired by a Member must be kept strictly confidential by the Member, its directors, officers and other employees.” Dixcart Trustees (Switzerland) SA is a member of The Swiss Association of Trust Companies (SATC) ,and registered with the Organisme de Surveillance des Instituts Financiers (OSIF).

A breach of confidentiality, whether professional or commercial, would only be permitted by law in cases involving criminal liability.

Regulation of Swiss Professional Trustees

Swiss Trustees are subject to prudential supervision and must be licensed by FINMA (Swiss Financial Market Supervisory Authority) and comply with various requirements before commencing commercial activities.

Dixcart Gains Regulated Trustee Status in Switzerland Under New Law

Up until 2022, Swiss Trustees were only supervised in relation to compliance with Anti-Money Laundering obligations. Swiss Trustees now must comply with structural, organisational, business-conduct and audit requirements. In addition, Trustees operating in Switzerland must obtain a licence from the Swiss Financial Market Supervisory Authority (FINMA).

In February 2024, Dixcart Trustee Switzerland (SA), became a regulated Swiss Trustee, as authorised by FINMA.

Trust Services Provided by Dixcart

Dixcart has been providing Swiss Trustee services for almost 25 years, and we are delighted and proud to be one of the first Swiss Trustees to be authorised by FINMA.

A trust based on the Trust Law of, for example, Cyprus, England, Guernsey, Isle of Man, or Malta, and with a Swiss Trustee, can offer several tax efficiencies, as well as advantages in terms of wealth preservation and confidentiality. Dixcart can establish and manage such trust structures.

Additional Information

If you would like more information on this subject, please speak to Christine Breitler in the Dixcart office in Geneva: advice.switzerland@dixcart.com or to your usual Dixcart contact.

Introduction to a Trust

A Trust is a legal relationship recognised by equity. It arises when property (“the Trust Fund”) is transferred by a person (“the Settlor”), to another person or persons (“the Trustees”). The Trustees are obliged to hold this property for the benefit of others (“the Beneficiaries”) and must act at all times in the best interest of the Beneficiaries.

The interests of the Beneficiaries are set out in the instrument creating the Trust, this is known as the Trust Deed. However, it is worth noting that there are other controlling interests which are implied or imposed by law.

Some Trusts may also have a Protector, who has the power to oversee the activities of the Trustees and to provide comfort to the Settlor and/or the Beneficiaries.

A Cyprus International Trust is an English common-law based legal vehicle, utilised by high-net-worth individuals for asset protection, tax planning and wealth management. It provides confidentiality and security, and enjoys the benefits of the republic of Cyprus’ attractive tax system.

Requirements for the Creation of a Valid Cyprus International Trust (CIT)

A CIT, as defined by the Law, must meet the following criteria:

• The Settlor, whether a physical or legal person, must not be a resident of Cyprus during the calendar year, which precedes the year of creation of the Trust;
• The Beneficiaries, either physical or legal persons with the exception of a charitable institution, must not be residents of Cyprus during the calendar year, which precedes the year of creation of the Trust;
• At least one of the Trustees must be a resident of Cyprus throughout the Trust’s existence.

When establishing Trusts in Cyprus, service providers are required to obtain standard Know Your Customer (KYC) documentation including but not limited to, full supporting documentation of the initial Trust property and any assets that will form part of the Trust at any stage. This documentation must also include evidence of the identity, size and source of wealth of the Settlor, the Trustees, the Beneficiaries (or information on the class of Beneficiaries, including the Beneficiaries to whom any distributions have been made pursuant to the Trust), and others associated with the Trust, as well as information on the activities of the Trust, and keep this information available for inspection by the relevant supervisory body on request.

Service providers must put in place adequate arrangements to segregate and account for clients’ funds, and they must comply fully with the Anti-Money Laundering (AML) Law. They are subject to continuous monitoring in this regard, and the Cyprus Securities and Exchange Commission (CySEC) may appoint inspectors to investigate their affairs. 

Each of the supervisory body for the purposes of the Administrative Service Provider (ASP) Law (CySEC, the Cyprus Bar Association (CBA), and Institute of Certified Public Accountants (ICPAC) of Cyprus) are required to maintain a register of Trusts established by the service providers they regulate containing the following information:

1. the name of the Trust;
2. the name and full address of every Trustee at all relevant times;
3. the date of establishment of the Trust;
4. the date of any change in the law governing the Trust to or from Cyprus law; and
5. the date of termination of the Trust.

Any Cyprus-resident Trustee of a Trust governed by Cyprus law is obliged to notify the relevant supervisory body of the relevant information within 15 days of the creation of the Trust or the adoption of Cyprus law as the law governing the Trust, as applicable. Subsequent changes in any relevant information, including termination of the Trust or a change in the governing law from Cyprus law, must similarly be notified within 15 days. In the event of termination of the Trust or a change in the governing law from Cyprus law, the register will indicate that the Trust has been terminated and the information on the Trust will be kept for 5 years.

Section 61C of the AML Law provides for the creation of a register specifically for express Trusts and other similar legal arrangements. The Trust Register is maintained and supervised by CySEC. Following the Court of Justice of the European Union (CJEE), access to information submitted to the Beneficial Owner (BO) register was suspended for the general public. The persons listed in Table 1 below shall, in any case, have access to the information concerning the Beneficial Owner(s) through the electronic BO register:

The basic Beneficial Ownership information to be submitted in relation to Trusts and other similar legal arrangements with the register is the following:

1. name and surname of the Beneficial Owner, including fathers name;
2. date and place of birth;
3. nationality or nationalities;
4. residential address;
5. the number, type and country of issuance of the Beneficial Owners’ identification document;
6. date of death (if applicable);
7. the nature and extent of the rights held directly or indirectly by each Beneficial Ownership;
8. the Beneficial Owner’s role in the Trust or similar legal arrangement identity of the Settlor;
9. any other information or supporting documents deemed necessary by CySEC for the purpose of identifying Beneficiaries depending on the category of Beneficial Ownership as defined in the relevant sections of the AML Law.

Access to the Beneficial Ownership information is available only to the following persons:

Competent Supervisory Authorities:  the Central Bank of Cyprus (CBC), the Cyprus Securities and Exchange Commission (CySEC), the Superintendent of Insurance, the Institute of Certified Public Accountants of Cyprus (ICPAC), the Cyprus Bar Association (CBA), the Real Estate Registry Board, the National Betting Authority, The National Authority of Gambling and Casino Supervision, the Tax Commissioner	Without restrictions
Other Relevant Authorities: the Unit of combating Money Laundering (MOKAS), the Customs Department, the Tax Department, the Police, the Treasury of the Republic of Cyprus, Audit Office of the Republic of Cyprus, the Internal Audit Service, Directorate General Growth of Ministry of Finance, the European Commission, the European Court of Auditors, the European Anti-Fraud Office (OLAF) and the European Public Prosecutor’s Office (EPPO)	Without restrictions
Obliged Entities: credit institutions, financial institutions, natural or legal persons acting in the exercise of their professional activities (i.e., auditors, external accountants, tax advisors, notaries and other independent legal professionals and company service providers)	In the context of applying customer due diligence and identification measures have access to the name, month and year of birth, nationality and country of residence of the BO as well as to the nature and extent of the beneficial interest

Finding the right balance between full transparency in line with compliance requirements and the respect for private life, confidentiality and protection of personal data is an obligation that rests not only on all professional bodies but also on regulators.

Our Services

Dixcart has been providing professional expertise to organisations and individuals for over 50 years.

We are an independent group and are proud of our experienced teams of highly qualified, professional staff who offer international business support services around the world.

Dixcart Management (Cyprus) Limited can assist you in every step of the creation of a Cyprus International Trust (CIT) including:

• Advising clients about the creation of a CIT, including proposing structure ideas for creating and operating a CIT,
• Assisting in drafting all required legal documents,
• Advising clients and Trustees about issues arising in relation to a CIT, Trustee powers, beneficiary rights and interpretation of Trust deeds.

For further information about establishing a Cyprus International Trust, please contact Charalambos Pittas or Katrien de Poorter at the Dixcart office in Cyprus: advice.cyprus@dixcart.com.