Offshore

Transfer into Guernsey trusts set aside on grounds of mistake despite the fact the transfer was made solely to reduce tax

The Guernsey Royal Court recently ordered, under s. 69(1)(a)(iv) of the Trusts (Guernsey) Law 2007 (the “Act“), that a transfer of shares into Guernsey trusts be set aside on grounds of mistake. This was despite the fact that the transfer … Continue reading

Leave a Comment

Filed under Offshore, Trust disputes

IN THE MATTER OF THE A LIMITED FURBS AND THE B EBT [2017] 21/2017

Summary The recent case of A Limited FURBS decided in the Guernsey Royal Court provides helpful clarification on the question often faced by offshore trustees about whether to submit to the jurisdiction of a foreign court in overseas legal proceedings. … Continue reading

Leave a Comment

Filed under Offshore, Private wealth and trusts, Trust disputes

Cayman courts emphasise the importance of Beddoe relief and its availability in situations where a third party claim is for an amount greater than the Trust assets.

In the case of X (as Trustee of the A Trust) v Y (beneficiary of the A Trust)[1], the court reiterated the importance for Trustees of seeking Beddoe relief before commencing or defending an action. Obtaining Beddoe relief ensures that … Continue reading

Leave a Comment

Filed under Offshore, Private wealth and trusts, Trust disputes

Is a register of beneficial ownership of companies coming?

As part of the global transparency push, the G20 has committed to implement rules requiring the disclosure of beneficial ownership of legal entities (in addition to automatic exchange of financial account information and the BEPS related transparency measures). On 13 … Continue reading

Leave a Comment

Filed under Australia, Offshore, Private wealth and trusts

BVI Court of Appeal Comment on Trustees’ Duty to Account and Evidential Presumptions in Trusts

The BVI Court of Appeal has recently allowed an appeal concerning a trustee's failure to account and breach of trust.[1] The breach of trust arose as a result of the trustee making an appointment of the trust assets without considering … Continue reading

Leave a Comment

Filed under Offshore, Trust disputes

Jersey Court gives directions to trust company under the Foundations (Jersey) Law 2009

The Royal Court of Jersey has recently heard the second application under the Foundations (Jersey) Law 2009 (the “Foundations Law”). The Application was from a trust company in its capacity as the sole council member of a set of foundations … Continue reading

Leave a Comment

Filed under Estates disputes, Offshore, Private wealth and trusts

Singapore and United States affirm efforts to strengthen sharing of tax information

A joint statement issued by the United States and Singapore suggests that US authorities are seeking to accelerate off-shore tax enforcement aimed at US accountholders and financial institutions in Singapore. A joint statement was issued on 2 August 2016 to … Continue reading

Leave a Comment

Filed under Hong Kong and Singapore, Offshore, South East Asia

Jersey court exercises its power to set aside the actions of a settlor and ratify those of a purported trustee

In the recent decision of the Royal Court of Jersey In the Matter of the Z Trust [2016] JRC 048, the Royal Court declared voidable and set aside the appointment of trustees based in the UK by the settlor of … Continue reading

Leave a Comment

Filed under Offshore, Private wealth and trusts, Trust disputes, Uncategorized

Royal Court of Jersey strikes out application for freezing order over assets held in discretionary trust

In the recent Jersey case of Attorney General v Rosenlund [2016] JRC 062, the Royal Court of Jersey granted an application by a discretionary beneficiary of a trust to strike out the Jersey Attorney General's application for a saisie judiciaire … Continue reading

Leave a Comment

Filed under Offshore, Trust disputes

Herbert Smith Freehills publishes final White Paper – “Trusts – Where are we now?”

Herbert Smith Freehills has published the final of our white papers in the run-up to the Transcontinental Trusts: International Forum 2016, taking place in Bermuda on 9 & 10 May 2016. Herbert Smith Freehills is the Thought Leadership Partner to the … Continue reading

Leave a Comment

Filed under London, Offshore, Private wealth and trusts, Uncategorized