Cayman Trust Management
The Cayman Islands is a famous and well-respected jurisdiction for trust services. Numerous trust companies in Cayman are well-established and experienced. The trust law of the Cayman Islands provides great asset protection features.
Trust Management has been a wide-spread activity in Cayman for more than 30 years. Currently, trust assets there equal or even exceed banking assets.
Originally, mostly wealthy individuals from the major common law countries used the trust in the Cayman Islands, however, nowadays it is considered to be a major technique of asset protection all over the world. Over the years, the Cayman Islands has extended and adapted its trust laws to accommodate the market interested not only in tax avoidance, but also in the efficient management of assets in a wider sense.
As it becomes increasingly complicated to invest and preserve wealth, the trust has become especially important as a means to provide financial security for people’s families after death.
The country can boast of experienced professional advisers on trust matters. Individuals can offer trust services without registration there, however, companies providing trust services, foreign or Cayman-resident are to be licensed under the Banks and Trust Companies Law 1995. After the Monetary Authority has accepted an application, the Governor issues the license.
World-class trust services available from a variety of service providers are regulated under the Banks and Trust Companies Law (2003 Revision).
A licensed trust company can be either restricted or unrestricted. Restricted companies are more strictly controlled, but less capital is required for them.
As to private trustee companies which have recently become popular, in this type, the trust remains uncluttered by control arrangements exercised by the private trustee company. The private trustee company, in its turn, can be administered by a licensed trust company. This form is convenient for the larger type of family trusts with multiple beneficiaries and objects.