Similar But Different

Appleby is unique among the so-called "offshore" law firms in that the firm provides advice on the laws of more jurisdictions than any other offshore firm, namely eight – Bermuda, the British Virgin Islands (BVI), the Cayman Islands, Guernsey, Isle of Man, Jersey, Mauritius and the Seychelles.

Despite their varying histories, all of these jurisdictions have incorporated the common law concept of the trust into their legal systems. While the basic features of the trust remain, there are some notable differences in how trusts can be structured. Some of these can be beneficial but equally others can be a potential banana skin. Richard Grasby, Head of Private Client and Trusts in Hong Kong, outlines some of these differences. Please note this is only a summary and specialist legal advice should be sought.