Trust Technical: Philippine Succession Planning Using Singapore Qualifying Foreign Trusts

Singapore Trusts continue to grow in popularity for Asia-based families and we are delighted that Andrew Galway, Managing Director of Sovereign's Singapore office, is compiling a series of articles to examine some of the key structuring considerations for clients who are looking to take advantage of these highly effective vehicles.

This month's case study looks at the use of Singapore QFTs for succession planning issues faced by clients who are resident in the Philippines. In particular the issue of Donor's Tax, which is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer.

What is a Qualifying Foreign Trust in Singapore?