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Trusts and Related Tax Issues in Offshore Financial Law

Trusts and Related Tax Issues in Offshore Financial Law

Author: Rose-Marie Antoine
Publisher: Oxford University Press
ISBN: 9780199252220
Published In: April 2005
Format: Hardback , 554 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Deals specifically with the offshore trust, providing the specialist financial advisor and practitioner with detailed and focused information on this valuable financial product
Offers a comprehensive examination of both the statutory origins and expanding case-law in this area, thereby enabling practitioners to source both innovative and workable solutions
Assesses the key practical considerations of the offshore trust such as tax planning, asset protection, and confidentiality

The offshore financial centre remains one of the most important and intriguing new phenomena in the international financial sector today, accounting for billions of investment dollars worldwide. One of the key financial products that the sector has spawned is the offshore trust. A statutory creation, the offshore trust is a significant departure from the traditional English common law trust. This modern trust, which serves as an important vehicle for tax planning, estate planning, asset protection, and broader investment objectives in offshore jurisdictions, operates within a special legal framework. It embodies significant and often radical concepts, such as the purpose trust, and trusts created specifically to avoid forced heirship regimes. This book examines this complex legal framework and the corresponding jurisprudence in detail, providing a valuable resource tool for the practitioner and academic alike.

The offshore trust is a fairly new creature, and thus several controversial questions arise. This book offers an honest appraisal of such questions, examining the offshore trust from both its statutory origins and comparatively, taking into account common law presumptions about the trust. This enables the practitioner to source workable solutions to the inevitable conflicts that arise. Public policy concerns are also addressed.

Offshore trusts have not been insulated from broader questions surrounding offshore financial centres. These are also discussed, particularly in relation to their tax planning, asset protection, and confidentiality functions. The responses to these questions coming from an ever-increasing body of case law and legislation, are also examined.

Readership: Trust, tax, and offshore finance specialists in the UK and worldwide; practitioners, judges, academics, post-graduate and final-year undergraduate students, bankers, government regulators, and international financial regulators (OECD/ World Bank/ IMF); reference libraries in the UK and worldwide.

PART I - FUNDAMENTALS OF THE OFFSHORE TRUST
1: Introduction - The Place of the Offshore Trust in the Offshore Financial Centre
2: Anatomy and Functions of the Offshore Trust
3: Special Trust Vehicles
4: The Role and Powers of the Offshore Protector
5: Questions of Legitimacy and the Offshore Trust
6: Acceptance of the Offshore Trust
PART II - CHALLENGES TO THE OFFSHORE TRUST AND COMMON PITFALLS TO AVOID
7: Disclosure and Confidentiality Obligations
8: The Offshore Trust as a Sham
9: The Law on Fraudulent Conveyances and the Offshore Trust
10: Duties of Trustees in Managing Offshore Trusts
11: Liability of Third Parties to the Trust
12: Liability of Directors of Offshore Corporate Trustees
PART III - THE OFFSHORE TAX FUNCTION
13: Responses to the Tax Function of Offshore Trusts
14: Overview of Statutory Tax Countermeasures against Offshore Trusts
15: Judicial Engineering of the Tax Function of Offshore Trusts
16: Bilateral Routes to the Tax Function and the Question of Sovereignty
17: Duties of Offshore Trustees in Relation to Tax
PART IV - THE CONFLICT OF LAWS AND THE OFFSHORE TRUST
18: Transplanting the Common Law Trust- Conflict of Laws and the Acceptance of the Offshore Trust
19: Jurisdiction over the Offshore Trust
20: The Proper Law of the Offshore Trust
21: Recognition of the Offshore Trust in Civil Law Countries
22: Rights to Succession- Forced Heirs and the Offshore Trust
23: Capacity to Create the Offshore Trust and Initial Transfers of Assets
24: The Non-enforcement of Foreign Judgments under Offshore Trust Law

Rose-Marie Antoine, Programme Director and Senior Lecturer in Law, University of West Indies

"This book will be of considerable interest to a wide range of legal academics and practitioners...Finance lawyers will find this book to be an authoritative source of information on offshore trusts and a convenient tool for comparing the competing versions of offshore trusts on offer." - JIBLR