Trusts and Related Tax Issues in Offshore Financial Law
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Product details:
- Publisher OUP Oxford
- Date of Publication 7 April 2005
- ISBN 9780199252220
- Binding Hardback
- No. of pages554 pages
- Size 252x175x35 mm
- Weight 1109 g
- Language English 0
Categories
Short description:
Offshore trusts are important creations of offshore financial centres and significant departures from traditional common law trusts. They are vehicles for tax planning, estate planning, anti-forced heirship, asset protection, and broader investment, which operate within a special legal framework, embodying radical legal concepts. This book examines the relevant legislation, case-law, and public policy issues, providing a valuable resource for practitioners and academics in this
complex and growing area.
Long description:
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.
Table of Contents:
PART I - FUNDAMENTALS OF THE OFFSHORE TRUST
Introduction - The Place of the Offshore Trust in the Offshore Financial Centre
Anatomy and Functions of the Offshore Trust
Special Trust Vehicles
The Role and Powers of the Offshore Protector
Questions of Legitimacy and the Offshore Trust
Acceptance of the Offshore Trust
PART II - CHALLENGES TO THE OFFSHORE TRUST AND COMMON PITFALLS TO AVOID
Disclosure and Confidentiality Obligations
The Offshore Trust as a Sham
The Law on Fraudulent Conveyances and the Offshore Trust
Duties of Trustees in Managing Offshore Trusts
Liability of Third Parties to the Trust
Liability of Directors of Offshore Corporate Trustees
PART III - THE OFFSHORE TAX FUNCTION
Responses to the Tax Function of Offshore Trusts
Overview of Statutory Tax Countermeasures against Offshore Trusts
Judicial Engineering of the Tax Function of Offshore Trusts
Bilateral Routes to the Tax Function and the Question of Sovereignty
Duties of Offshore Trustees in Relation to Tax
PART IV - THE CONFLICT OF LAWS AND THE OFFSHORE TRUST
Transplanting the Common Law Trust- Conflict of Laws and the Acceptance of the Offshore Trust
Jurisdiction over the Offshore Trust
The Proper Law of the Offshore Trust
Recognition of the Offshore Trust in Civil Law Countries
Rights to Succession- Forced Heirs and the Offshore Trust
Capacity to Create the Offshore Trust and Initial Transfers of Assets
The Non-enforcement of Foreign Judgments under Offshore Trust Law
