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.
Isaac Sackler left his three sons close to nothing “apart from their good name” ... Yet the first third of “Empire of Pain ... The company was relatively poor, and the families’ wealth stashed in multiple trusts, many of them offshore ... Its settlement offer was to run the company as a trust, distributing earnings from the sale of drugs, including opioids.
She claimed that Temur plotted with his father to prevent her getting it by either receiving vast sums himself or helping him to hide it in a series of offshore trusts ... plan to 'evade and frustrate' his ex by moving the 377ft vessel between an array of offshore companies.
Looking at offshore equity markets, the Dow Jones Industrial Average was up about 9% in US dollars for the quarter and 57% for the 12 months ... Over the 12 months to March 31, however, it strengthened by about 22%, which means that the performance of offshore investments may have been lower than expected in rand terms.UNIT TRUSTS.
Deep-water offshore wind development is being hindered by a focus on floating wind at the expense of fixed-bottom or buoyant foundations ... could floating turbines reshape offshore renewables? ... The Carbon Trust has found that development at deep water sites of over 60m would boost European offshore wind capacity by 4TW and US capacity by 2TW.
Under Lai, Huarong moved beyond its original mandate of helping banks dispose of bad debt, raising billions of dollars from offshore bondholders and expanding into everything from trust companies to securities trading and illiquid investments.
WHAT ARE OFFSHORE ACCOUNTS AND HOW ARE THEY USED? ... Companies or trusts can be set up in offshore locations for legitimate uses such as business finance, mergers and acquisitions and estate or tax planning, according to the global money laundering watchdog, the Financial Action Task Force.
In the indictment, prosecutors claim the attorney helped Smith create a network of offshore trusts and LLCs in Belize and the Caribbean island of Nevis to conceal about $225 million in income Smith had earned from capital gains from 1999 until 2014 ... He then allegedly set it up such that the trust, rather than Smith, officially owned Flash Holdings.
By Jean du Toit ...Recent changes to expatriate tax procedures and Sars’ dramatically improved auditing capabilities mean the exit process is more stringent than ever ... In addition, Sars used to breeze over trusts. These days, it will request its assets and liabilities statements, list of shareholders and disclosure of any offshore assets it may have.
What if a rich person steals money from people and then parks it in an offshore trust or some other type of account or asset? There is a law professor at the University of Richmond named AllisonTait who describes this as "high-wealth exceptionalism." ... So what do you do? You move it into an offshore tax haven.
As a result, we’ve become a go-to trusted advisor to the C-suite, working with innovative CTOs, CDOs and CIOs for a wide range of data engineering and analytics services on their digital transformation path,” said Kerem Koca, co-Founder and co-CEO of Blue.cloud ... He most recently held senior executive leadership positions at NorthernTrust and HSBC.
Moreover, Indian private industry giants such as ONGC VideshLimited, which have already acquired 10 percent stakes in UAE offshore oilfields, could also be persuaded to venture into the defense sector. As these private players are already trusted partners in the region in oil extractions, their mandate can be extended to the defense sector as well.
By Jean Du Toit. Sars has taken a critical step in rebuilding the revenue authority by launching a massive recruitment drive ...Words into action ... Wealthy taxpayers no. 1 on Sars’ list ... The once far off idea of lifestyle audits, detection of offshore assets and the untangling of complex trust structures is now a reality ... Criminal prosecution.
Bilionários americanos acumularam riqueza e poder que distorcem a democracia – enquanto milhões foram lançados na pobreza. Chuck Collins... ... Nenhuma dessas propostas terá sucesso a menos que os EUA acabem com as brechas fiscais, os paraísos fiscais offshore e as chamadas "dynasty trusts" que permitem aos ultra-ricos esconder sua riqueza ... .