ANDIUM TRUSTEES LIMITED is regulated under the Financial Services (Jersey) Law 1998 to carry on trust company business in Jersey.
The concept of a trust has been established in Anglo Saxon Law since medieval times. It can be defined as a legal agreement whereby an individual (the Settlor or Grantor) transfers assets owned by him to another (the Trustee) who in turn holds and manages the assets for the benefit of others (the Beneficiaries). Whilst legal title to the assets passes to the Trustee he is not the beneficial owner as he holds the assets on behalf of the beneficiaries.
Trusts in Jersey are governed by the Trusts (Jersey) Law 1984 as amended. This Law confirms that trusts are recognised as valid and enforceable and provides comfort for settlors and beneficiaries by imposing responsibilities on trustees and by regulating how they may act. The most commonly used form of offshore trust is the Discretionary Trust because it offers the maximum flexibility but other forms of Trust such as Charitable, Purpose, and Accumulation and Maintenance Trusts are also in common use.
A Trust is a private arrangement between the settlor and the trustee. It is usual for the settlor to indicate his wishes as to the management of the trust fund in a letter of wishes. There is no requirement to register trust documents with the authorities in Jersey or to submit Returns or Accounts.
Where there are no Jersey resident beneficiaries and the trust does not derive income from any source within Jersey (except bank deposit interest) no Jersey tax will be assessed on the trust.
A Trust is a powerful legal tool which can be used to achieve a number of different objectives according to varying needs. Trusts are usually created for the following principal reasons:
- Inheritance Planning
- Asset Protection
- Protection against political uncertainty
- Provision for family members incapable of managing their own affairs
- Protection of capital from diminution through taxes
- To reduce taxes in a new country of residence