Due to its stable economy and political climate Bermuda has attracted quality international commerce to its shores for decades.
At present Bermuda boasts a US $ 6 billion economy and is home to the top international companies in the Insurance, Re-Insurance, International Finance, Trust and Corporate, Banking, Legal and Accounting industries. International Business is the backbone of the Bermuda economy. In December 2010, the Government of Bermuda signed a bilateral tax treaty in the form of a Tax Information Exchange Agreement ( IEA with the People Republic of China, which will significantly enhance the flow of business between the countries.
Bermuda has an infrastructure and support structure aimed at easing international commercial transactions. It boasts modern robust legislation based on the common law legal system of the United Kingdom and has a highly regarded and well respected judiciary to deal swiftly and effectively with any disputes that may arise. The Bermuda Stock Exchange has numerous advantageous and Bermuda offers an ideal springboard into the American markets.
St. George Trust Company Limited has been an independent Trust Company since 1970. We started out as a private trust company and family office and are licensed to conduct trust business by the Bermuda Monetary Authority. We are a boutique firm with a strong presence in the Caribbean basin and our experienced management and staff offers a wealth of industry expertise, excellence and independence. Our ethos of excellence underpins our service delivery standard. We are independent from any other financial institution, bank, legal or accountancy practice which enables us to be truly independent in our fiduciary duty towards those we areappointed to serve.
Whilst the use of Trusts as a mechanism to own and protect assets are a novelty to the Chinese market, the common law discretionary Trust is extremely well developed in the western world, and notably better evolved in International Financial Centers like Bermuda. The trust as a concept has been around since medieval Anglo Saxon times and has evolved into a refined and legally recognized structure that has intrinsic asset protection features. When a Settlor creates a Trust and settles property with a Trustee, the Trustee becomes the legal owner of the Trust Assets with a duty to administer these Assets for the benefit of the Beneficiaries who has an equitable interest in the Trust Assets. This division of rights is what makes the Trust unique. In the event that a person does not wish to relinquish the ownership and control outright,various options are available to create a structure in Bermuda that allows the person to retain a measure of control. If a person has acquired or is in the process of acquiring significant wealth/assets, that person also runs the risk of losing that what he has acquired. There can be as many varying degrees of risk as there are individuals, for example the risk specific to a business, due to the loss of asset value, litigious/creditor actions, currency risk, jurisdictional risk in the form of statutory governmental asset alienation (also known as sset grabs to name but a few. The higher a person exposure to risk the stronger the need for a robust asset protection structure that can be offered by implementation of a Trust structure in a quality jurisdiction.
When deciding to settle a Trust the golden rule is to choose the best possible offshore jurisdiction for the intended structure. Select a jurisdiction with a stable government and economy that offers a tax free environment, robust legislation and regulation, and independent judicial enforcement of that legislation. The intended jurisdiction will also need to have awide choice of reputable banks and other financial institutions available, have a modern infrastructure, and be a spring board into international capital and security markets. Bermuda offers these solutions and the peace of mind that your precious assets are in safe custody of a professional Trustee in one of the best offshore jurisdictions in the world.
