Offshore Trust & Trustee
A trust is a fiduciary arrangement, with the
naming of a trustee whom you assign to manage, distribute, and
report on your holdings.
Many offshore jurisdictions have different rules regarding who
trustees can and cannot be; usually, it is that the trustee(s)
must be residents or citizens of the country in which one
chooses to establish their trust. Sometimes, it is the opposite.
These rules are in place mostly to serve as the reasoning behind
significant tax advantages, as well as identity protection and
other factors.
At GR Offshore, we offer trustee services as part of our trust setup
package, or as a separate service available to all of our
clients. We can work with you to customize your trust structure,
act as trustee, manage and distribute your funds, do all
necessary reporting, and even give you recommendations for your
trust planning.
Types of Trusts
While there are many different kinds of trusts you can
establish, they all have one thing in common - there are three
parties recorded on a trust deed:
1. The Settlor is the person entity whose assets fund the trust.
2. The Trustee is the person or entity who is the administrator
of the trust.
3. The Beneficiary is the person or entity in whose name the
assets are managed.
The first level of distinction between types of trusts separates
them into two categories:
1. Irrevocable - once the trust is established, it cannot be
altered or dissolved.
2. Revocable - the settlor has the right to alter or dissolve
the trust at any time, either by previous arrangement or due to
changed circumstances.
Under these categories, the trustee can be given certain
administrative powers, determined as follows:
1. Discretionary trusts allow the trustee to vary the
disbursement of assets among the named beneficiaries.
2. Fixed interest trusts are determined by the settlor and
cannot be altered by the trustee.
Within this basic framework, there are a practically infinite
number of ways to customize a trust. For more information on how
the establishment of a trust can benefit your portfolio and
secure your assets, contact us today.
To learn more about offshore trusts, and decide which one is
right for your wealth management, click here.
How to Establish an offshore trust account
The procedure for establishing an offshore trust is not very
different than that for an onshore trust. Once you have decided
to set up your offshore trust, please do not hesitate to
contact us to avail yourself of our bespoke trust and
trustee services.
All pertinent information regarding your trust should be
detailed in a Deed of Trust. The elements of a Deed include, but
are not limited to:
- The naming of the Settlor - you, or the person in whose name the trust is being established.
- The naming of the Trustee or Trustees - the person or entity that will act as administrator of the trust and assure all your instructions are carried out as directed.
- The naming of the Beneficiary - while it is not always necessary to give a specific name, the identity of the Beneficiary must be known to the Settlor and the Trustee(s).
- The listing of assets - again, it is not necessary to have this information detailed on the Deed itself, but should be recorded.
Depending on the kind of trust you choose to establish and
the jurisdiction in which it will be recorded, the Deed can
contain a variety of other information - but above are the
essentials for any trust process.
To discover the process of establishing an offshore trust, click
here.
Our Services
We Provide clients with the below value added services: