We do not provide any legal, tax, financial or accounting advice, and encourage you to seek out the appropriate professional such as your lawyer, accountant or your country s tax office if you have any questions in these areas. Readers are specifically advised to pay all legal taxes they are subject to, and to obey all laws, financial or otherwise, of their domicile country as well as all countries in which they may conduct business of any kind. Offshore Trusts and IBCs. The following is a very basic description of Trusts and IBCs and a brief synopsis of products available to Members at preferred prices. A trust is basically a very special type of contract recognized by law.
Trusts are either revocable, or are irrevocable.
The trust instrument is usually signed and sealed by both the settlor and the trustees. In many jurisdictions, a Settlor will normally provide the Trustees with an informal and confidential letter of wishes which will provide guidance as to how the Trustees might exercise their discretion. The letter of wishes does not form part of the Trust Deed and can, therefore, be amended at any time. The choice of trustees is very important as the trustees are under a strict legal obligation to carry out the precise terms of the trust. Trustees can either be individuals or companies, or a combination of the two.