It is important to be aware of retiring trustees' indemnity
requirements when domesticating a foreign trust, writes Michael
Betley, Group Chairman at Trust Corporation
International.
Taxation policy changes in the US, as in other Western
economies, have achieved the desired effect of encouraging the
repatriation of assets. A combination of heightened international
tax reporting together with the cumulative and penal effects of tax
non-adherence in foreign trusts has created a wave of international
trust and estate planning, with an increasing number of foreign
trusts being domesticated.
While the transfer of trusteeship from an incumbent trustee to
its successor is both common and simple, by the time you add
the international cross-border element and the differences between
the onshore and o shore practices and law, the complexity of the
process increases significantly.
