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In simple terms, a trust exists when someone directs certain assets to be held by a third party (the Trustee) for the benefit of a particular person or group of persons chosen by them. A trust, sometimes referred to as a settlement, is created by the execution of a written trust document known as a trust deed, which legally binds the Trustee to the responsibilities which are set out in the Deed.
A company or corporation exists as a legal entity. It can undertake all the activities of a natural person, which means it can open bank accounts, purchase property and can be sued.A trust on the other hand is not a legal entity, it simply represents a relationship in which the Trustee holds property for the benefit of persons called beneficiaries. The Trustee (not the trust) is the legal owner and therefore would be the only one party to a legal action involving the trust property. This is not however the case in the United States, where a trust is regarded as a legal entity.
The bank has set a minimum threshold level of $1 million.
As Trustee, the bank has a duty to invest trust assets prudently. Conversely, the bank is usually given the power to appoint agents to assist it in realising its investment objectives. The bank therefore would not be opposed to using some other organisation to manage trust assets.
Although the bank's preference is to have the trust deed prepared by a Cayman lawyer, it is not mandatory. The bank does have trust deeds, however, these are expected to be used by your lawyer as a guide in developing your own trust deed.
The incorporation process for a new company need not be done by a lawyer and can be undertaken by the bank.
It normally takes between seven to ten days after all documentation has been submitted for a new company to be incorporated. The cost would be approximately US$2,500 including Cayman Islands Government fees and bank fees.
A letter, or some other form of direction addressed to the bank by the owner of a company in which there are instructions to be followed in the event of the owner's death, is not acceptable to the bank and would not be followed. A will or trust would be the best way of transferring benefit to someone else.
While a personal visit is preferred, it is not mandatory.
Bearer shares cannot be held by anyone other than the bank or another approved custodian. A will or trust would be the best way of transferring benefit to someone else.
This is not an accurate statement as the only tax exemption is that granted by the Cayman Islands Tax Concessions Law for a period of 20 years. Activities undertaken outside of Cayman would be subject to the tax laws of that country.
We are an operational support department and we provide safekeeping, income collection, trade settlement and pricing services for the assets held in the various types of portfolios maintained through the Investment Services department.
Unfortunately no. Please refer to the Investment Services section of this site which will provide you with all the information you need to open an account. When your account is opened Investment Services will provide you with details of their personnel for any future enquiries.
NO - the employee ID number you receive when you join the Chamber of Pensions Plan belongs to you and will never change.
NO - If you are married or have a child / children Cayman Pension Laws states that upon death benefits MUST be paid to your spouse or in event of their death to your child.
Statements are sent twice a year; June 30 statements are sent in the last quarter of the year and December 31 statements are sent in the first quarter of the following year. If you do not receive your account statement during those periods contact the Chamber Pension Plan to verify your account information.
YES – Once you are between the ages of 18 and 60 years, as stated in the response to question one, the purpose of the pension fund is to provide you with an income stream which will allow you to support yourself once you are retired; therefore, Cayman Pensions Laws clearly states that every employer and every employee MUST contribute to the Pension Plan.