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Partly to ensure that the trust remains resident in the appropriate jurisdiction for tax purposes and partly to avoid the administration difficulties inherent in having a number of individual trustees living in different parts of the world, corporate trustees are generally chosen as trustees. Most, if not all, Channel Island accountants, advocates and banks have their own corporate trustees available for this purpose.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
If you are a beneficiary of a non-resident trust (NRT) or contribute property to one, you could find yourself in hot water with the Canada Revenue Agency (CRA).
In this article Ray Davern analyses the decision of Bannister J, at first instance, and the Court of Appeal of the Eastern Caribbean Supreme Court, on appeal, in the matter of The New Huerto Trust, ex p. Royal Fiduciary Group Limited.
Dubai has emerged as a crucial hub for the growing virtual assets industry. It provides attractive tax incentives, a progressive regulatory framework and unique opportunities for growth and development.
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