ARTICLE · 20 JANUARY 1997
The TCI Trust - A Private Relationship Between Settlor And Trustee
Turks and Caicos IslandsWealth Management
The trust industry in TCI has its beginnings in the mid-198os. By this time, the principals of several of the existing professional offices in the Islands had become closely involved in the personal affairs of various of their private clients, to the point where the element of trust essential to that special relationship which subsists between Settlor and Trustee had become firmly established. As these clients came to be the Settlors of TCI trusts, so resident professionals began to assume the role of Trustee, in many instances with persons included in classes of discretionary beneficiary of such Trusts being individuals well known to the Trustee.
At that time, TCI's trusts law was a matter of the principles laid down over the years by the English courts. This was complicated somewhat by the fact that since the Trusts Act 1925 did not apply to TCI, those English court decisions which involved consideration of that Act were of limited relevance. All this changed in early 1991
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