Generally offshore trusts are similar in nature and effect to their onshore counterparts; they involve a settlor transferring (or 'settling') assets (the 'trust property') on the trustees to manage for the benefit of a person, class or persons (the 'beneficiaries') or, occasionally, an abstract purpose. However, a number of offshore jurisdictions have modified their laws to make their jurisdictions more attractive to settlors forming offshore structures as trusts. Liechtenstein, a civil jurisdiction which is sometimes considered to be offshore, has artificially imported the trust concept from common law jurisdictions by statute.
Uses of offshore trusts
Official statistics on trusts are difficult to come by as in most offshore jurisdictions (and in most onshore jurisdictions), trusts are not required to be registered, however, it is thought that the most common use of offshore trusts is as part of the tax and financial planning of wealthy individuals and their families. For instance, the founder of Wonga.com, Errol Damelin holds his shares through Castle Bridge Ventures, a trust based in the British Virgin Islands. While the family behind the Nando's restaurant chain, the Enthovens, reportedly use trusts in the Channel Islands as part of their financial planning. Other users of offshore trusts include Sir Ken Morrison, the British supermarket magnate, the Rothermere family who own the Daily Mail group and the late Bruce Gyngell who founded TV-am.
Such schemes tend to be run as offshore employee benefit trusts, but the operators of them usually rely on UK-based, non-complaint umbrella companies to onboard contractors who may or may not know that they have been enrolled in a disguised remuneration scheme.
"The design builds on learnings from our low emission research and development project funded by the Carbon Trust’s OffshoreWindAccelerator, and, working with North Star, we have been able to develop an effective hybrid vessel that will live up to the demands of offshore ...
"While the Philippines is still in the early stages of its offshore wind journey, the DOE had already awarded development rights to initial projects in the northern and central areas of the country," said the DoE in a statement ... the country's massive offshore wind potential.
A report issued by the Carbon TrustFloatingWindJointIndustryProject (JIP) provides the findings of the group’s study on the technical opportunities and challenges for the floating offshore wind sector as it moves toward commercial-scale farms ... Wind at the Carbon Trust.
The MPs’ letter, seen by Computer Weekly, states ... These loan-based remuneration schemes were typically run by offshore employee benefits trusts, and were often erroneously marketed as being an HMRC-compliant means for contractors to bolster their take-home pay, with contractors often advised to join such schemes by respected tax advisers ... It added.
LauraAbbott has joined Shoosmiths to lead the firm’s disputed wills and trusts team in Birmingham... She has also completed the Association of Contentious Trust and ... He has extensive experience in UK inheritance tax, UK resident and offshore trust taxation, and non-UK domiciles.
July 8, 2021 - United States lawyers may need to litigate trust proceedings involving businesses or family assets in offshore jurisdictions if the trust in question is domiciled in one of those jurisdictions ... In this regard many of the offshore courts have considered the administrative nature of many trust applications.
While OceanWind 1 has already laid the foundation for small, women-owned and minority owned businesses to enter in the developing offshore wind industry with its $15 million Pro-NJ Grantor Trust, Ocean Wind 2 expands upon the commitment to ensure a strong and inclusive industry.
In a bourse filing before markets opened, the property giant said it was "one of a select few" wholly foreign-owned enterprises to do so ... This will help to further diversify our domestic investor base in China and complement our existing offshore capital platforms such as CapitaLand China Trust and portfolio of private funds." ... More on this topic. �.
Overshadowing any operational result from Naspers and Prosus is the increasing concern around capital allocation and management incentives that have destroyed shareholder value for more than a decade ... SA unit trusts have been able to invest directly offshore for many years and could easily have bought Tencent directly instead of Naspers ... .
Some Chinese trust firms - the second-biggest lenders to Evergrande after banks - have also been reassessing their exposure to the company, people familiar with the matter said ... Both firms are among the 10 largest providers of trust loans to the developer.