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The possession, handling, and management of wealth - whatever the amount of wealth involved - provides an extremely divergent task for all of those who have acquired, possess or, as agents, merely manage wealth. The problem is probably as old as the notion of private property itself. This is particularly true today, when business possibilities know no frontiers, and if we compare the situation today with the situation at the beginning of the last century, then it becomes even more true, as the production and concentration of wealth has never been so widespread throughout the world. While at the beginning of the last century records showed 60 people in the USA with wealth exceeding one million dollars, today there are almost 300 people there whose fortune is greater than one billion dollars.
As we have already mentioned, the management of wealth is a task of significant importance, but investing that wealth securely and arranging for its secure transfer to the next generation and future owners is no less significant. The fact that many unauthorised people may make claims on their often hard-earned fortune can cause problems in the lives of possessors of wealth. Another problem is that no one is immortal, and an unexpected event can occur at any time in a person's life. What would happen if a person became permanently incapacitated, or even, Heaven forbid, died? How can the assets be transferred to the family members without allowing unauthorised persons to take advantage, and how can the maximum amount possible be retained by the family members and loved ones? Every rational businessman has probably spent some time pondering this question. But what offshore solution can provide the perfect possibility of fulfilling this role? Maybe an offshore company? Yes, up to a point, but it does not provide 100% security, as an offshore company by itself does not guarantee that the assets will automatically be transferred to the beneficiaries. The shares can be lost, bearer shares may find their way into unauthorised hands, and there is no guarantee that the director will act in accordance with the wishes of the original owner.
In this brochure, we would like to briefly introduce an offshore vehicle which, after centuries of refinement, may be able to provide the solution to the problems described above. In the opinion of numerous experts, the Trust of Shares system can, if properly structured, provide asset holders with complete assurance that, in the aftermath of an unexpected event, their wishes will be adhered to as fully as possible. This will be so even if they themselves are unable to intervene in the matter personally.
- What is a Trust?
- Who are the main players in a Trust?
- How does the Trust work?
- What are the main reasons for establishing a Trust?
- What is meant by the term offshore Trust?
- Which are the most popular centres in Europe for offshore Trusts?
- What are the most important considerations when choosing the jurisdiction in which to establish a Trust?
- What is a "Trust of Shares"?
- Why Cyprus?
- What are the most important characteristics of the Cyprus Trust?
- What guarantee is there that the Trustee will not steal my money?
- What must I do in order to establish a Trust in Cyprus? How much does it cost to establish and maintain a trust?