Ownership Issues for Offshore Private Trust Companies

by Michael Stanford-Tuck, September 2007

Bermuda’s effective and practical legislative approach have made it a leading jurisdiction for the incorporation of the private trust company (“PTC”), which is increasingly being used by wealthy families for the protection and enhancement of their wealth.
The PTC, when combined with family office administrative procedures, offers considerable comforts for settlors due to its inherent flexibility, cost savings and privacy benefits, among other advantages.
The choices for ownership of the PTC are many. At one end of the scale the PTC may be owned by family members or trusted advisers and may even now be incorporated by guarantee and thus fall under the direct control of its members. In this case great care must be exercised to select those individuals who may be regarded as stable, both in terms of temperament and place of residence if problems of taxation and regional regulation....

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