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Trusts and Foundations | Devonhirst

1. Expert advice for tax savings.

A trust can avoid inheritance tax, gift tax, wealth tax, transfer tax, and the beneficiaries can receive income and assets free of income and other major taxes.

2. Trusts and Foundations.

We can offer you personal advice on the pros and cons of both trusts and foundations and we help you setup the best option to match your personal circumstances.

3. Offshore global access.

Devonhirst have close relationships with lawyers, tax planners, offshore banks and investment companies in order to give you access to the best solutions tailored for you.

4. One online Devonhirst account.

Once you setup your Devonhirst account you gain access to our legal team, tax planners, offshore banks, investment managers and all other offshore services to grow and protect your wealth.

Trusts and foundations solve a wide range of issues, and the first of them is asset protection. In the case of a correct and timely transfer of property to a trust (fund), it ceases to belong to the person donating it. In this case, it is impossible to take it away even through the courts.

Trusts and foundations are commonly used for inheritance transfer, property structuring, investment, and philanthropy. They are used by the biggest family offices. In today's world, it is reasonable to use both options and even a hybrid trust and foundation structure using offshore companies or LLCs.

What is the main difference between trusts and foundations? When comparing offshore trusts vs. foundations we first should point out that a Trust is a private contract, while a Foundation is a legal entity of its own.

Simply put, trusts allow you to separate legal ownership (the name on the certificate) from beneficial ownership (the right to enjoy the asset) in such a way that the rights of all parties are protected. The law recognises both forms of ownership.

Trusts and Foundations – your questions answered:

1. What about taxes for a trust?

The income of the trust is reported directly on the tax return of the current beneficiaries. Because it is a grantor trust, which is a trust in which the creator (or grantor) keeps some interest in the income and funds inside of the trust. It is not recognized as a separate taxable entity separate from the grantor for tax purposes. It is, thus, “Income Tax Neutral” to the grantor. So, the for tax purposes, it is equivalent to holding the funds in your name. From an asset protection standpoint, however, it is the difference between keeping and not keeping your own money. It can also pass real estate tax deductions and mortgage interest deductions to your personal tax return.

2. Who is a company manager?

A General Trust Licence holder is an entity which holds a valid general trust licence as prescribed by the Banks and Trust Companies Act, 1990 and enables the holder to carry on trust business without restrictions. Trust business as defined by this Act means "the business of (a) acting as a professional trustee, protector or administrator of a trust or settlement, (b) managing or administering any trust or settlement, and (c) company management as defined by the Company Management Act, 1990.

3. What is the difference between a trust and a foundation?

What is Trust?

A trust is a relationship where a property is held by one party for the benefit of another party. A trust is created by the owner, also called a "settlor", "trustor" or "grantor" who transfers property to a trustee, The trustee holds that property for the trust's beneficiaries.

What is Foundation?

A foundation is a type of entity that is a cross-breed between a trust and a corporation, however, it is neither, rather as a separate legal entity, has the capacity to execute rights and acquire obligations. It is created by a declaration of the Founder and generally has as a purpose the preservations of assets for benefit of the Founder or Beneficiaries.

4. What is an authorised agent?

An Authorised Agent is a person designated by a trust company to act as an intermediary between the licence holder and the Commission.

5. What is a registered agent?

A registered agent as defined by the International Business Companies Act ("IBCA") means "the person who is at any particular time performing the functions of registered agent of a company incorporated under this Act pursuant to subsection (1) of section 39" (of the IBCA).

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We have years of experience in assisting clients to setup trust and foundations. We have also built solid relationships with over global law firms, offshore banks and tax planners in more than 25 offshore jurisdictions. Get started today and apply for your Devonhirst account with our easy online application process.

A Devonhirst account gives you access to a huge number of offshore services and investment products.

We have a large team of financial experts specialising in all aspects of offshore financial planning and investment management.

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