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Short news and ideas

Will there be any point in having offshore Trusts in the future?


01/07/2016

Van-e értelme az offshore trust-oknak a jövőben, az automatikus infromációcsre egyezmények megkötését követően?International Trusts, established primarily for asset protection purposes, can not be considered as companies, since they do not have separate legal personality. In reality, the Trust is a private legal agreement between the Settlor and the Trustee, on the basis of which the Trustee takes possession and control of the assets for the benefit of the Beneficiaries. It is this peculiar nature which leads the exchange of banking information agreements to treat Trusts differently from private individuals or companies.

The most significant difference is that in the case of Trusts, the majority of banks will only file a report if there was actual financial movement in favour of the Beneficiary during the tax year; that is, if a Distribution was made to the Beneficiary from the income or assets of the Trust. Although the rules are not absolutely clear, and we can expect to see significant changes in the coming months, the banks which LAVECO Ltd. consulted with confirmed this, referencing the OECD recommendations, which also treat the requirements regarding the exchange of information on Trusts separately.

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