CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.

Introduction: The Swiss Association of Trust Companies

The Swiss Association of Trust Companies was officially launched in September, 2007, in Zurich and Geneva, in a bid 'to encourage the professional and ethical development of an industry in full expansion in Switzerland'.

The trust business is witnessing rapid growth in Switzerland, having more than doubled in size over the past five years. In 2007, as previously stated, Switzerland ratified the Hague Convention on the Law Applicable to Trusts and their Recognition.

The primary objective of the association was to encourage the growth of the trust industry while upholding a high standard of quality, integrity, and professionalism. SATC has already enacted its bylaws and a code of ethics and conduct that members undertake to observe. It also aims to encourage the federal bodies to develop a set of specific rules applicable to trust companies that complements the existing regulations under the Swiss anti-money laundering regulations, drawing inspiration from SATC’s professional qualification criteria for membership and from the principles contained in its code of ethics and conduct. SATC will therefore also act as a partner for dialogue with the Swiss government.

The Swiss Association of Trust Companies comprises twelve founding members whose primary activity is trust administration and who illustrate the diversity of this industry in Switzerland: small and large, independent or bank-owned companies which are active in various regions of the country. They are: Barclaytrust (Suisse) SA, Bonhôte Trust SA, Cantrade Trustee Ltd, Close Trustees (Switzerland) SA, Experta AG, Investec Trust (Switzerland) SA, KENDRIS private AG, Paicolex Trust Management AG, Quiltrust Ltd, Rothschild Trust (Switzerland) AG, Settlements SA and VALUEworks. The Association expects to grow rapidly.

The initial Committee was comprised of Kecia Barkawi-Hauser, VALUEworks (President), Xavier Isaac, Investec Trust (Switzerland) SA (Vice President), Adrian Escher, KENDRIS private AG (Treasurer), Mark Barmes, Settlements SA, and Daniel Martineau, Close Trustees (Switzerland) SA, (Members).

An advisory board was also established, composed of leading professionals mainly from the trust industry. Professor Luc Thévenoz, Professor at the University of Geneva’s Centre for Banking and Finance Law and Member of the Swiss Federal Banking Commission is one of its members, along with Stephanie Jarrett, attorney and partner with the law firm Baker & McKenzie, Geneva, and Vice-Chairman of the Suisse-Romande Branch of the Society of Trust and Estate Practitioners (STEP).

The project for founding this association was conceived almost two years previously by two of the Swiss branches of the Society of Trust and Estate Practitioners. STEP, which brings together more than 700 individual members within Switzerland, is particularly focused on professional training and development for the trust professionals making up its membership. SATC intends to complement STEP and plans to unite trust companies of a sound reputation operating in Switzerland.

According to Kecia Barkawi-Hauser, President of SATC, Switzerland is a very favourable market for trusts: “The status Switzerland enjoys as an international financial market, the proximity to private banks, internationally renowned management and investment companies, along with the resulting synergies, all represent a major asset for the growth of the trust industry in this country. Furthermore, Switzerland benefits from an extremely qualified, multilingual and multicultural workforce that proves particularly valuable to trust activities. In this context, SATC will provide trust companies in Switzerland with an industry association devoted to best standards."

   

The Report

Offshore Trusts Guide: Introduction

The History of Offshore Trusts
Development of Professional Competence in the Jurisdictions
What Future for the Trust?
The New Age of Transparency
The Swiss Association of Trust Companies
The Society of Trusts and Estates Practitioners

Offshore Trusts Guide: Jurisdictions

Bahamas

Bahamas: Legal Framework and Formation Rules and Fees
Bahamas: 2006 Private Trust Companies Legislation

Barbados

Barbados: Legal Framework and Formation Rules and Fees
Barbados: Supervisory and Licensing Regime and Fees

Bermuda

Bermuda: Legal Framework and Formation Rules and Fees
Bermuda: Supervisory and Licensing Regime and Fees

British Virgin Islands

British Virgin Islands: Legal Framework and Formation Rules and Fees
British Virgin Islands: Special Trusts Act 2003
British Virgin Islands: The Trustee Act 2003
British Virgin Islands: :Supervisory and Licensing Regime and Fees
British Virgin Islands: New Laws on Private Trust Companies
British Virgin Islands: New Private Trust Company Regulations

Cayman Islands

Cayman Islands: Legal Framework and Formation Rules and Fees
Cayman Islands: Supervisory and Licensing Regime and Fees

Cook Islands

Cook Islands: Legal Framework and Formation Rules and Fees
Cook Islands: Supervisory and Licensing Regime and Fees

Cyprus

Cyprus: Legal Framework and Formation Rules and Fees
Cyprus: Supervision, Licensing and Tax

Gibraltar

Gibraltar: Legal Framework and Formation Rules and Fees
Gibraltar: Legislation, Regulation and Supervision

Guernsey

Guernsey: Legal Framework and Formation Rules and Fees
Guernsey: Trusts Law 2007

Isle of Man

Isle of Man: Legal Framework and Formation Rules and Fees
Isle of Man: Supervisory and Licensing Regime
Isle of Man: Uses Clients and Tax Treatment

Jersey

Jersey: Legal Framework and Formation Rules and Fees
Jersey: Supervisory and Licensing Regime
Jersey: Trusts Amendment Act 2006
Jersey: Foundations

Liechtenstein

Liechtenstein: Legal Framework and Formation Rules and Fees
Liechtenstein: Regulation Supervision and Transparency
Liechtenstein: Characteristics of Liechtenstein Trusts
Liechtenstein: Foundations

Madeira

Madeira: Legal Framework and Formation Rules and Fees

Malta

Malta: Legal Framework and Formation Rules and Fees
Malta: The Trust and Trustees Act 2004

Mauritius

Mauritius: Legal Framework and Formation Rules and Fees
Mauritius: Characteristics of the 2001 Trusts Act
Mauritius: Additional Provisions of the 2001 Trusts Act
Mauritius: Tax Treatment

Monaco

Monaco: Legal Framework and Formation Rules and Fees

Nevis

Nevis: Legal Framework and Formation Rules and Fees

New Zealand

New Zealand: Legal Framework and Formation Rules and Fees
New Zealand: Review of the Law of Trusts
New Zealand: Taxation of Trusts

Panama

Panama: Legal Framework and Formation Rules and Fees
Panama: Requirements for Acting as Trust Company in Panama

Seychelles

Seychelles: Legal Framework and Formation Rules and Fees

Turks & Caicos

Turks & Caicos: Legal Framework and Formation Rules and Fees
Turks & Caicos: The Voidable Dispositions Ordinance

Vanuatu

Vanuatu Legal Framework and Formation Rules and Fees

 


Offshore Trusts News

Canadian Revenue Dip 'Linked To Tax Planning' Wednesday 20/9/2017 Personal income tax minimization strategies reduced Canada's personal income tax revenues in 2016/17 and dragged total revenues lower, the Government has said.

BVI Government Updates Business In Wake Of Irma Tuesday 19/9/2017 The British Virgin Islands Premier, Orlando Smith, has provided an update to territory businesses on the service issues facing the territory in the wake of Hurricane Irma.

Australia Clarifies Small Business Rate Rules Monday 18/9/2017 The Australian Government has released draft legislation to clarify that passive investment companies cannot access the lower company tax rate for small businesses.

New Zealand Labour Outlines Tax Plans Monday 18/9/2017 New Zealand's Labour Party, which is edging ahead of the incumbent National Party-formed government in recent polls, has proposed a number of tax changes ahead of the September 23 election.

Swiss Bankers Urge Care In Information Exchange Monday 18/9/2017 The CEO of the Swiss Bankers Association has stressed that confidentiality, data security, and data protection requirements must be complied with when the automatic exchange of tax information gets underway.

Guernsey Ready To Support 'Impact Investing' Activity Friday 15/9/2017 Guernsey's financial services promotion agency, Guernsey Finance, has released a paper on the opportunities "impact investing" presents for established international financial centers.

Mexico Offers Tax Relief To Earthquake-Hit Firms Friday 15/9/2017 Mexico's Inland Revenue is to waive tax obligations for businesses impacted by an earthquake in the states of Oaxaca and Chiapas on September 7.

Trudeau Defends Controversial Tax Proposals Friday 15/9/2017 Canadian Prime Minister Justin Trudeau has said that no one earning less than CAD150,000 (USD123,154) will be affected by his Government's plan to crack down on tax planning strategies used by private corporations.

Australia To Tackle Illegal Phoenixing Activity Tuesday 12/9/2017 The Australian Government has announced a package of reforms to deter and penalize illegal phoenixing activity.

Portugal Warns Couples To Register, To Pay Less Property Tax Tuesday 12/9/2017 Couples who live together in Portugal are being encouraged to report such to the tax authority, to be eligible for a lower bill under the country's new municipal property tax.