Gibraltar is a chosen location to set up an offshore trust by many individuals and companies across the globe due to the country’s favorable asset protection conditions. Starting Business can assist you whether you are an individual or corporate entity in setting up a Gibraltar trust to achieve complete and comprehensive asset protection in the most timely and cost effective manner. It is advised that when deciding to create an offshore Gibraltar trust that you seek professional guidance to ensure you choose the most suitable type of trust structure to meet your needs.
Gibraltar trusts are regulated under the applicable legislation which includes the Trustee Ordinance which is based widely on the English Trustee Act 1893. The legal makeup of a Gibraltar trust requires the need of a settlor – who transfers or settles the assets, a trustee – who has the responsibility of managing the assets and carrying out the commandments in the trust deed, a beneficiary – who receives the assets from the settlor, and finally a protector – who will ensure the trust complies with the trust declaration. These four trust parties are essential to the effective and secure management of a trust.
To form a Gibraltar trust the requirement for a Settlor, Trustee, Beneficiary and Protector is essential. In Gibraltar a settlor can be an individual or a legal entity and can also take on the role of the trustee. The trustee of a Gibraltar trust must be of sound mind, act in good will and show due diligence in the administration of the trust. The beneficiaries are stipulated in the trust deed and are the individuals benefiting directly from the trust. It should be noted that beneficiaries of a Gibraltar trust can be added or removed within the life time of the trust. Finally, the protector – also known as a counselor, will provide the necessary guidance for the management of the trust and in many cases will have the responsibility of nominating new trustees.
There are many reasons why creating an offshore Gibraltar trust is a beneficial asset protection solution. Some of the primary benefits of a Gibraltar trust are listed below:
Starting Business consultants boast years of experience in setting up offshore Gibraltar trusts for individuals and companies all over the world. We are dedicated to finding you the most appropriate asset protection and tax planning solution to meet your individual needs and will guide you every step of the way in creating your trust formation. We will provide comprehensive advice to clients and support them with the initial filing of the application forms to advising clients on the most suitable type of trust to set up and guiding clients on how to manage their trust in accordance with relevant trust laws.
For more information on Gibraltar trusts and to proceed with opening one with Starting Business, please view our Gibraltar Trust Formation page.
Alternatively, to find out how Starting Business can assist you with your trust needs, please Contact Us.