Some may think trusts and foundations are only used by very
wealthy people or families, or that by putting assets into a trust
or foundation in international finance centres (IFCs) like Jersey,
then they are avoiding tax.
Some claim offshore trusts and foundations are secretive, and
they are used for criminal activity; hiding the real identity of
beneficial owners to avoid reporting information to
authorities.
In Jersey, these claims are all myths. Here are the reasons
why:
Myth 1
Offshore trusts are only for the very wealthy
Truth
This is not the case. Trusts are very common and play a key role
in many aspects of everyday life and people will encounter trusts
more often than they realise.
