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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

Offshore Trusts Guide: Jurisdictions

Bahamas Barbados Bermuda British Virgin Islands Cayman Islands Cook Islands Cyprus Gibraltar Guernsey Isle of Man Jersey Liechtenstein Madeira Malta Mauritius Monaco Nevis New Zealand Panama Seychelles Turks & Caicos Vanuatu


Offshore Trusts News

Gibraltar Marks 25th Year of HNWI Residency Scheme
Saturday 17/2/2018
Gibraltar is marking the 25th year of its special tax residency program for high-net-worth individuals, known officially as Category 2 status, which limits taxation on worldwide income to a maximum of GBP30,000 (USD41,958) per year.

Cayman Eases Deadline For CbC Reporting
Wednesday 14/2/2018
Authorities in the Cayman Islands have pushed back the deadline for notifying local authorities of which entity will file a country-by-country report, and for filing the first reports.

Morrison Continues Australian Corporate Tax Cut Push
Tuesday 13/2/2018
It does not "make any sense" to keep Australia's business taxes high, Treasurer Scott Morrison has said.

IoM Guides On Vetting Key Persons
Tuesday 6/2/2018
The Isle of Man's Financial Services Authority has updated its guidance on the criminal records checks regulated entities are required to undertake.

Bermuda Launches Anti-Money Laundering Campaign
Friday 2/2/2018
Bermuda's Prime Minister, David Burt, has launched a public awareness campaign calling on all islanders and businesses to support the Government's efforts to combat global financial crime.

EU Issues GDPR Tool For SMEs, Guidance For States
Wednesday 31/1/2018
The European Commission has newly launched an online tool to support citizens, businesses – and in particular small- and medium-sized firms – and other organizations to come to terms and comply with new data protection rules being introduced from May 25: the General Data Protection Regulation.

EU Asks For Small Firms' Input On VAT Reform Plans
Wednesday 31/1/2018
The European Commission has asked for taxpayers' feedback in respect of its proposals to simplify value-added tax compliance for small enterprises, alongside the publication of its proposal for a Council Directive to amend the EU VAT Directive as regards the special scheme for small businesses.

Barbados Looks To Bolster Intellectual Property Regime
Monday 29/1/2018
Barbados's Government has laid out plans to better safeguard the intellectual property rights of the island's micro, small and medium-sized enterprises.

IoM Consults On EU Data Protection Law Changes
Wednesday 24/1/2018
The Isle of Man Government has issued a consultation document providing further detail on the alignment of the island's data protection law with the European Union's General Data Protection Regulation, which comes into force on May 25, 2018.

Hong Kong Eases Stamp Duty Rules For Residents
Monday 22/1/2018
Hong Kong has relaxed the rules for those buying residential property, with the publication in the Official Gazette of The Stamp Duty (Amendment) Ordinance 2018 on January 19, 2018.