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Offshore trusts: what is the big deal?
It is not often that trust law practitioners expect to see the tool of their trade the subject of news stories. However trusts specifically offshore trusts have featured in the media in recent months on account of news stories emanating from the UK’s political theatre. Setting political matters to one side in view of the complexity surrounding the use of offshore trusts it is perhaps useful to remind ourselves of their basic facets.
What is an offshore trust?
Without intending to overstate matters it is perhaps best to separate out the two components here ie the trust and the aspects of it that result in it being ‘offshore’:
- A trust broadly speaking is a structure that is established based on a relationship between three parties: the person who sets it up (the settlor); the parties responsible for it (the trustees); and...
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