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The Global Guide to Trusts

The Global Guide to Trusts A Systematic Analysis of the Legal Regime and Tax Treatment of Trusts in 21 Jurisdictions

  • Author:
  • Publisher: Academy & Finance
  • ISBN: 9782970060291
  • Published In: May 2017
  • Format: Hardback , 368 pages
  • Jurisdiction: Argentina, Australia, Belgium, Brazil, Canada, France, Germany, Hong Kong, India, Indonesia, International, Israel, Italy, Mexico, Netherlands, New Zealand, Portugal, Russia, Spain, Switzerland, U.K., U.S. ? Disclaimer:
    Countri(es) stated herein are used as reference only
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  • Contents 
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    The massive and growing increase in the use of trusts for estate planning and asset protection, particularly in civil law jurisdictions make it increasingly important for wealth planning practitioners to understand the complexity of the legal regime and the tax treatment of trusts worldwide and to plan for optimal specific solutions in each cross-border operations. International tax planning stands to be enormously enhanced by the kind of analysis presented in this one-of-a-kind guide, combining as it does detailed answers on the tax treatment of trusts in 21 jurisdictions and practical guidance on international tax planning involving the use of trusts. The Global Guide to Trusts represents the work of a team of outstanding tax practitioners under the editorship of a leading trust specialist. It facilitates the understanding of international tax issues and provides specific guidance in several facets of international taxation of trusts.

     

    21 Jurisdictions includes:

    Argentina, Australia, Belgium, Brazil, Canada, France, Germany, Hong Kong, India, Indonesia, International, Israel, Italy, Mexico, Netherlands, New Zealand, Portugal, Russia, Spain, Switzerland, U.K., U.S.

     

    Summary
    For each jurisdiction, the author answers the same set of 22 questions.

    Legal Considerations
    1. What is the legal system based on in your jurisdiction?
    2. Is the concept of trust part of your domestic law?
    3. Has your country ratified the Convention on the Law Applicable to Trusts and on their Recognition?
    4. When the answer to the above two questions is negative, is a trust created under foreign law recognised as such? Alternatively, is the trust (or trustee) analogised to any specific type of domestic person or comparable entity?
    5. Are there “similar” or comparable legal structures which can be used in your jurisdiction instead of a trust for estate planning purposes?
    6. What legal constraints should be taken into consideration when transferring assets into a trust?
    7. Can a trust acquire property in its own name and be registered as such when registration is required? If not, can this be achieved, indirectly (for example, through a domestic or foreign corporation)? Tax Considerations
    8. What are the main taxes which are relevant in respect of trusts?
    9. Has your jurisdiction developed specific tax rules to deal with trusts? As a general principle is the trust taxable as such or is it fiscally transparent with all or some taxes due differently according to the nature of the trust?
    10. Are domestic and foreign trusts treated differently in relation to tax?
    11. When is a trust considered to be resident for tax purposes in your jurisdiction?


    Tax treatment of the creation of a trust
    12. What are the tax consequences of the creation of a trust?
    13. Are any transfer and/or capital gains tax due upon lifetime or testamentary transfers of assets to trusts?
    14. Is the treatment different depending on whether the transfer is made to a revocable or irrevocable trust? To a life interest or to a discretionary trust? Tax treatment of income and capital gains
    15. Is a trust a taxable entity?
    16. If not, who is subject to income/capital gains taxes in respect of the trust’s income and gains? Tax treatment of distribution from a trust to its beneficiaries
    17. What taxes apply to distributions of trust income to resident/non-resident beneficiaries?
    18. What taxes apply to distributions of capital gains from a trust?
    19. What taxes apply to distributions of capital from a trust? Tax implications of settlor’s death
    20. What are the tax implications for the trust, trustee, settlor’s estate and/or beneficiaries of the settlor’s death? Tax implications of the termination of a trust
    21. What are the tax implications for the trust, trustee, settlor and/or beneficiary on termination of a trust? Reporting obligations
    22. Are the trust, trustees, settlors and/or beneficiaries subject to reporting obligations in relation to the trust?

  • Table of Contents

    Each chapter is structured in the same way around the same following questions 1 to 22.


    Legal Considerations

    1. What is the legal system based on in your jurisdiction?

    2. Is the concept of trust part of your domestic law?

    3. Has your country ratified the Convention on the Law Applicable to Trusts and on their Recognition (hereafter “the Convention”)?

    4. When the answer to the above two questions is negative, is a trust created under foreign law recognised as such? Alternatively, is the trust (or trustee) analogised to any specific type of domestic person or comparable entity?

    5. Are there “similar” or comparable legal structures which can be used in your jurisdiction instead of a trust for estate planning purposes?

    6. What legal constraints should be taken into consideration when transferring assets into a trust?

    7. Can a trust acquire property in its own name and be registered as such when registration is required? If not, can this be achieved indirectly (for example, through a domestic or foreign corporation)?


    Tax Considerations

    8. What are the main taxes which are relevant in respect of trusts?

    9. Has your jurisdiction developed specific tax rules to deal with trusts?

    As a general principle is the trust taxable as such or is it fiscally transparent with all or some taxes due differently according to the nature of the trust?

    10. Are domestic and foreign trusts treated differently in relation to tax?

    11. When is a trust considered to be resident for tax purposes in your jurisdiction?

     

    Tax treatment of the creation of a trust

    12. What are the tax consequences of the creation of a trust?

    13. Are any transfer and/or capital gains tax due upon lifetime or testamentary transfers of assets to trusts?

    14. Is the treatment different depending on whether the transfer is made to a revocable or irrevocable trust? To a life interest or to a discretionary trust?


    Tax treatment of income and capital gains

    15. Is a trust a taxable entity?

    16. If not, who is subject to income/capital gains taxes in respect of the trust’s income and gains?


    Tax treatment of distribution from a trust to its beneficiaries

    17. What taxes apply to distributions of trust income to resident/ non-resident beneficiaries?

    18. What taxes apply to distributions of capital gains from a trust?

    19. What taxes apply to distributions of capital from a trust?


    Tax implications of settlor’s death

    20. What are the tax implications for the trust, trustee, settlor’s estate and/or beneficiaries of the settlor’s death?


    Tax implications of the termination of a trust

    21. What are the tax implications for the trust, trustee, settlor and/or beneficiary on termination of a trust?


    Reporting obligations

    22. Are the trust, trustees, settlors and/or beneficiaries subject to reporting obligations in relation to the trust?

  • ARGENTINA Javier Canosa, Canosa Abogados
    AUSTRALIA Allan Blaikie & Natalie Hickman, Clayton Utz
    BELGIUM Jacques Malherbe, Simont Braun
    BRAZIL Giancarlo Matarazzo &Tatiana Fernandes Bomfim, Pinheiro Neto Advogados CANADA Marty Rochwerg, Wendi Crowe & Rahul Sharma, Miller Thomson
    FRANCE Jean-Marc Tirard
    GERMANY Dr. Christian von Oertzen & Dr. Marcel Lemmer, Flick Gocke Schaumburg
    HONG KONG William Ahern, Family Capital Conservation
    INDIA Daksha Baxi & Shabnam Shaikh, Khaitan & Co
    INDONESIA Freddy Karyadi, ABNR Law
    ISRAEL Shaul Grossman, Meitar Liquornik Geva Leshem Tal
    ITALY Nicola Saccardo, Maisto e Associati
    MEXICO Miguel Jáuregui Rojas, Jáuregui y Del Valle
    NETHERLANDS Thijs Clement, Van Doorne N.V.
    NEW ZEALAND John W. Hart, John W Hart Limited
    PORTUGAL Jorge de Abreu & Cidália Conceição, Abreu & Marques e Associados
    RUSSIA Dmitry A. Pentsov, Froriep
    SPAIN Florentino Carreño, Cuatrecasas, Goncalves Pereira
    SWITZERLAND Xavier Oberson, Oberson Abels
    UK Clare Maurice, Maurice Turnor Gardner
    USA Ryan M. Harding, McDermott Will & Emery & Christiana Lazo, Ropes & Gray

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