If you have anything to add to this plase contact me, Chris Beszant on info@trust-world.net

Antigua & Barbuda Financial Services Regulatory Commission http://www.fsrc.gov.ag/

1.    Trust Law

The applicable trust law is the International Trust Act, 2004 (No. 22 of 2004) and the related Regulations.  .  The Act falls under the administration of the Financial Services Regulatory Commission (FSRC).

Under the Act, international trusts that have Antigua and Barbuda as the governing law are required to be registered but the register is not open for public inspection.   Such trusts are valid and enforceable notwithstanding that they may be invalid according to the law of the settlor’s domicile or residence or place of current incorporation.

2.    Anti-money laundering

Under the Money Laundering (Prevention) Regulations a trust business is considered as a “relevant financial business” and thus subject to the identification procedures required when establishing a business relationship.  They are also required to set up record keeping procedures for maintaining evidence of identity and records relating to all business transactions.  Internal reporting procedures must also be established including the employment of a compliance officer.

3.    What measures are there to combat the abuse of trusts to procure the concealment of assets?

Section 23 of the Act deals with provisions relating to the avoidance of fraud and in particular the use of trusts to defraud creditors.  The onus of proof of the settlor’s intent to defraud the creditor lies with the creditor.

The Antigua and Barbuda Tax Information Exchange Act 2002 establishes the procedures to enable Antigua and Barbuda to comply with requests made under any tax information exchange agreement. In particular any such requests must specify the exact purpose for which the information is required e.g. in the case of a contravention of a tax law the specific law and offence must be indicated.

4.    Asset protection trusts

Apart from provisions in the Act there is no specific asset protection legislation.  

5.    Shams

The Act provides for the exclusion of foreign laws (Section 28).  Thus no trust shall be declared void only by reason that the laws of a foreign jurisdiction does not recognize the concept of a trust or if the trust avoids or defeats any claim or interests conferred by the law of a foreign jurisdiction or the laws of Antigua and Barbuda are inconsistent with any foreign law.  Foreign judgments are not enforceable if the judgment is based upon the application of any law inconsistent with the provisions of the Act; or if the judgment relates to a matter or particular aspect that is governed by the laws of Antigua and Barbuda (Section 27).

6.    Forced heirship

Section 47 of the Act makes specific provisions for protecting trust assets from forced heirship or similar claims.  No trust and no disposition of trust property shall be declared void, voidable or defective nor is the capacity of the settlor to be questioned by reason that such trust may avoid or defeat the right, claim or interest of a person held by reason of a personal relationship to the settlor, including relatives or by way of heirship rights.

7.    Protectors

Section 9 of the Act outlines the powers of a protector including the power to remove a trustee.  Protectors are not regarded as trustees but owe a fiduciary duty to the beneficiaries of the trust or to the purpose for which the trust is created.

8.    Purpose trusts

Non-charitable purpose trusts can be set up but must have a protector.  If such a trust is believed not to have a protector or if the protector is unwilling or incapable of acting, the Minister of Finance may appoint one.   

9.    Tracing of trust assets

In cases of breach of trust, trust property may be traced and recovered unless it is no longer identifiable or it is in the hands of a bona fide purchaser for value without actua

l, constructive or implied notice of the breach of trust (Section 16).

10.    Attaching trusts

Creditors can take direct action against the trust property as well as against the trustees.  Section 52 of the Act states that before any action or proceeding can be brought against any trust property the creditor must deposit with the Registrar of the Court the sum of $25,000.00 as security for costs.

11.    Ensuring trustees performance

There are no specific standards of care to measure the performance or to regulate  trustees.  However, the Act does deal with matters relating to breach of trust by a trustee (e.g. liability for breach of trust).  The court may under certain circumstances relieve a trustee of liability for a breach of trust.  The court has the power to make an order relating to a trustee, including an order as to the exercise of any power by a trustee and to direct a trustee regarding the distribution of trust property.

12.    Conflict

The Act (Section 4) does allow the proper law of a trust to be changed from the law of Antigua and Barbuda to the law of another jurisdiction and vice versa.

13.    Succession

No specific provisions.

14.    Trustees’ powers of investment

Under Section 44 of the Act the trustee is obligated to invest the trust funds as authorized expressly or by implication in the trust instrument.  However, this Section is silent on the scenario when the trust instrument contains no specific instructions/guidelines (either expressly or implied) for investing trust property.  It should be noted that trust property cannot include any land in Antigua and Barbuda.

15.    Trading trusts

No specific provisions.

16.    Taxation

A trust registered under the Act is exempt from all income tax; all estate, inheritance, succession and gift tax payable with respect to the trust property by reason of any death; stamp duty with respect to all instruments relating to the trust property or to transactions carried out by the trustee on behalf of the trust; and all exchange controls (Section 42).

17.    Trustees obligations to disclose trust information

Section 54 of the Act deals with confidentiality provisions.  A trustee is obligated (unless the trust instrument provides otherwise) to provide information to any person that the trustee,  in his complete discretion, considers necessary for carrying out the management and administration of the trust assets in the ordinary course of business or to a legal practitioner for the purpose of obtaining legal advice or for prosecuting or defending any litigation.

18.    OECD, FATF, IMF and counter terrorism

Apart from its Money Laundering (Prevention) Act, which has been amended several times since it was enacted in 1996, Antigua and Barbuda have also enacted the Office of National Drug Control Policy Act, 2003.    A Prevention of Terrorism Act was enacted in 2001 but this was repealed and replaced in 2005 (Prevention of Terrorism Act, 2005) in order to make provision for the implementation of the counter terrorism conventions of the United Nations Security Council. The IMF/World Bank conducted a Financial Sector Assessment Programme (FSAP) during 2004, which included an assessment of the offshore banking sector’s adherence to the Basel Core Principles for Effective Banking Supervision.  The FSAP report indicated that the jurisdiction was compliant or largely compliant with most of the core principles and included recommended actions for improvement in certain areas.   The FSRC has been taken steps to correct the deficiencies.

19.    Commercial trusts

No specific provisions.

20.    Regulation of corporate and trust service providers

The legislation to regulate corporate service providers and company managers is still pending.  

Accountants

Company managers

Lawyers

Accountants

C D Charles Chartered Accountants

Redcliffe Street,

Box 3071, St John's, Antigua & Barbuda

Telephone: 1 268 462-2355

Derrick & Watt Accountants

Box 1318,

Coolidge, Antigua & Barbuda

Telephone:1 268 462-5525

Forbes & Associates

High & Temple Strets,

Box 1844,

St John's, Antigua & Barbuda

Telephone: 1 268 460-7917

Gregory & Associates

Box 3071, Redcliffe Street,

St John's, Antigua & Barbuda

Telephone: 1 268 462-2355

Hewlett & Company

Hewlett House, St John's Street,

Box 89, St John's, Antigua & Barbuda

Telephone: 1 268 462-1373

KPMG

Mutual Financial Centre #9,

Factory Road,

Box 3109, St John's, Antigua & Barbuda

Telephone: 1 268 462-8868

Pannell Kerr Forster

Redcliffe Street,

Box 159, St John's, Antigua & Barbuda

Telephone: 1 268 462-0827

PricewaterhouseCoopers

11 Old Farm Road,

Box 1531, St John's, Antigua & Barbuda

Telephone: 1 268 462-3000

PricewaterhouseCoopers

Don Ward's Office,

St John's, Antigua & Barbuda

Telephone: 1 268 460-7750

Company managers

ABI Trust (Antigua) Ltd

ABI Financial Centre

High Street & Corn Alley

PO Box 1679

St John’s, Antigua

Verlyn Faustin, Sheryl Bryan

Telephone: 1 480-2723/34

Fax: 480-2750

Email:sbryan@abifinancial.com

AIT Management Services (2001) Ltd

Hodges Bay

PO Box 1348

St John’s, Antigua

Romel & Indranie Tiwari

Telephone: 460-7181

Fax: 460-8982

Email: Aitmsltd@usa.net

Alfred Mckelly James

Alpha Pharmacy Building

Redcliffe Street

PO Box 384

St John’s, Antigua

Alfred Mckelly James

Telephone: 562-1607/462-1459

Fax: 462-1444

E-Mail: aljames81@hotmail.com

Antigua Corporate Management Services Ltd

Suite No5 Mezzanine Floor,

Woods Centre

Friars Hill Road

PO Box 1900

St John’s, Antigua

Mrs Marva Christian

Telephone: 460-6872/562-6873

Fax: 460-6873

Email: jcacms@candw.ag

Antigua Management & Trust Ltd

Woods Centre, Friars Hill Road

PO Box 1407

St John’s, Antigua

Mrs Ilse Cooper, Mrs Catherine Thomas

Telephone: 462-8975/6700/1

Fax: 462-8976

Email: Amt@candw.ag

Campbell & Associates

Dockyard Drive

PO Box W1809

St John’s, Antigua

Karen Campbell

Telephone: 561-2897

Fax:562-6397

Email: kcampbell@candw.ag

Christian Lovell Walwyn & Co

Redcliffe Street

PO Box 20

St John’s, Antigua

Sydney Christian

Telephone: 462-1136/7

Fax: 461-0767

Email: chris.co@candw.ag

Christiane Hansen

Redcliffe Quay

PO Box

St John’s, Antigua

Christiane Hansen

Telephone: 462-3625

Fax: 462-3625

Email: hansen@candw.ag

Clarke and Clarke

Temple & Nevis Street

PO Box 1276

St John’s, Antigua

Eleanor Solomon/Franklyn Clarke

Telephone: 462-0732/460-8852

Fax: 462-0720

Email: Clarkes@candw.ag

CMT Corporate Services Limited

60 Nevis Street

PO Box 1302/2176

St John’s, Antigua

Alice Roberts, Clovis Grant

Telephone: 462-1388/2176/0076

Fax: 462-3077

Email: cmt@candw.ag

Commodore & Associates

26 Cross Street

PO Box 698

St John’s, Antigua

Ms Marcella

Telephone: 462-0073/6381/562-2048

Fax: 462-1118

E-mail: commo@candw.ag

Company Management (Antigua) Ltd

No 6 Temple Street

PO Box 2372

St John’s, Antigua

Septimus Rhudd

Telephone: 460-6184

Fax: 460-6183

Email: lawrhudd@candw.ag

Corporate Services Ltd

11 Old Parham Road

PO Box 1531

St John’s, Antigua

Mr. Southwell

Tel: 462-3000

Fax: 462-1902

Email: Erwin.southwell@ag.pwc.com

Cort & Cort

Unit No 2

Gambles Medical Centre (temporary)

PO Box 260

St John’s, Antigua

Mrs. Cort

Tel: 462-5232/3

Fax: 462-5234

Email: Cortas@candw.ag

Cyril L. Maundy

St Mary’s Street

PO Box 134

St John’s, Antigua

Michael Joshua

Tel: 462-1486

Fax: 462-1486

Email: Moundycl@yahoo.com

Financial Services International Ltd.

English Harbour, Nelson Dockyard

St. Paul, Antigua

Michael Briggs

Tel: 562-3883

Fax: 562-3873

Global Management & Trust Services Ltd.

Matthew’s Road, All Saints

PO Box 2095

St John’s, Antigua

Leonard Francis

Tel: 460-1459

Fax: 460-1459

Granite Management & Trust Co. Ltd.

No 9 St. Mary’s Street

PO Box 3277

St John’s, Antigua

Veronica Kissoon

Tel: 460- 9715/462-9030/562-1378

Fax: 562-0232

Email: Stmarys@candw.ag

Hill & Hill

Chamber 36

Long Street

PO Box 909

St John’s, Antigua

Ms Samuel

Tel: 462-5939

Fax: 462-0900

Email: clients@lawhillandhill.com

John E Fuller

39 Newgate Street

PO Box 1168

St John’s, Antigua

John E Fuller

Tel: 562- 2799/562-3885

Fax: 462-4901

Email: Fuller@candw.ag

Lake & Kentish

Temple Chambers

36 Long Street

PO Box 512

St John’s, Antigua

Mr. Kendrick/Mr. Kentish

Tel: 462- 1012/4869

Fax: 462-2568

E-Mail: lakent@candw.ag

Lockhart & Mendes & Company

Church Street

PO Box 1965

St John’s, Antigua

Georgice Blackman

Tel: 462-0227

Fax: 462-3772

Email: LockhartCo@candw.ag

Marshall & Company

Factory Road

PO Box 1510

St John’s, Antigua

Althea Proctor

Tel: 462-3562/72

Fax: 462-3563

Email: Mco@hcmlaw.com

Nicolette Doherty

Island House

Newgate Street

PO Box W1661

St John’s, Antigua

Tel: 462-4468

Cell: 725-4824

Fax: 561-1056

E-Mail: dohertyn@candw.ag

Nautical Management & Trust Co. Ltd.

St Mary’s Street

PO Box 2615

St John’s, Antigua

Denise Gardiner

Tel: 562-1378

Fax: 562-0232

EMail: nmt@candw.ag

Nicholas A. Fuller

11 Old Parham Road

PO Box 3205

St John’s, Antigua

Tel: 562- 2412/3

Fax: 562-3080

Offshore Company Services Ltd.

No 9 Mutual Building

Factory Road

PO Box 1967

St John’s, Antigua

Jennifer Lloyd

Tel: 462-8868

Fax: 462-8808

Email: kpmg@kpmg.ag

Phillips, Phillips & Archibald

St Mary’s Street

PO Box 1269

St John’s, Antigua

Ms. Henry

Tel: 462-0077

Fax: 462-4129

Email: awarchibald@hotmail.com

PKF Antigua

No 41 Redcliffe Street

PO Box 159

St John’s, Antigua

Wilbur Harrigan

Tel: 462-0827/8

Fax: 462-4747

Email: PannellF@candw.ag

PricewaterhouseCoopers

11 Old Parham Road

PO Box 1531

St John’s, Antigua

Erwin Southwell

Tel: 462-3000

Fax: 462-1902

Email: pwc@candw.ag

Richards & Company

The Colony House

41 Nevis Street

PO Box W916

St John’s, Antigua

Jennifer Benjamin/Stacy Richards

Tel:562-1705/1813

Fax: 562-1706

Email: RichardsV@candw.ag

Rika Bird & Associates

Lower Long Street

PO Box 3020

St John’s, Antigua

Rika Bird

Tel: 562-1880/1

Fax: 562-1882

Email: bird@candw.ag

Simon, Rogers, Murdoch

Chancellor Chambers, Island House

Newgate Street

PO Box 1519

St John’s, Antigua

Neelen Murdoch

Tel: 462-4468(9)

Fax: 462-3918

Stanford Trust Company Limited

1000 Airport Boulevard

PO Box 315

Coolidge, Antigua

Denise Michael

Tel: 480-5932/30

Fax: 480-5441

Email: DMichael@stanfordeagle.com

Sylvia N. Camacho-Omard

No 32 Redcliffe Street

PO Box 2520

St John’s, Antigua

Joyann Willock/Claudette Browne

Tel: 462-1679

Fax: 462-8778

Email: omards@candw.ag

The Bird Law Firm, Inc.

St Mary’s Street

PO Box 2735

St John’s, Antigua

Clement Bird, Desire Irish

Tel: 462-5883/562-0116

Fax: 462-0077

Email: Birdc@candw.ag

The Law Cottage

2 Stapleton Lane

PO Box 8

St John’s, Antigua

Jacqueline Walwyn

Tel: 562-6965

Fax: 562-6964

Email: lawcottage@candw.ag

Email: walwyn@candw.ag

Thomas, John & Co.

FD ICIC Building

Lower Factory Road

PO Box 990

St John’s, Antigua

Arthur Thomas

Tel: 460-5860/1

Fax: 462-9114/562-1810

Email: Thomasa@candw.ag

Ward & Associates

11 Old Parham Road

PO Box W281

St John’s, Antigua

Louise Grieger

Tel: 462-6355

Fax: 462-6354

Email: wardl@candw.ag

Wason and Company

St John’s & Popeshead Street

PO Box 1415

St John’s, Antigua

R. Dexter Wason

Tel: 462-4044

Fax: 562-6246

Email: wasonrd@hotmail.com

Watts & Associates

55 A Newgates Street

PO Box 551

St John’s, Antigua

Tyzena Bailey

Tel: 462-1351/3384

Fax: 462-1354

Email: watasats@candw.ag

Lawyers

Bird Rika & Associates

Lower Long St Box 3020 St John's

Tel 562-1880

Facsimile 562-1882

Bowen & Bowen

Dollar Bldg Nevis St Box 2956 St John's

Tel 460-9400 Or 460-9401

Facsimile 560-2211

Brown Charlesworth O D

Redcliffe St Box 3243 St John's

Tel 462-6097 Or 462-5014

Facsimile 562-5015

Charles Samuel (Chambers)

High St.

Tel 462-3442

Christian Lovell Walwyn & Co\G

29 Redcliffe St Box 20 St John's

Tel 462-1136 Or 462-1137

Facsimile (Christian & Walwyn) 461-0767

Facsimile (Lovell) 462-8980

Clarke & Clarke

Bishop Lodge Bldg Cross StBox 1276 St John's

Tel 462-0732 Or 460-8852

Facsimile 462-0720

Commodore & Associates

(Chambers) 26 Cross St.

Tel 462-0073 Or 462-6381

Facsimile 462-1118

Commodore & Associates

#20 Cross Street

Tel 562-2049 Or 562-2048

Cort & Cort

44 Church St Box 2010 St John's

Tel 462-5232

Facsimile 462-5234

Cort Sharon

44 Church St Box 2010 St John's

Tel 462-5232

Facsimile 462-5234

Forde Keith M E & Associates

P.O. Box 474 #9 St Mary's St.

Tel462-9030

Facsimile 462-9028

Forde-Simon E Patricia

23 High St Box 1692 St John's

Tel 462-5339

Facsimile 462-5390

Francis-Gordon Monique

Justice Chambers 2nd Floor Sonia King Bldg

Lower St Mary's St P.O.Box 1155 St John's

Tel 562-3847 Or 562-4336

Facsimile 562-4337

Emergency 24 Hour 464-2245

Fuller Nicholas ( Attorney At Law )

Old Parham Road 562-2413

Gardiner Dwight C R

9 St Mary's Street Box 2615 St John's

Tel 562-1378

Facsimile 562-0232

Henry & Burnette

13 Church St P.O.Box 1523 St. John's

Tel 462-2127 Or 462-6581

Facsimile 462-2128

Hill & Hill Chambers

Long St Box 909 St John's

Tel 462-5939 Or 462-4717 Or 462-1127

Facsimile 462-0900

James & Associates

Chambers The Alpha Bldg Redcliffe St P.O.Box

Tel 384 462-1459 Or 562-1607

Facsimile 462-1444

John Kelvin

FDICIC Bldg Lower Factory Rd St. John's

Tel 460-5860

Cellular 464-1185

Kelsick & Kelsick

P.O. Box W1231 Redcliffe Street

Atttoney At Law

Tele 460-9133

Kentish Joyce A

25 St Mary's Street Box 512 St John's

Tel 462-1012 Or 462-4869

Facsimile 462-2568

Kentish Kendrickson H

25 St Mary's Street Box 512 St John's

Tel 462-1012 Or 462-4869

Facsimile 462-2568

Lake & Kentish Chambers

25 St Mary's Street Box 512 St John's

Tel 462-1012 Or 462-4869

Facsimile 462-2568

Lake Bernice V QC

Nevis Street Box 512 St John's

Tel 462-1012 Or 462-4869

Facsimile 462-2568

Lake George C

25 St Mary's Street Box 512 St John's

Tel 462-1012 Or 462-4869

Facsimile 462-2568

Lockhart Mendes & Co

Chambers 17 Church St Box 165 St John's

Tel 462-0227 Or 460-9123 Or 462-4044

Facsimile 462-3772

Marshall & Co

Weathered Complex Ste 5 Redcliffe St P.O.Box 1510 St John's

Tel 462-3562

Facsimile 462-3563

Martin Jason A

Christian Lovell Walwyn & Co

29 Redcliffe St Box 20 St John's

Tel 462-1136

Facsimile 461-0767

Rhudd Septimus A LLB

6 Temple Street Box 2372 St John's

Tel 460-6184

Facsimile 460-6183

Richards-Anjo & Associates

Old Anjo Insurance Bldg Box 3575

Lower Long St St John's

Tel 562-1705

Facsimile 562-1706

Richards & Associates

P.O. Box 1816 Cemetery Rd.

Tel 462-4265 Or 462-4529

Facsimile 462-4529

P.O. Box 3575 Long St. Tel -562-1813

Richards & Associates (Attorneys At Law )

Facsimile Long St. 562-1706

Roberts & Co\G

60 Nevis St Box 1301 St John's

Tel 462-0076 Or 462-1388

Facsimile 462-3077

Samuel Charlesworth Attorney-at-Law\G

South St Box 2392 St John's

Tel 462-5481

Facsimile 460-9125

Residence Cassada Gdns 461-1865

Simon & Associates

P.O. Box 1519 Gomez Bldg. High St. St. John's

Tel 462-4468 Or 462-4469

Facsimile 462-0327

Sydney P. Christian & Associates

P.O. Box 20 Redcliffe St. St. John's

Tel 462-1136 Or 462-1137

Facsimile 461-0767

Thomas Arthur

FDICIC Bldg Lower Factory Rd P.O.Box 990 St John's

Tel 460-5860

Cellular 464-6692

Thomas John & Co

FDICIC Bldg Lower Factory Rd P.O.Box 990 St John's

Tel 460-5860 Or 460-5861

Facsimile 562-1810

Cellular 464-6692

Cellular 464-1185

Tomlinson Vernon

Hill & Hill Long St Box 909 St John's

Tel 462-4717

Facsimile 462-0900

Walwyn Jacqueline

P.O. Box 20 Chambers 29 Redcliffe St. St. Johns

Tel 462-1136 Or 462-1137

Facsimile 461-0767

Wason & Wason

P.O. Box 1415 The Alpha Pharmacy Bldg. Redcliffe St.

Tel 462-4044

Facsimile 462-4044