Running an onshore or offshore business can be a tricky task. Regulations and laws between countries vary and one can get easily lost in the amount of information out there. We source the best and up to date news from offshore and onshore world, international tax, accounting and banking industries. On top of that, we share our own thoughts and views on all topics mentioned above. We hope you will enjoy our blog and find it valuable.
Coutts, the NatWest-owned private bank reputed to have the British monarch as its client, has raised its minimum client threshold from the previous £1 million to £3 million (€3.44 million, $4.05 million) in available assets (investments or cash savings).
As mentioned in the previous parts of our series, Trusts serve as an essential tool for asset protection, tax efficiency and long-term legacy succession planning.
If the Trust Deed is the skeleton of the trust legal structure, the Letter of Wishes (LoW) is its heart, providing the intent and philosophy behind the Settlor’s decisions, acting as a personal guide for the Trustee.
The primary appeal of a trust is the asset protection and privacy it provides. Because assets held in a trust are no longer technically owned by the settlor, they are often shielded from personal creditors and lawsuits.
A trust is a fiduciary relationship built around three primary roles in which one party, the Settlor or Grantor, transfers legal title of assets -such as real estate, stocks, or cash- to a second party, the Trustee (individual or corporate) to hold and manage them for the benefit of a third party, the Beneficiary or more beneficiaries.
OHADA stands for Organisation pour l’Harmonisation en Afrique du Droit des Affaires (Organisation for the Harmonisation of Business Law in Africa) was established in 1993.
