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Trusts in Prime Jurisdictions, 5th Edition

Trusts in Prime Jurisdictions, 5th Edition

Author: Alon Kaplan; Barbara R Hauser
Publisher: Globe Law and Business
ISBN: 9781787422988

Previous Edition ISBN: 9781911078081
Published In: December 2019
Format: Hardback , 880 pages
Jurisdiction: Australia, Bahamas, British Virgin Islands, Canada, Cayman Islands, Cyprus, Gibraltar, Guernsey, Hong Kong, India, International, Israel, Japan, Jersey, Liechtenstein, Luxembourg, Malta, New Zealand, Scotland, Singapore, Switzerland, U.K., U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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As globalisation continues apace, opportunities are arising for practitioners in trust jurisdictions that did not exist a few years ago. Growth continues in the traditional trust jurisdictions, especially in civil law jurisdictions where trusts and foundations have previously been used in a limited capacity. In parallel, the concept of the foundation has been adopted by several common law jurisdictions that, until recently, have relied exclusively on trusts – notably Jersey and Gibraltar.

The fifth edition of Trusts in Prime Jurisdictions has been fully updated and features a number of new chapters on topics including trust and real estate trust in Israel, what it means to be a fiduciary family office, the role of the trust protector, Islamic (Waqf) trusts, and trusts in relation to divorce. In addition, new for this edition are chapters on Germany and Bermuda.

Produced in association with STEP, this edition provides an essential resource in the use of trusts in a wide range of important jurisdictions and contexts. It also examines related topics such as trust taxation, anti-money laundering laws, the OECD initiative, CRS, exchange of information, transparency of registers and the notion that countries are entitled to collect taxes beyond their borders, among others.

Written by leading professionals and recognised academics, many of whom are STEP members, the fifth edition of Trusts in Prime Jurisdictions will be an essential resource for all lawyers, trust practitioners and banking professionals working in the field.

Preface

Introduction Alon Kaplan Barbara R Hauser

Part One: Introduction

Hague Convention Hein Koetz Max-Planck Institut, International Academy of Comparative Law

The Hague Convention on Trusts and the Uniform Code Michael W Galligan Phillips Nizer LLP

Part Two: Jurisdictional Overview

Australia Allan Blaikie Mathew Fenwick Clayton Utz

Bermuda Keith Robinson Carey Olsen

British Virgin Islands Christopher McKenzie Vanessa King O’Neal Webster

Canada Rachel Blumenfeld Martin J Rochwerg Miller Thomson LLP

Cyprus Emily Yiolitis Harneys Aristodemou Loizides Yiolitis LLC

Cayman Islands Bernadette Carey Carey Olsen

England and Wales Martyn Gowar Ziva Robertson McDermott Will & Emery UK LLP

Germany Raoul Jacobs Bafin

Guernsey Natasha Kapp Nina Silva Carey Olsen

Gibraltar Moses J Anahory Wayne Fortunato James Levy QC Hassans

Hong Kong

India Ravi Nath Rajinder Narain & Co

Israel Lyat Eyal Aronson, Ronkin-Noor, Eyal Law Firm Alon Kaplan Advocate and Notary Meytal Liberman Alon Kaplan Law Firm

Japan Makoto Arai Chuo University, Tokyo

Jersey Justin Harvey-Hills Mourant Ozannes Oliver Schmidt Allgemeines Treuunternehmen

Liechtenstein trusts and foundations: creation and operation Dietmar Loretz Jacqueline Marxer David Vogt &

Partner Trust reg

Luxembourg Paulo Panico Paolo Panico’s Law Chambers – Private Trustees SA

Malta Priscilla Mifsud Parker Chetcuti Cauchi Advocates

New Zealand

Quebec Marilyn Piccini Roy Robinson Sheppard Shapiro LLP

Scotland Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA

Switzerland Dominique Jakob University of Zurich Peter Picht Max Planck Institute for Innovation and Competition; University of Zurich

The use of trusts in Switzerland Daniel Bader Daniel Leu Baer & Karrer Ltd

United States Barbara R Hauser Independent Family Adviser

The use of trusts for estate planning in the US Stanley A Barg Kozusko Harris Duncan

Part Three: Special Topics

Asset protection trusts Gideon Rothschild Moses & Singer LLP

International trust litigation, jurisdiction and enforcement David Faust Faust Oppenheim LLP

The trustee as fiduciary: some practical considerations David Faust Faust Oppenheim LLP

Fiduciary responsibility Susan Schoenfeld Wealth Legacy Advisors LLC

Trusts, trustees and family businesses Christian Stewart Family Legacy Asia (HK) Limited

Settlor control and influencethrough the use of settlorreserved powers and private trust companies Paul Matthams Carey Olsen

The UK Tax Treatment of Offshore Trusts Maggie Gonzalez Buzzacott LLP

Trusts and money laundering Yehuda Shaffer Deputy State Attorney (Financial Enforcement) Israel

International Family Governance Integration with Family Trusts Barbara R Hauser Independent Family Adviser

Trust and Divorce Ziva Robertson McDermott Will & Emery UK LLP

The trust protector – a mini revolution in trust law Alexander A Bove Jr Bove & Langa Law Firm

The war on trusts Filippo Noseda Withers LLP

Beneficial ownership registers of companies and trusts Paolo Panico Paolo Panico’s Law Chambers – Private Trustees SA

General editor: Alon Kaplan, Advocate & Notary. Advisory editor: Barbara R Hauser, independent family adviser

Consulting editor
Advocate & Notary	Alon Kaplan TEP
Advisory editor
Barbara R Hauser LLC	Barbara R Hauser
Contributing firm	Author(s)
Anchor Trustees Limited	Michael Reynolds
Aronson Ronkin-Noor Eyal Law Firm	Lyat Eyal
Baer & Karrer Ltd	Daniel Leu
	Daniel Bader
Bove & Langa Law Firm	Alexander A Bove Jr
Buzzacott LLP	Maggie Gonzalez
Carey Olsen	Natasha Kapp
	Nina Silva
Carey Olsen Jersey	Paul J Matthams
Chetcuti Cauchi Advocates	Priscilla Mifsud Parker
Chuo University	Makoto Arai
Clayton Utz	Allan Blaikie
	Natalie Hickman
David Vogt & Partner Trust reg	Dietmar Loretz
Deputy State Attorney financial enforcement Israel	Yehuda Shaffer
Drew & Napier LLC	David Chee
	Seah Ching Ling
Family Legacy Asia HK Limited	Christian Stewart
Faust Rabbach & Oppenheim LLP	David I Faust
Harneys Aristodemou Loizides Yiolitis LLC	Emily Yiolitis
Hassans	Moses J Anahory
	Wayne Fortunato
	James Levy QC
Hebrew University of Jerusalem	Gad Weiss
	Adam S Hofri Winogradow
Judge in the Shariah Court in Nazareth and Baqa, Israel	Judge Mohammad Abu Obied
Kozusko Harris Duncan	Stanley A Barg
Maples and Calder	Nigel Porteous
Max Planck Institute	Hein Kotz
Max Planck Institute for Innovation and Competition University of Zurich	Peter Picht
McDermott Will & Emery UK LLP	Martyn Gowar
	Ziva Robertson
Miller Thomson LLP	Rachel L Blumenfeld
	Martin J Rochwerg
Moses & Singer LLP	Gideon Rothschild
Mourant Ozannes	Justin Harvey Hills
O’Neal Webster	Vanessa King
O’Neal Webster UK LLP	Christopher McKenzie
Old Trafford Consulting Ltd Nova Private Client LLP	Geoffrey Shindler
Peter D Maynard Counsel & Attorneys	Peter D Maynard
Phillips Nizer LLP	Michael Galligan
Private Trustees SA	Paolo Panico
Rajinder Narain & Co	Ravinder Nath
Robinson Sheppard Shapiro	Marilyn Piccini Roy Ad E
Society of Trust and Estate Practitioners (STEP) Worldwide	David Harvey
University of Zurich	Dominique Jakob
Wealth Legacy Advisors LLC	Susan R Schoenfeld
Withers LLP	Philip Munro
	Filippo Noseda

Review for previous edition: A valuable one-volume resource for practitioners who may have any reason to consider, or may even be consulted about, trusts in a jurisdiction other than their own.

Alexander A Bove
Trusts & Estates

A treasure of information including updated legislations are at the reader’s disposal,thus making this book a must have, and not to just be seen on the shelves of trust practitioners.

Dr Angelo Vernardos TEP
Founder & CEO, Heritage Trust Group

Author interviews

In interview with Alon Kaplan

Now that the book is in its fourth edition, have you noticed any key differences since the previous editions?

The book was first published in 2000, at which time the trust and estate practice environment was calm and off shore jurisdictions were flourishing even before they changed their name to “financial centers”.

In 2016 we see dramatic changes in many jurisdictions:

The new EU Regulation on Succession and wills became effective in August 2015 and could affect many people in EU countries and outside the EU. New regulations relating to reporting requirements of Trusts were enacted in many countries. OECD implemented automatic exchange of information rules.
Tax Authorities in a number of countries conduct Voluntary Disclosure procedures in an attempt to collect taxes from undeclared assets owned by its residents.
Trust and estate practitioners as well as financial institutions must adapt to these new realities in order to best serve their clients. The format and contents of the book was revised and updated to cope with the new challenges.

What would be your top tips for anyone considering setting up a trust?

Most important is to get the full set of facts right. What is the purpose for creating a trust, who are the parties involved (settlor and beneficiaries), and the choice of law of the trust and the jurisdictions where the trust is created and will operate.

As general editor and able to take a birds-eye view of trusts in different jurisdictions, do you see any general trends in the trusts space?

The general trend is to establish trusts for family and estate planning purposes rather than for use in tax planning.

What is your view on the perspective that trusts are currently under attack?

It is wrong to state that "trusts are under attack". The concept and legal structure of a trust is accepted in many countries (U.K., U.S.A, Canada, Australia etc.) The debate relating to trusts is not whether they should be used, but if and when a trust is misused for aggressive tax planning or for illegal activities. This is a problem which is not only related to trusts, but also and more often, to the use of companies. The legitimate use of trusts for estate planning and preservation of family assets for generations is here and will continue to stay.