Families’ personal situations, as well as their investments, are becoming multi-jurisdictional. In parallel, tax and reporting requirements are becoming more complex. Safe and efficient tax and wealth structuring require, more than ever, flexible solutions and multi-dimensional attention. Wealthy families increasingly consider trusts to meet the complexity of their multi-faceted connections and cross-border activities. However, due to the special features of the trust, it’s not without its challenges. It’s important to understand what the risks are and where they are present. It starts with understanding trusts. We will explore the trust concept from 5 different perspectives, with a special look at Switzerland and its project to introduce a Swiss trust.
What is a trust? Understanding them from every perspective.
A brief history
The trust is, in accordance with its name, based on trust. It goes back to the 12th century and the time of the crusades under the King of England. When a landowner left England to fight in the Crusades he conveyed ownership of his land to a trusted person to hold and manage the estate for the benefit of his family.