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.
... if they prevailed on their claims, [face] serious issues about being able to collect,” he said.That is “only because the Sacklers have taken the money offshore, right?” said JusticeKetanji Brown Jackson, referring to the overseas trusts where much of the family’s wealth is held.
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If you are a tax resident in Brazil and own an offshore company or trust, taxes are only applicable when the entity distributes profits to you ... However, if you are a tax resident in Brazil and own an offshore company or trust, you will be subject to individual taxes on any profits attributed to you, regardless of whether they are distributed.
Between 2008 and 2016 they upped Purdue’s distributions to family trusts and holding companies, draining about $11bn from the firm—in what one family member described as “more of a smart milking programme than a growth programme” ... But less than half voted ... Recovery of the whole fortune may be impossible since much of it is stashed in offshore trusts.
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Documents indicate tens of millions of pounds of PPE Medpro’s profits were later transferred to a secret offshore trust of which Mone and her adult children were the beneficiaries ... from PPE Medpro’s profits then transferred £29m into a trust for Mone and her three adult children.
Neill faced the jail time because almost $4million he received for the sale of a 144-acre property was transferred to his offshore trust - but he had no idea money the came to him because he mistakenly believed the property had already been repossessed. He is now trying to locate those funds. 'My head was a mess ...New York TimesAustralia Football. .
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Personal Finance experienced strong single premium guaranteed annuity sales and higher recurring premium savings sales ...Gross flows grew by 8% mainly due to higher inflows in Old MutualAfricaRegions following a higher demand for offshore investments in Namibia as well as new man-dates secured and higher unit trust sales in East Africa.
Lord Cameron must reveal the extent of his links to a Chinese-backed enterprise, ministers have been told ... The Labour frontbencher added. “If not, will the Government now investigate this to see if all such matters, including any use of offshore trusts, were properly declared and taken into account before this appointment was made?” ... .