Today, Singapore is a promising jurisdiction for the establishment of a trust fund. A status of Singapore as one of the leading financial centers in the world and a wide business environment provide a rapid development in the field of asset management in a future.
A trust is a legal contract, according to which a right to property is transferred from one side in favor of the other. Beneficiaries benefit from the assets.
A basis of trust law implies such important features:
Advantages of registering trusts in Singapore:
Typically, a most popular type is a family trust. Such trusts are created by people, who want to keep assets in the family. A well-built trust provides a reliable asset protection.
A trust is established on the basis of an agreement containing:
When establishing a Singapore trust, a founder can transfer many types of property under management: stocks, land, real estate and other property, money, family wealth, business, etc.
Trusts, that were established in Singapore after 12/15/04, exist for up to 100 years. A duration of such a trust is determined by:
An international trust is a trust, whose founder and beneficiaries are foreigners. The following may be exempted from a taxation:
It is also worth noting, that in Singapore there is no currency control.
The legislative environment of Singapore is actively developing. Anyone, who wishes to establish a trust fund in Singapore, can be calm, that their assets and property are well protected, and successors will enjoy increased investment and tax savings.
If you still have questions, regarding a subject of the article, IQ Decision lawyers are ready to answer them during personal advice on establishing a trust in Singapore.
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