An offshore trust is similar to any other trust with the key difference being that it is domiciled in an “offshore” location often under specific legislation. The trust is a contractual arrangement between the “Settlor” who transfers assets to a third party (“Trustee”) to oversee and manage the assets for the benefit of parties nominated by the Settlor (“Beneficiaries”) which may include the Settlor during his/her lifetime.
Offshore trusts are generally suitable for individuals looking to achieve any of the following goals:
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The Settlor may transfer virtually any kind of asset to be held by the Trustee as long as the asset is clearly identifiable and title can be legally transferred. Examples of trust assets include: