Use of Offshore Trusts
Official statistics on trusts are difficult to come by as in most offshore jurisdictions (and in most onshore jurisdictions), trusts are not required to be registered.
There is a common perception that offshore trusts are predominantly used by wealthy individuals and families as part of their tax planning. This may be true, however there are also other purposes that offshore trusts are used for.
- Offshore trusts are also sometimes formed as unit trusts to operate as a mutual fund.
- Offshore trusts are often used as part of an orphan structure in capital markets or trade finance transactions.
- Pan-national non-governmental bodies are sometimes established as offshore trusts. For example, the International Cricket Council is formed in the British Virgin Islands.
Read more about this topic: Offshore Trust
Famous quotes containing the word trusts:
“Baseball is the religion that worships the obvious and gives thanks that things are exactly as they seem. Instead of celebrating mysteries, baseball rejoices in the absence of mysteries and trusts that, if we watch what is laid before our eyes, down to the last detail, we will cultivate the gift of seeing things as they really are.”
—Thomas Boswell, U.S. sports journalist. “The Church of Baseball,” Baseball: An Illustrated History, ed. Geoffrey C. Ward, Knopf (1994)