Redomiciliation after Brexit - Foundation vs trust - Bahamas Leaks, who's next ?

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Corporate, Funds and Family office


14/10/2016


 


Investment Funds


HNWIs


Corporates


Brexit: UK Fund Managers


redomicile to Luxembourg
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Foundation versus Trust 



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Bahamas Leaks now...,


who is the next?
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UK Fund Managers redomicile to Luxembourg after Brexit




Just a couple of months after the vote on “Brexit”, UK investment management companies are more and more thinking to set up or transfer their fund management activities to Luxembourg in order to remain attractive for their mainland European Investors.


 


Like M&G, the asset management arm of the UK Insurer Prudential, who plans to build a new division in Luxembourg, as mentioned by the press.


In parallel, professional of the financial sectors and specially Alternative Fund Managers are also moving to Luxembourg to set up their Alternative Investment Funds, of fear to lose the “EU passport” giving them access to the European market.


 


Among the European countries, Luxembourg is preferred by a great number of investors to register their funds, due to the many popular investment vehicles offered by the country.


Special Limited Partnership (“SLP”) and the new Reserved Alternative investment Fund (“RAIF”) are the two key vehicles, chosen for their flexibility and their rapidity to go to market.




Request our brochure on RAIF


 


 


Foundation versus Trust 




A "Foundation" is an independent self-governing legal entity, set up and registered or recorded by an official body within the jurisdiction of where it is set up, in order to hold an endowment provided by the Founder and/or others for a particular purpose for the benefit of Beneficiaries and which usually excludes the ability to engage directly in commercial operations.“


 


"Trust" refers to the legal relationships created 'inter vivos' or on death by a person, the Settlor, when assets have been placed under the control of a Trustee for the benefit of a Beneficiary or for a specified purpose.


 


A Foundation is a separate legal entity unlike a Trust.


Assets placed into a Foundation become the property of the Foundation itself both legally and beneficially.


Legal certainty: the Foundation is an incorporated body with clear statutory laws and regulations governing it in the jurisdiction.


Foundations are clearly governed by the law in the jurisdiction where established.


One can place assets into a Foundation and then transfer "ownership" of the Foundation in a number of ways to indirectly transfer the underlying assets of the Foundation. This is not possible with a Trust.


Issuance of certificates linked with some assets of the Foundation is not possible in Trust.


For succession planning, a Trust that is to take affect after the death of the Settlor must conform to the formalities of a will. When a Foundation is created to take effect after the Founder's death, the formalities need not conform to making a will.


 


More on our dedicated website on Luxembourg Private Foundation


 


 


Bahamas Leaks now..., who is the next ?




Last month, the international consortium of  investigative journalists (ICIJ) have identified a new case, the “Bahamas Leaks”.


 


More than 175 000 offshore structures registered in this jurisdiction have been revealed, and number of them are linked to senior political figures.  


We are actually witnessing a will to re-domicile companies from offshore to onshore jurisdictions.


 


Transferring a the seat of companies to Luxembourg is specifically foreseen and may be easier than one may think. As soon as the transfer is effective, the company is fully recognised as a Luxembourg national company and can then benefit from the advantages of the Luxembourg tax law, the EU Directive and the double tax treaties signed between numerous countries and Luxembourg.


 


Moreover, Luxembourg  is well known for its stability, dynamism, reliability and its ability to “make things happen”.




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