Turks and Caicos is a country with no income tax

The following describes what constitutes a trust on Turks and Caicos and the foundation on Turks and Caicos, as well as what advantages they provide to the founder of trust management, the founder of the foundation and the beneficiary. Together we will study how you can create trust and foundation for the Turks and Caicos, and what requirements must be met in order to establish an offshore trust or foundation.

Creating an offshore trust in the Turks and Caicos

In this section, we consider what constitutes trust in the Turks and Caicos, special attention is paid to the creation of a trust. Described in detail how to create a trust in the Turks and Caicos and what are the advantages of such trusts. Explained why the jurisdiction of the Turks and Caicos is a great place for potential offshore founders.

The founders need to understand the main difference between a non-offshore and an offshore trust, namely: in an offshore trust, assets are stored in another country, and the trust is created under the laws of an offshore jurisdiction.

What is an offshore trust in the Turks and Caicos?

To establish a Turks and Caicos Trust, the following requirements must be met: the founder of the trust property must transfer its assets / personal wealth to the trust. The trustee is the appointed person responsible for managing the trust and fulfilling the conditions of the declaration of trust in the interests of the beneficiaries (a person or group of persons who directly benefit from the trust). The trustee must be of legal age, in his right mind and conscientiously execute the declaration of trust. The guarantor controls the trust’s activities and ensures that the trust declaration (or trust agreement) is in conformity, and also ensures that the trust functions in a satisfactory manner. The trustee manages the trust on behalf of the founder (who transferred his assets to the trust) in the interests of the beneficiaries appointed by him. The 1990 law provides for a clear distinction between a foreign trust and a Turks and Caicos Trust. In Turks and Caicos jurisdictions, it is believed that if a trust is managed under Turks and Caicos legislation, then such a trust is a Turks and Caicos trust, unlike a trust that is governed by the laws of external jurisdiction, which makes it a foreign trust. Under the Turks and Caicos Trusts Act, the founder may decide that the trust will be managed according to the Turks and Caicos laws, despite the fact that this trust has no direct relationship with the country. There is also no prerequisite that the trustee must be a resident of the island or that the trust’s property is managed by Turks and Caicos.

A trust declaration must be drafted in accordance with the laws of Liechtenstein, even if the Turks and Caicos Trust are foreign.

Another requirement is connected with the fact that the founder is obliged to confirm his good financial situation; he should not be insolvent or have obligations that exceed the value of the trust assets.

Taxation on the Turks and Caicos does not apply to trusts, not counting customs duty and stamp duty. The indirect taxation on the Turks and Caicos is customs duty and stamp duty.

Why create offshore trusts in the Turks and Caicos?

Turks and Caicos is a dependent British territory, its legal infrastructure is similar to the legal structure of the United Kingdom, which provides a stable, well-developed political and economic structure that is very attractive to offshore founders.

Turks and Caicos introduced trust legislation back in 1799, which suggests extensive knowledge and professionalism in this offshore jurisdiction.

Although the Turks and Caicos Trusts legislation is based on English common law, the Trusts Act 1990 is currently in force. Turks and Caicos do not participate in any taxation agreement with other countries, the confidentiality obligations here are strictly enforced. Turks and Caicos became a favorable jurisdiction for offshore founders due to the ability to protect personal assets and tax planning.

With a modern and stable government and effective and progressive laws on trusts, Turks and Caicos became one of the prominent global centers for creating offshore trusts. The 1990 law allows trusts to avoid rules regarding the duration of trusts and capital provisions. It also provides a high degree of flexibility in trust management and the execution of a trust declaration.

Turks and Caicos provide an excellent means of protecting the founder’s assets from claims by third parties and lenders. The 1990 law provides for strict adherence to confidentiality rules, in particular by trustees.

Purpose of a Trust in Turks and Caicos

– Asset Protection

– inheritance planning

– Benefits for children

– Benefits for employees.

The most commonly used Turks and Caicos trusts

– Security Trusts – allow to reduce and add trustees

– Charitable trusts – should benefit the public

– Target trusts – can be created if they do not contradict public morality, are legitimate and correspond to the current legislation.

Advantages of offshore trusts in the Turks and Caicos

Turks and Caicos offer a wide range of advantages for offshore investment and personal investment. Some of them (without limitation):

– Provision of tax haven and efficient tax planning services

– Exemption from taxation of income and activities of companies. Visit https://offshorecitizen.net/tax/countries-with-no-income-tax/ for more information.

– No taxes on capital gains and property

– No inheritance tax

– Lack of currency regulation

– The local currency is the US dollar, which facilitates the process of working and managing the trust portfolio

– The rule on the duration of the trusts is absent

– The Privacy Act provides a high degree of security and privacy.

– The protection of inheritance is ensured by avoiding the right to an obligatory share in the inheritance mass

– There is no minimum capital requirement for the Turks and Caicos Trust

– High investment protection

– A founder may use Turks and Caicos legislation even if he has no direct connection with the island

– High return on investment

– Stable and at the same time flexible infrastructure of the economy.

Creating an offshore fund in the Turks and Caicos

What is the Turks and Caicos Foundation?

There is a misconception about foundations as purely charitable organizations, however, there is no such legal requirement in Turks and Caicos legislation. Funds here are known more as an alternative to trusts because they become legal entities after their creation. Foundations have the right to act as plaintiffs and defendants in courts, enter into agreements with third parties and own the assets of the foundation on their own behalf.

The Turks and Caicos Foundation requires for its creation the existence of the founder of the foundation, which is an individual/organization, company, the guarantor providing the management of the foundation, as is done in trusts, the beneficiary, which, as in trusts, is a person or group of beneficiaries from the fund, and finally to the board members. The fund is created to protect assets and effective tax planning, and not to function as a company.

The main feature of the fund on the Turks and Caicos is that after its creation, the fund acquires the properties of a legal entity and becomes the owner of the fund’s property. Consequently, the fund does not belong to any person specifically, but belongs to the fund itself, and is usually created in the interests of the company’s offshore clients.

Types of funds in the Turks and Caicos

– Public fund – created by families, groups, etc.

– Private fund – created by private individuals, usually they are represented by private investment funds.

– State Fund

– Mixed Fund – can be created by any of the above.

Assignment of funds to Turks and Caicos

– Funds in Turks and Caicos may own offshore companies, the profits of such companies are transferred to the fund, where it is protected from the possible bankruptcy of the company

– Turks and Caicos funds are mainly used for special investments.

– The fund may be an important asset protection tool.

– Protecting personal status from financial and political instability in the jurisdiction of the founder

– Property Management

– Tax planning and general financial activities

– Corporate control and management

– Schemes of employee participation in profits and pension schemes

– Charity groups

What assets can be held in the Turks and Caicos Offshore Fund?

– Shares and securities

– Bank deposits

– Life insurance policies

– Investment portfolios

– Real Estate

– Intellectual property

Advantages of the Turks and Caicos Foundation

– The Turks and Caicos foundations have their own legal entity and freedom to manage and form their financial plans.

– Turks and Caicos funds are attractive as a means of protecting assets

– Contributors have the right to exclude the deposited amount from income taxation

– Turks and Caicos are known as a tax haven for offshore founders due to their modern and flexible approach to creating trusts and foundations

– According to Turks and Caicos legislation, a high degree of confidentiality is ensured, especially in terms of offshore investments in trusts and funds.

– The geographical location of the Turks and Caicos promotes international relations and access to other jurisdictions of the world.

– The Foundation may own many corporations and enter into agreements with third parties.

– The possibility of implementing the prescribed instructions, as is the case with trusts

– Lack of capital gains tax or company income taxes.

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