Priority Sectors: Financial Services
[ Companies | Limited Partnership | Trust | Foundations | Captive Insurance Companies ]

Trust
Trust are exempt from income, withholding capital gains and stamp taxes as long as all transactions are confined to non-residents. Beneficiaries of trust do not lose their exemption if trustees are active in the Federation owing or leasing property for an office or residence for beneficiaries, conducting banking business, holding meetings, employing residents etc. The law states that “a body corporate may be a settler or a trustee or a beneficiary of a trust and the settler or a trustee of a trust may be a beneficiary at the same time of the same trust”.

Asset Protection
The law also incorporates attractive asset protection provisions dealing with the settler’s rights and responsibilities and shields the settler against forced heirship, compulsory division of matrimonial property, and creditors’ suits. Trusts do not have to be audited unless required under the terms of the trust deed, however trustees must keep accounting records disclosing with “reasonable accuracy” the trust’s financial position.

The fees for the registration of the attestation of a Trust and for filling of its annual statement are as follows:

                                  Ordinary          Exempt
Trusts                         USD 100         USD 200