Trusts have long been used by both individuals and corporations to set up accounts for future use. These days, many people are setting up trusts in locations other than their own – for example, Gibraltar – in order to obtain certain tax advantages and to ensure confidentiality regarding the funds used in the trust. In Gibraltar, setting up a trust is simple for non-residents. Since these accounts do not have to be registered, they are completely confidential and private. Setting up a fund in Gibraltar is now easier than ever, and it is an excellent way to preserve family assets in a way that is unknown to other people. In many ways, there is simply no downside to setting up a trust fund in Gibraltar.
The Basics of Setting Up a Gibraltar Trust Fund
There are many reasons why someone would want to set up a trust fund in Gibraltar. In addition to the tax advantages and the ability to protect your assets, reasons for setting up this type of fund include:
- Unexpected windfalls
- Deterioration due to age, both physical and mental
- Children who are not mature enough yet
- Marriages that are fragile
There are many types of assets that can be included in a trust fund, such as money, insurance, land, chattels, shares and almost any other type of asset you may own. You can also specify whom you want to be the beneficiary of the trust, and how much of the trust you want them to receive. The owner of the trust has the responsibility of and control over the trust, and can be as specific as possible regarding the amounts to be received and the person or company that will be receiving it.
It All Starts with the Right Assistance
Trusts are fairly simple to set up and administer, but that does not mean that just anyone can do it. A Gibraltar trust fund should be set up by a company with the expertise needed to do the job right, so there are no problems later on. Firms that assist in setting up your trust fund provide the experience, care and skill needed to advise you on the best way to handle your trust fund needs. With most trust funds, there is a specific underlying purpose for the account, so everything must be dealt with properly in order to set up a fund that will serve its purpose later on. Trust funds need to be set up by a company that is aware of the tax requirements, legal constraints and the flexibility needed to set up an account that will be sufficient in years to come.
If you are interested in setting up a trust fund, particularly in areas such as Gibraltar, it is imperative that you find the right company to assist you. Most of these companies have well-maintained websites that will give you all the information you need to know, so choosing a company these days is fairly simple.