Commentary: The nature of the trust |
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| Charles A Cain, Editor | |
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The effects of computerisation on the legal situation in the offshore industry |
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| Rodney Hylton-Potts, Hylton-Potts Solicitors and Intellectual Property Attorneys, London, England | |
| Technology and the Law, according to Rodney Hylton-Potts, make uneasy bedfellows. Funds located offshore have always held a unique position as regards legal status. However, the increased exploitation of the Internet could well see this position being lost.
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Legal regime of offshore companies in Mauritius |
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| Rosalie Béga and François Dalais, Knights & Johns Management Limited, Port Louis, Mauritius | |
| Since the first (unsuccessful) attempt in 1990 to incorporate an offshore company in Mauritius under the Companies Act 1984, the jurisdiction has worked to establish the legislation necessary to facilitate such a move. Rosalie Béga and François Dalais provide a detailed analysis of the International Companies Act 1994.
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The influence of English equity on the Mauritian legal concept |
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| Ben L. Daby Seesaram CBE, Barrister, Lincoln’s Inn | |
| From December 1810 to March 1968, the English flag flew over the island of Mauritius. Ben Daby Seesaram outlines the impact of English Law on the French legal system which existed at that time and through the subsequent years, examining such concepts as equity and the emergence of the trust.
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A guide to the networks and use of Mauritius double tax treaties |
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| Suzanne Gujadhur, Managing Director, Valmet (Mauritius) Ltd, Port Louis, Mauritius | |
| The importance of the tax treaty established with India has always been paramount to the success of Mauritius. Suzanne Gujadhur considers the expansion of Mauritius’ Tax Treaty network, which now forms the basis of the jurisdiction’s International Financial Services Centre.
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“Quis custodiet ipsos custodes?” |
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| John D K Lawrence, Superintendent, Financial Services Commission, Government of the Turks and Caicos Islands | |
| “But who will watch the watchmen?” John D K Lawrence asks this fundamental question in the context of the international financial industry as more and more global bodies seek to stamp their authority on the marketplace.
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The structure of regulation |
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| Colin Powell OBE MA (CANTAB.), Chairman, The Offshore Group of Banking Supervisors | |
| With increasing recognition by offshore financial centres that be seeking effective regulation of the services they provide they are safeguarding their economic future, Colin Powell examines the impact of the Offshore Group of Banking Supervisors on this industry.
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“A sovereign state” |
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| Stephen Breed, Chief Executive, TrustNet Group, Rarotonga, Cook Islands | |
| The political and constitutional dependence or independence of a jurisdiction can play a vital role in the ultimate integrity of a client’s asset structure. Stephen Breed considers the importance of this in the context of the Cook Islands.
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Asset protection trust paradise (or paradise lost?) |
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| Howard S Fisher, Clinco Fisher & Diamond, Attorneys at Law, Los Angeles, USA | |
| In seeking to establish itself as an offshore financial centre, the Cook Islands established the International Trusts Act 1984. Subsequently amended in 1989 and 1991, Howard Fisher considers the effectiveness of the present Act and raises some serious questions over its international acceptance.
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The Cook Islands International Trusts Amendment Act 1995 |
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| David McNair, Director, Southpac Trust Limited, Rarotonga, Cook Islands | |
| Bringing us up to speed on the International Trusts Act in the Cook Islands, David McNair dissects the International Trusts Amendment Act 1995 and offers a detailed analysis of all seventeen amendments which were made.
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The New Zealand trust as an offshore vehicle |
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| John W Hart, Bermuda Trust (New Zealand) Limited, Auckland, New Zealand | |
| The by-product of the New Zealand Trust Taxation Regime of 1988 (designed to prevent tax avoidance by New Zealand residents) was that a trust with New Zealand resident trustees, settled by a non-resident settlor was not subject to tax on income which has its source in New Zealand. John Hart explores this regime and outlines the tax planning opportunities it affords.
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Fungible trusts |
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| William Tucker B Juris (Hons) LLB BEC, MSI (DIP) TEP FGA, Managing Director, Getruwian Limited, Douglas, Isle of Man | |
| The potential for the use of fungible trusts in international tax planning is highlighted by William Tucker flexibility, including the administrative simplicity and flexibility afforded by such entities.
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A Letter from Miami: Money laundering and US tax law |
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| Denis A Kleinfeld CPA, Attorney, Kleinfeld & Spivack, Miami, Florida, USA | |
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