Wealth Planning for Ultra High Net Worth Individuals Using Family Investment Corporate Structures

The popularity of Family Investment Companies (FICs) has increased over recent years, and they are viewed as a corporate alternative to the more common discretionary trust.

What is a Family Investment Company?

FICs are companies limited by shares (an “Ltd” or “Limited”) and often established by parents and/or grandparents (“Founders”), to benefit themselves and their family, as shareholders. An FIC owns assets such as property, which generate income and capital gains, which can be distributed to the family shareholders over time.

Assets generally come from the Founders themselves, either through a loan or a direct transfer into the FIC. Each shareholder owns a different class of shares (often referred to as “alphabet shares”), gifted to them by the Founders.

Generally, the Founders’ shares will have the usual rights to vote and receive dividends but not capital, whereas the gifted shares will only have the rights to receive dividends and capital, but not to vote.

This ensures that the Founders have the sole right to make decisions, regarding the FIC, at both shareholder and board level, including decisions relating to dividend payments.

Benefits of a Family Investment Company

A number of benefits are available through the use of an FIC. It is, however, important to speak with a tax specialist, such as Dixcart, who can help advise on the tax merits of an FIC, taking into account each potential Founder’s circumstances and objectives.

The benefits offered through the use of an FIC, include:

  1. FICs can be used to move assets from individuals’ personal estates into a corporate vehicle, which can then be used, to control those assets by those individuals (Founders), being the only shareholders with the power to vote and to decide the composition of the board. This allows them to provide a controlled source of income for both themselves and their family over a period of time.
  2. Limited companies offer the advantage of flexibility. This is ideal in situations where family structures, objectives and other considerations, are changing regularly. Examples of such flexibility, include: shares being transferred, new shares being issued with different rights, and changes to the composition of the board of directors.  All of which can be decided by the Founders.
  3. There are a number potential tax advantages when using FICs, including Inheritance Tax, but these will vary depending on; the size of the investments/loans, the assets held by the FIC and the personal circumstances of the Founders.
  4. Alternatively, if the capital value of the loan is no longer needed, the Founders could gift the value of the loan to other family members. This would move the value of that loan out of their taxable estate, for Inheritance Tax purposes, subject to them surviving the date of the ‘gift’ by seven years.

Opportunities Provided Through the Use of a Non-UK Resident FIC by International Families

International families making direct investments into UK companies, as individuals, are liable to UK Inheritance Tax on those UK situs assets. It is also advisable to have a UK will to deal with those assets on their death.

Making those investments through a non-UK resident FIC can remove the liability to UK inheritance tax as well as the need to have a UK will.

An Example Using a Guernsey Company

The example below details the potential benefits provided through the use of a Guernsey company.

The company will pay tax at a rate of 0% on any profit that it generates, due to the fact that this is the corporate tax rate in Guernsey (with limited exceptions and subject to any specific provisions in the counties where investments are held).

Provided that the company is correctly managed and controlled from Guernsey and the register of members is kept, as required, ‘offshore’ it is possible to retain ‘excluded property’ status for IHT (apart from in relation to UK residential property and certain other assets).

The shares in the company are not a UK situs asset. If the company is a private Guernsey company, it does not need to file accounts. There is a beneficial ownership register for companies in Guernsey, this is private and not searchable by the public.

Additional Information

To find out how an FIC might be of benefit to you, and for assistance in establishing an FIC appropriate to meet your needs, please contact the Dixcart office in the UK: advice.uk@dixcart.com

The Dixcart office in the UK can also provide advice as to whether a non-UK resident FIC might be applicable in your particular family circumstances.

Private Trust Foundation Structure: A Tailored Solution for Middle Eastern High Net Worth Families

The Middle East is home to a growing number of high-net-worth families with diverse and often complex wealth management and estate and succession planning needs. As families in the region focus on preserving their legacies and planning for the next generation, innovative structures like the Private Trust Foundation (PTF) offer an ideal solution. Combining the best aspects of Guernsey Trusts and Foundations, a PTF provides a tailored approach to managing and safeguarding wealth in alignment with the region’s unique cultural, financial, and legal considerations.

What is a Private Trust Foundation?

A Private Trust Foundation is a hybrid structure where a Guernsey Foundation acts as the trustee for a Guernsey Trust. This innovative arrangement combines the flexibility, confidentiality, and tax efficiency of a trust with the legal personality, governance, and control offered by a foundation.

For Middle Eastern families, this structure provides a robust mechanism to align with Sharia-compliant principles, address succession challenges, and centralise asset management, whilst maintaining privacy and often most importantly for our clients, control.

In this arrangement:

  • The Foundation serves as the trustee, holding legal ownership of the trust assets and managing them according to the Trust Deed. This could include holding shares in the family business.
  • The Trust retains its role as a fiduciary vehicle to protect and distribute wealth in line with the settlor’s wishes via the Trust Deed.
  • A Guardian is appointed by the Founder of the Foundation to ensure the Foundation Council acts in accordance with the Foundation’s objectives and charter.
  • The Settlor transfers the legal ownership of assets to be held by the Trust in accordance with the Trust Deed.
  • Beneficiaries are appointed by the Settlor within the Trust Deed detailing whom the structure should benefit. The Settlor may also be a beneficiary.
  • The Foundation Council can be made up of family members, working alongside professional fiduciaries to ensure decisions reflect both family values and professional expertise.

  • In order to benefit from the Guernsey regulatory regime either the Guardian of the Foundation or one of the Council members must be a licensed Corporate Service Provider in Guernsey

The Appeal of Private Trust Foundations to Middle Eastern Clients

  1. Succession Planning Across Generations
    Many Middle Eastern families operate multigenerational businesses or hold significant wealth across jurisdictions. A PTF ensures seamless wealth transfer, providing a clear and controlled framework for succession planning. The foundation’s governance allows for family representation while adhering to the settlor’s vision.
  2. Sharia Compliance and Family Harmony
    Islamic principles, such as the equitable distribution of wealth and asset preservation, can be accommodated within the flexible structure of a PTF. The foundation’s role as trustee ensures that the trust is managed according to specific family or religious requirements, reducing potential disputes and fostering unity.
  3. Privacy and Confidentiality
    Discretion is paramount for many families in the Middle East. Guernsey offers a high degree of confidentiality, with no public register of trusts and the register of foundations only includes the following information; foundation name, registered office address, registration date and foundation status. . This ensures that details about the Settlor / Founder, beneficiaries, assets, and governance remain private.
  4. Centralised Control and Governance
    The foundation’s council acts as a decision-making body, balancing professional expertise with family involvement. This structure aligns with the preference for centralised control often seen in Middle Eastern family enterprises.
  5. Protection Against External Risks
    Political or economic instability can pose risks to family wealth. The PTF structure provides a stable, legally robust framework to protect assets from external claims or unforeseen challenges.
  6. Adaptability
    Whether for holding shares in a family business, preserving real estate, or facilitating philanthropic endeavours, the PTF adapts to the family’s unique needs.

Real-World Applications for Middle Eastern Clients

  1. Business Succession Planning
    Many Middle Eastern families rely on family businesses as their primary source of wealth. A PTF allows for professional management while preserving family control. It can hold business shares and ensure continuity through generations.
  2. Asset Protection
    In jurisdictions with uncertain political or legal environments, a PTF offers security and stability. Wealth is managed under Guernsey’s strong legal framework, reducing exposure to local risks.
  3. Philanthropy and Religious Giving
    A PTF can be used to structure charitable giving or fulfil zakat obligations through the Trust in a transparent and compliant manner. The foundation’s oversight and control of the Trust ensures that philanthropic objectives are met appropriately.
  4. Multi-Jurisdictional Asset Management
    For families with assets across the globe, the PTF provides a centralised structure, simplifying management whilst respecting local regulations.

Why Choose Guernsey?

  • Global Reputation: Guernsey is renowned for its stability, expertise, and innovation in fiduciary and wealth structuring. Its legal framework ensures that structures like PTFs meet international standards while offering flexibility.
  • Favourable Tax Environment: Guernsey’s tax-neutral regime benefits Middle Eastern families by enhancing tax efficiency without compromising compliance.
  • Expertise: Service providers in Guernsey, such as Dixcart, bring decades of experience in tailoring solutions to clients with complex needs, ensuring a seamless and professional experience.

Conclusion

A Private Trust Foundation is a modern, adaptable solution for Middle Eastern high-net-worth families seeking to preserve wealth, plan for succession, and uphold cultural values. Its unique combination of trust and foundation benefits ensures privacy, protection, and a legacy that aligns with your family’s vision.

At Dixcart Guernsey, we specialise in crafting bespoke wealth management solutions tailored to your specific circumstances. Contact the Dixcart office in Guernsey at advice.guernsey@dixcart.com to discuss how a Private Trust Foundation could meet your family’s unique needs.

2024 Overview: Key Articles and Insights from Dixcart Switzerland

Introduction

As we approach the end of 2024, we reflect on the key articles shared by our Switzerland office this year. Below are concise summaries of Dixcart Switzerland’s 2024 articles, offering practical guidance on Swiss residency, trusts, and business opportunities.

1. Swiss Regulation: 2023 Overview and What to Expect in 2024
Key regulatory updates for 2024 include VAT rate increases, a 15% minimum corporate tax for multinationals, and the removal of import duties to boost economic competitiveness. Reflections on 2023 cover the Swiss-UK financial treaty, updates to the Federal Act on Data Protection, corporate law reforms, and enhanced anti-money laundering measures.

2. Setting Up a Business in Switzerland
Comprehensive guidance on starting a business in Switzerland, including legal structures such as sole proprietorships, partnerships, and limited liability companies. Highlights include essential steps for registration, tax implications, and adherence to employment regulations.

3. Dixcart Gains Regulated Trustee Status in Switzerland – Understanding the Significance
Dixcart Trustees Switzerland (SA) attained regulated trustee status from FINMA, aligning with Swiss structural and business-conduct standards. Key advantages of Swiss trusts include confidentiality, tax efficiency, and enhanced wealth preservation opportunities.

4. The Role of a Swiss Trustee: Exploring How and Why They are Beneficial
Swiss Trustees play a pivotal role in estate planning, wealth management, and asset protection. Switzerland’s central location, leading banking infrastructure, and strong commitment to confidentiality make it an ideal jurisdiction for trustee services.

5. How to Become Swiss Resident by Working in Switzerland
Switzerland provides several routes to residency through work, including employment with a Swiss company, forming a business, or investing in one. EU/EFTA nationals benefit from easier processes, while non-EU/EFTA nationals have stricter requirements. Taxation differs by canton, and contributions through business activities often benefit local economies.

6. Introduction of Swiss Trusts
Swiss Trusts and Private Trust Companies (PTCs) offer secure asset protection, confidentiality, and succession planning options. Trusts under foreign laws are recognised in Switzerland, and taxation depends on the residency of the settlor and beneficiaries. FINMA-regulated Trustees uphold strict confidentiality and compliance standards.

7. Guide to Establishing and Managing a Swiss Company
Switzerland is an attractive location for businesses, offering low tax rates, political stability, and a prime European location. Incorporation typically takes three weeks, with options like SARL or SA structures. Flexible labour laws, VAT compliance, and favourable tax treatment for dividends and capital gains strengthen the benefits of operating in Switzerland.

Additional Information

For additional details on any of these topics or assistance with related services, please contact Christine Breitler at our Switzerland office: advice.switzerland@dixcart.com.

Key Benefits and Uses of an Isle of Man Trust

The Isle of Man, a well-regulated jurisdiction with a long history of providing financial services, offers Trusts that are highly regarded for their flexibility, confidentiality, and robust legal framework. While tax efficiency is often cited as a benefit, the advantages and applications of Isle of Man Trusts extend far beyond taxation. When managed by a professional Trust Company, these structures serve as versatile tools for asset protection, estate planning, wealth management, and philanthropy.

Key Benefits of an Isle of Man Trust

  1. Asset Protection: An Isle of Man Trust can safeguard assets against potential claims, including those arising from divorce, bankruptcy, or legal disputes. The jurisdiction’s robust Trust laws protect the Trust’s validity, making it a secure option for individuals seeking to safeguard their wealth.
  2. Wealth Succession and Estate Planning: Trusts provide a means of ensuring that the Trust Fund can be distributed according to the Settlor’s wishes, both during their lifetime and after their death. They can help mitigate family disputes and simplify the transfer of assets across generations.
  3. Flexibility: Trusts can be tailored to suit individual or family needs. For example, discretionary Trusts allow Trustees to make decisions about distributions based on beneficiaries’ circumstances, ensuring adaptability over time.
  4. Confidentiality: Unlike Wills, which may become public after probate, Trusts allow the settlor to maintain privacy over their financial affairs.
  5. Philanthropic Endeavours: Isle of Man Trusts may be established with a view in whole or part to supporting causes the Settlor cares about while benefiting from the jurisdiction’s favourable regulatory environment.
  6. Diversification of Asset Management: Trusts enable individuals to separate ownership from management. Professional Trustees can oversee investments, ensuring they align with long-term goals.

Not Just About Tax

While the Isle of Man offers a favourable tax regime in certain circumstances, its Trusts are not solely focused on tax benefits. The jurisdiction has implemented regulation to ensure compliance with international standards, which enhances the legitimacy and integrity of its financial structures.

Case Study

Background: An opportunity arose for the Management Company of a retirement village to purchase the Freehold Title to the properties within a retirement community.

When originally incorporated, the Management Company’s sole purpose was to receive management fees for the upkeep and maintenance of the community. As such, residents were satisfied that the Company’s shareholders be drawn from members of the Company’s board of Directors.

Upon acquisition of the Freehold title, this arrangement was no longer deemed appropriate, as the Company now held sizable assets, which would form part of the shareholders’ personal estates.

Solution: Various options were considered, including issuing shares in the management company to each Leaseholder. However, due to the number of individual Leaseholders, the administrative burden was deemed too high.

Instead, the current shareholders established and settled the shares in the Management Company into an Isle of Man Trust, of which the class of Beneficiaries was defined as the current Leaseholders of various properties within the community.

Outcome: The establishment of the Isle of Man Trust successfully removed the sizable assets from the personal estates of the Management Company’s shareholders, mitigating potential inheritance and succession disputes. It also ensured that the Freehold title was managed collectively and impartially for the benefit of all Leaseholders. The Trust’s professional Trustees provided a neutral and experienced oversight, streamlining administration and enhancing transparency. Leaseholders’ interests were safeguarded, and the arrangement reinforced community harmony by aligning ownership and management with the collective benefit of the retirement village residents.

Conclusion

An Isle of Man Trust is a powerful and versatile financial tool that offers far more than just tax efficiency. It provides a secure and flexible framework for protecting assets, planning for the future, and supporting philanthropic endeavours. If you would like to talk to us about how an Isle of Man Trust might be appropriate for you or your clients, please contact us: advice.iom@dixcart.com. Regulatory Rubric

Dixcart Management (IOM) Limited is Licensed by the Isle of Man Financial Services Authority

Registered in Isle of Man. Company Number 45258

Guernsey Family Investment Companies: A Flexible Wealth Management Solution

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

Get in Touch

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.

An Introduction to Guernsey Foundations: Key Features and Benefits

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.

Guernsey Trust Creation

Guernsey Trusts – Trust Creation and Practical Uses for Estate and Succession Planning

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

German: Einblick in die Treuhandstrukturen von Guernsey: Ein Leitfaden von Dixcart Guernsey

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.

German: Nachlass – und Nachfolgeregelung: Guernsey Treuhandgesellschaften und Stiftungen

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:

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

Portugal 1

Opening a Bank Account in Portugal: Simplifying the Process with Dixcart Portugal

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.