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Bahamas Trust Formation

BAHAMAS TRUST
Type of Trust Asset Protection Trusts Charitable Trusts Authorised Purpose Trusts
Practical uses of trust: Estate planning and asset protection
Creation of the trust: transfer of property to the trustee and the beneficiaries are identifiable
Proper law of the trust: Common Law
Duration of the trust: Up to 150 years after the trust becomes irrevocable but a charitable and purpose trusts can last into perpetuity
Name of the trust and language of trust deed: Name of trust can be selected by the settlor and the language of the trust deed is English
Timing for trust creation: 1-2 weeks but it all depends on complexity of the trust
Minimum Government fees: US $350
Record in Public register: No requirement to register a trust
Custody of trust assets: The trustee must have either custody or control of such assets
Special requirement about the trustee (local resident requirement): No local residency requirement
Trustee resident of the European Economic Area is required (Y/N): No
Trustee: To be selected by the settlor
Settlor: To be named
Protector: To be named by the settlor
Beneficiaries: To be named by the settlor
Trust fund: Will reflect assets contributed by settlor
Double taxation treaty access: No
Taxation: No income, estate or gift tax in Bahamas
Record keeping requirements : Trustee must keep account of its trusteeship
Local representative requirement: Would be helpful if foreign trustee had local representative for service of process
Option to change proper law of the trust: This is a standard provision in trust deed
Any other special requirement: No

We do our best to monitor the compliance of this jurisdiction with the latest international regulations set by OECD and other international institutions and countries.

At any moment, Damalion may decline any customer demand about this jurisdiction, at its sole discretion and without any obligation to provide any reason.

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