.
Trusts and Corporate Trusts
RAK Offshore also provides an ideal location to establish various kinds of offshore trusts. An offshore trust is a light and versatile vehicle that can be used as a direct investment that offers great income, tax, and inheritance advantages. An offshore trust can also be used to hold companies or other assets under the RAK Offshore Special Corporate Trusts Regulations.
The key elements of a RAK Offshore trust are:
The Deed: A constitution or legal agreement which sets out the duties and responsibilities of the trustees, the rights of beneficiaries as well as the specifics governing the trust property.
The Settler or Grantor: The person or entity who establishes the trust and lays down its rules
The Trustee: A licensed individual legally appointed to receive the trust property and to manage it in accordance to the terms of the trust deed.
The Beneficiaries: The persons or entities entitled to the benefits of the trust property
The Protector or Protection Committee: The person or people appointed by the settler as a guardian over the trustee and the trust property.
Trusts can be discretionary of nondiscretionary. In discretionary trusts, ownership, control, income and capital distribution vest in the trustees. The beneficiaries of the trust are not entitled to any benefits until the trustees exercise their absolute discretion. In non-discretionary trusts, the trustees have no discretion and all amounts accrue to the beneficiaries as of right.
Why choose RAK offshore for your trust
Trusts are a flexible way of handling both private and corporate affairs and there are numerous reasons to settle a trust with RAK Offshore.
RAK Offshore has developed a comprehensive, yet efficient legislation, to fulfill every potential need, from avoiding forced heirship or managing your employee benefits to establishing a charitable organization or simply protecting assets.
The range of trusts offered by RAK Offshore are:
Education Trusts: Income and capital are accumulated within the trust until the actualization of a conditional event. For example, a trust to fund the education of your children or grandchildren.
Employee Trusts: For holding pension fund monies or for employee incentive schemes
Spendthrift Trusts: For protecting prodigal or immature beneficiaries
Grantor Trusts: The settler retains control over income or capital, or retains power to revoke the trust
Charitable Trusts and Foundations: For advancing charitable causes. The distinct advantage of charitable trusts is that they are normally granted tax relief provided they meet certain requirements.
Corporate Trusts: For a business owner who wants to keep management control of his company, while transferring it to a beneficiary.
RAKOffshore also provides an ideal location to establish various kind of offshore trusts. An offshore trust is a light and versatile vehicle that can be used as a direct investment that offers greatincome, tax, and inheritance advantages. An offshore trust can also be used to hold companies or other assets under the RAK Offshore Special Corporate Trusts Regulations.
The key elements of a RAK Offshore trust are:
The Deed: A constitution or legal agreement which sets out the duties and responsibilities of the trustees, the rights of beneficiaries as well as the specifics governing the trust property.
The Settlor or Grantor: The person or entity who establishes the trust and lays down its rules
The Trustee: A licensed individual legally appointed to receive the trust property and to manage it in accordance to the terms of the trust deed.
The Beneficiaries: The persons or entities entitled to the benefits of the trust property
The Protector or Protection Committee: The person or people appointed by the settler as a guardian over the trustee and the trust property.
Trusts can be discretionary of nondiscretionary. In discretionary trusts, ownership, control, income and capital distribution vest in the trustees. The beneficiaries of the trust are not entitled to any benefits until the trustees exercise their absolute discretion. In non-discretionary trusts, the trustees have no discretion and all amounts accrue to the beneficiaries as of right.
Why
choose RAK offshore for your trust
Trusts are a flexible way of handling both private and corporate affairs and there are numerous reasons to settle a trust with RAK Offshore.
RAK Offshore has developed a
comprehensive, yet efficient legislation, to fulfill every potential
need, from avoiding forced heirship or managing your employee benefits to establishing a charitable organization or simply protecting assets.
The
range of trusts offered by RAK Offshore are:
Education Trusts: Income and capital are accumulated within the trust until the actualization of a conditional event. For example, a trust to fund the education of your children or grandchildren.
Employee Trusts: For holding pension fund monies or for employee incentive schemes
Spendthrift Trusts: For protecting prodigal or immature beneficiaries
Grantor Trusts: The settler retains control over income or capital, or retains power to revoke the trust
Charitable Trusts and Foundations: For advancing charitable causes. The distinct advantage of charitable trusts is that they are normally granted tax relief provided they meet certain requirements.
Corporate Trusts: For a business owner who wants to keep management control of his company, while transferring it to a beneficiary.
| RAK Offshore Trusts | |
| Minimum
Assets
| No |
| Charitable
Purpose Trust
|
Yes, but tighter control on charitable trusts
|
| Perpetuity Period | 99 years Wait and see provision Do not apply to charitable trusts |
| Re-domiciliation |
Possible in and out
|
| Choice of Proper Law |
Very liberal
Different laws can govern a trust |
| Revocable and Irrevocable |
Yes
|
| Accumulation |
Possible
|
| Registration of Trusts |
Yes, anonymous
|
| Exchange Control |
No
|
| License for Trustees |
Yes
|
| Confidentiality Rules |
Strict
|
Financial Disclosure
|
Yes
|
Foreign Court Awards (for trust taking the law of the jurisdiction)
|
Immunity
|
Time Limit to bring Suit
|
2 years
|
Fraudulent Dispositions
|
Yes
|
Forced Heirship Excluded
|
Yes
|
Number of Trustees
|
1 to 4
|
Trustee as Beneficiary or Settler
|
All combinations possible
|
Protectors
|
Office of protectors allowed
|
Financial Guaranties
|
Yes
|
Tax Treaties
|
Yes
|
Compliant with the Hague International Convention on Trusts
|
Yes
|
- Flexible types of trusts available combined with liberal asset-protection provisions
- Strong protection for customer money
- Liberal choice of law governing the trust and the option of re-domiciliation
- No minimum amount of property
- Compelling confidentiality rules
- A trust estate may form an IBC
- Anonymous registration of trust
- Office of protectors is allowed
- No taxes
If you need to form your RAK company or trust, contact us through our website, by email, Bitwine or Skype
.
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