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Vol 21 No 10 Oct/Nov 2016

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This book is now Out of Print.
A new edition has been published, the details can be seen here:
Offshore Financial Law: Trusts and Related Tax Issues 2nd ed isbn 9780199693450

Trusts and Related Tax Issues in Offshore Financial Law


ISBN13: 9780199252220
ISBN: 019925222X
New Edition ISBN: 9780199693450
Published: April 2005
Publisher: Oxford University Press
Country of Publication: UK
Format: Hardback
Price: Out of print



The offshore financial centre remains one of the most important and intriguing new phenomena in the international financial sector today, accounting for billions of investment dollars worldwide. One of the key financial products that the sector has spawned is the offshore trust. A statutory creation, the offshore trust is a significant departure from the traditional English common law trust. This modern trust, which serves as an important vehicle for tax planning, estate planning, asset protection, and broader investment objectives in offshore jurisdictions, operates within a special legal framework. It embodies significant and often radical concepts, such as the purpose trust, and trusts created specifically to avoid forced heirship regimes.

This book examines this complex legal framework and the corresponding jurisprudence in detail, providing a valuable resource tool for the practitioner and academic alike. The offshore trust is a fairly new creature, and thus several controversial questions arise. This book offers an honest appraisal of such questions, examining the offshore trust from both its statutory origins and comparatively, taking into account common law presumptions about the trust. This enables the practitioner to source workable solutions to the inevitable conflicts that arise. Public policy concerns are also addressed.

Offshore trusts have not been insulated from broader questions surrounding offshore financial centres. These are also discussed, particularly in relation to their tax planning, asset protection, and confidentiality functions. The responses to these questions coming from an ever-increasing body of case law and legislation, are also examined.

Subjects:
Equity and Trusts, Banking and Finance, Taxation
Contents:
PART I - THE PLACE OF THE OFFSHORE TRUST IN THE OFFSHORE FINANCIAL CENTRE
1. Introduction
2. The Anatomy and Development of the Offshore Financial Centre
PART II - FUNDAMENTALS OF THE OFFSHORE TRUST
3. The Trust as an Offshore Vehicle
4. Types of Trusts
PART III - PROBLEMS TO AVOID
5. The Offshore Trust as a Sham
6. Fraudulent Conveyances and the Offshore Trust
7. Breach of Professional Duties Relating to Offshore Trusts
8. Questions of Invalidity
PART IV - CHALLENGES TO OFFSHORE TRUST VEHICLES
9. Countermeasures to Offshore Trust Tax Vehicles
10. Changing Paradigms on Taxation and Jurisdiction to Tax
11. The OECD and Harmful Tax Competition
12. The Duty of Confidentiality
13. Rights to Information
PART V - CONFLICT OF LAWS AND TH OFFSHORE TRUST
14. Jurisdiction and Choice of Law
15. Enforcement of Offshore Judgements, Mareva Injunctions and Restraining Orders
16. Capacity to Create the Trust and Validity
17. Forced Heirship and the Recognition of the Trust in Civil Law Countries
PART VI - CONCLUSION AND APPENDICES
18. Conclusion