Offshore Trusts

[chiang mai]

I'm leaning more and more towards setting up an offshore trust, my reasons for wanting to do this are that it will allow me to separate my financial affairs and the requirements of my will from UK IHT and the UK tax man in general. In short, it will give me peace of mind that my Executor will be able to pass on my assets to the people I choose without interference from UK tax authorities.

By way of background, all of my assets are located in Hong Kong or offshore UK in the Isle of Man or Guernsey with minimal assets held in Thailand. I am aware of the issue of "domicile" but having delved into the subject somewhat recognize that it remains a potentially expensive minefield at best.

My question is, what is the best way to go about setting up a trust, is this something I should refer to my main bank (HSBC), refer to a UK lawyer or ??

Any guidance in this process will be gratefully received.

Thanks

[teej]

HSBC won't know jack.

Withers just opened an office in Hong Kong. Depending how high net worth you are, you may want to give them a call -- and I'd always keep your solicitor in the loop as to what you're doing.

[chiang mai]

HSBC won't know jack.

Withers just opened an office in Hong Kong. Depending how high net worth you are, you may want to give them a call -- and I'd always keep your solicitor in the loop as to what you're doing.

Thanks, so presumably the answer is a law firm.

[PattayaParent]

There are firms that specialise in opening up and managing trust funds www.rmbici.com are the ones that I have been talking to recently.

[chiang mai]

There are firms that specialise in opening up and managing trust funds www.rmbici.com are the ones that I have been talking to recently.

I know of RMBICI and after some research decided to give them a wide berth because of their connection with Fairbain. You can see the warning on Fairbain issued by the IOM government at the following link - I'm not certain how far that connection runs nor whether it's all entirely valid but I decided there is definitely some risk there.

http://www.gov.im/lib/news/fsc/fairbainprivateb.xml

[naka]

CM This might be a good starting point ... Just register for the forum and ask your question.

Lots of smart cookies here regarding expat tax.

Forum

Naka.

[jbaldwin]

You should use a specialist trust company.

In Jersey the largest company was called Reeds - Now renamed EFG Offshore following a merger. Website is efgoffshore.com.

Not sure of the relative merits of Jersey over Guernsey