With a Trust, you (the Settlor) can transfer properties (including shares of offshore corporations) to one or more Trustees to be held for you and your family. You make all the investing decisions. You and/or your spouse can also choose to terminate the trust during your lifetime. The trust outlines how the assets will be passed on to your named beneficiaries.
| Steps to Set-Up a Trust with StateTrust | |
|---|---|
| 1. | StateTrust will meet with you to discuss trusts, taxes, and your financial circumstances and give you a questionnaire to complete. Once that is finished, your lawyers can draw up the first draft of the Trust in approximately one month. |
| 2. | After you approve the first draft of the Trust, you will receive a final agreement that you will need to sign with witnesses present. They will also be required to sign the agreement. |
| 3. | When you sign the Trust agreement, you will need to sign other papers that transfer any shares of offshore corporations to the trust itself. You will also have to answer questions about the funds, and, if you plan to act as a co-trustee, agree to that role. |
| 4. | All of the documents then come back to us with the preliminary trustee's fees. These are then sent to the trustee for their signature. They return a copy which we then pass on to you. |
| 5. | You will be required to pay the trustee's fees and provide us with financial information about the Trust's investments on an annual basis. |
A Trust is a complex legal and financial instrument that is tailored to your individual and family needs. Contact StateTrust'sTrust department, a StateTrust consultant or your StateTrust financial advisor for more info.
* StateTrust does not provide fiduciary or trustee services, nor does it act as a fiduciary or trustee. StateTrust only serves as an intermediary in providing introductions to legal counsel and licensed trust companies that can provide fiduciary and trust services. Our services consist of managing the assets held in such trusts and legal entities.
Estimated Fees and Costs The estimated costs of setting up and maintaining a Trust in the British Virgin Islands is as follows:
| Setup Cost/One-Time Charges | Annual Ongoing Costs | |
|---|---|---|
| Legal | $3,600 | $100 |
| Offshore Company | $1,700 | $800 |
| Trustee-Acceptance Fee | $900 | $0 |
| Trustee Fee | $1,500 | $1,500 |
| Simple Annual Minutes of Meeting - Directors | $0 | $500 |
Additional fees may be sustained if specific tax planning is needed to take into account U.S. real estate or other holdings, the tax laws of your home country, U.S. citizenship or U.S. tax residency of your family members, or any other unusual circumstances. You will have the ability to explore these with legal counsel. Who is eligible to set up a trust? Anyone who is deemed sound of mind, with assets and beneficiaries may benefit from setting up a trust. However, country of citizenship and residence status can be a factor in choosing what type of trust to set up. Tax rules are different for US citizens and non-US citizens, as well as for Resident Aliens (non-US citizens residing in the United States). If you are unsure about how your citizenship status may affect you, contact StateTrust or your lawyer for more specific advice. * StateTrust does not provide fiduciary or trustee services, nor does it act as a fiduciary or trustee. StateTrust only serves as an intermediary in providing introductions to legal counsel and licensed trust companies that can provide fiduciary and trust services. Our services consist of managing the assets held in such trusts and legal entities.
Trust Topics